BitPR Weekly Crypto Highlights: NEM Foundation Woes

Week 2 Feb 2019

5 Feb 2019

The big story last week related to the NEM Foundation (not to be confused with the NEM platform) running out of cash. This situation is worth monitoring because the NEM Foundation’s job is to promote adoption of the NEM platform across industries, which is a hugely important objective.

In case you don’t feel like reading about serious news yet, let’s start with this Reddit post of a dog(e) chewing up a Bitcoin ball. Get it? Doge… as in Dogecoin.

Have a great week ahead.

Doge ate my bitcoin stress ball from r/CryptoCurrency

NEM Foundation Nearly Broke, Planning Layoffs and Restructuring

Source: CoinDesk

The NEM Foundation, a community-funded non-profit tasked with promoting the NEM blockchain, is facing a cash crisis and has kickstarted restructuring. The Foundation plans to submit a funding request to the NEM Community Fund for roughly $7.5 million to help rescue itself.

An official NEM blogpost suggested that the NEM Foundation’s woes might be the result of “very little accountability for funds and questionable ROI, leading to a burn rate of 9 million XEM per month.” This level of spending appears to have caught up with the Foundation when XEM prices started falling. At the time of writing, XEM is trading at $0.03, which is more than a 95% drop from its all-time high of $1.80 in Jan 2018.

As part of their restructuring, the NEM Foundation is greatly reducing promotional spending and is transitioning to a product-focused organization that prioritizes improving the NEM platform.


Hardware Wallet Maker Ledger Launches Mobile App

Source: Cointelegraph

Ledger has released a dedicated mobile app for some of its products, making it easier for customers to use their wallet services. The app is named ‘Ledger Live’ and allows Ledger Nano X users to use their wallet through their mobile device without a cable. The company plans to roll out full functionality soon, but at least some of it seems to be for Android phones only.

The app shares similarities with competitor products such as Trezor’s Bridge interface.


Litecoin Changes Logo and Refines Vision

Source: Invest in Blockchain

Litecoin (LTC) has a brand new logo! The new logo aims to express LTC’s refined vision of becoming the go-to cryptocurrency for everyday transactions that are low in value but high in frequency – something that most cryptocurrencies are bad at since they don’t scale well.

Some argue that Bitcoin may not achieve this function even with its Lightning Network. The Lightning Network is supposed speed up BTC transactions and allow the network to scale and enable near-instantaneous small BTC transfers.

Will this awesome new logo propel LTC into mainstream adoption? Let’s… wait and see. But at least the new logo is cool.


Binance DEX will Connect with Hardware Wallets

Source: Bitcoinist

Changpeng Zhao, CEO of Binance, announced that Binance DEX will start allowing its users to control their private keys through their own hardware wallets. Binance DEX is currently on active development to support this step. According to Zhao, the DEX will support hardware wallets from day one, so users can be assured that their keys never leave their devices.

It is becoming common for over-the-counter (OTC) trading systems to support large-volume trades over 20 BTC. Bittrex and Bisq recently released these features. Allowing users to secure these funds in a hardware wallet is a welcome security measure, especially when exchanges are getting hacked and robbed left, right, and center.


TokenSoft Launches Custody Service for Security Tokens

Source: CoinDesk

TokenSoft has launched a cold storage custody service for security tokens. Custody solutions for security tokens will become important as the number of security tokens grows. Most security token holders will be accredited and institutional investors (due to regulatory requirements), and they are more likely to embrace security tokens if proper custody solutions exist to secure their tokens. By extension, security tokens are more likely to grow if good custody solutions exist.

TokenSoft’s cold storage custody wallet is known as Knox and is currently in beta. The company which made the software is also helping blockchain firms run regulatory-compliant token sales. Knox can hold ERC-20, ERC-1404, DS-20, ST-20, R Tokens, ETH and BTC.


Check back next week for more Crypto Highlights!


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