Wanchain

“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 5

Published by Liam on

reHash issued for October 16th to October 22nd 2020

Like Chanel reHash has its no. 5 now. Welcome to this week’s edition of all the cryptocurrency related news mashed together in a concise form. This week includes a wild mash-up of updates ranging from OKEx’s founder detained by the police (again), through PayPal opening up to cryptocurrencies more (even though their past behavior towards crypto is far from being friendly) to the huge upset victory of Bahamas over China with (possibly) first CBDC launched — Sand Dollar.

NOTE:
reHash is not intended to be original journalism. It is intended to be brief summary of significant articles and events from the past week with links to the original sources. Sources will always be linked and credited. If you know any good newsletters or Twitter accounts which provide news we have been missing, please mention them in the comments!

ADOPTION

  1. Paypal is going to allow use of cryptocurrencies at the 26 million merchants on its network; start is slated for early 2021; the service will be extended to Venmo in the first half of 2021; initially the service will support BTC, BCH, ETH and LTC; PayPal has active base of 346 million users
    SOURCE: 1, 2, 3, 4, 5, 6, 7

  2. Associated Press’s 2020 USA presidential election results will be published on blockchain for the first time by Everipedia using Chainlink oracles
    SOURCE: 1, 2, 3

  3. On October 20th 2020, the Central Bank of Bahamas has launched one of the first CBDC’s in the world; the currency “Sand Dollars” are a cryptographic representation of the Bahamian dollar and are used in domestic transactions
    SOURCE: 1, 2, 3

  4. Digital Yuan rolled out to be used in Shenzhen gas stations; reportedly the China’s CBDC is fast and easy to use; accepting digital yuan in some of the gas stations is part of the broader pilot
    SOURCE: 1, 2, 3, 4

  5. Spain’s Banco de España is putting a priority on CBDC research in its strategic plan from 2020 to 2024; while Spain is using the Euro; there seems to be more interest in EU in digital euro over time; some other countries in Europe are looking into creating CBDC — including France, Italy, Lithuania and Netherlands; European Central Bank is also looking into CBDC, however the details are not specified
    SOURCE: 1, 2, 3

DEVELOPMENT

  1. Ethereum 2.0 deposit contract — ETH 2.0 beacon chain is basically ready and expected to be fully launched in 6–8 weeks
    SOURCE: 1, 2

REGULATION

  1. SEC and KIK has proposed a settlement over the 2017 Kik ICO; $5 million penalty would have to be paid by KIK; no requirement to return the funds to investors
    SOURCE: 1, 2, 3

  2. U.S. Tresury’s FinCEN has issued a civil money penalty of $60 million against an operator of Bitcoin ‘Mixers’ — Helix and Coin Ninja; a Bitcoin mixer is a service that ‘mixes’ the coins of individual users’ coins with other users’ coins — the US Department of Justice has dubbed this practice illegal
    SOURCE: 1, 2, 3

  3. OKEx’s Founder has been taken into custody by the police; the exchange has subsequently closed withdrawals after more than 10,000 BTC have been withdrawn in two days; currently there’s no timeline on resuming the withdrawals
    SOURCE: 1, 2, 3, 4, 5, 6

  4. Coinbase has released its first ‘transparency’ report, for Q1 and Q2 2020, regarding the amount of times that authorities have requested information about their 38 million customers worldwide; total amount of requests was 1,914; most from US (1,113), UK (441) and Germany (176)
    SOURCE: 1, 2, 3, 4

GENERAL UPDATES

  1. Binance has completed its 13th quarterly burn; it was the biggest one yet with $68 million burned
    SOURCE: 1, 2

  2. Hackers donated $20,000 (total) in BTC to two non-profit organizations; the funds come from stolen BTC; charities refuse the funds
    SOURCE: 1, 2, 3

  3. Wirex, partnered with Mastercard, is set to release its multicurrency crypto debit card in November 2020 in UK and shortly thereafter in USA
    SOURCE: 1, 2, 3

  4. USDC will be available on the Solana and Stellar blockchains; it is also growing faster percentage wise than USDT
    SOURCE: 1, 2, 3, 4

  5. Ethereum has seen declining average fees of the transactions on the network; recent DeFi boom has seen average transaction costs climb as high as $15 usd; now it is closer to $1; also the fees on Bitcoin has been lower since the amount of transactions has fell since July-August craze
    SOURCE: 1, 2

  6. An Ethereum-based social network, Minds, will allow users to backup posts uncensorably and permanently on Arweave’s blockchain.
    SOURCE: 1

  7. Total value of crypto assets managed by Grayscale has reached $6.5 billion for the first time; Grayscale Investments has secured more than $1 billion in new investments in Q3 2020; seems that customers of Grayscale currently hold approximately 2% of total Ethereum and Bitcoin on the market
    SOURCE: 1, 2, 3, 4

  8. Filecoin, a decentralized storage network, has drawn a lot of controversy regarding their recent mainnet launch, regarding the possible earlier unlock schedule and possible dumping of tokens by the Filecoin
    SOURCE: 1, 2, 3, 4

  9. Paxful has announced partnership with Bithumb Global; partnership will allow customers to buy cryptocurrencies with payment methods supported by Paxful
    SOURCE:
    1, 2, 3

  10. Room 77, a bar in Berlin, has closed its doors; it is widely accepted that it was a retail venture that was the first place to start accepting Bitcoin payments
    SOURCE: 1, 2, 3, 4

Thanks for reading and I hope you found my work useful (and I hope that this week reHash smelled particularly good; as a no. 5 should!).

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