Welcome to your latest newsletter where we update the community on all things Qoin.
Industry overview
According to media reports the global payments company Stripe acquired start-up stablecoin provider Bridge Network for US$1.1 Billion in the biggest ever crypto acquisition by a payments company.
Crypto activity and usage have hit an all-time high according to an October 24 state of crypto report from leading Venture Capital firm a16z. The report shows that the number of monthly active crypto addresses hit an unprecedented 220 million last month, more than tripling since 2023.
Markets
Another strong month for the crypto markets in October. Per CoinMarketCap the cryptocurrency market size has increased from US$2.24 Trillion in late September to US$2.44 Trillion today – an increase of 9% for the month.
Community Transactions
For the month of September 2024, the community transacted 1,796,547 Qoin across 1,766 transactions at a wallet value of approximately AU$17.287 million of Qoin. The average transaction size for the month was Q1,017. Since January 2020 the Qoin community made circa 568k transactions at a combined wallet value exceeding AU$2.5 Billion. This data excludes incentives and treasury related transactions.
Technology and Governance
The tech team is now in final testing of the various components for the next decentralisation stage of the Qoin project. These components include a public Layer 2 scaling solution on Ethereum, and a self-custodial web-wallet hosted by a global provider of digital wallet software.
Other Updates
There has been progress made in the class action mediation. On 23 October 2024 the Federal Court of Australia ordered that all existing orders in the Proceeding are stayed until further notice.
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.
As previously announced ASIC has appealed one of Justice Downes’ decisions made in favour of BPS Financial Pty Ltd (BPS). This appeal by ASIC is expected to be heard in March 2025. On 10 October 2024 Justice Marcovic made an order that:
- a solicitor nominated by the President of the Law Society of Queensland is to be appointed to act as amicus curiae for the purposes of instructing counsel to make submissions to the Full Court in relation to the issues raised in Grounds 1 – 6 of the notice of appeal (Amicus).
- The appellant (ASIC) is to pay the costs and disbursements of the Amicus in preparing for and making submissions at the hearing of the appeal.
The next case management hearing for the ASIC appeal proceeding has been set for 6 November 2024.
We are encouraged with the progress made and will update the community on any further material progress in both the mediation and appeal matters above as soon as practical, permitted and authorised.
Closing
We are inspired with the increase of App downloads and Qoin Transaction Values in September over August – welcome to all our new users who joined the community.
The Qoin Team