Friday, March 27, 2020

Ross Ulbricht's birthday letter / South Korean bank to launch crypto custody service / MAS grants crypto firms license exemptions

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Market Watch: Coin prices remain the same for Friday trading. Bitcoin appears to have stabilized for the moment as it remains within the $6,600 range.

  • Bitcoin: $6,653 (⬆️ 0.40%) // $121.6 billion market cap.
  • Ethereum: $136 (⬆️ 0.80%) // $15 billion market cap.
  • XRP: $0.174(⬆️ 8.07%) // $7.6 billion market cap.
  • Tether: $1.00 (⬇️ 0.06%) // $4.6 billion market cap.
  • Top 100 Winner: EDC Blockchain: $0.036 (⬆️ 177.43%) // $97 million market cap.
  • Top 100 Loser: Bytecoin: $0.0002 (⬇️ 9.72%) // $40 million market cap.

Prices are as of 12:30 p.m. ET.

1. Ross Ulbricht, the creator of darknet marketplace Silk Road, has written a birthday post, which also happens to be his seventh year in prison. Ulbricht, who was arrested in 2013 and is serving a double life sentence without parole plus 40 years, said:

More than any other day of the year, I feel the weight of the time I have lost, the years of my life I will never get back.

He went on to say that "time is priceless, yet it must be spent." He then asked how his readers spent the past seven years and if they were spent "in a way that reflects their scarcity and value" or simply wasted. "How will you spend the next precious seven?" he asks. Despite the fact that he faces many more years in prison, he is using the power of love to "transform a cold and dehumanizing system."

I have yet to meet a person in the system — whether guard or prisoner — undeserving of love. We are all fully human, broken in our own ways, yet broken in the same way: by a lack of love.

He finishes by saying that love is how people should the next seven years. "How will you spend the next seven? he asks. -ROSS ULBRICHT/MEDIUM

2. South Korean bank KB Kookmin Bank is reportedly going to launch a crypto custody service for assets such as Bitcoin and Ether. According to local news outlet Digital Today, the bank filed a trademark application for KBDAC, with the Korean Intellectual Property Office, at the end of January 2020. As per the report, the bank applied for the use of KBDAC as a trademark related to investment, advisory, and trading of virtual assets. An official from the bank said: "KBDAC is related to what KB Kookmin Bank decided to cooperate with Atomlix Lab in June 2019." However, the official didn't specify the time of the launch. In June 2019, KB partnered with Atomrigs Lab to develop a crypto custody service. -DIGITAL TODAY

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3. Catherine Coley is the CEO of Binance.US, a position she has held since July 2019. In her role, she is tasked with the job of expanding the platform into North America.

In today's Follow Friday feature, we delve into Coley's experience, her plans for 2020, and the topics that she often tweets about. To read the full story (and all of our other great content throughout the week), click below to sign up for Inside Cryptocurrency Premium!

UPGRADE TO PREMIUM

4. The Monetary Authority of Singapore (MAS) has granted license exemptions to a number of crypto companies for a limited period. In an announcement, the country's central bank and the financial regulatory authority said that Binance Asia Services, Coinbase Singapore, and Ripple Labs Singapore, among others, can provide digital payment token services. Without the exemption, the aforementioned companies would be required to hold a license under the Payment Services Act (PS Act). However, they can now provide digital payment token services until July 28, 2020, as per the announcement. Other companies such as BitGo Singapore and Gemini Trust Company have been granted a longer exemption period, having until January 28, 2021, to provide account issuance service, domestic money transfer service, and inward cross-border money transfer services. The regulator said:

Please note that these entities are not licensed under the PS Act to provide the specific payment services, but are allowed to continue to provide the specific payment services.

It added: "The exemption will cease after the specified period; or if the entity submits a licence application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant." -MAS

5. The counties of Manchester, Norfolk, and Pembrokeshire in the U.K. have issued warnings to residents regarding crypto scams that are attempting to take advantage of the coronavirus crisis in the country. Over the past week, the three counties have released information to the public highlighting the measures the scammers are taking. For instance, they are claiming to provide a list of COVID-19-positive residents in the area. In order to disclose the information, they are requesting an undisclosed sum in Bitcoin. The warnings come after the U.K.'s Financial Conduct Authority (FCA) released a notice earlier this month, which asked investors to watch out for coronavirus-related crypto scams. -PEMBROKESHIRE COUNTY COUNCIL

6. Crypto exchange Binance has announced that it is launching the Binance Card, enabling people to shop and pay with crypto anywhere in the world. In a blog post, the platform said that the Binance Card will do everything that a regular payment card does, "plus much more." According to the post, the debit card is issued by a user's bank, which in this case is a person's Binance.com account. Money can be topped up through the Binance Card App in the form of Bitcoin or Binance Coin.

The Binance Card is issued by Visa and accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.

There were mixed feelings about the card when Changpeng Zhao, CEO of Binance, posted a tweet of the news on Twitter. One person questioned why anyone would buy with crypto with a fluctuating market? However, another responded by saying that it was a "game-changer." -BINANCE

7. California Governor Gavin Newsom has mentioned Bitcoin in a warning to people about potential fraudsters during the coronavirus pandemic. During a speech yesterday, the governor was talking about the steps the state was taking to prevent the spread of the virus. In a bid to raise awareness among people, he said that there are "extraordinary people, who do extraordinarily bad things," adding:

That doesn't just include an interface with the government, but people claiming that we need to send the equivalent of Bitcoin in advance to get some materials before they can send them. Questionable activities like that.

Earlier this month, police in the U.K. also issued a warning about coronavirus fraudsters in the country, with the National Fraud Intelligence Bureau (NFIB) stating that fraudsters ofter require payment in Bitcoin. -@VIS_IN_NUMERIS/TWITTER

8. Veteran gold trader Peter Schiff can't help himself. He's at it again with Bitcoin. Taking to Twitter yesterday, Schiff said:

Congratulations Bitcoin hodlers. It looks like #Bitcoin may actually be living up to its status as a non-correlated asset after all. Every asset class is rallying today except Bitcoin!

In response, Changpeng Zhao, CEO of crypto exchange Binance, said: "Peter, thank you. Suggest you learn how to use the binance.com homepage." Attaching an image along with his reply, Zhao showed that coins such as Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and Binance Coin were all in the green, representing a one to nine percent rise. -@PETERSCHIFF/TWITTER

9. Ripple has announced that it is donating $200,000 to two companies in a bid to fight the coronavirus pandemic. In a tweet, the company said

In these challenging times, Ripple is committed to being part of the global response to the COVID-19 pandemic.

For that reason, it is donating $100,000 to Tipping Point, a non-profit, which is working to beat poverty in California's Bay Area. Ripple is donating another $100,000 to the Silicon Valley Community Foundation, which is focusing on dealing with COVID-19 in the Silicon Valley area. -@RIPPLE/TWITTER

10. Crypto exchange Coinbase has announced the support of decentralized finance (DeFi) apps such as Compound and dYdX through its Coinbase Wallet. In a blog post, Sid Coelho-Prabhu, Coinbase Wallet lead, said that users can lend out their crypto and earn interest at rates ranging up to six percent APR. Coelho-Prabhu added that thousands of Coinbase Wallets have already deposited millions of dollars into DeFi apps. Previously, users had accessed these applications through the wallet's built in decentralized application (dapp) browser or via WalletLink on desktop. However, as Coelho-Prabhu pointed out, it wasn't easy for users to compare rates or view balances.

With today's announcement, we're making it even easier to use these DeFi apps by integrating them into the Wallet experience. You can now compare different rates from providers, easily deposit your crypto without opening a web browser, and view your balances on a simple, unified dashboard, Coelho-Prabhu added.

-COINBASE

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 Beth Duckett, staff writer at Inside.

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