Qoin World January 2024 Update
The contents of this newsletter are point-in-time statements. Please note the date of publication.
16 January 2024
As we commence a new year, we want to welcome each Qoin holder to a great year of trading and transactions from the convenience of your Qoin Wallet App.
Industry Overview
The big news early in the year was the long awaited approval by the SEC of 11 Bitcoin Exchange Traded Funds (ETF). These ETF’s are issued by the largest fund managers in the world including Blackrock, Fidelity, Invesco, Ark Investments, Grayscale and VanEck. Over AU$5 billion of cash flowed into the funds in the first 48 hours. Per media reports these first approvals pave the way in 2024 for more clarity and regulatory approvals around the world, including Australia, for cryptocurrencies.
Community Transactions and Priorities
The community made over 55,000 transactions at a wallet value of approximately AU$300 million for the 2023 year. Since the start in January 2020 the community made 554,000 transactions at a wallet value exceeding a considerable AU$2.5 Billion. This data excludes incentives and internal related transactions.
A key priority for 2024 is to complete the development of a merchant loyalty & rewards program that will make it simple for merchants to attract and reward cash paying customers with a Qoin-Back Rewards function.
Update on Class Action
As mentioned in the December 2023 newsletter, the applicants in the class action requested mediation. The purpose of mediation is to achieve a settlement. BPS and the other respondents agreed to mediation subject to a number of conditions. On 29 November 2023 the court orders included a process for the mediation and the date was set for 5 April 2024.
A normal step in the class action process is for the applicants’ solicitors to send to any possible group member an “Opt Out” notice. A group member is defined as a Qoin participant who has purchased or earned Qoin. The notice gives the group member the opportunity to opt out of the process. It is not mandatory to do anything.
The BPS legal team remains confident of a positive outcome, either at mediation or otherwise.
Closing
We look forward to a new year of peace and prosperity. A year where we can accelerate forward to continue making Qoin the alt currency for everyday payments.
All the best to each one of you across Australia, New Zealand, UK, South Africa and Singapore who have downloaded the Qoin Wallet App. Enjoy transacting and remember its free.
The Qoin Team