Wanchain

“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 6

Published by Liam on

reHash issued for October 23rd to October 29th 2020

Halloween reHash, so it is green and spooky. At least the picture above is scary and spooky. This time a bit more about banks and CBDC’s, at least 197 IQ hackers taking advantage of presidential campaign website, Google antitrust lawsuit and much more! Hope the green and spooky image above does not scare you away and that you enjoy this week’s issue (how many times saying ‘green and spooky’ is too many times?).

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. Societe Generale — Forge, a subsidiary to Societe Generale, has chosen ConsenSys to help them withCBDC bringing“technology and expertise”
    SOURCE: 1, 2, 3

  2. KPMG LLP and Coin Metrics enter a strategic alliance to “deliver trusted data & insights, proprietary analytics and cryptoasset services to support growth in institutional adoption of cryptoassets and public blockchains”; KPMG is one of the “Big Four” accounting firms
    SOURCE: 1, 2, 3, 4

  3. IT subsidiary of Toyota Motor Corporation — Toyota Systems is collaborating with DeCurrent, a Japanese cryptocurrency exchange, to develop a digital currency; the pilot will include 2,500 employees in Toyota Systems and payments of “welfare payouts”
    SOURCE: 1, 2, 3, 4

  4. A British fintech company Cashaa has partnered with India’s United Multistate Credit Cooperative Society; the partnership aims to bring crypto products to 22 physical branches in India; the UNICAS launch is slated for December 2020;
    SOURCE: 1, 2, 3

  5. Fireblocks has announced that its institutional customers have transferred over $150 billion in digital assets through their platform; to meet growing adoption Fireblocks will be expanding its presence in Europe; adding two new offices in France and Germany
    SOURCE: 1, 2

  6. JP Morgan has launched ‘JPM Coin’; creates a new 100 employee Onyx division to work on related projects; claims that a large tech client is conduction tests/using their coin; JPM Coin is a stablecoin with its value tied to the value of US dollar; JPMorgan has recently changed their narrative towards Bitcoin now stating that it is competing with gold as a store of value
    SOURCE: 1, 2, 3, 4, 5, 6

  7. DBS, Southeast Asia’s largest bank, plans to release a a cryptocurrency exchange; the news was sent out on the 27th of October and was subsequently quickly recalled; reason for recalling is lack of sufficient regulatory approvals; however it can be assumed that the plans are still underway; DBS Digital Exchange will not hold any of the assets; all the assets will be held by DBS Bank
    SOURCE: 1, 2, 3, 4

  8. Bank of Japan official states that the public must support the CBDC first and that it would need to co-exist with physical cash; in Japan still approx of 21.1% of transactions happen using cash;
    SOURCE: 1, 2

  9. Central Bank of Russia is planning a pilot of digital ruble by 2021; to make payments faster, simpler and safer; “The digitalisation of the economy and the development of financial technologies generate public demand for new, advanced payment methods.”; Russia’s history with crypto has seen a lot of turmoil
    SOURCES: 1, 2

  10. Seems that the China DCEP pilot has concluded and 62,788 total transactions were made for a total of approx 8.764 million yuan; participants reportedly found the currency easy to use and similar to WeChat Pay and Alipay
    SOURCES: 1, 2, 3

  11. Bank of International Settlements, a consortium comprising of some of the world’s top central banks, is looking into CBDC; they plan to publish a proof of concept by end of year; they are working together with bank of Switzerland
    SOURCE: 1, 2, 3, 4

  12. PayPal is reportedly looking into purchasing cryptocurrency companies, one of the mentioned companies is BitGo; this comes as no surprise as last week PayPal has announced that it will embrace the cryptocurrencies; many see it as the main catalyst behind the recent Bitcoin upwards momentum
    SOURCE: 1, 2

  13. FTX, a Hong Kong based crypto derivatives exchange is lanching tokenized equities; pairs include, amongst others TSLA/BTC and AMZN/BTC
    SOURCE: 1, 2, 3

  14. Avanti Bank & Trust has been granted a second (after Kraken) official bank charter in Wyoming
    SOURCE: 1, 2, 3, 4

REGULATION

  1. Web 3.0 could see benefit through the antitrust lawsuit against Google; Google is accused of monopolistic tendencies with its search engine; if Google is forced to give up any of its dominance decentralization of the web could move on much faster; however it will likely be a multi-year fight
    SOURCE: 1, 2, 3, 4

  2. The Financial Crimes Enforcement Network — FinCEN and the Federal Reserve are looking to amend the “Travel Rule”; Travel Rule requires financial institutions to report any international transfers over $3,000 currently; new proposal would see them report any transfers over $250; seeing as most suspicious transfers between 2016 and 2019 were under $500
    SOURCE: 1, 2, 3

DEVELOPMENT

  1. First phase of Ethereum 2.0 is nearly ready to launch as per the audit company Quantstamp who audited Teku, an Ethereum 2.0 client developed by ConsenSys
    SOURCE: 1, 2, 3

GENERAL UPDATES

  1. Presidential campaign website of Donald Trump has been hacked on 28.10.2020 and for some 30 minutes a request to send Monero to certain addresses has been posted; approximately a week ago Donald Trump has claimed that ‘nobody gets hacked. to get hacked you need somebody with 197 IQ and he needs about 15 percent of your password’
    SOURCE: 1, 2, 3, 4, 5, 6, 7

  2. Harvest Finance joins a number of DeFi projects to be exploited and drained of money; this time approximately $34 million has been lost to a hacker; for unknown reasons the exploiter/hacker has returned $2.5 million back to the contract; Uniswap and Curve Finance have seen massive spikes in trading volume due to how the exploit has been done; Harvest Finance is requesting the hacker to return the money and also set up the bounty of $100,000
    SOURCE: 1, 2, 3, 4

  3. Seems that COVID-19 pandemic has played a role in higher interest in Bitcoin amongst investors; according to a report by Grayscale 9% more respondents say they are familiar with Bitcoin and out of all the respondents who invested in Bitcoin 63% said that coronavirus has played a role in this decision; 39% said that it has made Bitcoin more appealing; Bitcoin might be looked at as a safe haven from the economic turmoil caused by the COVID-19
    SOURCE: 1, 2, 3, 4

  4. Audius has distributed 50 million of AUDIO tokens (5% of the initial token supply of 1 billion) to top 10,000 users and artists; the platform aims to decentralize Spotify-like service; it is backed by Binance Labs, Catalyst, Lightspeed and Pantera Capital; currently has 40,000 artists onboarded and 750,000 monthly users
    SOURCE: 1, 2

  5. Marathon Patent Group has bought 10,000 S-19 Pro Miners; this move will make them a top US Bitcoin miner; they are Nasdaq-listed; their total hashrate will be 2.56 EH/s with this deal placing them amongst top 15 globally
    SOURCE: 1, 2, 3

  6. Jack Dorsey, Twitter CEO, will be a keynote speaker at the Africa Fintech Summit; Dorsey has been an advocate of financial inclusion of Africa and Bitcoin for a long time
    SOURCE: 1, 2

  7. More than $2 billion value in BTC is locked on Ethereum currently; over 150,000 BTC; $1.58 billion in WBTC, which remains the most popular
    SOURCE: 1, 2

  8. Aave has given up the governance of the project to community; AAVE holders will be able to vote on proposals of direction to be taken by the project
    SOURCE: 1, 2,

… and that’s all for this week, thank you for reading and hope to see you here in the next issue!

About Wanchain

Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.

Website | Documentation | Telegram| Twitter | Newsletter | Blockchain Explorer | Developer Portal