Who is in, who is out?
Members of the FCAS 25 are reevaluated each month and must be ranked within the top 25 for at least 40 days to qualify. Today, a new set of members was released. This month, OMG (OMG Network) is new to the list.
OMG Network Spreads Covid-Friendly Payment Solutions Across Asia.
In a post-COVID-19 world, many envision a shift towards digital payments over cash. OMG is at the forefront of leading this transition in Asia.
Two weeks ago, OMG Network’s Parent Company SYNQA, Raised $80 Million in a Series C funding. The Thailand-based company said it would use the investment to spread cashless solutions to businesses across Asia. While cryptocurrencies are part of the solution, the team also focuses on providing the payment platform (called Omise) required to run a business online.
“In times of social distancing, fintech infrastructure such as payment gateways are key tools in performing day to day financial transactions in a fast, secure and convenient manner.” said Jun Hasegawa, founder and CEO of SYNQA.
Cardano (ADA) Continues to Skyrocket
ADA fundamentals have been on the rise since May 2020, when the team announced the “Shelley” upgrade, which Cardano’s founder, Charles Hoskinson, calls “the most significant launch of Cardano’s history”.
The upgrade would make Cardano 50 to 100 times more decentralized than other prominent blockchain networks. Further, it will introduce an incentive scheme designed to reward stake pools, or community run network nodes that are always on.
Current prominent blockchain networks are often controlled by less than 10 mining pools, exposing them to serious security risks. With Cardano’s new reward mechanism, over 1000 stake pools have registered, and hundreds are currently active.
At the same time, the team is taking steps to help projects build on top of the Cardano blockchain. Its developer house, IOHK, invested $10 million in a $20 million fund to support startups and early-stage businesses working on Cardano tech initiatives.
The IRS is Cracking Down on Privacy Coins
A new listing posted on June 30th, 2020, shows that the Criminal Investigation Division (CID) of the IRS is hiring private contractors to get more visibility into privacy coins transactions used in illicit activities. According to the request for information posted, the CID is looking for technological solutions that will help trace privacy coins, layer 2 off-chain protocol networks, and side chains.
Indeed Monero, one of the leading privacy coins which allows fully anonymous transactions, has lost some steam this past month in terms of FCAS – going down 3.93%, led by a 3.47% drop in User Activity.
Being part of the FCAS 25 projects, this decline in Monero’s FCAS contributed to the slight drop in overall industry health (down 4-points since last month) we’re witnessing this month.