Daily Update — June 13, 2018

June 13, 2018

Market Snapshot

Total Market Cap: $273,927,678,341
24 Hour Volume $15,778,829,093
BTC Dominance: 40.4%
BTC-O: $6,905.82
BTC-H: $6,907.96
BTC-L: $6,542.08
BTC-C: $6,582.36

QuantStamp doesn’t accept QSP for its audit services.

Last year, QuantStamp raised over $30 million of QSP in their initial coin offering. In an article posted today, CoinDesk claims they have received documents indicating that “that the company has accepted ether (ETH) for services in one instance and priced its offerings in U.S. dollars in another.” QSP investors are upset that QuantStamp is not accepting QSP for their auditing services — a move which allegedly make the QSP token worthless.

  • In order to request an audit from QuantStamp, the client must first hold a minimum of 200,000 QSP, worth ~$19,350 at today’s prices. I actually think this is preferable to transactions via QSP, as this form of temporary (or permanent) staking effectively reduces QSP’s circulating supply.
  • At ~$60 million, QSP is a fairly low market cap token with no fiat pairs. QuantStamp is in the business of providing audits, and they pay their bills with their profits. If you’re QuantStamp, why would you accept payments in the form of a low liquidity token that you can’t cash out at a stable price? When it comes to financial commitments, like paying your employees, you want a relatively stable form of income. Thus, I don’t see the issue in accepting ETH, which is relatively more stable due to its much higher market cap. As a startup business, the predictability and stable value of USD is even better.
  • ICO buyers, you purchased a utility token, and you were never promised a ROI. If QSP is required for QuantStamp’s services, there’s value. If that’s not good enough for you, sell your tokens.

Binance has signed a MOU with Jersey, a country that uses the British Pound.

According to Changpeng Zhao, Binance has “chosen Jersey to be the next big step in [their] global expansion strategy for its clear and pro-crypto investment and regulatory environment.” In a following statement, Binance CFO, Zhou Wei said, “with the set up of the fiat exchange here, there will be a lot of interest from the blockchain universe looking at Jersey.”

  • If Binance manages to secure EUR and GBP pairs against their extensive altcoin offerings, they’ll truly become a powerhouse in the cryptocurrency industry. Coinbase is doing too little, too late.

ICON’s token swap has been announced by Binance.

Binance has released a statement about supporting ICON’s ICX token swap. The exchange plans to suspend ICX deposits and withdrawals at 12 AM (UTC) on June 20, 2018.

  • It seems like Binance has a history of releasing ICON-related news before ICON. Last year, they announced ICX trading before ICON did. Now, they’ve announced the token swap before an official statement from ICON. It’s a little amusing.
  • Binance has also announced a ICX/USDT trading pair.


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