Cryptocurrency Daily News Bulletin: April 3, 2019

April 3, 2019 12:54 pm Published by

General News

Andreessen Horowitz’s VC firm is restructuring by registering all its 150 employees as qualified financial advisors. The restructuring will enable Andreessen Horowitz to take riskier bets on digital currencies and other risk assets. 

Coinbase’s VP of security Philip Martin confirmed the exchange is covered for up to $255 million for coins held in hot wallets – 2 percent of funds. The policy was placed by Lloyd’s registered broker Aon and sourced from a global group of US and UK insurance firms.

Ernst and Young (EY), the monitor for Canadian crypto exchange QuadrigaCX, has proposed transitioning the company from a restructuring process to bankruptcy proceedings.

PayPal has made its first-ever investment in a blockchain technology company. PayPal’s investment in Cambridge Blockchain, a startup that helps financial institutions manage sensitive data using shared ledgers, aims to leverage their digital identity applications.  

Pakistan’s central bank deputy governor Jameel Ahmad declared the launch of a digital currency by 2025. The State Bank of Pakistan (SBP) is already working on the PoC for the CBDC in a move aimed at promoting financial inclusion, efficiency and to combat corruption.  

Cryptocurrencies 

Bitcoin $4,966.31 USD (4.72 percent) will be accepted at a five-star hotel based in Switzerland, the Dolder Grand, starting next month through the hotel’s tech partner, Inacta AG. Guests will be able to pay for all hotel services and offerings through Inacta AG’s mobile app Inapay – which will convert BTC payments into Swiss franc or euro instantly. Meanwhile, Gabor Gurbacs, digital asset strategist at VanEck, believes BTC’s recent price spike was triggered by the futures market. CME Bitcoin futures expired last Friday. “Over the weekend, heavy spot Bitcoin and OTC buying followed the Bitcoin futures contract expiration pushing BTC price up…Over $500 million shorts have been liquidated on leveraged crypto derivatives trading platforms around the world.” Contrarily, CEO of BCB Group says BTC’s pump was triggered by a single Bitcoin whale, in a coordinated effort to buy $100 million worth of BTC across Coinbase, Kraken and Bitstamp. 

Nimiq $0.002418 USD (29.82 percent) is the latest crypto startup to purchase 9.9 percent in WEG Bank AG, a German bank previously focused on the real estate industry. Almost 30 percent of the bank’s equity is now owned by crypto firms. Nimiq joins TokenPay and the Litecoin Foundation as part owners. WEG Bank CEO Matthias von Hauff announced: “with Nimiq, we have been able to develop not only a landmark payment interface which has the potential to revolutionize the way we deal with crypto’s, but also an innovative and powerful partnership.” Nimiq is also partnering with Binance-owned Trust Wallet to give users across DEXs access to liquid euros for transactions made with BTC, ETH or NIM through Nimiq’s upcoming “crypto-to-fiat bridge” called OASIS.

Quoine’s $0.158726 USD (15.33 percent) crypto trading platform, Liquid.com, has been backed by Bitmain and IDG Capital in a Series C funding round that gives the exchange a “over $1 billion” valuation – making it “one of only two tech unicorns in Japan’s startup space.” The funds will be put toward global expansion, product development and to expand into the security token market, according to Liquid.com CEO Mike Kayamori. 

Steller Lumens $0.123549 USD (4.77 percent) is being listed by one of Australia’s largest exchanges, BTC Markets, with deposits opening today and trading starting tomorrow.

– WN.com, Jamie Saarloos



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