Market Analysis Report (06 Feb 2019)

Coinbase Wallet to Support Bitcoin in iOS and Android

Yesterday, cryptocurrency exchange Coinbase announced Bitcoin (BTC) support for its popular “user-custodied crypto wallet” app for iOS and Android. Coinbase Wallet is “a user-custodied digital currency wallet and DApp browser,” which means that “with the Wallet, private keys are stored directly on your device and not with a centralized exchange like Coinbase Consumer.” A Coinbase Consumer account is not needed if you want to use Coinbase Wallet, and you can download it from anywhere. Coinbase Wallet Product Lead, Siddharth Coelho-Prabhu, said in a blog post:

“New Wallet update with Bitcoin support will roll out to all users on iOS and Android over the next week. Coinbase Wallet supports both newer SegWit addresses with lower transaction fees, as well as Legacy addresses for backwards compatibility in all applications. Coinbase Wallet also supports the Bitcoin Testnet to aid developers and power users.”

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Kraken Secures Blockbuster $4 Billion Valuation

Last Monday, major U.S. and Europe-based cryptocurrency exchange Kraken acquired Crypto Facilities for over $100 million, becoming a regulated futures and index products operator in Europe. Following the completion of the largest deal in the cryptocurrency sector year-to-date, Kraken is set to raise a funding round valuing the company at $4 billion. In an official statement, the team revealed that the company, which serves more than 4 million active users, will “soon achieve a valuation of $4 billion”. The company stated:

“Kraken launches futures trading via nine-figure deal, will soon close a fundraising round at $4B valuation, has 100 devs and growing, reveals consumer-friendly rebranding, and launches the first podcast to show juicy inner workings of a crypto company.”

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QuadrigaCX May be Sold to Compensate Victims

When QuadrigaCX announced last month that CEO Gerald Cotten had suddenly died and roughly $150 million in cryptocurrency ($180 million Canadian) was inaccessible as a result, the crypto world went nuts. According to a CBC report today, the cryptocurrency exchange may be sold to compensate victims. Additionally, Cotten’s encrypted laptop will be handed over to lawyers for the exchange’s creditors and “eventually given to a court-appointed monitor.”

So far, the company filed for protection under a Depression-era law that prevents complete destruction of insolvent businesses in Canada. They are considering selling the exchange’s IP assets in an effort to satisfy debts. However, a recent report suggests that there may be no such cryptocurrency to speak of. It seems likely that the best efforts at cracking the laptop will be employed in an effort to recover the funds. But, like some analysts have suggested: there may be no cryptocurrency to recover:

“Some of the main addresses of QuadrigaCX also reportedly sent outgoing transactions after the death of its CEO Gerald Cotten, which should not be possible if the CEO had full control over all of the firm’s wallets.”

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