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Your daily newsletter for January 31, 2019
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“Life isn't about finding yourself. Life is about creating yourself.
- George Bernard Shaw
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CMC family, it's Thursday. You are almost at the finish line. 💪 Can't you just hear the weekend calling out to you? I certainly can! So keep up the good work and press on! 🏃

Today in history (1946), Yugoslavia adopted a new constitution and became a federal republic. They modeled their governance system after the Soviet Union and established 6 republics, an autonomous province, and an autonomous district that were part of SR Serbia.

In today's newsletter, we will be covering SWIFT to test its global payment initiatives (GPI) payments standard through R3’s Corda platform in a proof-of-concept trial, Genesis Capital processing $1.114 million in borrows and lends in 2018 and NEM Foundation on the brink of bankruptcy. Today, we also have a message from a sponsor, NexChange!

Please don't forget to answer the polls down below too! It's a great way for us to interact with you all and hear what you have to say. 💭 Happy reading! 📚

Lastly, if you haven't already done so, do check out our official CMC Telegram channels, one for the CMC community, and the other for interactive fun!

Catch the bluff 🙃
Over the past 24 hours, markets continued its upward retracement as we saw total market capitalization rise from ~$113.5 billion to ~$116 billion, most coins seeing gains in the ~2-5% range. Volume was higher than usual in this time, and managed to register in at ~$18.2 billion. Notable mover of the day is XRP (XRP), which is up ~10.9% over yesterday at time of writing, likely due to the proof-of-concept trial with SWIFT announcement (see below). 🗣️

BTC is currently trading at ~$3,490, up ~0.9% over yesterday. Don't be fooled by the double consecutive green days, as BTC is simply continuing with its downward bearish wedge/ trajectory and is acting in line with its lower highs and lower lows pattern. 😔


Big undertakings 😲
Global banking payments network, SWIFT, revealed at the Paris Fintech Forum that it will begin testing its global payment initiatives (GPI) payments standard through R3’s Corda platform in a proof-of-concept trial. 👀

The firm explained that the integration with R3 will be a trial that will connect SWIFT’s GPI Link gateway with R3’s Corda platform, namely the Corda Settler, to monitor payment flows and support application programming interfaces (APIs), and to enable the initiation and settlement of payment obligations via both traditional and blockchain-based rails. 🤖

Raising the stakes 🎲
Crypto lending company Genesis Capital processed $1.114 million in borrows and lends in 2018. The company's Q4 loans orginations "increased more than 100% in the final three months of 2018 compared to the prior six-month period.” 💸

Despite the 44% price decline of Bitcoin (BTC) in Q4, Genesis Capital's loan book increased to $153 million in active loans, up $20 million over Q3 with the most active months being November and December. 🤯 According to them, more hedge funds and trading firms were utilizing the 'spot' borrow option.

Additionally, Genesis Capital noted that “Ethereum (ETH) borrowing more than doubled since Q3 but still only accounts for less than 10% of our [its] loan book, well below the highs seen in Q1 and Q2.”

Resuscitation 👩‍⚕️
The community-funded nonprofit that promotes the NEM blockchain, the NEM Foundation, is planning layoffs across its entire 150-person staff in the lieu of severe budget cuts and an imminent restructuring. 👋

According to its newly elected president, Alex Tinsman, it intends to submit a funding request to the NEM community fund for 160 million tokens (~$7.5 million) to use to rescue the organization from the verge of bankruptcy. 💰

When Tinsman took over in January, she realized that the NEM Foundation only "had a month to operate, due to the due to the mismanagement of the previous governance council”. As such, Tinsman is calling on its existing 202 members to vote on a funding request in February, and will determine the number of layoffs based on how much funding the community will approve. 😣

Tinsman will be leading the NEM Foundation to embark on a much more disciplined roadmap for 2019 that will see teams being given specific budgets and required to perform more open-source documentation of their progress making tools for the NEM ecosystem. 

Blockchain term of the day 🤓 - JOMO

The opposite state of FOMO (Fear Of Missing Out), JOMO stands for “Joy of Missing Out”. Most often used by no-coiners who declare their happiness that they are not involved in cryptocurrencies, usually when prices are declining or a scam ICO is revealed.

Special announcement 📢 - Hong Kong Blockchain Week by NexChange Group

NexChange Group is delighted to present Hong Kong Blockchain Week, taking place between 4-8 March, 2019. Set to be the largest blockchain event in Hong Kong, the global blockchain community will converge onto Hong Kong to discuss the latest developments and insights into the ever-evolving, real-world applications of blockchain technology. With Hong Kong being the 'Gateway to China', 'Asia's World City', Hong Kong is well positioned to be a leading international blockchain hub. Hong Kong Blockchain Week continues to play an important role in this endeavour.

Other news 📰
  • According to blockchain data analytics firm, Elementus, hackers still have control over the New Zealand-based crypto exchange Cryptopia and after going silent for a few days, has resurfaced to steal an additional 1,675 ETH from 17,000 wallets. 😲
  • Crypto exchange Gemini has announced that they are the first crypto firm to have successfully completed the System and Organization Controls (SOC) 2 Type 1 examination, a security compliance review conducted by “Big Four” auditing firm Deloitte. 💯
  • Japanese IT firm Fujitsu claims to have developed a blockchain-based system for electricity exchange between enterprise consumers that is able to facilitate a more stable energy supply at peak periods. 🤔
Crypto calendar 📅

End Jan - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline

Catch the CoinMarketCap team at these community events! 🤝

13 Feb       - OKEX OTC Network launch event (Bangkok, Thailand)
25-26 Feb  - Crypto Assets Conference (Frankfurt, Germany)
Poll of the Day
How much do you agree with this statement: "If this bear run persists through 2019, about 90% of crypto projects will run out of funds" 💭
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Why do you think so? Share with me in the polls! 😆
What you said
How much do you agree with this statement: "Security tokens will be the underlying cause of the next bull run"

The average vote was 6.9.

"Why or why not?"

They represent real assets - And they allow for fractional ownership and built-in compliance too! 😊
Any asset if they can be tokenised on blockchain & brings investors it will be great. recently Zilliqa & MaiCoin have teamed for security token exchange, they claim to tokenise traditional shares for example Apple, Google, Spacex. - Tokenizing is such a cool concept. It can certainly open up many markets that are traditionally known to be illiquid. 👌🏻
Because "return of investment will always take precedent over "return on investment." - True, protecting the principal should always be factored into your investment decision. However, it seems you're implying that security tokens aren't legitimate investments. Hmmm... 🤔
Security tokens are more likely to increase the value of the asset the token relates to, rather than of cryptocurrency itself. - It would still be able to increase the overall crypto market space valuation though. 😋

Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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