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

Inside Cryptocurrency .

Presented by Subscribe | View in browser 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 A MESSAGE FROM LINKEDIN LEARNING Learn In-demand Technology Skills To Achieve Your Goals Stay on top of rapidly changing technology advancements with LinkedIn Learning online courses taught by real-world expert instructors. From certification preparation training to learning the fundamentals on topics such as Network Administration, Cloud Computing and more.  Start Your Free Trial   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. Ad Learn In-demand Skills to Achieve Your Professional Goals.

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Dollar dilemma

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March 27, 2020 “For governments, fighting the coronavirus pandemic is like fighting a war,” writes CoinDesk’s Bradley Keoun.   Some argue one of the casualties in this fight may be the U.S. dollar’s long-standing dominance. To combat record levels of unemployment across the world, countries are preparing stimulus packages that will stretch already heavily indebted government balance sheets. So far, inflation is muted in the U.S., despite the Federal Reserve’s pledge to provide unlimited liquidity to the financial system, which could, in time, drive prices up. Though monetary carnage is already being inflicted on some of the world’s poorest countries, as spooked investors pull money out of emerging-market currencies to flee into U.S. dollars. What the world looks like after these economic mechanisms shake out is up for debate. However, as officials begin envisioning what it might take to rebuild damaged economies and restore society to a semblance of normalcy, speculation is mounting that seismic shifts might be in the offing for the global monetary system — a phenomenon that historically has occurred in the wake of world wars.  “I wouldn't rule out anything at this point,” says Markus Brunnermeier, a Princeton University economics professor who has advised the International Monetary Fund, Federal Reserve Bank of New York and European Systemic Risk Board. Including, a “Bretton-Woods” style shakeup that could dethrone the dollar. Full story If the dollar loses dominance, that doesn’t mean bitcoin will take its place. Gold and oil are the safe harbor assets bitcoin was supposed to become. A confluence of forces – ranging from imminent CBDC adoption to a decline in retail use for cryptos – have left bitcoin languishing. “Bitcoin was supposed to be the digital gold,” Michael Sung, a professor at Shanghai's Fudan University, said. “But there are all sorts of weird dynamics where it’s now unclear if bitcoin has that privileged status as a flight to safety.” Oil and BTC don't mix? One retail outlier is Coinbase Commerce, which has now processed $200 million in total transactions. The commerce wing of the exchange giant has also integrated 8,000 retailer partners. Commerce during COVID Banking incumbent HSBC has put $10 billion of paper-based private placement records on R3’s Corda blockchain and plans to ramp up the project through this year and next. “We’re confident that we’ll be able to put significant additional volume and value of private placements from new and existing clients [on the platform] over the next 12 to 18 months,” said Ciaran Roddy, head of custody innovation and strategy initiatives at HSBC. Taking paper digital ‘Big Four’ accounting firm EY will turn over QuadrigaCX user account information over to the Canada Revenue Agency (CRA), as requested by the agency. This will include account balances and transaction data. Customers of the defunct exchange have waited more than a year to get back $190 million lost under suspicious circumstances. Taxman looketh Though it’s not just legacy firms making waves. Blockchain startups see opportunity in connecting plastics refining companies with recycling plants in a bid to reinvent current supply chains. Blockchain’s appeal here: measuring action and demonstrating it to the public. “It’s a hard goal, but eventually you could show how consumer plastics from waste collection companies can be added into your supply chain as raw materials,” Miguel Pérez said. “It’s the next step in the process of tracing assets and linking supply chains.” Plastics changes Venezuelan President Nicolas Maduro used crypto to conceal illicit drug-running crimes, the U.S. Department of Justice alleged in an indictment Thursday. He is now being indicted on sweeping charges, along with 14 other Venezuelan officials, related to an alleged multibillion-dollar cocaine trafficking ring the DOJ claimed wreaked havoc on American communities for over 20 years. Cryptic cartels AROUND THE WEB Governments around the globe are surveilling mobile phones to track the spread of the novel coronavirus. There's risk these new, invasive measures will become the norm. (Decrypt) We just glimpsed how a “digital dollar” might work, thanks to coronavirus. (MIT Technology Review) Ripple and Coinbase get license exemptions in Singapore for a limited period. (The Block) KB Kookmin, the largest bank in South Korea, is set to launch a custody service for crypto assets. (The Block) Bitcoin may not be out of the woods yet, but prospects of another sudden price crash now look to have diminished. A 30 percent decline in exchange deposits in the last 12 days signals investor confidence in the long-term viability of bitcoin. The top cryptocurrency by market value is currently trading near $6,700, representing a 70 percent gain from the low of $3,867 seen March 13, though a move above $7,000 is needed to revive the recent recovery rally. Confidence grows While bitcoin is looking bullish, miners have increased their selling. Mining pools account for the highest percentage of bitcoin flowing into exchanges and have significant influence on prices. Yet, some view the market’s reaction as a positive indicator. “When the price of bitcoin can rally sharply from the local lows and buyers can absorb the extra bitcoin sold by the miners with little impact, it is a sign of strength in the overall market," Connor Abendschein, crypto research analyst at Digital Assets Data, said. Bitcoin flows Still, Digital Farms, a California-based cryptocurrency mining company, is putting its operations on hold due to the recent decline in bitcoin's price. On March 18, the miner's parent company, investment firm DPW Holdings, filed an update with the U.S. Securities and Exchange Commission (SEC) on its business related to the COVID-19 pandemic. Mine closed Different countries, states and cities are taking varied approaches to suppressing and overcoming the novel coronavirus. Singapore is deploying wide-ranging testing, while New York state has issued a "shelter-in-place" ruling. CoinDesk is looking to gauge reader sentiment on how their governments are handling the COVID-19 outbreak. Take our five-minute reader survey here.    The Federal Reserve has recruited asset management giant BlackRock to administer three programs in a $2 trillion dollar stimulus package. Though, “under the arrangement, [the firm] could buy its own funds on behalf of the central bank,” Bloomberg reported. Meltem Demirors, chief strategy officer at CoinShares, joins Nathaniel Whittemore on the latest episode of The Breakdown to discuss how this financial giant ended up on both sides of the bailout. Crrrrony capitalism? WHO WON #CRYPTOTWITTER   Copyright © 2020 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

We will meet you online Fri @ 4pm CET

We are starting a new Friday tradition online during times of isolation.

Hello, beautiful people of æternity ecosystem. During troubling times, it's even more important we work together.  _ 🏠 _ 💻 _ 🎙_ 🎧 _ That's why we decided to start a weekly series of digital conferences and hangouts. Every Friday at 16:00 CET (4PM CET) we will host an online conference on a specific topic. _ 🎙_ 🎧 __ 🏠 _ 💻 _ We invite you to join us in asking the tough questions. We ask you to help us find the right answer. Can blockchain tech help fight pandemic we are facing? We believe so. THIS FRIDAY at 16:00 CET (4PM CET) 27.03.2020 🙌 DIGITAL CONFERENCE 01 🙌 "How can blockchain help the pandemic?"  Log on and join our online panel guests to discuss - Surviving in Times of Uncertainty - - Government Power in Times of Coronavirus - - Fake News and Disinformation - - Donations & Charities on the Blockchain - - Decentralized Cooperatives - Full agenda & registration 👉  Make sure you SIGN UP before the event starts so you can access the discussion. We saved some time for networking with multiple rooms and virtual beers. _ 🎙 _ 💻 _  Join the event without going nowhere! _ 🎧 __ 🏠 _ 🙌 Looking forward to seeing you. 🙌   Thank you for your continuous support! To interact with the team or community, join one or more of the channels below. Social Media Channels Twitter  LinkedIn YouTube Medium Blog Forums & Chats Forum Reddit Weibo Telegram We are thrilled to have you with us! The æternity team Our mailing address is: info@aeternity.com Want to change how you receive these emails? You can update your preferences or unsubscribe from this list