This Week in Cryptos: Kik announces “Defend Crypto” Effort While Insurance Companies Test Blockchain

Abhinav Agarwal Altcoin News PublishedJune 3, 2019 | ModifiedJune 3, 2019

Crypto News

This Week in Cryptos: Kik announces “Defend Crypto” Effort While Insurance Companies Test Blockchain

Key highlights

  • Kik announces #DefendCrypto
  • State Farm/USAA test blockchain
  • Coinbase adds EOS
  • Japan approves the new crypto bill
  • Anchorage adds insurance

Kik announces #DefendCrypto

This week, Kik, the messaging app, launched an initiative escalating its regulatory struggle against the U.S. Securities Exchange Commission (SEC). The new initiative called the is a coordinated crowdfund campaign centered around fighting the SEC in court to push back against tokens like kin being considered securities in the U.S. This initiative is a continuous effort of Kik’s CEO Ted Livingston who in January, made waves in the crypto-economy when he revealed that his company’s interactions with the SEC suggested the agency was going to imminently declare the kin ICO as an unregistered securities offering.

State Farm/USAA test blockchain

This week, a few new mainstream companies tried their hands on blockchain and this time they were from the Insurance industry. According to some reports this week, leading insurance companies United States insurance giant State Farm and military-affiliated bank United Services Automobile Association (USAA) tested a blockchain-based subrogation solution with real claims data. The two insurance titans are using blockchain technology to automate and streamline the subrogation process in insurance claims.

Coinbase adds EOS

This week saw another major coin found its way to Coinbase and surprisingly it was EOS. According to this weeks announcement, EOS was added to and the Coinbase Android and IOS applications on May 30, 2019. EOS had already been active on the Coinbase Pro platform, a cryptocurrency exchange designed specifically for traders, since around mid-April. However, the latest announcement now brings EOS to the entire Coinbase infrastructure, allowing all users to swap fiat and other cryptocurrencies for EOS, or vice versa.

Japan approves the new crypto bill

Another country attempts to give cryptos a legal status and this time it’s one of the pioneers of blockchain economy, Japan. This week Japan has officially approved a new amendment bill which now allows lawmakers to amend two laws related to crypto assets in the country. The bill was prepared by Japan’s Financial Services Agency (FSA) and has now been passed by both the houses of the Japanese Parliament.

Anchorage adds insurance

This week, Cryptocurrency Custodian Anchorage has added Insurance Coverage for storing digital assets. In the post, Anchorage — which raised $17 million in a Series A round led by Andreessen Horowitz — announced insurance coverage for institutions that covers digital assets under custody. The coverage comes as the result of a partnership with major insurance broker Aon. Anchorage outlined in the post that not all coverage of cryptocurrency custody insurance is equally as most custodians use a combination of hot and cold storage, on which policies may differ.

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Abhinav Agarwal 119 Articles
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