In this edition of The Daily we cover the resumption of trading on the hacked New Zealand exchange Cryptopia, the American digital assets industry’s increased lobbying of politicians, and a wanted ad by the Visa Crypto team.
Cryptopia Resumes Trading, Plans Rebate
The New Zealand-based cryptocurrency exchange Cryptopia is now open for trading again. The platform, which was hacked at the start of the year losing almost 10 percent of its assets, has announced that it’s resumed trading on 40 trade pairs that its team has quantified as secure and will continue to expand this list as they clear more coins.
The Cryptopia team also sent out an email to update customers on the progress they are making, promising there will be a rebate for those who lost funds. Users will start to see withdrawals of their lost funds and a deposit of Cryptopia Loss Marker (CLM) instead. The platform explained that CLM is not a coin, it can’t be traded as yet, and is rather just a number in the database that represents the loss for each coin for each user in $NZD at the time of the hack. The rebate won’t be immediate as the company still needs to take steps ensure that the planned reimbursement process follows local laws.
Crypto Industry Lobbying Intensifies in US
As regulators and lawmakers get more involved in any market, businesses in the field usually feel they have to respond by hiring lobbyists to represent their interests with politicians. As such it should come as no surprise that there’s been a strong regulatory push in the U.S. to control the digital assets market, such as instructing projects who they can offer tokens to and classifying certain coins as securities. This in turn has led to cryptocurrency companies stepping up their political game. A new report shows that the industry almost tripled its lobbying efforts over the last year.
“Lobbying on cryptocurrencies and the blockchain technology underpinning them is a niche but growing industry on K Street,” Politico reported on Monday. “The number of entities that reported lobbying on blockchain issues has nearly tripled over the past year, according to disclosure filings — from a dozen in the fourth quarter of 2017 to 33 in the final quarter of 2018.”
Visa Crypto Job Offering
If you are a financial technology professional who loves cryptocurrency but still want to work for the legacy payments system, credit cards giant Visa has a job offer for you. The company is looking for a technical product manager on the Visa Crypto team based out of its Palo Alto offices.
The online wanted ad, which was posted earlier this month, provides another look into what Visa wants to do in the cryptocurrency segment. It explains that the potential product manager will have to possess significant functional knowledge of the cryptocurrency ecosystem and players involved, “including in-depth knowledge around permissionless blockchain technology as well as a deep understanding of existing retail payment solutions.”
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