HyperLinq : Weekly Digital Asset Digest 34

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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!


Bittrex International Halts Service in Venezuela and 30 More Countries : Helen Partz | CoinTelegraph

Bittrex International, Malta-based international unit of United States’ crypto exchange Bittrex, will cease operations in Venezuela and 30 other countries. In an email to Venezuelan customers, Bittrex International announced that the exchange will halt account and trading access to users on Oct. 29, asking them to withdraw their funds with the exchange before that date, Cointelegraph en Español reports on Oct. However, Venezuela is not the only country that will have to stop using Bittrex’s services this time, according to information acquired by Cointelegraph en Español. The firm confirmed to the Cointelegraph en Español team that it is actually halting the service for a total of 31 countries, including Afghanistan, Egypt, Bosnia and Herzegovina, Cambodia, the Central African Republic, the Democratic Republic of the Congo, Ivory Coast, Tunisia, Ethiopia, Uganda and Yemen. On Oct. 1, two Venezuelan companies have partnered to release a cryptocurrency debit card and point-of-sale system supporting Bitcoin , Ether , Dash and Petro.

CoinShares, Blockchain Launch Gold Token Network on a Bitcoin Sidechain : William Foxley | CoinDesk

Digital asset manager CoinShares is putting gold on the bitcoin blockchain. Working with wallet provider Blockchain and precious medal trader MKS SA, the U.K.-based firm announced Tuesday a gold-backed network for trading tokens representing digitized physical gold, a project two years in the making. Each DGLD token is backed by 1/10th troy ounce. CoinShares chairman Danny Masters said the product’s network security is based on the bitcoin state, with DGLD operating as a sidechain of the bitcoin network. Built on blockchain firm CommerceBlock’s Ocean sidechain platform, the DGLD network is notable in that it combines financial security – the bitcoin network’s immutability and Swiss vault storage – while still facilitating low-friction trading, said Masters.

G20 Finance Leaders: Stablecoins Present Serious Regulatory Risks : Joeri Cant | CoinTelegraph

The G20 finance chiefs of the world agree that global stablecoins give rise to a set of public policy and regulatory risks. On Oct. 18, Reuters reported that the G20, an international forum for the governments and central bank governors from 19 countries and the European Union, have called upon the International Monetary Fund to examine various macroeconomic implications of global stablecoins, including monetary sovereignty issues in its member countries. Bank of Japan’s Governor Haruhiko Kuroda said that the G20 summit will begin with a debate regarding stablecoin regulations — following proposals from global regulatory bodies like the Financial Stability Board and the Financial Action Task Force. The news follows a recent report by the G7 task force stating that stablecoins such as Facebook’s Libra present a significant risk to the global financial system.

EY Launches Blockchain Tool to Help Bring Accountability to Public Finances : Daniel Palmer | CoinDesk

Professional services giant EY is using blockchain tech to assist governments in improving transparency and accountability in the management of public funds. The firm, one of the Big Four accounting firms, announced the news Wednesday, saying its new "blockchain-enabled" EY OpsChain Public Finance Manager will compare government spending programs with the results of the expenditure, even when the money has passed through different layers of government and public service agencies. Mark MacDonald, EY’s lead of Global Public Finance Management, said in the announcement that transparency, accountability and sound evidence for decision-making are vital in managing public funds. The firm’s new tool is aimed to help those in charge of public finances to "assess and improve" their systems, he added. The system is built on EY OpsChain, a blockchain platform launched in its second iteration in April with claimed support for up to 20 million transactions per day over private networks.

Fidelity Investments Fully Rolls Out Crypto Custody Service, Exec Says : Ana Alexandre | CoinTelegraph

American financial services company Fidelity Investments has fully launched its cryptocurrency custody service. Johnson said that the company is ready to roll out its crypto custody business following a year-long preparation and accumulation of clients. Speaking about Coinbase’s custody offering, Johnson argued that Coinbase «is still a company that most people had never heard of, and they don’t have the existing relationships with the independent advisers.» As previously reported, Coinbase Custody was initially announced in November 2017 and launched in July 2018, with an objective to provide robust security of crypto assets, which according to Coinbase has been institutional investors’ "number one" concern. As of August, Coinbase Custody claimed to store assets on behalf of more than 120 clients in 14 different countries.

‘Satoshi’ Enters the Oxford English Dictionary : Daniel Kuhn | CoinDesk

The Oxford English Dictionary, published by the Oxford University Press, has added "Satoshi" to its compendium of the English language. First used less than seven years ago, Satoshi is the newest word added to the dictionary. The addition was made as part of a quarterly update to the respected source’s database that also includes the words "Manhattanhenge," "whatevs" and a revised history of "fake news." According to the now official OED definition, a Satoshi is "the smallest monetary unit in the bitcoin digital payment system, equal to one hundred millionth of a bitcoin," or 0.00000001 BTC. OED lexicographers take a descriptive approach to language, meaning that the dictionary observes how words emerge, grow or diminish in popularity and change definitions over time. Cited uses of the noun come from Ripple Project, a Usenet newsgroup in 2012, from the Guardian in 2013 and the Times in 2017. Stateside, the "o" in Satoshi is pronounced like the "ʊ" sound in foot, whereas across the pond the "o" sounds like the "ɒ" in «lot.» The word is derived from the proper noun, Satoshi Nakamoto, the "probably pseudonymous" creator or creators of bitcoin. In this context, Nakamoto is an etymon, or a word from which a later word is derived.

Burj Khalifa Developer Emaar to Launch Tradeable Reward Token EMR : Helen Partz | CoinTelegraph

Dubai-based real estate giant Emaar Properties has released its new blockchain token-based referral and loyalty platform. Emaar, which developed the world’s tallest building, the Burj Khalifa, as well as the Dubai Mall, is planning to launch the EMR token for rewarding its customers, local publication Arabian Business reports Oct. 17. According to Arabian Business, both the blockchain platform and EMR token are expected to be released in late 2019. Emaar reportedly stressed that its EMR platform is the first project of its kind being launched globally, noting that its token provides real monetary value through external trading platforms. As reported in March, Emaar was developing the token in partnership with Swiss blockchain startup Lykke. At the time, the firm said that it was also considering conducting an initial coin offering in Europe within a year of the internal operational launch of the platform.

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Rohan Raman

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