Difficult month for crypto, but fundamentals remain strong

In Community

Dear Quoiners,

I hope you are having a peaceful time.

As I write my November update, I still can’t believe that November has come and gone.

And despite the festivities and holiday feelings surrounding the general atmosphere, crypto world had one of the more challenging months.

When November started, the price of Bitcoin was around USD6,500. As of end of November, it was USD4,400, down 33%.

Because of the price of crypto declining all year, there was sentiment in the market that a rebound was near and that the typical year-end bull run up of crypto was going to happen any minute.

Unfortunately, that was not the case.

There could be many reasons, such as the BCH fork, miners selling their crypto assets and general pessimism.

But as I stated many times, crypto and blockchain is one of the most disrupting technologies since the Internet.

This is the future of finance. Internet of Value. Democratizing capital.

The fundamental value proposition has not changed.

I cannot predict the price of bitcoin tomorrow, or a month later, but I am sure it will be much much higher in the future.

I believe Bitcoin is far superior to gold.

So, hold on tight... but if you really think the market will tank, you can always do a margin short on our platform.

For my November update, I can summarize into three main points:

  1. Fix Liquid: Consolidating Quoinex and Qryptos (seems a distant memory) into Liquid in September was a monumental achievement. It was a merging of two platforms into one and extremely complex. Unfortunately this has caused both large and minor incidents that unfortunately still continue today.

    But we are fixing the root cause to make sure that we achieve at the minimum pre-merger reliability and performance. We believe we are almost there.

  2. Preparing for the future: Crypto is a fast moving industry. We are strengthening our foundation so that we will be able to scale our existing business as well as expand into adjacent sectors.

    An example is preparing ourselves for security token offerings. Our platform already has an ICO platform that allows token issuers to launch their ICO. It is natural for us to provide an end-to-end solution for STOs as well. We are obtaining the licenses necessary to prepare ourselves when the industry is ready. We are also looking at global expansion through our partners.

    Quoiners will be the first to know when we are ready to share.

  3. Other business development updates:

    - We announced the launch of Gemini USD (GUSD) from Gemini and USDCoin (USDC) from Circle. We are excited about the partnership and look forward to a potential JPY stablecoin as well.

    - I shared my one-year QASH anniversary blog and also conducted my AMA.

    We shared our new Liquid roadmap.

    - I was holding back on my travels but attended WebSummit

Finally, I am truly grateful for the continued support and love of Quoiners as we prepare for the end of the year.

Kindest regards,

Mike k

WRITTEN BY

Mike Kayamori

CEO and Co-founder of Liquid.