Reddit Tokenized Points; Visa Files Patent For Blockchain Fiat; Telegram Faces ICO Lawsuit Backlash

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Reddit launches Ethereum-based community points. Visa files patent to digitize any fiat currency. Investors studying to sue Telegram over TON refund structure. Coinbase report states just 24% of investors have a BTC only portfolio. CoinMarketCap applies controversial updates to its exchange rankings, and Kraken keeps hiring staff amidst the coronavirus pandemic. 

Reddit Launches Ethereum-Based Community Points

Reddit

Reddit, touted as the homepage of the internet, launched community points in beta, a feature that will allow users to get rewards for their contributions to the site. Reddit community points will be issued in the form of Ethereum tokens, which will be independent of Karma points in the site. These community points will be issued by each community independently, with /r/Cryptocurrency issuing $MOONS and /r/FortniteBR $BRICKS, for example. Every user will have holdings shown on the site as part of the first wave of token testing.

Visa Files Blockchain Fiat Patent

Reddit

Visa, the credit giant company, filed a patent to issue any kind of fiat currencies using blockchain in a centralized environment. Digital Fiat Currency, as the patent is named, proposes a system to issue fiat currency (such as dollars, euros or yuan), while removing its physical counterpart of the system, effectively taking its value to a digital version on a blockchain. The patent might indicate a future shift in the business model of VISA to a totally digital company.

Telegram to be Sued by Investors Over TON Refunds

Reddit

Telegram’s problems with TON network investors seem to have only started, as a group of disgruntled investors are examining to sue the company over its refund structure for TON investors. “We are considering filing a lawsuit, as the money Pavel Durov spent on the project got investors nothing,” explained Vladimir Smerkis, one of the investors. Telegram declared it would pay back 121% of the amount every customer invested by April 2021, but the sum does not seem important enough for investors who put millions into TON.

Coinbase Report Shows BTC is a Gateway to the Crypto Environment

A new report from Coinbase, the popular US exchange, has shown Bitcoin is clearly a gateway for the cryptocurrency market. While most Coinbase investors enter the market purchasing BTC (60%), only 24% of them remain BTC-only investors, while 36% expand their portfolio to other assets on the platform. This is because of the weight the Bitcoin name has and its “network effect.” However, users do migrate to other currencies “to look for alternative assets and use-cases,” not fulfilled only by Bitcoin, the report states.

CoinMarketCap Introduces Web Traffic Metric

CoinMarketCap, the most popular cryptocurrency pricing portal, started to apply a new series of improvements to its exchange ranking system, introducing the Web Traffic Factor. Web traffic factor uses web traffic as a market to extrapolate user numbers independently from the figures provided by the exchanges. The site has been heavily criticized for this new measure, that allows Binance, the company that acquired CoinMarketCap recently, to sit as the first rated exchange on the site by that metric.

Kraken Keeps Hiring Spree Amidst Coronavirus Pandemic

While most businesses have suffered the consequences of the measures world governments have taken to try to slow the coronavirus pandemic, some exchanges are still hiring people due to the explosion of trading. This is the case for Kraken, which has been contracting for new workers since the pandemic situation started. Jesse Powell, CEO of Kraken, declared Kraken hired 100 workers in the last three weeks, giving priority to household members of existing staff and also to people affected by the coronavirus.

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