The Maker Foundation has handed governance over the smart contract that underpins the MakerDAO (MKR) protocol to MKR token holders.

Describing the move as the project’s “most significant step” toward decentralized governance, the foundation announced that a three month long transition of power to the community had been finalized. “The MKR token contract is now 100% in control of MKR holders,” the foundation said.

The foundation urged the Maker community to “remain deeply engaged and continue to vote smartly and often”, warning that “voter apathy” could threaten the project:

“While voter apathy can threaten any election process, it can do harm to a project’s decentralization efforts. Without enough community passion and well-intentioned participation, a community-governed system can become vulnerable and struggle to succeed.”

In an earlier blog post on March 12, the Maker Foundation noted that greater participation in its debt collateral auctions could have stabilized the protocol and prevented MakerDAO’s recent $4.5 million under-collateralization.

Maker completes three-month contract handover
Following the launch of its Multi-Collateral Dai protocol, MakerDAO announced that control over MKR tokens would be passed from the foundation to the protocol's smart contract on December 20. The foundation noted that it would share control over the contract for at least one month to ensure a successful handover.

On January 10, the foundation deployed its ‘MkrAuthority’ contract on the Ethereum mainnet. Three days later, the foundation set the MKR token’s authority address to that of the MkrAuthority. On March 25, full permissions were granted over the MKR token to the MkrAuthority contract.

As such, the MkrAuthority contract can create or destroy MKR through controlling Maker’s debt auction, and surplus auction, smart contracts. MkrAuthority has also been granted access to the burner contract and governance contract.

The chief executive of the Maker Foundation, Rule Christensen said “complete” decentralization was on its way:

“Today’s news is momentous. By completing its commitment to transfer the MKR token contract to MKR holders, the Maker Foundation continues to move toward a completely self-sustaining MakerDAO. And it’s just the beginning. We will continue to ready the community for complete decentralization in the weeks and months ahead.”

MakerDAO debt auction covers $4.3 million in debt
Maker’s governance handover follows the project’s first-ever debt auction — which saw $4.3 million in under-collateralized debt wiped from its books.

MakerDAO is the decentralized finance (DeFi) protocol that governs the supply of the stablecoin Dai (DAI) — which are minted when users enter a collateralized debt position, often backed by Ethereum (ETH).

With the recent crypto market crash causing the price of ETH to plummet over 50% in less than 48 hours, $4.5 million worth of these loans suddenly became under-collateralized — triggering the debt auction.

The auctions saw 86 batches of MKR minted and sold in exchange for ‘lots’ of 50,000 DAI for an average price of $240 per token.

Source: https://cointelegraph.com/news/maker-decentralizes-governance-but-is-the-community-ready

The number of retail investors registering for an account with Japanese cryptocurrency exchange bitbank spiked by 40% in the week after the Bitcoin bloodbath.

The March 12 meltdown saw the price of Bitcoin (BTC) drop to a new 2020 low at $3,775. An official blog post by bitbank market analyst Yuya Hasegawa reveals that Bitcoin trade volume and account registrations both saw a significant surge in the wake of the crash.

Even the number of users going through KYC was above average on the day of the BTC downturn and the following couple of days.

Hasegawa contrasts the current situation to the period between November to December 2018 when the price of Bitcoin ground down. In that case, “interest in the crypto market as a whole went down and bitbank’s daily account registrations took a hit.”

However, the price saw a 60% rebound while sustaining high volumes soon after the recent crash, which suggests to Hasegawa “the intent to buy the dip is quite obvious”:

“When we take the increased daily account registrations into consideration, we can once again deduce that the current market recovery is driven largely by retail investors. Furthermore, as Forbes reports, this phenomenon is likely to be global, as Kraken, a San Francisco-based crypto exchange, experienced a steep increase in account registrations after March 12.”

Bitcoin halving makes it a safe bet
In just under 49 days, BTC will experience a halving where the block reward will decrease to 6.25 BTC. The last time this happened was in 2016.

Hasegawa writes that data from Google Trends suggests that investors in Japan and around the world are well aware of the possible price impact of the halving and will seize on any price drop to add to their holdings:

“There is a good chance that, for this time around, there are many retail investors who want to buy Bitcoin or stack up their holdings at the cheapest price possible before its halving.”

Source: https://cointelegraph.com/news/japanese-investors-rushed-to-buy-the-dip-after-bitcoin-bloodbath

Amid the increasing adoption of blockchain technology in the gaming industry, some of the world’s biggest game developers like South Korean Netmarble are partnering with blockchain gaming startup Forte Labs to streamline blockchain-powered game experiences.

Forte, a known partner of major cryptocurrency firm Ripple, has just tapped five new high-profile gaming companies in line with its mission to provide best-in-class gaming experiences based on blockchain technology.

All five new partners will integrate Forte’s blockchain platform into their games
According to a March 24 blog post, Forte’s new game developers include United States-based Hi-Rez Studios and nWay, Canadian social games provider Magmic, German gaming firm DECA Games and Netmarble. The newly announced partners follow their previously joined collaborators, including Disruptor Beam, Other Ocean and Kongregate.

Per the partnership, each of the five game developers will integrate Forte’s blockchain platform into one of its games, enabling new benefits for both developer and player communities, the firm announced to Cointelegraph. By using Forte’s blockchain, game devs can unlock new revenue streams by bridging the gap between digital gaming and physical collectibles and eventually providing real-world value to in-game experience.

Forte believes that “blockchain technology by itself is not enough”
While Forte sees blockchain as a tool for unlocking greater game experiences such as secure asset ownership and the ability to integrate peripheral markets, the firm is confident that sole blockchain integration doesn’t solve all gaming problems.

“At Forte, we firmly believe that blockchain technology by itself is not enough,” the startup said, emphasizing that engaging player experiences must accompany tech advancement. According to the firm, that is the biggest reason behind the addition of new game partners.

Josh Williams, Forte's co-founder and CEO, outlined that the new partners will bring deep knowledge in creating engaging game experiences that would be helpful in bringing blockchain-powered benefits to the mainstream. He continued:

“Together, we'll work towards building a more open, equitable, and sustainable ecosystem that addresses many of the issues found today in the games industry.”

To date, Forte's blockchain platform operates on an invite-only basis while the product is designed to be free and work across any game platform, the firm said. The platform is based on open source protocols like Ethereum and Interledger to facilitate the creation of game assets as well as cross-chain transactions.

The news comes after Forte’s entrance into a major industry partnership with Ripple’s developer ecosystem project Xpring. On March 12, Forte and Xpring established a $100 million fund to support game developers and foster the mass adoption of blockchain technology in the gaming industry via boosting engagement and monetization tools.

Source: https://cointelegraph.com/news/forte-taps-5-new-gaming-partners-as-blockchain-by-itself-isnt-enough

Pioneering Swiss crypto bank Sygnum unveiled a stablecoin pegged to the Swiss franc on March 20. Sygnum's ‘DCHF’ “settlement token” is backed 1:1 by funds held with the Swiss National Bank.

According to local media outlet Swissinfo, DCHF is under consideration for support from the forthcoming SDX digital assets trading platform from SIX Group — of which Sygnum is a member.

Swiss crypto bank announces CHF-pegged “settlement token”
The crypto bank aims to target institutional clients with its stablecoin, emphasizing that the coin enables fast and frictionless settlements alongside novel financial applications.

In addition to settlements, Sygnum’s Head of Tokenization Markus Hartmann asserts that the DCHF token can be used to execute smart contract payment structures — including “dividend pay-outs and other corporate actions.”

Sygnum co-founder Mathias Imbach describes “trustworthy stablecoins" as being "of central importance for the development of the digital asset economy,” adding that the DCHF “creates considerable operational efficiencies and at the same time promotes the development of new business models.”

Sygnum is first regulated bank to issue CHF-backed stablecoins
As Sygnum has held a digital asset bank license with the Swiss Financial Market Supervisory Authority (FINMA) since August 2019, the firm claims to be the first licensed bank in Switzerland to issue a stablecoin.

The crypto bank accepts deposits in fiat currencies including CHF, euros, Singaporean dollars and United States Dollars — all of which can be converted into DCHF via an internet banking portal.

Sygnum customers can also purchase and hold Bitcoin (BTC) and Ethereum (ETH) among other crypto assets.

The firm also holds a capital markets services license in Singapore.

Competition heats up among CHF stablecoin projects
Despite claiming the title of the first regulated bank to issue a Swiss stablecoin, the firm is not the first to launch a CHF-pegged crypto asset.

In 2018, Bitcoin Suisse AG founded the Swiss Crypto Tokens corporation to issue the first CHF-backed stablecoins. The Swiss Crypto Tokens comprise ERC-20 tokens that are redeemable for fiat currency in batches of $1,000 and are audited monthly.

In June, SIX stock exchange requested that the Swiss central bank develop a stablecoin to increase the efficiency of settlements.

Source: https://cointelegraph.com/news/pioneering-crypto-bank-launches-chf-backed-stablecoin

Payments and cryptocurrency platform Crypto.com has simplified cryptocurrency tax reporting for its users through a new partnership with three tax providers.

On March 24, Crypto.com announced the collaboration with crypto tax calculator CoinTracker, crypto tax software platform TokenTax and crypto tax reporting firm CryptoTrader.Tax.

Now, Crypto.com’s users can import their historical crypto transactions from the platform into one of the aforementioned tax reporting platforms to generate necessary tax reports. Users then can pass the forms along to a tax professional or transfer to tax filing software for further processing.

A response to crypto taxation around the world
The new option comes in response to growing crypto adoption, as well as new requirements from regulators around the world making cryptocurrency owners report on their holdings. Thus, last summer, the United States Internal Revenue Service (IRS) began asking digital currency holders to amend their tax filings, while compelling others to pay back taxes and interest and penalties.

At the time, the IRS said that it was focused “on enforcing the law and helping taxpayers fully understand and meet their obligations." Last October, the IRS issued its guidelines for crypto-based tax reporting, requiring roughly 150 million American taxpayers to answer the question whether they received, sold, sent or exchanged any virtual currency.

At the same time, most members of the European Union have a radically different approach to tax codes to govern their respective crypto sectors. For example, in Germany, Bitcoin (BTC) is not subject to any capital gains tax, thereby allowing investors to avoid paying significant levies on their holdings if the value of their BTC appreciates.

Source: https://cointelegraph.com/news/cryptocom-simplifies-crypto-tax-reporting-for-its-users

Crypto wallet banking and donation app BABB has announced the debut of its top-up function, a fee-waiving cash-out policy for COVID-19 fundraisers on its platform.

According to the announcement, the company has also added a fiat gateway that every Android and iOS user will have access to. BABB clarifies that as long as the users pass the Know-Your-Customer verifications, they will be eligible.

That said, customers who have not previously used BAX tokens or who are not familiar with trading or exchange platforms will be able to buy the BAX tokens directly with a credit or debit card.

The feature will also allow withdrawals and sending fiat funds to bank accounts.

The app is now listed on the Google Play Store
The company’s app has also appeared in the Google Play Store after inviting more than 13,000 people to participate in its beta in February. BABB clarifies that the Android app will be available in 47 countries.

BABB CEO and Chief Strategy Officer Joy offered the following statement:

“BABB is launching to the public with a humble offering, but we certainly hope that it will be more than enough to encourage people around the world to connect and foster a sense of global community to support each other in these challenging times.”

Source: https://cointelegraph.com/news/crypto-donation-app-babb-waives-fees-for-coronavirus-fundraisers

Binance has more than $1 billion in ERC-20-based stablecoins as of March 24. This figure surpasses a milestone that quite far ahead of second-place Huobi.

Binance holds $1,007,585,549 of these stablecoins as of press time, a balance that has grown some $105,583,132 over the past seven days, according to the global stablecoin exchange balance by Nansen.

Huobi’s balance is slightly more than half that sum: $694,327,505. That figure represents a growth of $165,823,720 in the same seven days as Binance.

These companies are distinctly leading the pack in stablecoin balance. Third place Bitfinex fell from $66 million to hover around $58,997,388. Fourth-place Bittrex holds about$50,927,291.

Binance Dollar crossing the $100 million market cap
This news comes in the midst of Binance Dollar recently exceeding $100 million market cap, the first such stablecoin to do so, according to a March 10 report published by Cointelegraph.

At that time, Binance’s CEO Changpeng Zhao said, “We are looking forward to seeing more utility through the power of stable digital assets and serving our part with BUSD, an NYDFS-approved USD-based stable coin.”

Source: https://cointelegraph.com/news/binance-holds-1b-in-erc-20-stablecoins

Rand Paul (R-KY) is the first U.S. senator to test positive for coronavirus. Paul also holds the distinction of becoming the first major U.S. politician to accept bitcoin donations in his 2016 presidential campaign.

Libertarian views run in the family
Rand Paul, like his father before him — Ron Paul, who ran for president as Libertarian in 1988, is known for his strong views on protecting individual freedoms. Dr. Paul is an outspoken critic of U.S. fiscal policy, tax policy, and the Federal Reserve as well as a notable supporter of cryptocurrency.

Following in his father’s footsteps, Senator Paul has recently voiced his opposition to the proposed coronavirus bailout bill:

“Did you know that the bipartisan coronavirus bailout bill will provide nearly everybody in my family with a check? And I’m not poor. I’m a United States senator. As a member of the Senate, I think it’s an abomination for the government to send checks to U.S. senators.”

Irresponsible behavior?
A statement from Ron Paul’s office posted on his Twitter account reads:

“Senator Rand Paul has tested positive for COVID-19. He is feeling fine and is in quarantine. He is asymptomatic and was tested out of an abundance of caution due to his extensive travel and events. He was not aware of any direct contact with any infected person.”

Two hours later, his office released another tweet in an attempt to address the spread of rumors claiming that Paul behaved irresponsibly:

“We want to be clear, Senator Paul left the Senate IMMEDIATELY upon learning of his diagnosis. He had zero contact with anyone & went into quarantine. Insinuations such as those below that he went to the gym after learning of his results are just completely false & irresponsible!”

Meanwhile, as the U.S. and the rest of the world are trying to mitigate the economic ramifications of the spread of the coronavirus, the markets remain volatile.

Source: https://cointelegraph.com/news/btc-friendly-senator-rand-paul-tests-positive-for-coronavirus