HyperLinq : Weekly Digital Asset Digest 15

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Rohan Raman
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The HyperLinq Weekly Digest is the one-stop source for the HyperLinq community to access relevant news involving digital assets, where we essentially outline key industry updates that our members may have missed. We are always open to suggestions and feedback so please do not hesitate to let us know what you think!


Apple's iPhone Is Taking Its First Steps Into Bitcoin And Crypto : Billy Bambrough | Forbes

Apple, maker of the wildly successful iPhone, appears to be taking its first tentative steps into the world of bitcoin and cryptocurrency—revealing its upcoming iOS 13 software release will feature what Apple calls a «cryptographic» developer tool. Apple's first carefully measured steps into bitcoin and crypto, avoiding the trigger words "cryptocurrency" and "blockchain", come as social media giant Facebook, Galaxy maker Samsung, and other global tech companies have begun experimenting with their own versions of and support for bitcoin and crypto. Many in the bitcoin and cryptocurrency industry hope that the latest wave of interest in bitcoin and cryptocurrencies from Silicon Valley will spur the bitcoin price back to its all-time highs of almost $20,000, set in late 2017. Alejandro Machado, co-founder at Open Money Initiative, told crypto news site The Block, adding the implications for cryptocurrency developers are significant. Apple has had a rocky relationship with bitcoin and cryptocurrency apps in the past, previously delisting San Francisco-based bitcoin exchange Coinbase from its App Store, along with a whole host of other bitcoin and crypto apps.

Facebook's Radical Bitcoin-Beating Cryptocurrency Plans Revealed : Billy Bambrough | Forbes

Facebook, the social media giant that has been lurching from crisis to crisis in recent years, is gearing up to unveil its bitcoin-beating new cryptocurrency GlobalCoin later this month, according to reports. Ahead of the announcement, it's been reported Facebook will cede control of the bitcoin rival to "an independent foundation" in an effort to both deflect accusations of centralization and soothe financial regulators. Facebook's bitcoin rival will likely be a so-called stablecoin, pegged to the U.S. dollar, and is expected to be integrated as a payment tool on Facebook's popular messaging apps WhatsApp and Messenger, and photo-sharing app Instagram.People will also be able to buy the digital token through physical ATM-like machines, while Facebook employees working on the project will be able to take their salary in the new currency, according to The Information. Facebook is reportedly going to charge firms $10 million each to run a node for the GlobalCoin network and plans to allow all node operators to have a representation in the independent foundation. Facebook's embattled founder and chief executive Mark Zuckerberg has met with the Bank of England governor Mark Carney to discuss how a Facebook version of bitcoin might work and the risks and regulation involved, it was reported by the BBC. Zuckerberg, who has taken a vastly different approach to bitcoin and cryptocurrencies to his fellow social media CEO, Twitter's Jack Dorsey, appears to be more interested in supplanting bitcoin than developing it.

Bitcoin is becoming a safety trade in this market, says crypto bear Peter Boockvar : Lizzy Gurdus | CNBC

Investors are flocking to bitcoin as uncertainty looms on Wall Street. The cryptocurrency’s meteoric bounce this year could be a sign that it’s becoming somewhat of a safe haven amid increasing volatility in the stock market. It was trading at more than $8,700 earlier this week and was above $7,800 on Wednesday morning. With the market now anticipating the Federal Reserve to cut interest rates twice before the end of 2019, and the Trump administration escalating its multifront trade war, traditional "safe havens" like gold — Boockvar’s preferred safety play — and the U.S. dollar are also gaining momentum. Gold — which held near a three-month peak Tuesday — harbors some intrigue of its own, Boockvar said. He noted that its recent rally occurred at the same time as a rise in the U.S. dollar index, a move that he called "most noteworthy" given their typically inverse correlation.  Stocks had their second-best day of the year Tuesday after Fed Chair Jerome Powell left the door open for the central bank to put through monetary easing if economic conditions were to worsen.

Crypto Pioneer Justin Sun Pays $4.6M for Power Lunch With Warren Buffett : Fang Block | Barron's PENTA

Cryptocurrency pioneer Justin Yuchen Sun will be trying to convince Warren Buffett about the promise of bitcoin, after he paid $4,567,888 in real money for the power lunch with the so-called Oracle of Omaha. The 28-year-old China native, who founded Tronix—known as Tron or TRX token—in Singapore in 2017, announced on Monday that he was the winner of the 20th Annual Power Lunch with Warren Buffett, a charity auction on eBay to raise funds for San Francisco-based Glide Foundation, which helps the homeless in the area. "The money goes to a very worthy charity that has for decades been fighting to help people who are homeless and poor", Sun tells Penta in an email. "I want to move beyond the hype about getting rich off crypto and start talking about blockchain uses and building a freer, fairer internet for everybody." Buffett has openly criticized bitcoin in the past, even calling it "probably rat poison squared" during an interview with CNBC last year. He couldn’t be immediately reached for comment for this story. Bidding for the private lunch started on May 26 and closed on May 31. Sun previously founded Peiwo, a Snapchat-like app for China with millions of users. He bought the software file-sharing application BitTorrent for $120 million last year. Tronix is the 10th largest cryptocurrency with a market value of $2.56 billion, according to data provider CoinMarketCap.com.

Italy: Securities Regulator Issues Suspension to Crypto Investment Firm, Associated Crypto : Marie Huillet | CoinTelegraph

Italy's national securities regulator, La Commissione Nazionale per le Società e la Borsa , has issued a notice suspending investment firm Tessline and its cryptocurrency liracoin. The news was reported by Cointelegraph Italy on June 4. In its notice, CONSOB stated that a series of entities and websites affiliated with both Tessline and liracoin are ordered to terminate their violation of Article 18 of Italy’s Consolidated Law of Finance. According to a translation from the European Corporate Governance Institute, Article 18 stipulates statutory requirements for the provision of investment services in Italy, subject to the conditions established by the country’s central bank and CONSOB. The notice continues to state that CONSOB has formally suspended all offerings and promotion of liracoin to the public for a period of 90 days, as well as the public offer of investment plans as promoted by Tessline. That same month, CONSOB issued a joint warning with Malta’s Financial Services Authority in regard to an ostensibly unlicensed cryptocurrency exchange. In mid-November, the CONSOB sent cease-and-desists to three crypto-related firms for their alleged offering of unapproved investment services.

Crypto Exchange OKCoin Expands Trading Services to Europe : Daniel Palmer | CoinDesk

Cryptocurrency exchange OKCoin has launched in the EU, opening up euro pairs to traders for the first time. Available from Tuesday for non-U.S. users, OKCoin’s new spot trading offerings cover euro pairs with bitcoin , ether and bitcoin cash at launch, with more pairs planned. At the same time, OKCoin has announced the opening of a new office in Malta, featuring, it says, a "tailored set of trading services and digital assets that are compliant with the Virtual Financial Asset Act, regulated by the Malta Financial Services Authority. Under the EU jurisdiction’s blockchain and crypto-asset framework, OKCoin will be able to list token projects and introduce a range of payment options "quickly and safely" to European customers, according to the blog post. Jovan Gavrilovic, OKCoin’s European general manager, said,

"We are very pleased to bring digital asset trading to the European market in a secure and reliable manner, enabling users to trade digital assets for euro easily and safely."

Once one of China’s «Big 3» crypto exchanges, the firm was forced to shift overseas following the nation’s ban on fiat-to-crypto trading in the autumn of 2017. It’s now headquartered in San Francisco.

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Rohan Raman

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