Market Analysis Report (13 May 2019)

Coinbase-Backed ‘Reserve’ to Launch ‘Venmo Style App’ in Venezuela

Stablecoin project Reserve announced that it will launch a crypto-fiat payments app in Venezuela and Angola in a press release published yesterday. The project’s stablecoin app — to be launched for Android users via Google Play “in the coming weeks” — will enable people and businesses to switch back and forth from their local fiat currency to the firm’s stablecoin, the Reserve Dollar (RSD).

According to the announcement, RSD is a decentralized, United States dollar-pegged cryptocurrency. Nevin Freeman, co-founder and CEO of Reserve, said that the reason the app is launching in Venezuela, in particular, is linked to the extreme level of inflation in the country, noting:

“A lot of people, including some of our investors, discouraged us from starting in Venezuela. The hyperinflation there is the exact problem that Reserve is built to fix, and Venezuela is suffering the most inflation of anywhere in the world right now, so we felt that it had to be done.”

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HTC Says It’s Next Smartphone Will Run a Full Bitcoin Node

Mobile phone manufacturer HTC wants to let its smartphone customers plug into the Bitcoin blockchain. Speaking on Saturday at the Magical Crypto Conference in New York, HTC’s Chief Officer, Phil Chen, revealed a new low-cost version of its blockchain phone, the EXODUS 1s, announcing that the device will be capable of acting as a full node for the Bitcoin network, meaning customers will store the entire blockchain’s data on their devices. Chen stated:

“The bitcoin blockchain is about 200 [gigabytes], and it’s growing about 60 gigs per year. And those numbers are reasonable to hold on a smartphone. Imagine the iPod with 256 gigs. Of course the music fan wants to keep the whole music library but the crypto fan wants to keep the whole bitcoin blockchain.”

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Investor Awarded $75 Mln in Lawsuit Against 21-Year-Old Who Stole His Crypto

Michael Terpin, a U.S. entrepreneur and cryptocurrency investor who’s seen SIM swappers steal millions worth of cryptocurrency from him, has recently been awarded $75.8 million in a civil judgment against a man who was reportedly part of a scheme to defraud him.

According to Reuters, the California Superior Court last week ordered Nicholas Truglia, a 21-year-old New York resident, to pay the amount in compensatory and punitive damages, making this one of the largest judgements awarded to an individual in a cryptocurrency-related case.

Read more here

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