TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Digital Dollar Project publishes whitepaper. JPMorgan to pay $2.5 million for overcharging crypto purchases. BitPay won’t support the Lightning Network anytime soon. Coinbase introduces a new system for ranking market pairs along with listing MKR again, and Nuggets develops a blockchain-based contactless delivery system.
Digital Dollar Project Publishes Whitepaper
The Digital Dollar Project, an organization seeking to advance a digitally constructed US dollar, published the first version of the whitepaper describing how they are planning to achieve it. The 50-page document states the Digital Dollar Project believes “the launch of a tokenized digital dollar is a logical and critical next step to future-proof the dollar.” The project, created by Christopher Giancarlo, former head of the CFTC, stresses a digital dollar is needed to keep the relevance of the fiat currency at a worldwide level.
JPMorgan to Pay $2.5 Million for Overcharging Crypto Purchases
JPMorgan, the worldwide renowned bank, will have to pay $2.5 million to its customers to compensate for overcharging cryptocurrency purchases made with Chase cards. According to lawsuit documents, the bank decided to classify cryptocurrency purchases as “cash advances,” a type of operation that has higher fees than other regular purchases. JPMorgan made a deal arranging to pay $2.5 million back to consumers, to reimburse approximately 95% of the overcharged fees in exchange of not admitting wrongdoing.
BitPay Won’t Support Lightning Network Anytime Soon
BitPay, an important cryptocurrency-based payment gateway, denied having plans to supporting Lightning Network (LN) payments anytime soon. In an interview with Cointelegraph, BitPay’s CMO Bill Zielke stated, “Lightning Network and the Liquid sidechain are not in our current plans or roadmap but we are always evaluating new and innovative alternatives.” Proponents of the Lightning Network, promoted as the expansion layer for Bitcoin, have failed to build momentum, and now Ethereum has more Bitcoin tokenized than LN.
CoinMarketCap Introduces New Ranking System for Market Pairs
CoinMarketCap, the popular cryptocurrency pricing page, announced it will be rolling out changes on how they are reporting the best prices of market pairs. In a blog post, CoinMarketCap reported it will now have a hybrid system that will be “algorithmically scored across three aspects — reported volume, liquidity and an estimation of an exchange’s user base.” CoinMarketCap faced heavy criticism for changing its methods to rank exchanges just days after having been acquired by Binance for an undisclosed sum.
Coinbase Announces MKR Listing Again
Coinbase officially announced the listing of MKR, the governance coin of the Maker DAO, that manages the DAI stablecoin. MKR also announced it was to be listed last year with other currencies, but the liquidity was so low at the time that no trades were done due to it being supported in just a handful of jurisdictions. Customers will be able to deposit their MKR tokens starting June 8th, and trading on MKR-USD and MKR-BTC order books will start in phases to be announced by the exchange via their Twitter account.
Blockchain Platform Developed to Accept Deliveries Without Physical Signatures
Nuggets, a blockchain-based ID company, developed a contactless delivery system that does not rely on physical signatures. The firm states this would help stores and customers to fight the problem of lost deliveries. “Merchants are so overstretched with increased orders, staffing issues, and supply chain fulfillment problems that having to dispute chargebacks ends up at the bottom of the list,” declared Nuggets CEO Alastair Johnson. The system would rely on scanning digital IDs to confirm the delivery of each product.
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