“This Week in Crypto” Summary for April 10, 2020
Interesting news happening in the crypto space, new Content Manager on the CoinMetro team, and much more — all in This Week in Crypto!
Crypto Market News Highlights
1) Lawsuits Filed against Binance, Block.one, BitMEX and Other Crypto-Related Companies
These are civil lawsuits brought by individuals, in class-action, against these companies. Not brought on by the SEC or the CFTC or any regulators or governments. What does it mean? It probably means that a lot of people are pissed off because they lost money and are trying to get some of that money back.
It also means that in the US, the way the legal system works there, when precedent is made by judges in these cases, it very well could lead to the SEC or some other regulator also pressing charges of a criminal nature. It could also be civil injunctions etc. applied by these governments.
So, it is interesting to watch. Could be a first step in what could be a long road for these companies. Some of these companies already have litigations or grand juries pending against them in New York State. So this kinda adds fuel to the fire.
2) Institutional money flooded into Bitcoin before $7,000 rally, data shows
Massive level of speculation when people talk about institutional money flowing into crypto. Some of the data points that they use may make a bit of sense, but most don’t. When an asset falls 50% in almost one candle, you better believe that some smart money is going to flow in and try to catch some type of wave on the way back up.
Was there institutional money in the pop back up from $3.7k up towards $7k? Yeah, probably. Was it flooded? Was it a majority? Kevin hasn’t seen any compelling data supporting this.
If there was a lot, what happened? Why has the rally fizzled? Was there just no more buying pressure going past $7k? What happens when the rally fizzles? Are they just holding the asset, or are they selling it back to take a profit, and get some of the money they lost on the fall down.
3) Internet Voting Is ‘Not Secure’ and Blockchain Won’t Help, Warns Scientific Body
Kevin would pretty much say that they are right with that. Internet voting is definitely not secure. Blockchain can make votes and results immutable, but “garbage in, garbage out”. Meaning if you get fake votes in, you just get immutable fake votes. And that doesn’t help anything.
Check out our Medium post to read more crypto market news!
Someone said that there will be an updated Q2 roadmap?
Oliver is working on that one. When? Soon. Where? CoinMetro’s Medium.
How is the marketing strategy progressing, and is El Murcko actively involved in that?
El Murcko is involved, and it’s progressing. Landing pages and things like that are being produced right now. Some copy was already created for the first three landing pages, and now design is being worked on. Expecting some initial designs by next week.
Marketing collaboration with Quant?
We do have some ongoing collaboration. There is something going on now, but we do plan to ramp it up. Right now we offer 2 QNT to any new users signing up with the link below.
Please feel free to sign up and share the promotional link!
Is there a more specific plan for marketing launch?
There is a plan on where, how, what, all that stuff. But as the “general”, Kevin doesn’t want to run out and give the marketing plan to the public before we even start.
As we have discussed here, we are obviously doing digital and social marketing, and we are going to try and go a little bit outside the box as well, mainly in certain regions where we know we have a high concentration of clients. That could be in print, it could be in other types of media.
Would you consider to provide staking of XCM, if there were no legal issues?
Maybe. It depends. Right now with our Rebates system, you kind of already have a staking mechanism built in. Kevin doesn’t want to make it just to make a gimmick. There has to be a reason.
Once XCM is liquid enough, and we have margin posting, then we can have staking of XCM, so it can be used in margin. We would then make the fees off the used margin, and could pay those as staking rewards. But we need XCM to be more liquid before we can do that.
CoinMetro’s Rebates system enables great benefits for all CoinMetroids, and adds another use case for the XCM token. Find more in our Help Center article!
Any updates regarding getting more currencies on the exchange, and what about debit cards?
Yep, we are in talks with another provider and we are in the onboarding process, past the risk part. We are waiting for them to finalize some of their internal policies. Expecting us to get onboarded within two weeks, and that should start our journey to get cards online within four weeks after that.
Our initial program will contain one card, and multiple cards will come 3-9 months after the initial cards launched. As far as currencies — GBP and EUR will be quite quick. Other currencies, like Australian Dollar, Canadian Dollar, and currencies from other European and Asian currencies.
Kevin’s guess is that we will see the first currencies in May. But for the full list of currencies, it will take several months to roll out.
Have you thought about allocating 100,000 XCM for a competition to get more users?
Yes, but any type of prizes like that don’t make sense until you have people actually looking at you.
We need to up our visitors to the website, before we can start to offer things like that. Otherwise we would just offer it to a very small amount of individuals, and we would have to rely on word of mouth.
Some talks in Telegram about debit cards being close. Can you expand?
Yep, they are close. We are now through everything, compliance, risk, and we are waiting for them to amend some internal policies so they can onboard our specific type of company. And we got an estimate that we should be fully onboarded and ready to roll within 2 weeks. From there it will take 4 weeks to get the debit card roll. So, approximately 6 weeks.
Come and join the CoinMetro community on Telegram! You can also find our other social media channels at the bottom of the AMA page.
Did the potential content manager accept?
The content manager accepted our offer today.
When are you planning to increase leverage?
We have two or three pending things before we do that. Not an exact date. Shooting for April.
You can trade main cryptocurrency pairs on CoinMetro’s margin platform with 3:1 leverage today!
I think providing a personal API would go a long way to boost liquidity in the markets without dedicated market makers. At the moment the API is only a public playground demo.
You can definitely use the API in production. Websockets are coming as well.
Want to get trading using CoinMetro’s API?
Is CoinMetro approached by lobbyists to be political banking or otherwise pushing an agenda and forcing their hands on the way CoinMetro does business?
No, we’re not really approached by lobbyists. We try to be the lobbyists. But we have not been approached by any, as of yet.
Any word on the new banking partner?
Still in the stages. But we have several partners that we are going to be onboarding, both PSPs, banks, and other institutions.
Any thought about advertising in the South East Asian market?
At some point, we definitely will. We will almost immediately do a CSD/CoinMetro crossover, in the sandbox. For CoinMetro as the exchange — it’s on the roadmap. But first we want to conquer Europe.
Will merchandise coincide with the first wave of marketing?
Kevin is working on the merch. We have 25 designs. Stickers, socks, new tshirts. Also working on the debit card design. All that stuff is being worked on.
LHV seems useless, never getting their self-assessment guideline finished.
Kevin wouldn’t call them useless, but we are definitely not their highest priority.
When SWIFT transfers?
Not yet, but that’s part of the banks and providers we are in talks with. It will also be cheaper than it was previously.
When is the new Dashboard coming?
The first version of the GO! Dashboard might go online in April, but the completed Dashboard might go online next month.
Join CoinMetro’s Feedback channel on Telegram for a sneak peek of the new Dashboard!
Is there much pullback from companies/market makers since the major threat of recession?
Not yet, no. This major global recession is going to affect many different industries, but it won’t affect our industry as much as others. Event Bolt, which is kinda like Uber, their revenue fell by 85% and they asked the government for 50 million euros.
What’s CoinMetro’s biggest risk?
No growth. All risk becomes mitigated, with growth. Some risks increase, but increased revenue mitigates those risks.
“Kevin Explains Crypto” Term: Masternode
Have a look at the video where Kevin explains “Masternode”:
Listen to Last Week’s TWiC on the Go
Get the complete scoop by tuning in to our audio version of last week’s TWiC on SoundCloud. Happy listening!
That’s a wrap for this week’s AMA with CoinMetro Founder Kevin Murcko! Please join us next week on CoinMetro’s Facebook and YouTube Channel at 1 PM (UTC) for another round and make sure you submit your questions to the CoinMetro subReddit!
As always, we’re available to answer any questions you may have on our Telegram Group 24/7. You can also find CoinMetro on other channels: Twitter, Instagram, Medium and LinkedIn.