Pick up topics that cannot be overlooked from the many news related to crypto assets and blockchain. We will send you the latest information for one week with easy-to-understand explanations.
1. Mount Gox case converges
It has become clear that Mt.Gox, a cryptocurrency exchange that went bankrupt in 2014, is in the final stages of making up for the leaked bitcoin. Creditors say they can choose to return the funds in cryptocurrency or fiat.
In the case of crypto assets, Bitcoin Cash [BCH] is also provided in addition to Bitcoin [BTC]. The company plans to sell crypto assets other than BCH created by the hard fork by the exchange.
Mt.Gox has already secured reimbursement for its customers as of 2018. At that time, a large amount of BTC was sold at once to make up for the replenishment, resulting in a price crash. However, there is no new sale due to this case.
Creditors are expected to receive only about 25% of their holdings as a supplement. However, the price of BTC has increased several times since 2014, resulting in more money than originally held.
The compensation will be implemented in three stages. The first phase is for those who have lost a large amount of BTC in the Mt. Gox case [the definition of "large" is not clear]. The second stage is for those who have lost up to $ 2,000 worth of BTC. And in the third stage, the remaining people who have lost a small amount are targeted.
- Mount Gox finalizes redemption of losses-arranges bitcoin and other virtual currencies to sell
- Bitcoin exchange Mt. Gox ’s latest update sets out plan ahead
2.IOSCO publishes a study report on stablecoin
The International Organization of Securities Commissioners [IOSCO], which is working to maintain and develop the transparency and fairness of the securities market to protect investors, has released a study report on StableCoin. IOSCO is an international organization composed of securities regulators and stock exchanges around the world, with the participation of the Financial Services Agency of Japan and the Securities and Exchange Commission [SEC] of the United States.
Although the specific name has not been disclosed, it seems to be aware of initiatives such as Facebook-driven Libra and China's DCEP. In this report, the issue of legal currency-backed stable coins issued by private companies was examined from a legal perspective.
In recent years, a growing number of projects are working on blockchain-based stable coins. Therefore, not only IOSCO but also organizations such as the SEC are discussing the legal treatment of stable coins.
IOSCO has said that establishing regulations on stable coins is extremely difficult, and that the more decentralized the blockchain, the more complex the regulations will be.
- Stable Coin Regulation Issues-International Supervisory Authority with the participation of the Japan Financial Services Agency
- Global Stablecoin Initiatives Public Report
3. Connect the crypto asset wallet to the DeFi ecosystem
This week [the week from March 24 to March 30], DeFi was at the center of the crypto and blockchain industry. Here are two new initiatives.
Coinbase, a leading crypto exchange operator, has announced that it will integrate DeFi services into its Coinbase Wallet.
In the past, wallet users had to leave the app and access the outside world to use the DeFi service. With this integration, users will be able to use various DeFi services completely within the app. For example, you can borrow crypto assets from Coinbase Wallet, and you can check the interest rate that would be generated when you borrowed them.
Coinbase has warned that the current DeFi market is extremely volatile and carries many risks.
Next is Kyber Swap, a decentralized exchange [DEX]. Kyber Swap, offered by Singapore-based Kyber Network, has announced integration with cryptocurrency wallet Torus. One of the features of Torus is that you can send Ethereum [ETH] simply by entering a Gmail account.
Until now, Kyber Swap had to prepare an ETH wallet when using it. With this integration, you can create a Torus wallet with a Gmail or SNS account and use Kyber Swap as it is.
The revolution that blockchain will bring to the financial industry is that existing financial institutions are decentralized as financial "functions." This is a key feature of DeFi, and it goes beyond providing new financial access to developing countries. With financial institutions dispersed as functions, simpler and more versatile financial services can be expected.
- Coinbase Wallet announces collaboration with DeFi app
- Coinbase Wallet to let users lend out crypto and track interest earned across multiple DeFi platforms
- KyberSwap partners with virtual currency wallet, available from SNS
News from editorial department: Along with the virtual currency Watch being discontinued at the end of March 2020, the weekly series “Blockchain Course in 5 Minutes” will be published on the sister paper “INTERNET Watch” from the 10th edition [scheduled for the first week of April]. You. Thank you for your continued support.