Welcome to your latest newsletter where we update the community on all things Qoin.
Industry overview
On 14 March 2024 the Finder Wallet App Pty Ltd “Finder” won its case against ASIC, who alleged that Finder was issuing a financial product without an AFSL. In these proceedings the Judge held that ASIC was unable to prove that the crypto offering by Finder was a financial product, and therefore Finder did not require an AFSL. However, ASIC announced last week that it would appeal the judgment.
It is anticipated that bitcoin block number 840,000 will be mined on 19 April. This is the moment that bitcoin entering into circulation will halve from about 900 to 450 a day. This event, which comes around every 4 years, is known in crypto world as the Halving.
The latest Crypto obsession, according to Coindesk, is decentralized physical infrastructure networks, known as DePIN. Over a billion dollars has already entered this space to tokenise real world infrastructure like wireless networks. This is not too dissimilar to tokenising business spare capacity – a key feature of the Qoin project.
Per CoinMarketCap and the S&P Digital Asset Index the cryptocurrency market size has grown this year to a market capitalisation exceeding US$2.3 Trillion. More than 100 new crypto currencies have been floated onto the global market in the last week alone.
Community Transactions
The community transacted 2.062 million Qoin across 7,267 transactions at a combined wallet value of approximately AU$21 million for the first quarter of 2024. The average transaction size for the quarter was Q284. Since inception in January 2020 the Qoin community made 558,000 transactions at a combined wallet value exceeding AU$2.5 Billion. This data excludes incentives and internal related transactions.
Technology
As foreshadowed in the February newsletter the team was reviewing the Qoin.world website with the objective to simplify its messaging to a future audience of consumers and merchants. This is a work in progress and you will soon note some changes over time.
The tech team is finalising its recommendations for the next phase of further decentralisation of the blockchain and automation of the off-chain processes as well as expanding the Qoin Association members. The objective is for the Association and Group Leaders to review these recommendations over the next quarter or so.
Other Updates
The class action parties attended a full day mediation on Friday 5 April 2024. The mediation has been adjourned to allow for ongoing discussions and communications between the parties. Due to the confidential nature of the mediation no further information can be disclosed at this stage. The parties can provide a further update as soon as the mediation has either been concluded or alternatively terminated.
BPS Financial Pty Ltd is still awaiting the judgment in the completed ASIC proceedings and will update the community as soon as such judgment is received and reviewed.
Closing
All the best to each one of you across Australia, New Zealand, UK, South Africa, and Singapore who have downloaded the Qoin Wallet App in March. Explore the Qoin World and remember transacting is free.
The Qoin Team
The contents of this newsletter are point-in-time statements. Please note the date of publication.