ICN

ICONOMI To Convert ICN Coins Into New Equity Token

According to a recent Tweet from ICONOMI, beginning on November 1st, 2018, all current ICN token holders will have the opportunity to convert their digital coins into a new type of equity token, known as the eICN.

Essentially, the equity tokens will be presented as shares of ICONOMI AG, and for those who do not wish to convert their tokens into the eICN tokens, they will be able to exchange their coins for Ethereum instead.

Currently, most cryptocurrency exchanges are not legally allowed to support the use of equity tokens such as the eICN. Therefore, according to ICONOMI, they expect to be de-listed from many of the exchanges that currently support their ICN cryptocurrency.

The New eICN Coin

ICONOMI’s bold move comes as a solution to solve the current ownership and governance issues that have been plaguing the crypto markets for years. Additionally, the new tokens are designed to help bring more legal clarity for the company’s current stakeholders.

As mentioned, token holders will be able to convert their existing tokens in November of this year. However, the initial phase of the company’s plan is set to end on December 31st, 2018, and the actual tokenization process will begin in Q1 of 2019.

What’s Next For ICONOMI?

In an FAQ recently posted on Medium, they mention that the way exchanges handle the transition will be entirely up to their discretion.

Moreover, the company believes that the ICN token will be de-listed from many prominent exchange platforms. There has yet to be any news as to which platforms will be listing their new token, the eICN.

With these bold steps, ICONOMI has once again been preparing themselves for the next big trends in the crypto space: the tokenization of existing assets.

According to most industry experts, tokens are going to transform the world of modern finance. And further, security tokens, such as the new eICN, are going to play a significant role in the coming transitions.

Crypto Is Coming!

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The Raven’s Dispatch – The Week in Cryptocurrency – June 21, 2018

BITHUMB HACKED – $30 Million in crypto lost

“Just when I thought I was out, they pull me back in!” Just when we think the bulls are gathering the troops, the hackers (and exchange) bring us back down. One of the largest exchanges in the world, Bithumb, based in South Korea was recently hacked for $31 million. How did that affect the Bitcoin price? Not much. We are still holding that $6000 support, fam.

The top 5 in terms of marketcap remains unchanged but all showed weekly growth as per the Livecoinwatch image below. The overall cryptocurrency market in the past week increased from $279bln to $289bln representing a 3.5% increase in the past seven days. Your bags are not the only ones suffering. EOS is the only in the top 5 which did not recover as well week to week, likely to do with the news of the “constitutional crisis” their block producers are having.

Bitcoin:  BTC dropped 4% to $6772 in the past week as of this post. Even with the news of the Bithumb hack Bitcoin held that strong $600 support and showed signs of life. How many more Bart patterns are we going to see this year? It wouldn’t surprise me if “The Bart” becomes an accepted crypto technical analysis pattern in the future.

Ethereum: Aaaaand it’s back. Or is it? ETH grew 10% over the past week settling at $537 as of this post. I don’t really see many people saying “buy ETH at $500, you will never see it again” on the social media anymore. I wonder why?

TETHER (USDT): Tether is back in the news this week so we figured we would highlight it in this weeks Dispatch. The idea behind Tether to have each USDT token backed 1:1 by USD reserves. By holding a US dollar for every USDT Tether token, Tether claim that the value is pegged to the USD and will remain stable. The very definition of a stablecoin.

This is great for people looking to secure profits from their holdings, and even better for day traders – nobody wants to profit by exchanging one coin for another only to see both plummet in value. This is great idea, unfortunately the lack of transparency from Tether itself has many doubting each token is backed by a US dollar.

There is not much in terms of price to discuss, because Tether should never deviate from it’s value of $1. That’s not the case as you can see below. USDT has deviated from it’s 1:1 pegging of the dollar, most drastically when it came onto exchanges in February 2015 and again between April and June 2017.

What’s new at Crypto is Coming

Square Granted Bitcoin Trading License – Payment processing company Square has been granted a New York BitLicense, which enables them to operate a cryptocurrency exchange and allow New York residents to trade Bitcoin.

Law firm Freeh, Sporkin & Sullivan LLP (FSS) confirms Tether fully backed by USD – The often criticised and controversial company Tether shared a “transparency update” via twitter yesterday.

Total Dominance: The Story of Binance – The exchange has seen meteoric growth, reaching the highest volume of any exchange just six months after launch and valued at almost $2 billion within the same time frame, making it the fastest ever platform to reach ‘tech unicorn’ status.

Crypto Facilities To Launch Litecoin Futures – UK cryptocurrency exchange, Crypto Facilities, is set to launch Litecoin derivatives contracts from Friday, June 22, according to rumours. The exchange will be offering both short and long positions with weekly, monthly, and quarterly maturities for LTC joining Bitcoin (BTC) and Ripple (XRP) futures. The exchange also added Ethereum (ETH) futures last month.

Underdog EOS Block Producers you should root for – The purpose of this piece is to highlight some of the best candidates at risk of not getting enough votes to earn a spot, and why you might want to support them with your vote, to have a more decentralised and stronger EOS network.

EOS BPs heavily controlled by exchanges (2 from Huobi) and other potential issues – Adding to our recent series of posts on EOS, Nic Carter did a quick recap of the current 21 EOS block producers filtering them by organization, % of stake, affiliation with any cryptocurrency institution, geographical legal jurisdiction. Makes sense to vote for those underdog BPs, eh?

EOS leaving exchanges vulnerable to hacks? – Whoa, that’s a lot of heat for EOS  aint it? Crypto enthusiast Emin Gun Sirer put up an interesting thread today on twitter predicting a massive exchange hack in the next 12 months….all because of potential EOS vulnerabilities.

Is this the cryptopocalypse? Visualizing historical BTC corrections – Check out this visual from the crew at howmuch.net. An easy way to put things in perspective and calm your nerves.

Tezos Refusing To Relinquish Funds Unless Customers Reveal Their Identities – Say what?! Tezos, a much-anticipated smart-contracts platform aiming to rival Ethereum with added features such as self-governance, is holding user contributions to the ICO hostage pending completion of KYC (Know Your Customer).

How money flows into and within Crypto (cool visualization) – Cool visual representation of how money flows in cryptocurrency from coinlib.io. Really easy way to view how money comes into crypto from fiat currencies and how it moves within the ecosystem once it’s there.

What Is A Mainnet Launch and which upcoming launches should you keep an eye on – We have a look at what is a Mainnet, why it matters for your investment and the upcoming mainnet launches you should keep an eye on.

How cryptocurrencies compare with Visa and Paypal – This graphic shows how the top cryptocurrencies (by marketcap) compare to VISA and PayPal in terms of transactions per second.

Explaining Augur for Beginners (infographic) – Augur is highly touted project in the cryptocurrency industry. With its launch date approaching, we decided to take a closer look at how the platform actually works. At it’s core Augur is a prediction market built on top of the Ethereum Blockchain.

Bitcoin ATMs around the world (visualization) – Are there any Bitcoin ATMs in your neck of the woods?

Interview: Gregor Zupanc – DAA Fund Manager at ICONOMI – If you haven’t already, check out our latest interview of ICONOMI DAA fund manager Gregor Zupanc. Get some insight into how they select which crypto to include in their fund Solidum Capital.

Bitcoin hash rate spiking to all time high…despite price slump – Miners don’t seem to be worried about the price in the short term with new entrants continuing to enter the market.

Cryptocurrency news from around the internet

Korean crypto exchange Bithumb says it lost over $30M following a hack – Just weeks after Korean crypto exchange Coinrail lost $40 million through an alleged hack, another in the crypto-mad country — Bithumb — has claimed hackers made off with over $30 million in cryptocurrency.

Bitcoin Is Controlled by China, Won’t Disrupt Banks: Ripple CEO – Wow, salty much? Since Coinbase announced Ethereum Classic (ETC) would be the next available coin on their platform the Ripple CEO has been on angry fit.

Here’s why EOS will confiscate your tokens if you HODL for too long – Bad news keeps rolling in for EOS.

Goodbye, Denver Post. Hello, Blockchain – They left The Denver Post amid newsroom layoffs and interference in the editorial process by the newspaper’s hedge-fund owners. And now those reporters and editors are creating their own news outlet, The Colorado Sun.

Research: Tether, Bitfinex ‘Manipulation’ Reason Behind 2017 Bitcoin Price Highs – EOS and Tether can’t catch a break this week. Tether (USDT) has once again become the source of criticism after a new study blamed it for Bitcoin price manipulation in 2017, The New York Times reports Wednesday, June 13.

‘Evolve & Adapt’: Goldman Sachs May Trade Cryptocurrencies, Not Just Futures – My, my, my how times change…In less than 6 months. Investment banking giant Goldman Sachs is getting more serious about launching a full-scale cryptocurrency trading operation.

29% of High Net Worth Individuals Have a High Degree of Interest in Crypto – Capgemini’s 22nd annual World Wealth Report, which tracks investment trends of high net worth individuals, found that more than half of those surveyed have at least some interest in cryptocurrencies.

Nasdaq CEO says ICOs are ‘taking advantage’ of retail investors – Initial coin offerings have serious potential to rip off retail investors, mostly due to a lack of public information, according to Nasdaq CEO Adena Friedman.

‘Selling Crypto Now Is Like Selling Apple in 2001’, Says eToro CEO – Just #HODL

Walmart wins patent for medical records stored on blockchain – Walmart has been awarded a patent for a system that would store a person’s medical information in a blockchain database and allow first responders to retrieve it in the event of an emergency.

We hope you enjoyed this weeks The Raven’s Dispatch! Don’t forget to sign up for our newsletter so you can receive notifications via email that a new Dispatch was released! Also if you have any interesting news you would like to submit contact us at info@cryptoiscoming.com

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The Raven’s Dispatch – The Week in Cryptocurrency – June 14, 2018

Ethereum is not a security, crypto world rejoices

Dancing shoes? Check. Positive vibes? Check. Grease Lightning on repeat? Check. Whether you follow the daily musings of the SEC or not this is important news. There are so many ICOs built on the Ethereum blockchain the prospect that the very backbone of so many DAPPs being considered a security had many squirming in their pants. Well the SEC kinda sort of put that to bed. ETH is not a security. Let’s get this party started.

The top 5 in terms of marketcap remains unchanged but all dropped week to week. The overall cryptocurrency market in the past week declined from $344bln to $290bln representing a 15% decrease in the past seven days.

Sharp declines evident in the graphs below would have nocoiners running for the hills. But the OGs? Nah this ain’t nothing. Did you all notice the new Ripple logo? Snazzy.

Livecoinwatch.com

Bitcoin:  BTC dropped 12% to $6707 in the past week as of this post. Still waiting for that trend reversal? Bitcoin is restesting February lows but seeming to find support. Start boiling that water, you’re eating ramen tonight.

Ethereum: Ethereum, like bitcoin, dropped double digits percentage wise 13% over the past week settling at $518 as of this post. There was a time when everyone would tell you to buy ETH at 500. That you’d likely never see it there again. Well here we are, and we’re back at $500. Seriously people, #BTFD

ICONOMI (ICN): “A different way to invest”. ICONOMI is an investment platform based on the Ethereum network that boasts a variety of different tokens with different values and functions. It’s also an actual company, one of the first cryptocurrency companies to aim on offering shares to the public through tokens.

ICONOMI operates an index fund for cryptocurrencies meaning that users can invest in many coins from one point of entry, one fund. These funds are called Digital Asset Arrays and they are managed by fund managers tasked with investigating, and making you cash money.

ICN is listed on six exchanges but has found trouble maintaining it’s price. After hitting all time highs of $4.93 in June 2018, it fell dramatically to $0.71 where it stands as of this post. The main problem with the ICN token is that it currently has no utility. In other words it is not used on the ICONOMI trading platform. But that may be changing. We recently interviewed Gregor Zupanc, an ICONOMI DAA Manager, and it seems the ICONOMI team will begin to integrate the token into the platform. UTILITY!

What’s new at Crypto is Coming

A transfer of wealth unlike anything we’ve ever seen – The Bitcoin transfer of wealth is a much-discussed event that raises the questions of if the market will pick back up and what it would take for that to happen.

Coinbase Cryptocurrency Index Fund Now Available… To Big Investors – Cryptocurrency exchange, Coinbase, has announced the launch of its cryptocurrency index fund, effective today and available to US investors.

TOP 15 Recent/Upcoming ICOs – Great infographic from @ico_analytics detailing the top 15 recent and upcoming ICOs based off ratings from ICO reviewers. Check it out!

Coinbase Is “On Track” To Offer ICO Trading After Broker Acquisition – Cryptocurrency exchange, Coinbase, has said that they are “on track” to become a licensed and regulated cryptocurrency securities exchange, which will make it easier for investors to buy into ICOs by acquiring security tokens.

A Stablecoin – What are they and Can It Even Be Done? – The crypto market is full of stablecoins that aren’t very stable. What is a stablecoin and are they even possible?

POMP on Tokenized securities (Twitter thread of the day) – Token securities are gonna be a thing….and very very soon. Coinbase making a move today to strike first in the security token trading space.

The blockchain could disrupt legal institutions….here’s how! – Well established systems that have been around for a while, and essentially pretty big things to be meddling with, are going to be disreupted by the blockchain. Legal institutions are not immune.

Do We Really Need Cryptocurrency? – A Modern Exploration of Money – A number of leading businessmen and economists have questioned the need for cryptographic currencies over traditional fiat (paper) ones. They just don’t get Bitcoin.

Wells Fargo Bans Credit Card Crypto Purchases… But Debit Cards Still OK – Wells Fargo, one of the biggest banks in the US, has announced that they are banning customers from purchasing cryptocurrency using their credit cards, but have reiterated that Wells Fargo customers can still use their debit cards on exchanges and to buy currencies like Bitcoin.

EOS block producer proposal from EosMeso – An invitation to consider a vote for eosMeso, a BP candidate from MesoAmerica, headquartered in Guatemala.

How much do Crypto Exchanges make in revenue *every single day? InfoGraphic – Talk about printing money. Forget shitcoin trading, investing in an exchange was the best move to make during this cryptocurrency craze.

50 blockchain use cases (infographic) – Great infographic from Matteo Gianpietro Zago showcasing over 50 real world blockchain use cases.

Crypto Volume down across the board (graphic) – It looks like every exchange hast lost most of its volume in the past 6 weeks. Post consensus hasn’t been as kind to the alt markets as most of us expected it to be.

Interview: Gregor Zupanc – DAA Fund Manager at ICONOMI – In this interview, we speak to Gregor Zupanc, a Digital Assets Array (DAA) manager for Solidum Prime (SOPR), whom we met at the Madrid event.

Cryptocurrency news from around the internet

Bitcoin and ether are not securities, but some initial coin offerings may be, SEC official says – The SEC’s point man on cryptocurrencies and initial coin offerings (ICOs) says that bitcoin and ether are not securities

Bitcoin tumbles as hackers hit South Korean exchange Coinrail – South Korean cryptocurrency exchange Coinrail said it was hacked over the weekend, sparking a steep fall in bitcoin amid renewed concerns about security at virtual currency exchanges as global policy makers struggled to regulate trading in the digital asset.

Crypto Giant Binance to Offer Euro Trading Pairs This Year – Binance, one of the world’s largest cryptocurrency exchanges by traded value, will soon allow customers to convert digital tokens into fiat currencies such as the euro, according to Chief Executive Officer Zhao Changpeng.

Swarm to launch new tokens representing equity in Coinbase, Robinhood, Ripple, and Didi –  Swarm (www.swarm.fund), the blockchain for private equity, today announced the launch of tokens representing equity in individual tech companies, allowing Swarm investors to purchase security tokens representing fractional shares in private companies.

Here’s why EOS will confiscate your tokens if you HODL for too long –  Were you thinking about #HODLing EOS? Better think twice.

BitLicense Holder itBit to Be First New York Exchange to List Stellar (XLM) – Institutional cryptocurrency exchange and BitLicense charter recipient itBit has announced that it has received approval from the New York Department of Financial Services (NYDFS) to list four new cryptocurrencies: ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), and stellar (XLM).

We hope you enjoyed this weeks The Raven’s Dispatch! Don’t forget to sign up for our newsletter so you can receive notifications via email that a new Dispatch was released! Also if you have any interesting news you would like to submit contact us at info@cryptoiscoming.com

Follow us on twitter @cryptoiscomin

Like us on Facebook

Visit our crypto swag store on Teespring

Interview: Gregor Zupanc – DAA Fund Manager at ICONOMI

SOLIDUM PRIME – DIGITAL ASSET ARRAY

We have written about ICONOMI in the past and wanted to continue our deep dive into the digital asset platform. Why do we keep coming back to ICONOMI? Well for starters, it is an easy way for new investors to take their first steps into the cryptocurrency market. It is also a great way for experienced investors to diversify their portfolios and get into this exciting new digital space.

We recently attended a “Meet the Managers” event in Madrid, Spain and came away impressed with the event itself, the managers in attendance and local blockchain aficionados who spoke. In this interview, we speak to Gregor Zupanc, a Digital Assets Array (DAA) manager for Solidum Prime (SOPR), whom we met at the Madrid event.

Solidum Prime is the first equal weight DAA on ICONOMI with 25 cryptocurrencies in it’s portfolio totaling $1.2mln. Since it’s inception in October 2017 the Solidum fund has seen a return of 6.25% all time. With the crazy swings we’ve seen since December 2017, being in the green is nothing to shrug off.

Solidum Prime DAA structure

What is a Digital Assets Array (DAA)? Simply put it is a fund comprised of various combinations of digital assets (Note: Cryptocurrencies). DAA managers control that assortment of assets in the portfolio and offer them to interested investors. A new investor can buy into the fund through the ICONOMI website using their own Bitcoin (BTC) or Ethereum (ETH) or purchasing and selling bitcoin and ether with fiat (EUR) using their bank account. As of this post each Solidum will cost you $1.04 with no fee for entering the fund, and a 0.5% fee for exiting.

One thing that was clear from the start of our conversation was that a lot of time and research goes into selecting the cryptocurrency that will form part of the Solidum Prime portfolio. Experienced investors spend hours, days, and weeks understanding the fundamentals of a coin, their team and what they intend to do before splashing the cash on said project. This is something most regular people simply cannot do, because time is precious.

What problem is it [cryptocurrency] solving, what is their market positioning, their strategy, how scalable is it. And so first is the project overview. And then we definitely take a close look at the team behind the project. So who are they, how experienced are they today, what is their previous track record in the crypto space or any other businesses they have delivered.

Do they actually have the skills necessary to execute the business strategy to grow their business [and] to scale it?

This is why we like ICONOMI and their DAAs. A lot of the traditional expertise and processes are applied to the crypto space, experience the vast majority of people simply do not have.

Making sure the teams behind the project have the skills to execute the strategy is also a key aspect in how Gregor and team vet projects to include into the portfolio. However all this time spent analyzing doesn’t mean the fund is slow to change. The team is always reviewing their projects to be certain they are performing to expectations both on the technical and financial side and is rebalanced either on a monthly basis or more frequently due to the fast-changing crypto environment.

If we decide that maybe [one] of the projects is not delivering, they are really lagging, we try to  communicate with them and maybe they’re not responsive so this could be one of the red flags.

We can then decide to ditch this investment and change it with something else or not change it at all. So in this investment process: first we do the project overview, and then team overview.

One of the unique aspects of the Solidum DAA, when compared to other in the ICONOMI DAA funds, was their decision to use equal weight investment strategy, the practice of equally distributing their capital across all their cryptocurrency assets. One thing about this strategy though is it can have higher asset turnover, but this is highly dependent on the DAA managers. Solidum keeps a close eye on their assets to determine if it needs to go.

After we decide to invest it’s a really crucial thing to monitor the investments. So a good thing in crypto is really that these startups investments in this crypto group of startups are actually liquid  so if you don’t like something you can go out of it easily. This is a huge advantage over the traditional venture capital field where you are [locked in] long term.

One topic that ALWAYS comes up during any conversation about ICONOMI is their token, ICN. For those that don’t know ICONOMI conducted an ICO in August of 2016 raising $10mln with the token priced at 0.11USD. The issue many people have is that the ICN token has no practical utility. It is not used in the platform, it cannot be used to make payments which makes it rather…useless. What’s that Gregor? Things are changing on that front?

Personally I think they (ICONOMI) are really aware of it and they really wanted to deliver first on the promises regarding the platform because basically this is the first step that needs to be done so that the platform is there, that it’s operational [and] it’s working.

And now they’re going to slowly be adding their utility value for their token. As you know some fees will be payable in the ICN soon and some other things will also. I cannot talk about [as] it’s too early but I have …but they are preparing other utility aspects of the token and this will again gain a utility value definitely so they are really aware of it and working on it seriously.

While Gregor could not share the details about what is coming for the ICN token, it’s good to know that the ICONOMI team has not forgoten it and has plans on the horizon for the ICN token to have actual utility within the ICONOMI platform.

To wrap things up we tried some one word response type questions, which didn’t work out as well as I anticipated. But anyhow let’s share the questions and answers:

Q: The Flippening: Bitcoin and Bitcoin Cash
A: I don’t think it’s happening really. You know Bitcoin is the king in this case and institutional investors will be investing in Bitcoin. They don’t even know what Bitcoin Cash is so I don’t see that happening. So the flippening I think is between Bitcoin and Ethereum and I really think that Ethereum will overtake Bitcoin in the future but this is another question.

Q: Is Craig White the real Satoshi Nakamoto?
A: No, I don’t think so

Q: Do you watch Game of Thrones?
A: No

Q: How Positive (bullish) are you on the altcoin market?
A: I’m super, super positive and also super excited about the future of crypto

We hope you enjoyed this interview and more importantly learned something new, or expanded your knowledge about ICONOMI and their Digital Asset Array managers. It was a pleasure meeting and speaking with Gregor and attending the ICONOMI event, but more importantly getting insight into an exciting new area: Managed Crypto Funds.

If you would like to buy into the Solidum Prime Digital Asset Array or find find more detailed information you can follow the links below.

Solidum Prime fund on ICONOMI

Solidum.Capital website

ICONOMI – DAA list

Gregor Zupanc Linkedin