[The contents of this communication are point-in-time statements. Please note the date of publication]
Welcome to your latest newsletter where we update the community on all things Qoin.
Industry overview
After a strong bull run to July 2024 the crypto markets have again showed their volatility this past week. Per CoinMarketCap the cryptocurrency market size has decreased from US$2.5 Trillion in July to US$1.98 Trillion, a decline of 20%. Per media reports this sell off was mainly driven by market fear and the wider decline in technology stocks. More than 100 new cryptocurrencies have been floated onto the global market in the last 7 days.
Community Transactions
For the month of July 2024, the community transacted its highest amount of Qoin since June 2023 at 3.413 million Qoin across 1,982 transactions at a combined wallet value of approximately AU$34.884 million of Qoin. The average transaction size for the month was Q1,722. Since January 2020 the Qoin community made 564k transactions at a combined wallet value exceeding AU$2.5 Billion. This data excludes incentives and treasury relatedtransactions.
The tech team has been very busy to onboard the new authentication and log-in service provider. As announced previously this was implemented from 1 August and provides several benefits, including efficiencies in ongoing costs
As foreshadowed in the original whitepaper the Qoin Association is committed to more decentralisation over time. This is important for long term sustainability across a broad spectrum of stakeholders and users. A further announcement in this regard is expected before the end of this year. The tech team has made further progress to shortlist two public chain options for the important next phase of further decentralisation of the blockchain. The objective is for the Association and elected Group Leaders to review these recommendations over the next month or so.
Other Updates
The class action parties remain in mediation. The mediation has been adjourned until 14August 2024 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.
In the ASIC matter against BPS Financial Pty Ltd (BPS) the appeal by ASIC is expected to be heard in November 2024. BPS has advised it would not appeal any part of the judgment as it considers it counterproductive to do so. We will update the community on any material progress in both the mediation and appeal matters above as soon as practical, permitted and authorised.
It was encouraging to see the community transact at its highest level of Qoin in 12 months. All the best to each one of you across Australia, New Zealand, United Kingdom, South Africa, and Singapore who have downloaded the Qoin Wallet App in June and July.
The Qoin Team