HyperLinq : Weekly Digital Asset Digest 6

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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!


Bitcoin Bulls Stampede Bear Market Amid Major Dow Rally : Paul De Havilland | CCN.com

Bitcoin, having enjoyed a stable period over the past few months, surged 15% in 24 hours to $4,770. Bitcoin's crucial resistance, considered to be $4,200 is now breached and could mark the beginning of a new bull run. In fact, the entire crypto-market has seen a boost, with most of the Top 20 coins enjoying double-digit gains. The upward swing could be a bull trap, however, as crypto markets have been shown to be prone to both manipulation and volatility. The magnitude of the upswing is possibly best illustrated by its 3-month chart, which shows a precipitous rise at the end of a long-running period of flat prices.

After 3 months of price stability, Bitcoin bulls emerge (source : CoinMarketCap)

Crypto Giant Coinbase Launches Cross-Border Payments with XRP and USDC : Samantha Chang | CCN.com

Coinbase, a crypto-exchange is now offering a cross-border payment service that would allow customers to transfer funds through Ripple (XRP) and the USDCoin (USDC :: stablecoin). The service involves no fee for sending cryptocurrency to other Coinbase users but however, consists of a nominal on-chain network fee for sending outside of Coinbase. In recent months, the cryptocurrency market has taken tremendous strides in the cross-border payments market. In February, Changpang Zhao, CEO of Binance, the largest crypto-exchange in the world, said that he definitely wants to partner with Ripple's xRapid cross-border payment platform at some point; not right now, but definitely in the future.

A New Bank for Crypto Traders Has Opened in Puerto Rico : Anna Baydakova | CoinDesk

A new Puerto Rico-based institution catering to traders of cryptocurrency, has opened for business. On Monday (April 1, 2019), San Juan Mercantile Bank and Trust International (SJBMT) accepted it's first client deposit. The bank will provide custody and settlement services for both fiat and crypto traded on the exchange and customers' digital assets will be held at "approved digital asset custodians".However, the names of neither the bank's correspondents nor the custodians have been revealed. As more liquidity venues onboard with SJMX to trade digital assets, SJMBT will provide critical services, such as real-time settlement and account re-balancing, in support of our customers’ trading activities. This is a very positive move as very few banking institutions are willing to serve the cryptocurrency market due to money laundering and other perceived risks.

The SEC Just Released Its Long-Awaited Crypto Token Guidance : Nikhilesh De | CoinDesk

The U.S. Securities and Exchange Commission (SEC) has published fresh regulatory guidance for token issuers which focuses on tokens and outlines how and when these cryptocurrencies may fall under a securities classification. The guidance, which has been nearly half a year in the making, includes examples of both networks and tokens that fall under securities laws, as well as a project which does not. The framework itself outlines a number of factors that token issuers must consider before evaluating whether or not their offerings qualify as securities. These factors include an expectation of profit, whether a single or at least central group of entities are responsible for specific tasks within the network, and whether a group is creating or supporting a market for a digital asset. The guidance also details how issuers should look at tokens previously sold, both in evaluating whether they should have been registered as securities, as well as whether “a digital asset previously sold as a security should be reevaluated.” However, this guide is not a legally binding document, as is only limited to being more of a guideline.

You can find the guideline here : https://www.sec.gov/files/dlt-framework.pdf

US Crypto Giant Coinbase Details $255 Million Customer Insurance Program : Tedra DeSue | CCN.com

The threat of crypto-criminals hacking activity has been on the rise, and to counter this, Coinbase, one of the largest crypto-exchanges is introducing a crypto-insurance policy this week. It’s held a hot wallet policy with a $255 million limit since 2013 and is facilitated through Lloyd’s of London. The worst case scenarios for losses are broken down into 2 categories : Crime (losses by criminals who hack and steal, fraudulent transfers, insider trading) and Specie (physical damage or theft of private key data in cold storage).

Crypto Tax Software CryptoTrader.tax Integrates With TurboTax : Aaron Wood | CoinTelegraph

According to a press release on April 4, 2019, cryptocurrency-focused tax software CryptoTrader.tax has integrated with leading American tax software, Intuit TurboTax. The integration will purportedly allow users to export tax calculations from CryptoTrader.Tax to the TurboTax filing software, which will supposedly make the filing process easier. The announcement comes ahead of the April 15 deadline for filing taxes in the United States. The Internal Revenue Service (IRS) — the agency responsible for collecting taxes and pursuing tax evaders — classifies cryptocurrencies as property when calculating taxes. Earlier this year, major American cryptocurrency exchange Coinbase added resources for customers in the U.S. to claim crypto trades on their taxes. In addition to adding an educational guide on crypto and taxes, Coinbase has also integrated TurboTax, allowing users to automatically import transactions into a crypto-specific section of TurboTax Premier. In February, TurboTax itself partnered with CoinsTax, LLC to offer cryptocurrency tax calculation to its services. The new service will be available for those who purchased 2018 premier and above versions, and will allow users to import trading data directly from major exchanges, such as Coinbase, Gemini, and Poloniex.

OKCoin is Attracting Institutional Customers With ‘Premier’ Crypto Service : P. H. Madore | CCN.com

OKCoin is consistently one of the top exchanges by adjusted volume. The exchange announced late yesterday its Premier program, which is aimed at institutional and high-volume clients. Current OKCoin users who surpass the $100,000 mark within 30 days are automatically converted to Premier status. The exchange also wants to attract users from other exchanges, however, by allowing those with high-volume to prove it and receive Premier status. The attraction might be strong, as some users could potentially save hundreds of dollars in trading fees every day. OKCoin, already one of the top exchanges, is looking to solidify its lead on competitors like Coinbase Pro and Binance. Additionally, the exchange’s founder Star Xu was questioned as part of a fraud investigation regarding an ICO. The exchange’s sister project, OKEx, was the subject of a lawsuit surrounding its issuance of Bitcoin Cash. OKCoin has also been the subject of false volume accusations in the past, but using the "adjusted" volume metrics gives a clearer picture of what’s actually going on. In more recent times, the exchange appears to be turning over a new leaf, trying to attract a more professional set of traders. OKCoin will credit your account US$1,000 if they are unable to process your wire within 90 minutes. OKCoin’s COO Jason Lau said,

"We’ve been serving high-volume traders for the last five years and we deeply understand their requirements. Premier accounts are available now by accessing the Premier section of the site. Traders from other exchanges will need to prove they’ve done the requisite volume. The account comes with a dedicated account manager who will ensure premier clients have a good experience as well as lower trading fees."

Coinbase CEO Brian Armstrong: Crypto Will Disrupt the Fringes of the Economy First : P. H. Madore | CCN.com

In a 45-minute long Ask Me Anything session conducted recently on YouTube, Coinbase CEO Brian Armstrong answered a lot of interesting questions, including questions about him personally. Like many of us, Armstrong says he was a nerdy kid growing up and was unpopular. He says his mother worked at IBM and the family had one of the earliest 486 models of computer, which he used to learn and experiment in technology. Primarily,Armstrong describes himself as a "nerd who likes to build things with technology". I was the kid who was trying to read a book or whatever while everybody was playing sports. He addressed several other issues during the AMA, including the effect of trolls. Armstrong says that he has never been trolled by crypto people in real life. He thinks it’s part of internet culture for people to be salty online but friendly in person. After talking about how he uses Bitcoin – he says he’s given dozens of people Bitcoin over the years, and in the early days it was as high as one whole BTC per person – Armstrong went into the adoption of cryptocurrency. He describes payments as a wide range of things, with things like coffee being square in the middle. He said,

"If you think about the most common transaction that happens int eh common, think about the most mainstream thing, like paying for a cup of coffee at Starbucks with a credit card.Digital currency is actually going to be used more on the fringes first and slowly move mainstream. People that need to send $1 million to invest in something in 10 minutes somewhere else around the world. Not just on-boarding, buy a little bit of a crypto and hold onto it, but increasingly connect people so they can do more things."

Armstrong says the company is working to improve its Coinbase Commerce product so that people who already use Coinbase will be more aware of ways they can use crypto. If his vision is that crypto should disrupt the fringes before going mainstream, it’s likely that he will be at least somewhat correct.

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Rohan Raman

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