Daily Cryptocurrency Bulletin For Friday, June 7, 2019

General News

Binance has announced a partnership with TrustToken, allowing users buy TUSD for zero fees and redeem it for fiat currency, finally opening the crypto-to-fiat route on Binance. 

Facebook looks set to release its white paper on June 18, according to TechCrunch. That date had also come from Laura McCracken, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe, who also claims “the value of Facebook Coin will be secured with a basket of fiat currencies,” not just the U.S. dollar. 

Kodak, the legacy camera brand, have announced its new blockchain-based document management system. Launched under the name Kodak Services for Business, the platform is intended for businesses and governments to store and manage sensitive documents. They claim the blockchain platform will lead to 20-40% cost savings.Meanwhile, RYDE Holding Inc. is set to launch KODAKCoin next month after licensing the the Kodak brand name – a blockchain project designed to track image copyrights online. 

Poloniex revealed lenders in its bitcoin margin lending pool suffered a loss of 1800 BTC ($13.5 million) due to a flash crash in the CLAM market – dropping 77 percent in just 45 minutes. This erased 16.2 percent of the entire margin lending pool. Poloniex has now removed illiquid markets such as BTS, CLAM, FCT and MAID to help protect lenders.

North Carolina Congressman Ted Budd highlighted two bills, the Cryptocurrency Tax Fairness Act and the Virtual Value Tax Fix of 2018; calling the development and protection of the domestic blockchain industry an issue of national security.

Cryptocurrencies

Bitcoin $7,954.35 USD (1.66 percent) demand is soaring in Kazakhstan where the inflation rate has averaged 47.11% and has been steadily rising. Crypto traders moved 71,476,515 Kazakhstani tenge (KZT) on LocalBitcoins last week, up 51.06% from the previous week.

EOS’s $6.43 USD (1.39 percent) Block.one is using its billions to hold yet another equity buyback in order to bring on more strategic investors with the company’s balance sheet “stronger than ever,” according to a new Coindesk report. This comes after the company recently announced a new social media platform called Voice. The company plans to use its reserves to market the service aggressively to the public.

Komodo $1.55 USD (2.86 percent) has effectively hacked its own customers after its security system raised an alert about a backdoor that could have been used by hackers to rob users of Komodo wallet, Agama. Komodo said they have safeguarded 8 million KMD and 96 bitcoin, collectively worth nearly $13 million.

NEO $12.25 USD (5.54 percent) have released a detailed financial report ahead of their cryptocurrency relaunch next year. The optimized version of the blockchain network will relaunch as NEO 3.0 in 2020 “to enable NEO to support large-scale commercial applications.” The underlying infrastructure change will require token holders to return their assets for newly issued tokens. the foundation’s leadership is focused on growing that developer base as the community gears up for the 3.0 launch.

Ripple’s $0.419427 USD (4.52 percent) XRP may soon be receiving support from Thailand’s third largest commercial bank, after Siam Commercial Bank’s official Twitter account teased an imminent announcement about an “XRP system” is coming soon.

– WN.com, Jamie Saarloos