The contents of this newsletter are point-in-time statements. Please note the date of publication.
11 September 2023
Welcome to your latest newsletter where we update the community on all things Qoin.
In a move that has left the Qoin community buzzing with excitement, the Qoin Wallet App launched its highly anticipated major upgrade! Drawing inspiration from user feedback, this upgrade promises to redefine the way users interact with the wallet app. With great new features and improvements, the Qoin Wallet App is setting a new standard for digital wallet experiences.
What’s new in this upgrade:
Expanded Crypto Tokens: Your Qoin Wallet now supports more cryptocurrencies, amplifying our project’s interoperability with crypto world. Transact across a wider spectrum including Ether known as ETH, Wrapped Bitcoin known as WBTC, and Polygon’s MATIC. Here in the monthly newsletter, we will share with you which popular crypto will next be available in your wallet.
Welcome to wQOIN: With Ethereum blockchain integration, view and manage your wQOIN right within your Qoin Wallet. To wrap your Qoin and check it all out please click the HELP button in your App and tap on the “Wrap Qoin – Important Information” section.
Dapp Connectivity: You will soon be able to seamlessly connect to decentralised apps, known as Dapps, with the “Wallet Connect” feature.
Instant Support with Q Chat: Get your questions answered instantly! Our in-app live chat functionality ensures you’re always connected for quick support, frequently asked questions, and help articles – wherever you are.
Simplified Transactions: We’ve moved the “Send & Receive” buttons. Access them by tapping on the ‘Wallet’ icon at the bottom of the screen, and select the cryptocurrency you would like to transact in. The “Send & Receive” buttons are conveniently located at the bottom of the screen.
Q Market – Products and Services: All Qoin App users who have passed KYC can now upload products and services to sell on Q Market and earn QOIN, ETH, WBTC, MATIC or wQOIN as agreed by you and the buyer. Previously, this feature was only available to registered merchants. If you want to sell your personal assets quicker try Q Market. The more Qoin in your deal the quicker it should sell.
With these upgrades, we aim to provide the best experience to our community, making it easier for you to transact and provide unparalleled value to your customers.
Before you update your Qoin Wallet App, your security is our top priority. As always, if you haven’t done so already, please make sure to back up all your wallets and store your 12-word seed phrase offline in a safe and secure location.
With this excitement of Qoin integrating and connecting with the larger crypto communities, it does come with higher risk – the greater risk of scams. We will never ask you for your password or seed phrase. Scammers may impersonate as Qoin and ask you to click on links to receive free tokens, airdrops, or rewards. Never click on these links as they could intercept your private keys and drain your funds.
Industry Update and Regulation
Per coinmarketcap.com the crypto market index is at US$1.04 Trillion, down 1% from last month.
Standard and Poor have announced updates to their S&P Digital Asset indices, effective 1 September 2023. The decision by S&P Global to provide a suite of Digital Asset indices is an important sign that the global markets are ready to adopt digital assets, including crypto, as a mainstream emerging asset class.
The S&P Cryptocurrency Broad Digital Market (BDM) Index will include listed cryptos with a market capitalisation of US$100 Million and above. The Bloomberg Ticker is: SPCBDM
The S&P Cryptocurrency LargeCap Digital Market Index will include listed cryptos with a market capitalisation of US$1 Billion and above. The Bloomberg Ticker is: SPCBLC
The big news last month was the announcement that PAYPAL has launched a stablecoin named PYUSD. This is the first crypto launched by a large listed mainstream company. Per media reports this bodes well for the future to easily onramp new users into the crypto world. However, earlier this month ASIC commenced legal proceedings against PAYPAL in Australia for matters related to small businesses charges.
Per media reports from Delhi world leaders at the recent G20 Summit in India agreed that Blockchain and AI are very important to the future global economies. As such member countries should work towards finalising and implementing appropriate regulation frameworks during 2024.
During the month of August 23’ the community transacted 1.690 million Qoin across 4,263 transactions resulting in an average of Q396 per transaction. Over the past 12 months the community transacted 38.39 million Qoin across 65,215 transactions, giving an average of Q588 per transaction. This data excludes incentives and internal related transactions.
Community Group Meetings
The community group leaders meet monthly and in August adopted the following key action points:
- The Merchant Fair Trading video was produced. After review, it was resolved to reduce the video length from 4 minutes to 2 minutes, and the video must be launched to the community in September via QDN.
- The Merchant Fair Trading Badge design was approved.
- The split of Q Shop into a separate Directory (for business details) and Q Market (for product and service listings) was completed and approved.
- Accelerating participation and offerings of recognised brands on Q Market as a priority was discussed and adopted.
- The selection of further new crypto tokens to be introduced into the wallet was discussed. It was adopted that the global top 25 relevant Ethereum and Polygon chain tokens would be prioritised.
Update on legal proceedings
In the ASIC proceedings against BPS Financial Pty Ltd, the matter is progressing as per the timetable set by Judge Downes at the 20 April 2023 case management hearing. The parties are in the process of preparation for the 5- day trial which commences on 16 October 2023.
Legal representatives of BPS and the other six respondents will attend a case management hearing on 12 September 2023. The key matters to be heard will be the respondents’ request for the costs awarded on 30 May 2023 to be taxed and paid immediately, as well as to agree on the timeline for the Discovery process and the next case management hearing date.
Thank you to all our Qoin Community Members for your support, trading, and loyalty.