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Stellar (XLM) the Latest Cryptocurrency Added to Grayscale

Grayscale, a cryptocurrency investment group, has just announced that it has launched its latest fund. This new fund is dedicated specifically to Stellar (XLM).

Grayscale Adds Stellar (XLM)

Grayscale is a digital asset management firm that operates under the Digital Currency Group umbrella. Before the addition of Stellar, Grayscale held eight other digital currency trusts.

The trusts now include:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Horizen (ZEN)
  • Litecoin (LTC)
  • Stellar (XLM)
  • XRP
  • Zcash (ZEC)

“We are pleased to bring Grayscale Stellar Lumens Trust to market and will continue to provide investors access to established blockchain projects with substantial traction and resources,” said Michael Sonnenshein, Managing Director of Grayscale. “Grayscale has established a leadership role in this emerging industry and the launch of this product will expand our coverage of the digital asset universe.”

The Grayscale Stellar Lumens Trust is now the first single-asset investment product that provides investors with exposure to Stellar (XLM). Stellar Lumens, or XLM, is the native digital asset of the Stellar Network.

>> Binance Freezes Tokens from Hacked Cryptopia Exchange

Sonnenshein spoke to Fortune about his views on the Stellar Network. The Director of Grayscale believes that Stellar is in a good position to be used in the world and believes the theory behind the project is sound. Specifically, Sonnenshein believes that the working capital aspect of the Stellar Lumens network is what will make it more appealing to banks.

The current banking system requires each major bank to hold large reserves of currencies in foreign banks, but being able to bring those balances of foreign currencies into working capital is what the Grayscale Director finds to be extremely valuable.

Currently, Grayscale also holds XRP, which is Stellar’s competitor. However, Ripple’s network is geared more towards banks, while Stellar (XLM) hopes its project will be used for just about anyone. Specifically, smaller businesses.

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Malaysia Regulates Cryptocurrencies | New Rules that Must be Followed

Malaysia regulates cryptocurrencies as of today. The new rules affect both digital coins and ICOs (initial coin offerings). Though welcomed by many, the repercussions for those who don’t comply are deemed particularly harsh.

What will this mean for trading?

Malaysia Regulates Cryptocurrencies

The country’s Minister for Finance, Lim Guan Eng, announced that the order to regulate cryptocurrencies and initial coin offerings as securities has come into force—effective today, January 15th.

Launching an unauthorized ICO or exchanging in cryptocurrencies without approval could result in a 10-year jail term and a $2.4 million USD fine:

“Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10mil [$2.44 million].”

Ouch.

Pro Crypto

Despite the harsh repercussions for illegal trading, Malaysia is predominantly pro cryptocurrency. The minister stated:

“The Ministry of Finance (MOF) views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries. In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses and an alternative asset class for investors.”

Trading

So what does this mean for traders as Malaysia regulates cryptocurrencies?

An official framework will be launched by the end of Q1 this year. This will detail the exact regulatory requirements for launching an ICO and trading on digital exchanges in the country. In general, crypto services and exchanges must obtain authorization from Malaysia’s Securities Commission. This body will work with the central bank to ensure compliance.

>> Russia to Avoid US Sanctions with $10 Billion Bitcoin Investment

As stated above, without official approval, traders face serious charges if caught.

The Capital Markets and Services Order 2019

Called ‘The Capital Markets and Services Order 2019,’ the next few months will prove crucial as traders and exchanges work to comply with the new relevant securities laws and seek approval by the commission.

India also recently regulated cryptocurrency. It spent most of 2018 implementing regulations for crypto services in its country.

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Are Stablecoins the Future? The Winklevoss Twins Seem to Think So!

Are stablecoins the future of crypto? Cameron and Tyler Winklevoss, Bitcoin bulls and Gemini Exchange founders, seem to think so. This morning, an interview was published by Fortune where the twins discussed their first marketing campaign for Gemini.

Stablecoins and Gemini

The famous twins feel digital currency has a bright future, but there need to be banking-style regulations in order for investors to trust it.

“The idea is that companies that build on top of things like Bitcoin should have regulation that’s thoughtful and that doesn’t stifle innovation,” said Tyler on Fortune’s
‘Balancing the Ledger.’ “People believe in the dream of crypto, they just don’t know how to engage in it without getting burned. We’re here to say Gemini’s a place you can do that.”

The newly launched Gemini campaign encompasses just that and is called ‘Revolution Needs Rules.’ The Winklevoss Twins have the ad spread all across Wall Street and have even purchased a full-page in the New York Times.

Crypto has been in quite the bear market the past year, and the twins believe that stablecoins (digital currencies pegged to a fiat currency) are a bright spot for this downturn. It just so happens that the twins have created their own stablecoin for their platform named the Gemini Dollar, pegged to the US dollar. Stablecoins seem to be the new trend among the crypto community, as crypto’s high volatility seems to be its biggest deterrent.

>> Ethereum-Based “Stock” Exchange DX Plagued with Security Issues

However, like Tether (USDT), it is hard to tell if the coin is really pegged to the dollar and how that process even works. The Winklevoss twins explained in their interview that at least 60% of US 100 dollar bills are held overseas. They think this practice could be simplified if the holders just used stablecoins, instead of actual dollars.

With so many new stablecoins in circulation now, it will be difficult to keep up with them all, but the fakes can easily be exposed since they all should hold the same value.

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Ethereum Classic Attack | Gate.io Will Return Most Funds

On Sunday, rumors spread around the community that there had been a double-spend attack on Ethereum Classic. The team behind the project immediately responded to the rumors, to ease investors.

Since Sunday, the Ethereum Classic attack has been confirmed, and the culprit has fessed up. During the week, the devs behind the project asked exchanges and pools to significantly increase their ETC confirmation times. Many in the community felt the Ethereum Classic team was trying to downplay the extent of the situation.

Ethereum Classic Attack Uncovered

The devs behind the project have officially responded with all the information they’ve dug up on the matter and expanded it into two posts.

The other post released most recently and can be seen below.

Donald McIntyre wrote a long blog post via Medium regarding the attack and details of the ‘post mortem’ meeting. The blog post by MacIntyre covers the majority of the information on the attack, including the dates, amounts, and who was affected.

The double-spend attack occurred from January 5th to January 7th. The Ethereum Classic attack included at least 15 double spend transactions that had at least 219,500 ETC stolen. Coinbase was the exchange that originally found the attack.

>> TRON (TRX) Up Almost 50% This Week: What’s the Deal?

SlowMist, a team focusing on security of the blockchain identified the culprit addresses that originated from Gate.io and Bitrue.

Gate.io has already confirmed it will cover 40K ETC losses for all of its users that had ETC stolen.

During the meeting, the team behind Ethereum Classic discussed how to prevent this from happening again and steps to take if it does occur. There was no monitoring system in place to alert the team of the double-spend, and the team has deemed this a top priority.

In addition, the devs behind Ethereum Classic have asked exchanges to increase their confirmation times on the digital token.

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Monero (XMR) Now Accepted at Fortnite Merch Store!

Just as 2017 was the year of cryptocurrency, 2018 was the year of Fortnite. And now those two worlds are colliding. Recently word spread that the Fortnite merchandise store is accepting Monero (and XMR alone) as a form of payment.

Monero Accepted At Fortnite Merchandise Store

Fornite became immensely popular last year, enough to open up Retail Row, an official supporting retail store. And while some are questioning the choice (XMR has previously been subject to crypto jacking), it’s an overall win for the crypto space. After all, the more crypto adoption from universally recognized companies, the more traction the crypto industry will gain, not to mention the attention individual virtual currencies will gain.

Monero (XMR) broke the news on January 1st, 2019, via Twitter. The tweet garnered 183 retweets and 659 likes.

Many were in favor of the news.

Things to Note

For those who want to purchase Fornite merchandise using Monero (XMR), Riccardo Spagni says you have to “go to the regular checkout,” and not to use “Apple Pay or PayPal’s checkout.”

>> DX.Exchange: Nasdaq-Powered Crypto Exchange Offers Tokenized Stock

Impacts on XMR

Two days after the news was announced, XMR is down 3.97%. However, that might not have anything to do with the news, as the majority of cryptocurrencies are in the red zone today, January 3rd, 2019.

Monero
Source: CoinMarketCap

The Takeaway

Whether you are a fan of Monero (XMR) and Fortnite or not, it’s difficult to argue that this isn’t a monumental move for the crypto space. After what was a relatively dismal year for the industry (in comparison to 2017), this integration may be what the industry needs. And who knows, maybe other official stores will follow in Fortnite/Retail Row’s footsteps.

What do you think? Are you going to purchase any merchandise? Moreover, would you have rathered Retail Row accept virtual currencies like Bitcoin (BTC) or Ripple (XRP)? Let us know what you think in the comments below! And happy gaming!

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