TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US registers 6.6 million new jobless claims. Fold partners with Visa to launch a new bitcoin rewards card. Fidelity Digital to include ErisX to match orders. Binance defends against $1 million theft allegations. Cryptopia exchange authorized to pay funds to users, and Gemini chosen as custodians of Bitcoin fund ETP.
US Registers 6.6 Million New Jobless Claims
The US Department of Labor shared new numbers of jobless claims this week, confirming the coronavirus outbreak caused a major disruption in employment. More than 6.5 million of new jobless claims were introduced, taking the number of jobless claims to a historic figure of more than 16 million. This would mean more than 10% of the working population is now without a job. New York and California were hit hardest with layoffs.
Fold Startup Partners With Visa to Offer New Rewards Card
Fold, a San-Francisco based cryptocurrency payments startup, partnered with credit card giant Visa to offer a new rewards card that will allow users to get bitcoin instead of points. Depending on the purchase, up to 10% of the payments made with the card will be awarded to the user in bitcoin, as the startup seeks to capitalize on the growing interest in cryptocurrencies. “People are not interested in spending Bitcoin right now, but are interested in accumulating it,” declared Fold CEO Will Reeves.
Fidelity Digital Assets Expands Its Business With Exchange Matching
Fidelity Digital Assets, the cryptocurrency division of the asset management behemoth Fidelity, will expand its business to offer matching orders with exchange ErisX. Fidelity Digital previously focused upon cryptocurrency custody and OTC trading to institutional customers, but now its users will also have the option of routing these orders through ErisX. “ErisX is the first exchange that Fidelity Digital Assets has onboarded,” said a Fidelity spokesperson, who also stated they will include other large brokers in the future.
Binance Defends From $1 Million Theft Allegations
Binance issued a PR statement where the exchange offered a rebuttal to an alleged $1 million theft against one of their customers. Binance explained the account received 3,995 ETH coming from someone impersonating support employees who offered users help to list their cryptocurrency projects on Binance. Binance clarified they acted on the request of Korean law enforcement and returned the funds to the victim of the scam. “Binance will not hesitate to take legal action against anyone who deliberately tarnishes its reputation,” it stated.
Cryptopia Must Repay Hacked Funds to Users
(1/2) Today, 8 April 2020, Justice Gendall delivered his judgement finding firstly, cryptocurrencies are “property” within the definition outlined in s2 of the Companies Act 1993 and secondly, that account holders' cryptocurrency were held on multiple trusts, separated by …
— Cryptopia Exchange (@Cryptopia_NZ) April 8, 2020
A New Zealand court issued judgement in favor of Cryptopia customers, an exchange hacked back in May 2019, losing more than $16 million owned by 800,000 users. The court ruled cryptocurrencies were indeed “property” of every user, instead of being considered exchange property, meaning liquidators of the exchange may start returning the funds to rightful owners. However, it is unknown if the funds available are enough to pay customers and creditors fully, as some accounts have no KYC data.
Gemini Chosen as Custodian of Canada-Traded Bitcoin Fund
'The Bitcoin Fund' just launched on the Toronto Stock Exchange. This is the first public bitcoin fund listed on a major global stock exchange. Proud that @Gemini was selected as the custodian for this fund. Congrats to @3iq_corp for making history! https://t.co/YtjFqSh6K5
— Tyler Winklevoss (@tylerwinklevoss) April 9, 2020
Gemini, the regulated exchange owned by the Winklevoss twins, has been chosen as the custodian of funds for the first public bitcoin fund listed on a major global stock exchange. The Toronto Stock Exchange (TSX) lists a total value of $14 million in Class A shares of “The Bitcoin Fund,” which aims to allow Canadian investors to trade bitcoin in a safe and regulated environment. Gemini has been working hard to grow its user base and its influence recently, having added BAT, the official Brave browser token, to its platform as well.
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