The contents of this newsletter are point-in-time statements. Please note the date of publication.
14 November 2023
Welcome to your latest newsletter where we update the community on all things Qoin.
Congratulations and a huge thank you to the dedicated Tech Team who have worked tirelessly to create one of the leading crypto wallets. A wallet that now includes biometric KYC identification, several cryptocurrencies, multiple blockchain networks, as well as a marketplace where Users can easily list their products, services or assets. If you need help with uploading products on Q Market, please contact [email protected]. Best of all – this digital wallet is completely free to download and transact in Qoin.
The wallet team announced that in late November they plan to add popular cryptos like Uniswap (UNI) and Chainlink (LINK), subject to Apple and Google approvals. The Binance (BNB) token and the Binance Smart Chain will follow soon thereafter.
The EURO currency will also be added to the wallet before the end of the year, making it possible to transact in the 27 EU countries in 2024, subject to regulatory compliances.
The number one short term priority is to improve spending opportunities and increase transactions. We want the community to achieve increased levels of activity in both these metrics. There are several strategies to achieve this – including collaborating with online platforms to supply products to the community.
Which brings us to the merchant feature for November – the all-new DealDash online retail platform. According to Mr Paul Hewitt, DealDash is a new revolutionary online retailer that offers top brands at store prices and takes split payments in a combination of Cash and Qoin. More cryptos and alternative currencies will be added soon – check out www.dealdash.deals to get in early Mr Hewitt said.
Industry Update and Regulation
Per the S&P Digital Asset Index the crypto market cap is at US$1.4 Trillion, up 29% since our September Newsletter. This upward trend is partly due to positive regulatory news, more crypto spot ETF’s approved, and the Bitcoin halving coming up within the next five months. Good news for the crypto community is that the SEC will not be appealing the Ripple judgment and have also dropped their charges against both the Chairman and CEO of Ripple Labs.
During the month of October 23’ the community transacted 2.182 million Qoin across 3,438 transactions resulting in an average of Q634 per transaction. Over the past 12 months the community transacted 34.53 million Qoin across 57,165 transactions, giving an average of Q604 per transaction. This data excludes incentives and internal related transactions.
Update on Legal Proceedings
The ASIC versus BPS trial completed on 19 October. The central part of the case involved the licensing arrangements for the digital wallet. In the end it was a complex technical interpretation of the statute, and the agreements between the licensing parties. The legal team did a remarkable job over the past 12 months. We are confident that justice will prevail when judgment is delivered in the next few months. Regardless of the outcome, if required, the licensing arrangements will be adjusted to align with such judgment.
In the Representative Proceedings the federal court ordered the Applicants to pay to BPS and the other Respondents forthwith their wasted costs on the multiple amendments to the Applicants pleadings. The costs are to be taxed by the court if not agreed. The anticipated next steps are discovery, evidence, and mediation between the parties.
Fair Trading Badge
We close with the long-awaited launch of the Merchants Fair Trading Badge. Within the next week Merchants must look out for a pop up or banner message on their Qoin app to watch the video, and as a reward the Fair Trading Badge will display on their listing profile. All Users can then see which Merchants have attained their Badge of distinction.
Thank you to all our Qoin Community Members for your support, trading, and loyalty. Look out for our End of Year message around mid-December which will be a blockbuster summary of 2023 and plans for 2024.