Daily Markets Update- October 2, 2020 E-Commerce Goes DeFi with Coruls

Total Market Cap $335.5 BN (-4.36%)

24 Hour Volume $120.7 BN (+44.03%)

Notable Movers PumaPay (PMA) (+131.57%)

BTC Dominance 58% (+0.87%)

The cryptocurrency and Asian stock markets dumped early Friday after U.S. Pres. Donald Trump announced he and his wife had tested positive to COVID-19.

Ethereum 2.0 ‘Dress Rehearsal’ Gets a Do-Over With Zinken

Developers will take a second whack at a final Ethereum 2.0 testnet after the first, Spadina, failed due to “critical peering issues.”

BitMEX ‘Attempted to Evade’ US Regulations, CFTC Charges

 The Commodity Future Trading Commission has charged BitMEX, CEO Arthur Hayes and other affiliated entities with offering U.S. customers crypto trading services in violation of federal law.

Should DEXs Be Worried After BitMEX? DeFi Founders Weigh In

The sudden takedown of crypto exchange BitMEX has cast a new light on Ethereum’s decentralized finance (DeFi) markets.

Trump Gets COVID: BTC Reacts 

In the early hours of Friday, Trump confirmed that he has tested positive for COVID-19. Dow futures tumbled after the president’s tweet, taking Bitcoin down with it. However, some analysts believe that a wider pullback isn’t likely. Attention will now turn to Trump’s condition as he recovers in the White House, as further developments could move markets.

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ECB: Get Ready for Digital Euro 🇪🇺

The European Central Bank has said the continent must be prepared to launch a digital euro soon. Officials believe a CBDC could "preserve the public good that the euro provides to citizens." It’s also hoped it would prevent foreign-based issuers, such as other central banks or private companies like Facebook, from becoming too integral to the eurozone’s stability.

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37,000 BTC Withdrawn from BitMEX 

More than 37,000 BTC has been withdrawn from BitMEX, according to CoinMetrics. At current market rates, that’s a staggering $390 million. It comes after the U.S. government filed charges against the exchange’s owners. BitMEX has vowed to defend itself against the allegations "vigorously." The platform still holds 170,000 BTC, so it seems many customers are staying put.

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Coinbase Helps U.K. Taxman 🇬🇧

Are you a Coinbase user in the U.K.? If so, your details might have been passed to the taxman. An email sent by the exchange says customers who received more than £5,000 ($6,474) in crypto assets in the 2019/20 tax year are affected. It seems that Coinbase has reduced the amount of information sent to HMRC through negotiations.

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The DeFi market is on boom and we all know that. Since March 2020, DeFi market has grown from $100M to more than $15B in August 2020. So, what made a huge market demand of DeFi platforms in such a period of short time? I believe the most apt answer would be the changing environment in businesses worldwide. There’s been lockdown at many places for a lot of time and the offline retail business suffered a lot. The present finance system is unable to handle such a crisis. Banks crashed and so did the stock markets.

But, there were a few businesses that still grew by adapting to the change. The most prominent of them was the ecommerce. E-commerce giants like Amazon and Ebay adapted to the changing world situations with innovative techniques like zero-contact deliveries and sanitizations of warehouses. However, a huge gap still remains between these marketplaces and merchants. They do not give much support to their merchants who were affected by the situation. Many merchants needed money to restart their businesses or make their businesses stable. The marketplaces did not give much support to their merchants in this financial crisis.

Meanwhile, ecommerce giant Coruls is aiming at the DeFi market to help the merchants, affiliates, customers and investors alike. Coruls is a well-established marketplace that has served more than a million customers worldwide. As the Covid situation arose, Coruls like other marketplaces also adopted to the change. However, many merchants suffered due to the crisis. Some lost their regular suppliers and some lost shipping partners. Many merchants were in need of financial help to restart their business, manufacturing, supply chain among other things. But due to the financial crisis all over the world, they were unable to get this help. They could not receive any help either from banks or investors. This affected their business on Coruls as well.

As the situation demanded, the management team of Coruls had to come up with a plan to help their merchants. Being in the frontier of technology, the Coruls team decided to help the merchants with their technical and financial expertise. And then started the idea of $CORL, a token for digital and physical goods. With CORL, the company is aiming the DeFi space to enhance their platform as well as make the platform adaptable to this sudden world crisis. With the CORL token, the first and foremost problem of merchants not having enough money to run their business is solved. Say how?

When a merchant stakes CORL token in his wallet, it becomes his asset. He can ask for funds from investors against this asset. He will provide all his business details to the investor in a pitch deck. If any investor thinks that a merchant’s business is worth investing, he can directly do so on the Coruls platform. He can take merchant’s CORL tokens as a collateral and give him funds to run his business. All the lending will be peer-to-peer only, meaning Coruls platform is and has no middleman in-between. Investors invest money directly via smartcontract and gets his returns from merchant directly via the smartcontract. The CORL token can also be used as a mode of payment on the platform. Affiliates will also be incentivized by the CORL token and customers will be rewarded with the token as well. The merchant will not be charged any transaction fees when he is paid with CORL.

The Coruls platform wants to target the DeFi market to enhance the e-commerce space and reward customers, affiliates and the merchants in a way never done before. As the platform has already strong roots in the e-commerce space, a lot can be expected from the platform’s new plans.

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