TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Bitcoin ETF rejected by the SEC again. Square sold $177 million worth of BTC during Q4 2019. Cryptocurrency exchange Tagomi joins Libra. Coinbase Wallet implements accounts and ENS sends. SideShift lists ShapeShift’s Fox token, and Compound launches governance token.
Bitcoin ETF Rejected Again by SEC
SEC rejects Bitcoin ETF and crypto mom isn't too optimistic about seeing one soon https://t.co/bPOFwY8rBS
— Bloomberg Crypto (@crypto) February 26, 2020
The last Bitcoin ETF proposal put in front of the Securities and Exchange Commission, presented by Wilshire Phoenix, an investment banking firm, has been rejected after being postponed last year. The Bitcoin ETF was rejected on the basis that Wilshire Phoenix hasn’t “established that the relevant Bitcoin market possesses a resistance to manipulation that is unique beyond that of traditional security or commodity markets.” Hester Peirce, an SEC Commissioner, declared she believed no ETF proposal “will meet the ever-shifting standards that this Commission insists on applying to Bitcoin-related products.”
Square Sold $177 Million in BTC During Q4 2019
Square customers bought $177 million of Bitcoin last quarter on Cash App!
That’s a 7th straight quarter of growth and 239% growth YoY.
When in doubt, zoom out 🚀 pic.twitter.com/e7RtOU2AZU
— Kevin Rooke (@kerooke) February 26, 2020
Square, a bitcoin-friendly payment company, sold more than $177 million of BTC in the fourth quarter of last year, according to its earnings call results released recently. While the number is not as high as some exchanges as Coinbase, the growth Square experienced outpaces what competitors obtained during the same period. Square grew 20% during last quarter, while companies like Gemini, the cryptocurrency exchange managed by the Winklevoss twins, declined 60%, and Kraken only grew 10%. Square manages bitcoin sales through its Cash App, along with fractional stock sales.
Tagomi Joins Libra
Tagomi, a cryptocurrency exchange, joined the Libra Association, according to an article published by TechCrunch. Tagomi will provide the Libra Association with tech and policy support to aid the organization to comply with regulations in the US and around the world. Libra, the cryptocurrency project spearheaded by Facebook, has been unable to appeal to lawmakers who see it as a threat to sovereign monetary policies and dollar supremacy. This is the second company joining Libra in less than a month, after Shopify, a Canadian etailer, announced it was also joining the project last week.
Coinbase Wallet Implements Accounts and ENS Domains
Send crypto more easily with Coinbase Wallet!
Introducing simpler sends to Wallet usernames, @ensdomains, and your Coinbase account.
— Coinbase Wallet (@CoinbaseWallet) February 25, 2020
Coinbase Wallet, a non-custodial wallet, implemented sending and receiving funds to Coinbase Wallet usernames, as a way of making easier for users to actually transact cryptocurrencies. The company also implemented support for ENS domains, a decentralized Ethereum service that lets you receive all kinds of cryptocurrencies under just one name, boosting the usability of the app. “These improvements will make cryptocurrency much easier to use and help drive adoption with a more mainstream audience,” the exchange concluded.
SideShift Lists ShapeShift’s Fox Token
COMPETITION ANNOUNCEMENT 🚨
REPLY with your favourite FOX related meme/GIF/content. 🎈 pic.twitter.com/LOP9Ug3grY
— SideShift.ai CRLF (@sideshiftai) February 26, 2020
SideShift, the KYC free alternative to ShapeShift, included its rival native token in their exchange listing. SideShift is now listing FOX token even earlier than ShapeShift (users earn it and use it but not trade it). SideShift.ai saw a market opportunity as a rapid coin exchange to list the token before its own creator, according to a spokesperson. Now users of SideShift will be able to acquire FOX tokens by exchanging any of the 20 cryptocurrencies that are already available for exchange on their platform. The exchange is also giving away FOX token themed T-Shirts through Twitter promotions.
Compound Launches Governance Token
Compound, one of the most important DeFi platforms, announced they are launching a governance token to allow the community to take action in the discussion of important matters regarding their platform. The token, called COMP, “will be distributed amongst our company’s shareholders, who can delegate voting weight to themselves or the public as they see fit” according to their formal announcement. The rest of the tokens will be in escrow and won’t participate in governance until the platform is mature; then these coins will be released and distributed to the public.
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