“This Week in Crypto” Summary for December 27, 2019
Crypto market news and CoinMetro updates.
Crypto Market News Highlights
Kraken is on the move again, making yet another quick acquisition. Acquisitions are healthy for a vibrant industry. Up until just 6-9 months ago, there were next to no acquisitions in the crypto industry. Now we’re starting to see companies buy and acquire smaller entities, to bolster their own revenue sources.
Kevin has said it a million times and will say it again: a crypto exchange that is just a crypto exchange, no matter how profitable they are today — if they don’t start to diversify their revenue streams, they probably won’t be here in the coming years.
Kraken is doing its part to make sure that it has specific revenue streams, so hats off to Kraken.
When it comes to acquisitions, building out revenue streams is one thing. If you’re a stand at a local market that sells fruit, and you try to branch out your revenue streams by selling supercars, it’s probably not going to work out.
Not all acquisitions work out. Seeing acquisitions in an industry – bigger players looking to cannibalize or expand their business by acquiring smaller players – means that the business is doing well. Maybe it’s top-heavy, which is not the best thing, but it is progressing.
France has adopted the basic AMLD5 directive, which for the most part talks about AML/KYC. France adopted it and now crypto firms can apply for a license, just as they have been able to apply for it in Estonia, since November 27th, 2017.
Way to go, France. Only 25 months late.
Read more about CoinMetro’s AML and KYC practices.
Lots of crypto influencers got a lot of their content removed. They said the decision was in error. If it was a decision, it wasn’t some type of tech error. They actually made the decision to remove it, saw all the feedback, and had it reinstated. An error of judgement.
Just goes to show that when you feel that you’ve been wronged, make sure that you make your voice heard.
Most of this is talking about progression. Some things which were said years ago by tech guys came into fruition. Things like Bill Gates said about the Internet, IBM said this or that etc.
Sometimes it’s not that hard to predict the future. If you’re in the know and you understand trends, it can be pretty easy to predict the future. Predicting the fact that the majority of payments will be communicated through some type of DLT in the next ten years, is an easy prediction for the future. At the end of the day it does reduce cost, and at some point in the future it probably will reduce the level of trust that’s required between intermediaries.
Would you like to read about more market news? Check out our Medium post!
What’s on your agenda this week?
Kevin is still in Mexico, and will be heading back to Estonia on Wednesday. Going to Tulum for the Futuruma event later. Today Kevin will drive down to have a meeting with event organisers for the event in Tulum. This weekend Kevin will try to get some work done that he couldn’t get done throughout this week. A light week, but still here and getting things done.
Next week will be a bit more intense and once back in Tallinn, it will be an intense 10 days before heading back to Mexico for the event.
When will there be more public TraMs available?
It’s a process. Probably by the end of January we’ll see one or two more TraMs live. Most TraMs will be algorithm trading, not manual traders. With the market makers up and ready, it should entice these companies to start their TraMs.
Any news on the talks with Ripple (XRP) about becoming an ODL partner in the future?
Haven’t sparked up the talks with Ripple yet. Kevin will do this, but it will have to wait until at least after the holidays.
Any updates on the talks with Chainlink?
No updates yet. We should get on a call with the guys from Chainlink again after the holidays.
Once the CSD development is complete, do you need to wait until CoinMetro is in the sandbox before it can be used?
We should have the CSD MVP ready around January 20th. We had some delay on the CoinMetro side with finishing the application, but we will likely be submitting applications at the same time. This is good as we can do the whole closed loop at the same time instead of porting over settlement from CoinMetro side to the CSD later on. Things make more sense this way.
How’s marketing coming along?
We have two or three candidates that we’re zooming in on. We’re going to interview a few more people. Deadline is the end of January, and the new hires should be on board sometime by the end of February because Estonia has a 30 days window when you leave the current place of employment.
Oliver is working on many things in terms of marketing, promo codes, and so on. The search for two marketing hires and probably UI/UX is ongoing.
Interested in working at CoinMetro? More positions will be listed on the Careers page soon!
Any word on when the XCM utility will be implemented?
We’re going to see some of that in place as we come out of the holidays.
Read more about what’s planned for XCM!
What can we expect in January?
These two months are all about making the user experience as streamlined as we can. From coming onto the site, signup, KYC, into making a deposit and first exchange.
When will market orders for PRQ go live?
There’s a delay with PARSIQ’s market maker. The best would be to ask PARSIQ about this. Kevin will send a message to the PARSIQ CEO to see what the status is with the market maker.
Learn more about PARSIQ!
When can we expect market makers for XCM?
We have an offer from the same company that will market make for PRQ. We’ll see how they perform on PRQ. If they can maintain a low spread, maintain the price, and keep the market flowing etcetera, we might bring them on for XCM.
Have you had interaction with the Japanese crypto community outside of the investor you spoke of before?
Kevin was in Slush in Japan, way back two years ago, and got some inroads there. One of our main shareholders is based out of Japan. So to a certain extent, yes. Kevin was also in Seoul for the lawyers convention. But no huge inroads to Japan. A few contacts here and there.
Was the API released for the platform?
When are you going to the moon?
If you want to have a rocket analogy – we now have a fully built rocket. We’re missing a bit of jet fuel, but we’ve started filling the tank slowly. Crypto 2020 will not be the same as crypto 2017, that’s for sure. The fact that we’re still here means that everybody involved — community all the way up to executive level — should pat themselves on the back. Everybody has played their part to make sure that we’d still be here. The road was rough and had lots of speed bumps.
The reality is that you’re going to see more of these crypto exchanges that everybody was touting as the “CoinMetro killer” or whatever, fall to the wayside. And we’re still here. Moon soon. Screw the moon. Let’s go to another solar system.
Will T-shirts be bought with XCM only?
T-shirts will be purchasable only with XCM. We might have a T-shirt of the month club, which will cost a certain amount of XCM every month, and you’ll get a new T-shirt in the mail every month.
Any news on the debit cards?
We’re debating right now if we’re going to acquire the Payment Institution License in Estonia, instead of the Appointed Representative license in the UK, because that specific provider has had some delays that we can’t control. Therefore it would make sense for it to just go for it alone, which we would do eventually anyway. We’re making sure that the minimal capital required isn’t going to be a burden on us, over the next 6-8 months.
What about Craig Wright and him planning to sell off the Bitcoin that he claims he owns the private key to the “tulip fund” with 1 million BTC?
Kevin finds it difficult to believe anything this guy says and doesn’t believe that Craig has private keys to anything that holds 1 million BTC.
Time will tell. Maybe we’ll all get surprised. But history so far has shown that Craig is a liar. Kevin thinks the probability that Craig is Satoshi, is decimals. However, he might know who Satoshi is or was, and Craig knows that Satoshi cannot or will not come forward.
Listen to Last Week’s TWiC on the Go
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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.