Market Analysis Report (11 Apr 2019)

Coinbase Launches Crypto Visa Debit Card for UK and EU Customers

Cryptocurrency exchange Coinbase has launched a Visa debit card allowing customers in the U.K. to spend their cryptocurrencies directly from their Coinbase accounts. The San Francisco-based firm announced the news in a blog post published today, saying that with the Coinbase Card customers will be able to spend their Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and other cryptocurrencies “as effortlessly as the money in their bank.” The exchange also said that it will “instantly” convert cryptocurrency to fiat currency, such as the British pound (GBP), when customers complete a transaction using the debit card.

The card supports all crypto assets available to buy and sell on the Coinbase platform, and customers can use them to pay for everyday purchases, such as a meal or booking tickets, according to the announcement. The exchange has also launched an app for the card on both Android and iOS platforms, enabling customers to select which cryptocurrency wallet they will use to fund their spending. The app also offers “instant” receipts, transaction summaries and spending categories.

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Bittrex Responds to NYDFS Denial of BitLicense Application

United States-based cryptocurrency exchange Bittrex has responded to the New York Department of Financial Services’ (NYDFS) denial of the company’s BitLicense application in a press release published yesterday. The NYDFS denied Bittrex’s application for a BitLicense — which is required to conduct virtual currency related business in the state of New York — claiming that the exchange had inadequate policies and controls regarding Anti-Money Laundering (AML), Know Your Customer (KYC) and the Office of Foreign Assets Control (OFAC) standards.

In its response, Bittrex expressed its disappointment in the NYDFS’ decision and argued that the regulation “harms rather than protects New York customers.” The exchange also explained its disagreement with NYDFS’ claims in regard to its AML and compliance practices. The press release reads

“Bittrex is saddened and disappointed in today’s decision by the New York Department of Financial Services (NYDFS), which we believe harms rather than protects New York customers. Bittrex fully disputes the findings of the NYDFS in today’s decision. We have worked diligently with NYDFS to address their questions and meet their requirements since first applying for our BitLicense in August of 2015.”

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TrueUSD: Third-Party Audit Reveals Full US Dollar Backing

TrustToken, the organization behind the TrueUSD (TUSD) stablecoin, has recently published a blog post revealing a third-party audit to its reserves that shows it has US dollars in its reserves to back every TUSD in circulation. According to the Independent Accountants’ Report, created by certified accounting firm Cohen & Company, as of March 31 of this year, TrustToken has a US dollar balance of $199,063,885 in its accounts, a figure above the 198,982,291 TUSD tokens in circulation. The report reads:

“The supply of TUSD tokens can be reconciled to transactions within the escrow accounts including escrow deposits awaiting token minting and tokens which have been burned and are awaiting escrow disbursement.”

Read more here

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