Wednesday, January 22, 2020

Dorsey's developments

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January 22, 2019

CRYPTO SQUARED: Square won a U.S. patent for a payments platform that enables seamless crypto-to-fiat transactions. The firm has also said it would be releasing a new "Lightning Development Kit” for bitcoin wallets. Full stories here and here

BLOCKCHAIN LEAP: Hacker Noon is putting its money where its pen is, embedding blockchain features into its new publishing platform. Annotations on Hacker Noon’s blog-styled content will now be hosted on users' spare storage space and a decentralized peer-to-peer (P2P) database system. Full story

SDX EXITS: Several executives, including two founding team members, have left the blockchain-based digital asset trading venue SDX owned by Swiss stock exchange operator SIX Group, since the beginning of the year. Ivo Sauter, SDX’s head of clients and products, and Sven Roth, its chief digital officer, both left their full-time positions in January. Alex Zinder, an architecture lead at SDX, also left this month. Full story

WEIGHING IN: The Blockchain Association has filed an amicus brief arguing that Telegram made sufficient efforts to meet SEC criteria with its ICO, adding that the regulator's court action could harm Telegram’s investors. Yesterday, the Chamber of Digital Commerce also filed a brief supporting Telegram’s argument that “digital assets may be the subject of an investment contract without being a security.” Full stories here and here

CLIMATE ROLE? Hyperledger announced a new working group that will explore how blockchain can help the world meet climate goals set out in the Paris Agreement. Launched in Davos, the climate group will enable participants to share findings on how distributed ledgers can help governments and companies coordinate on reducing emissions. Full story



HEADED TO DAVOS? CoinDesk is sending a team of journalists to scrutinize the global elite as it meets for the annual World Economic Forum. It will be Davos, but through a lens of crypto and blockchain. Our daily dispatches will tell you what sessions you should attend, what you missed yesterday (or last night) and prep you for what people are talking about on the Promenade today. The CoinDesk Confidential newsletter will run for five days only, so be sure to sign up now. Subscribe here
HEMMED IN: Bitcoin is confined to a narrow range defined by key support near $8,460 and newly established resistance at $8,750. An upside breakout looks likely as the longer duration charts report bullish conditions, possibly yielding a move above $9,000. Conversely, a range breakdown would allow a further drop toward $8,200. Full story
CRYPTO DAD'S DIGITAL DOLLAR: Former Commodity Futures Trading Commission chairman J. Christopher Giancarlo, known as “Crypto Dad,” discusses his push to digitize the U.S. dollar in an interview with CoinDesk at the World Economic Forum. Watch here
 

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Grayscale Extends Support of ETC Cooperative

Wednesday 22nd January 2020 – Vancouver, Canada – The ETC Cooperative today announced that Grayscale Investments, the world's largest digital currency asset manager and sponsor of Grayscale® Ethereum Classic Trust has extended its funding of the ETC Cooperative.

Grayscale's renewal extends the initial pledge which was announced upon the creation of the ETC Cooperative in November 2017.  In order to promote the growth and development of the Ethereum Classic network, Grayscale will donate up to one third of the Trust's annual fees to the ETC Cooperative.

"I view the extension of this financial support as a vote of confidence in the ETC Cooperative
and in the huge promise of ETC"
 – Bob Summerwill, Executive Director.

Below is a breakdown of Grayscale Ethereum Classic Trust's donations to the ETC Cooperative to date.

  • $372K donated in 2017
  • $408K donated in 2018
  • $338K donated in 2019

As Executive Director, Bob Summerwill has nurtured the ETC Cooperative increasingly towards a position of sustainability and organizational independence.  During Q1 2020 that process will come to fruition, with enhanced governance, in-house accounting by Alison Alexis CPA and even greater organizational transparency.

As previously reported, the ETC Cooperative recently filed its 990 form for 2018 with the IRS and it expects to publish a full-year transparency report for 2019 later in 2020.  This report will be significantly more detailed than the Mid-Year and End-of-Year transparency reports for 2018.  The ETC Cooperative then intends to move transparency reports to a quarterly cadence from that point onwards.

In addition, our ongoing work to bring high quality ETC information for investors via Messari is almost completed, following the announcement last September that a contract had been signed.

As we continue into 2020, we and the rest of the ETC ecosystem are keenly anticipating the pending Aztlán hard-fork.  This third hard-fork in a span of six months will add Istanbul opcodes and complete the process to bring ETC to full byte-code compatibility with the Ethereum mainnet.  This is an important milestone as ETC continues its expansion, engagement and interoperability with Ethereum and the Ethereum community.

In the coming months, the ETC Cooperative will also be attending, speaking at and judging events including ETHDenver, ETHLondon, ETHCC, EDCON, Blockchain Revolution Global in Toronto and Consensus 2020.  We invite any of those attending to reach out and schedule a meeting.

About ETC Cooperative

Ethereum Classic Cooperative, Inc (The ETC Cooperative) is a Delaware nonstock corporation and 501(c)(3) public charity, with the following mission:

  • Directly support the development of the Ethereum Classic protocol, infrastructure, and associated applications.
  • Accelerate the deployment of Ethereum Classic-based technologies for use by individuals, business operators, and enterprises through effective branding, marketing, and education.
  • Foster community and collaboration between the various Ethereum Classic constituents including developers, miners, investors, and business operators.

Contact info@etccooperative.org for further information.

About Ethereum Classic

Ethereum Classic (ETC) is a decentralized platform that runs smart contracts: applications that can be run exactly as programmed without any possibility of downtime, censorship, or third party interference.

ETC shares technology with Ethereum but unlike ETH is a "hard money" asset with a fixed-emissions monetary policy.

About Grayscale Investments®

Grayscale Investments, LLC is the world's largest digital currency asset manager, with more than $2.0B in assets under management. With a proven track record and unrivaled experience, we give investors the tools to make informed investing decisions in a burgeoning asset class. As part of Digital Currency Group, Grayscale accesses the world's biggest network of digital currency intelligence to build better investment products. We have removed the barrier to entry so that institutions and investors can benefit from exposure to digital currencies. Now, forward-thinking investors can embrace a digital future within an institutional grade investment. Grayscale is headquartered in New York City. For more information on Grayscale, please visit www.grayscale.co or follow us on Twitter @GrayscaleInvest.


ETC Cooperative | 250 Park Ave S, New York
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Vodafone leaves Libra / Libra pushed central banks to research CBDCs / Aussie regulator seeks to oversee stablecoins

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1. Vodafone has become the latest company to quit Facebook's Libra project. A company spokesperson said that "Vodafone Group has decided to withdraw from the Libra Association." They went on to say that the firm remains committed to "extending financial inclusion" and will be "focusing [their] efforts on [mobile payments platform] M-Pesa." Since being announced last June, Libra has faced criticism from global regulators. As a result, several major companies have withdrawn from the project. Payments giants Mastercard and Visa pulled out in October, citing regulatory uncertainty. PayPal and eBay have also left Libra. The move from Vodafone may be surprising to some, considering the phone company repledged its support for Libra back in October. However, at the time, it did note that it should appoint an independent chief executive - separating itself from Facebook - which it believed was important to guarantee Libra's success. -BBC

2. Hiromi Yamaoka, the former head of payments and settlements at the Bank of Japan (BoJ), has said that Facebook's Libra stablecoin has given central banks the push they needed to seriously look into the development of a central bank digital currency (CBDC). Yesterday, it was announced that six central banks in Canada, the European Union, Japan, Sweden, Switzerland, and the U.K. had created a group with the Bank for International Settlements (BIS) to research CBDCs. According to Yamaoka, Libra has created a global competition among central banks to make their currencies more appealing, adding: "It's also an effort to keep something like Libra in check." -REUTERS

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3. The Australian Prudential Regulation Authority (APRA) could see itself overseeing stablecoin projects such as Libra. In a proposal submitted to the Senate on January 20, APRA's proposed regulatory framework states that it's intended not only to just fit the current financial system, but to consider future technological developments such as "global stablecoin ecosystems that have been the subject of significant attention in recent months." APRA states that it would likely oversee digital currency wallets that are widely used for payments such as Libra's corresponding Calibra wallet. -COINTELEGRAPH

4. A survey has found that the majority of respondents don't believe that Libra will launch this year. The Block's 2020 Outlook Survey saw responses from 106 people. Of that number, which were taken from venture capital investing, financial services, and the digital assets industries, 67.9 percent indicated that the stablecoin wouldn't launch in 2020. Only 31.1 percent of those surveyed said that it would. Factors that might determine whether the stablecoin will launch as projected weren't looked at; however, recent news and developments were reported to hint at potential headwinds. -THE BLOCK

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5. The Libra Association has voted to establish a Technical Steering Committee (TSC) for the project. The role of the TSC is to "oversee and coordinate the technical design and development of the Libra network." Five members have been elected that will contribute a unique perspective that brings expertise to the project. -FINEXTRA

6. Ray Dalio, multi-billionaire and founder of investment firm Bridgewater Associates, has said that the volatility of Bitcoin doesn't make it a good investment choice. He went on to say that Bitcoin isn't an effective medium of exchange or a "store hold of wealth." Yet, in his opinion investing in something such as Libra could be a better option. -CNBC

7. Libra is no closer to release, one report suggests. According to Nils Reimelt of Capco Digital, a financial services consulting company in Zurich, "as long as the [U.S. Securities and Exchange Commission] is concerned about Libra, saying it's based on relatively new and unproven technology and could rival the U.S. dollar, other governments including the Swiss will take a wait and see approach." -YAHOO! FINANCE

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, staff writer at Inside.

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