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December 12, 2019 ETH ENVY? The bitcoin community may soon have its own version of ethereum’s flagship decentralized finance (DeFi) platform. Money on Chain, a startup currently converting into a nonprofit trust, launched a DeFi platform based on the bitcoin sidechain Rootstock (RSK). The trust mimics MakerDAO’s Maker Foundation, which oversees the governance of a loan system with $330 million-worth of “locked-in” crypto collateral. Full story TWITTER, DECENTRALIZED: Jack Dorsey's latest foray into decentralized technology could be a harbinger of a radical shift in social media infrastructure.The Twitter and Square CEO will support an independent team of five open source architects, engineers and designers to develop an “open and decentralized standard” for social media. “The goal is for Twitter to ultimately be a client of this standard,” Dorsey said. Full story DUTCH COURAGE: Dutch banking multinational ING is developing technology for crypto custody. The move, if launched as a service, would likely make ING the first major bank to offer secure crypto storage. Full story STILL SHORT: The liquidator for the collapsed New Zealand-based crypto exchange Cryptopia has retrieved nearly $5 million on balance since the platform was hacked for possibly $16 million in January. In its latest report, accounting firm Grant Thornton New Zealand detailed that it actually recovered $7.2 million from May to November. However, various expenses amounted to $2.4 million. Full story AUTO PAYOUTS: Equilibrium has self-funded a $17.5 million insurance policy for its EOSDT stablecoin. CEO Alex Melikhov said the token is backed by smart contracts that pay out to consumers if the dollar-pegged token crashes through its collateralized floor. Security comes in the form of a doomsday reserve totaling 6.5 million EOS tokens. Full story BRIEF RELIEF? Bitcoin has potential for a small price bounce after hitting two-week lows around $7,070 early on Thursday. However, a UTC close above $7,870 is still needed to confirm a short-term bullish reversal. Acceptance below support at $7,087 would open the doors for a re-test of recent lows near $6,500. Full story CRYPTO CHANGES:  The topic of today's Markets Daily podcast is sea changes in the crypto industry. First, Libra silently updated its white paper, dropping its "investment token" model. Second, Circle has become the latest firm to make staff cutbacks, a trend that also includes Chainalysis and ethereum incubator ConsenSys. Listen now WHO WON #CRYPTOTWITTER   Copyright © 2019 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list

BitMex hit with $300m lawsuit / Binance and Paxful announce partnership / ING's crypto custody

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Presented by Subscribe | View in browser Market Watch: Industry prices remain mostly unchanged during trading today, with the majority of coin prices down across the board. Bitcoin: $7,211 (⬇️ 0.98%) // $130.5 billion market cap. Ethereum: $143 (⬇️ 1.30%) // $15.6 billion market cap. XRP: $0.220 (⬇️ 1.22%) // $9.5 billion market cap. Tether: $1.01 (⬇️ 0.85%) // $4.1 billion market cap.  Top 100 Winner: Enjin Coin: $0.086 (⬆️ 8.07%) // $67 million market cap. Top 100 Loser: Matic Network: $0.015 (⬇️ 15.69%) // $40 million market cap. Prices are as of 1:40 p.m. ET.       1. Crypto exchange BitMex and founder Arthur Hayes have been hit with a $300 million investor lawsuit for allegedly cheating an early investor. Back in 2015, Frank Amato and RGB Coin Ltd. claim to have been the first seed investor in the crypto platform. According to the lawsuit, a $30,000 investment was meant to be converted into equity, which currently amounts to $50 million; however, this wasn't granted. Amato is stating that Hayes presented misleading information. As a result, they are attempting to reclaim the $50 million plus $250 million in punitive damages. This is the latest mishap for the exchange. Last month, it accidentally leaked sensitive data related to its users in a mass email. –BLOOMBERG       2. Crypto exchange Binance and peer-to-peer trading platform Paxful have announced that they are working together to promote the adoption of Bitcoin. As a result of the partnership, Binance users will be able to use Paxful to purchase Bitcoin with 167 fiat currencies. Some of these include the Russian ruble (RUB), the Vietnamese dong (VND), the Indonesian rupiah (IDR), the Nigerian naira (NGN), the Colombian peso (COP), the British pound (GBP), the Mexican peso (MXN), the Canadian dollar (CAD), the euro (EUR), and the Argentinian peso (ARS). Binance CEO Changpeng Zhao said that this "marks a significant partnership between a crypto exchange and peer-to-peer platform." The partnership aims to reach and aid an estimated 2 billion unbanked people worldwide. –THE BLOCK       A MESSAGE FROM IBM WATSON Watch AI & the Future of Work Virtual Summit Learn how AI is helping to re-envision work. Register Now 3. Throwback Thursday: The run-up to Bitcoin's all-time high It may feel like a lifetime ago, but on December 17, 2017, Bitcoin hit an impressive $19,783 for the first time. It was reported that this was due to the expected activation of a Bitcoin futures product from the CME Group, which saw its value steadily rising from November. With the price of Bitcoin increasing, investors didn't want to miss out and so quickly joined the party to get in on making as much money as possible. However, it wasn't long before a decline in value was seen in the new year. January 2018, known as the cryptocurrency crash, was the worst sell-off month for the market. For Bitcoin, it fell more than 65 percent between January 6 and February 6 from its all-time high.       4. Dutch bank ING is reportedly working on developing a crypto custody technology designed to help clients store their assets safely. Still in the early stages of development, this is purportedly one of the bank's blockchain initiatives. In a statement, the bank said that it "sees increasing opportunities with regard to digital assets on both asset backed and native security tokens." The move comes at a time when financial establishments are turning their attention to providing custody services for digital assets such as Bitcoin. In October, investment manager Fidelity launched its custody and trading service for institutional investors. –REUTERS       A MESSAGE FROM IBM WATSON Watch AI & the Future of Work Virtual Summit Learn how AI is helping to re-envision work. Register Now 5. Switzerland-based cryptocurrency bank SEBA has expanded its services to nine new countries. According to SEBA, the accounts are now active for institutional clients and accredited investors in Austria, France, Germany, Hong Kong, Italy, the Netherlands, Portugal, Singapore, and the U.K. The bank already takes clients from its home nation of Switzerland. –FINANCE MAGNATES       6. Payments company Circle is reported to have let go of a further 10 employees. According to a company representative, Circle has "streamlined some departments and eliminated 10 roles." The spokesperson added that it is focusing its attention on its USDC stablecoin. The news comes after co-founder and co-CEO Sean Neville left Circle earlier this month. A new CEO will be installed at the beginning of 2020. –COINTELEGRAPH       7. Venture capital firm Andreessen Horowitz (a16z) revealed which instructors will be taking part in its free seven-week crypto school startup, which is projected to launch in February. Participants include general partner at Andreessen Horowitz Chris Dixon, professor of computer science at Stanford University Dan Boneh, and Brian Armstrong, CEO and co-founder at Coinbase. –A16Z       8. Denmark's tax agency, the Skattestyrelsen (Skat), has reportedly started sending tax compliance letters to crypto users. According to a report, the agency is asking for users to provide information on all their cryptocurrency transactions, including losses and profits from 2016 to 2018. Robin Singh, founder of cryptocurrency tax startup Koinly, stated that filing tax on such trades is a "difficult task" because traders usually hold different accounts and wallets and freely exchange between them. –COINTELEGRAPH       9. Multi-asset investment platform and social network eToro is reportedly planning to launch a debit card in the second half of 2020. The service is likely to launch in the U.K. first. However, other details about the plans remain unclear. –BUSINESS INSIDER       10. Samson Lwanga, one of the directors of alleged crypto Ponzi scheme Dunamiscoins Resources Limited, has been seized by police in Uganda. The company is reported to have involved over 10,000 people, resulting in the loss of $2.7 million from victims. Lwanga has reportedly stated that the firm is willing to refund the money; however, the Financial Intelligence Authority has frozen their accounts as it investigates. –DAILY MONITOR       This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Edited by Sheena Vasani, Inside Staff Writer and Inside Dev Editor.       Ad Learn how AI is helping to re-envision work. Register Now Learn how AI is helping to re-envision work. Register Now

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