Crypto Weekly Recap: March 26 – April 01

Crypto Weekly Recap: March 26 – April 01

March 26 - April 01

Yesterday was Easter and while many celebrated the holiday, the bearish market continued its downward trend. It was a busy week in the crypto-universe! Some organizations were banning crypt-related ads, while some cryptocurrencies were donating millions to organizations. Let's recap what happened last week!

Twitter

Twitter Inc started banning cryptocurrency advertising Tuesday, March 26, as reported by Reuters.

Twitter confirmed the rumors that the social media giant would follow Facebook and Google in clamping down on crypto-related advertising.

Twitter told Reuters that the ban will cover advertising for Initial Coin Offerings (ICO) and token sales. The policy will be introduced over the course of the next 30 days and will also include bans on cryptocurrency exchanges and wallet services, unless they are public companies and are listed on major stock exchanges. Twitter said it will limit advertisement for cryptocurrency exchanges in Japan to those under the purview of the national financial regulator.

Robinhood

Robinhood announced on Twitter:

Commission-free Bitcoin (BTC) and Ethereum (ETH) trading is now rolled out and available to investors in California, Massachusetts, Missouri, and Montana. Stay tuned for more updates!

This is exciting news and opens the door for new investors to dab into cryptocurrency trading without fees.

South Korea Creating Own Coin

The South Korean city of Seoul is developing its own cryptocurrency - the "S-Coin" - to be used in city-funded social benefits programs, says its mayor.

Mayor Park Won-soon announced the plan during an interview last week, where he also revealed that the city will create a fund to support the advancement of blockchain technology and related startups.

"As Seoul is the world's leading city in the field of information and communications, including the Fourth Industrial Revolution, I think we should study new technologies such as blockchains. I've met blockchain companies, and I think our companies are not seeing the light because of the various regulations. Actually, [the] technology is as advanced as any other country. By creating clusters that will allow blockchain companies to build up, and startups to develop new technologies, we are working to develop and spread blockchain technology around the world."

Vitalik Buterin Hard Cap Ethereum and Trolls Tron

The Ethereum creator said his proposal to create a hard cap on the supply of ether tokens was intended as an April Fool's "meta-joke."

While he said he originally just wanted to see people argue over the merits of fixing the supply, Buterin added that he now believes the idea is "worth considering."

Ethereum Improvement Proposal 960, published April 1, suggested that the ether supply be capped at 120,204,432 units, twice the amount originally sold in 2014. Addressing the cryptocurrency's presently unclear monetary policy, the proposal suggested that a hard cap would "ensure the economic sustainability" of Ethereum.

It should not matter whether or not the proposal was written as a joke, Buterin said Monday on Twitter. Because "the words actually were written in the github issue, and the arguments for it are real arguments," he said the suggestions are "very real."
 
His reasons for a hard cap for issues in another tweet:
I do now believe that fixed supply is worth considering. Arguments:
* With ASICs, PoW issuance fails at making coin distribution more egalitarian
* With PoS, PoW issuance not needed for security
* With rewards coming from rent+other burned fees, can have rewards without issuance
 
A follow-up to his tweets was a shot at Tron (TRX):
"And by the way, most people missed one of the more well-hidden jokes in : ~20% of the blogpost was plagiarized from "

Mailchimp shuts down Cryptocurrency related Accounts

Marketing automation platform Mailchimp will reportedly shut down all accounts related to cryptocurrencies, including initial coin offerings (ICOs), exchanges, news, books, events, and announcements. Industry expert and Bitcoin advocate Andreas Antonopoulos tweeted on the subject:

Telegram ICO raises $1.7 billion

Pavel and Nikolai Durov reported that they raised $850 mln in the second round of their initial coin offering (ICO) in a notice signed today with the US Securities and Exchange Commission.

The ICO sought investment to support the development of the Telegram messenger app and its own Blockchain platform Telegraph Open Network. While the document does not disclose the identity of investors, 94 different entities took part in the ICO, which started on March 14. In the column wherein the applicant specifies which type of securities are on offer, the document states “Purchase Agreements for Cryptocurrency.”

The total raised is now $1.7 billion

OmiseGO And Vitalik Buterin Donate $1 Million In Crypto To Charity For Ugandan Refugees

East Africa-based charity GiveDirectly has expanded into cryptocurrency with a $1 million donation in crypto tokens from decentralized payment network OmiseGO, it announced Tuesday, March 27.

The donation, which OmiseGO contributed together with Ethereum cofounder Vitalik Buterin, will see GiveDirectly continue an experimental scheme aimed directly at refugees, providing 12,000 grants to families in Uganda.

A pilot scheme has already seen 4,400 families receive $650, TechCrunch reported Tuesday, with the cryptocurrency experiment increasing the self-sufficiency of the process and reducing reliance on intermediaries.

Ripple makes Largest Donation...Ever!

As we reported earlier in the week, the cryptocurrency company Ripple (XRP) made a $29 million dollar donation to DonorsChoose.org. This unprecidented amount marks the largest sum of money ever donated to DonorsChoose.org. 

That $29 million funded all 35,000+ of their classroom project requests.

Our donation fulfilled every request listed on the nonprofit’s website yesterday. Today, nearly 30,000 public school teachers in every state and approximately one million students are receiving books, school supplies, technology, field trips, and other resources vital for learning through DonorsChoose.org.

 

You can join us by contributing to the new projects that teachers are already creating on DonorsChoose.org. As part of the #BestSchoolDay campaign, you can give to teachers and students within your community, where you grew up or just because they inspire you.

In Ripple’s news release they stated the reason for the donation:

As a company, we’re focused on removing the friction from cross-border payments to promote more inclusion and accessibility within the global economy. DonorsChoose.org applies the same principles of inclusion and accessibility to education.

 

We’re proud to be working with DonorsChoose.org to nurture the next generation of leaders at public schools across America.

Conclusion

Have we seen the crypto markets hit bottom? Who knows! 

Besides the market being bearish, we have seen continued development and great news come from the crypto space. 

Happy Easter!

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