Ethereum Fees CBDC In Bahamas Filecoin’s Liftoff Ebang’s Crypto Bang More News

Ethereum Fees, CBDC In Bahamas, Filecoin's Liftoff, Ebang's Crypto Bang + More News

Ethereum Fees, CBDC In Bahamas, Filecoin's Liftoff, Ebang's Crypto Bang + More News 101
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

DeFi/Ethereum news

  • Long-suffering ethereum (ETH) users have cause to celebrate, while DeFi enthusiasts will be dismayed to hear that the craze may be subsiding – after median transaction fees on the Ethereum blockchain network dropped again. Per BitInfoCharts statistics, the median Ethereum transaction fee currently stands at USD 1.3 – down from staggering median fees of USD 8.48 recorded on September 2.
  • But it may well be too early to call time on DeFi, with one project showing signs of rude health: The lending platform Aave has debuted a governance platform that it said will allow its community vote on whether they wish to upgrade its LEND to AAVE. In a blog post, the London-based Aave (formerly ETHlend) stated that the proposal would seek to “make AAVE the new governance token of the Aave Ecosystem,” proposing rates of 100 LEND tokens to 1 AAVE.
  • The announced Spadina Ethereum 2.0 will go live on September 29 at noon UTC. Spadina is a mainnet-configuration test network, which will run for three days, and in parallel to Medalla, which was launched in August, said ETH 2.0 developer Danny Ryan. The main objective is to give developers another chance "to go through one of the more difficult and risky parts of the process – deposits and genesis – before we reach mainnet. If all goes well, it should give us greater peace of mind before we jump into the real deal later this year," Ryan wrote.

CBDCs news

  • The Bahamas is set to pip leading economies such as China, the United States and EU nations to the digital currency post as it releases a central bank digital currency (CBDC) late next month. In an official release, the Central Bank of The Bahamas stated that it will “gradually release a digital version of the Bahamian dollar nationally, outside of the pilot regions of Exuma and Abaco, through authorized financial institutions” on October 20. The central bank has dubbed the new token the Sand Dollar – and full rollouts across the public and private sectors are slated for 2021.

Blockchain and DLT news

  • Decentralized storage network Filecoin, one of the top ICOs of 2017, said that it estimates to launch its mainnet around October 15 and after a few days of monitoring and problem solving they will hold "Filecoin Mainnet Liftoff: a week of events from October 19-23 celebrating Filecoin’s mainnet launch."
  • Major professional services firm EY has launched its EY OpsChain Network Procurement, a solution built on the EY OpsChain platform that allows companies to run private, end-to-end procurement activities on the Ethereum blockchain. The beta version of this solution is now available free for individual users, said the company.
  • Regulated financial institution for digital assets Nexo has become an official credit partner to the Litecoin Foundation. The goal of the partnership, said the emailed press release, is to bring greater access to financial services to both of their communities, as well as to promote crypto and blockchain adoption as the way to have a fairer finance marketplace.

Exchanges news

  • Ebang, Nasdaq-listed Bitcoin (BTC) mining hardware manufacturer, confirmed that they are at an initial preparatory stage of launching "blockchain-enabled financial business by establishing cryptocurrency exchange(s) and online brokerage(s) and by combining the blockchain-enabled financial businesses with the traditional ones to capture the entire value chain of the blockchain industry." As previously reported, the company is planning to launch an offshore exchange for digital assets in 2020. Meanwhile, in the first half of this year, total revenues of the company dropped by 50.6% to USD 11m, compared to the same period in 2017. Net loss decreased by more than 60% to USD 7m.
  • Bitfinex Derivatives has announced the launch of perpetual contracts for Europe 50 (EUROPE50IXF0:USTF0) and Germany 30 (GERMANY30IXF0:USTF0), both of which went live on September 28. According to the emailed announcement, each contract will offer users up to 100x leverage and will be settled in tether (USDT). Markets will remain open over the weekend, but price limits will be put in place to increase price stability, said Bitfinex.

Investments news

  • Wave Financial Group, a digital asset investment manager, said it partnered with Singapore based digital securities firm InvestaX in order to attract a broader investor base for its Wave Kentucky Whiskey 2020 Digital Fund. Wave plans to complete the fund raise for this year’s fund "soon."

Article Produced By
Sead Fadilpašić

Sead is a staff journalist at Cryptonews.com who covers cryptocurrency and blockchain news daily, writes analysis pieces, tests blockchain and cryptocurrency products. He's based in Sarajevo, Bosnia and Herzegovina. Prior to joining Cryptonews.com he was a freelance, also was a journalist for Al Jazeera web. He spends his free time in music studios, recording songs for movies and cinema. Loves to break gadgets so he could fix them, enjoys exploring new music and loves tasty and equally unhealthy food.

https://cryptonews.com/news/ethereum-fees-cbdc-in-bahamas-filecoin-s-liftoff-ebang-s-cry-7837.htm

Heiko Closhen, Entrepreneur

KuCoin Hack Shows Key Difference Between Altcoins and Bitcoin

KuCoin Hack Shows Key Difference Between Altcoins and Bitcoin

KuCoin Hack Shows Key Difference Between Altcoins and Bitcoin 101
Unprecedented" moves by altcoins in the aftermath of the KuCoin hack showed that the old adage "not your keys, not your coins" might be true in the case of decentralized cryptocurrencies such as bitcoin (BTC) only.

As reported, following several abnormal transactions first noticed on September 25, KuCoin experienced a leakage of its private keys tied with its hot wallets, which resulted in a hack of millions USD worth of customer funds. Per an update by the KuCoin team, with the release of additional suspicious addresses, it now seems that there's been more than USD 200 million in funds lost, and it could go higher if more such addresses are revealed. What the updates also revealed is that, a number of projects have swapped, frozen, invalidated, or otherwise 'interfered' with their tokens, as well as the token transfers. Such activities include:

  • Ampleforth (AMPL) disabling transfers from the attacker (AMPL 14m (USD 9.5m))
  • Tether freezing a total of 22m USDT tokens
  • VIDT_Datalink (VIDT) freezing the 14.5m tokens (USD 6.2m) transferred to the suspicious address
  • Covesting (COV) freezing 3.12m tokens (USD 563,000)
  • Velo Labs (VELO) announcing re-deployment and replacement of each of the VELO tokens transferred to the suspicious address – VELO 122m (USD 71.65m) affected will be invalidated
  • Silent Notary (SNTR) re-issuing new SNTR, and replacing 78.9bn affected SNTR tokens (USD 99,000)
  • NOIA Network (NOIA) reissuing NOIA via a new smart contract, replacing the NOIA 81m (USD 3m) affected; it has completed the token swap
  • Aleph.im (ALEPH) re-issuing the tokens via a new smart contract, rendering obsolete the previous tokens, including some 8.5m stolen tokens (USD 1.25m)
  • Orion (ORN) completing the token swap of ORN 3.82m (USD 8.98m)
  • KardiaChain (KAI) completing the token swap of KAO 525m (USD 9.2m)
  • Opacity (OPQ) accelerating the planned token swap.

"The market has shown unprecedented reaction to recent KuCoin hack," commented ICO Analytics. However, these are also moves that many argue can't be made with BTC. "If you can freeze it, it isn't 'crypto'," said Growth lead at major crypto exchange Kraken, Dan Held. "It’s completely fucking centralized." Changpeng Zhao, CEO of another major crypto exchange Binance, however, used the chance to reiterate his previous statements that decentralization is not "binary black or white," but that the reality is "usually a bit more grey." After Binance was hacked in May of 2019, Zhao also mentioned a possibility to roll back some of the BTC transactions in order to recover the lost funds and "teach [hackers] a lesson." This prompted a heated debate in the Cryptoverse, showing that, in theory, this would be technically possible but it would be as likely as "all miners stop mining Bitcoin and let it die" because "there’s a huge collective incentive to not change history."

Also, after the infamous Ethereum (ETH) DAO hack in 2016, the ETH community controversially decided to hardfork the ETH blockchain in order to restore virtually all funds to the original contract and return DAO token holders’ ether. Meanwhile, the above-mentioned projects have made their arguably centralized moves faster than a traditional, centralized authority is often able to – which speaks both of the technology's superiority in a way, but also of the potentially worrying fact that it's possible for an individual / team to make these decisions and exert this much control over the project in the first place. It can be argued then, that the only thing that stands between the projects using their power for something that could be interpreted as a good cause (e.g. stopping a hacker) and using it for their own 'not as good' goals is the benevolence of the authority.

Article Produced By
Sead Fadilpašić

Sead is a staff journalist at Cryptonews.com who covers cryptocurrency and blockchain news daily, writes analysis pieces, tests blockchain and cryptocurrency products. He's based in Sarajevo, Bosnia and Herzegovina. Prior to joining Cryptonews.com he was a freelance, also was a journalist for Al Jazeera web. He spends his free time in music studios, recording songs for movies and cinema. Loves to break gadgets so he could fix them, enjoys exploring new music and loves tasty and equally unhealthy food.

https://cryptonews.com/news/kucoin-hack-shows-key-difference-between-altcoins-and-bitcoi-7834.htm

Heiko Closhen, Entrepreneur

What Cryptocurrency To Invest In? Best Altcoins To Buy in 2020

What Cryptocurrency To Invest In? Best Altcoins To Buy in 2020

What to Look For Before Purchasing or Investing In Cryptocurrencies

Cryptocurrencies are traded in different ways and they use a number of different algorithms. The main characteristics that you must consider before purchasing or investing in cryptocurrencies are: retailer acceptance, verification method, and market capitalization and daily trading volume.

  • Retailer Acceptance – A cryptocurrency isn’t much of use if you can’t purchase anything with it, so before you invest in it, it’s very important to know who and where it was accepted. Some coins are simply built for other purposes and they aren’t designed to be exchanged for goods. Some of the popular cryptocurrencies are widely accepted just like Bitcoin, while some cryptocurrencies can only be exchanged for other cryptocurrencies.
  • Consensus Method – One of the main differences between cryptocurrencies is their verification method, and the oldest and most common method is called Proof of Work (POW). A computer has to spend time and energy solving a difficult math problem to gain the right to verify a transaction. But the problem with this method is that it needs a huge amount of energy to operate. On the other hand, Proof-of-Stake (POS) systems try to solve this issue by letting the users with the largest share of the currency verify the transactions. These systems claim faster transaction speeds and require less processing power to operate. However, concern over security means that few coins use an entirely proof-of-stake-based system.
  • Market Capitalization and Daily Trading Volume – A cryptocurrency’s market capitalization is the total worth of all coins currently in circulation, and at the time of writing, the total cryptocurrency market capitalization is nearly $175 billion. High market capitalization can indicate a high value per coin. It is important to note that the daily trading volume of currencies is more important than market capitalization.

Long-term cryptocurrencies to invest in

Since you have read up to this part, you are probably very eager to find out what could be the next bitcoin or next big cryptocurrency so you can go and buy it. Here is a list of the most promising altcoins and cryptocurrencies to buy in 2020 according to our research that was framed by coin market cap, future scope, demand, and value investment asset.

Basic Attention Token (BAT)

This project has all the ingredients required to be extremely successful and definitely should be included in any lists that cover proper altcoin investing. The concept is awesome – connecting the publishers and advertiser without the middle man and his commission. People getting paid for their attention (hence basic attention token) and advertisers getting more awareness for their money while also having happy publishers who get more money as well (no middleman fees). TEAM: The CEO is the creator of JavaScript as well as co-founder of Firefox and Mozilla. They brought on board a lot of people with proven track record. I personally invest on people before anything else, and this has made it a no brainer. PRODUCT: Already there, Braver Browser is awesome – I personally use it since 2 months ago and loving it for its speed and ads blocking features.

Here’s the list of some BAT funders: Founders Fund, Foundation Capital, Propel Venture Partners, Pantera Capital, DCG, Danhua Capital, and Huiyin Blockchain Venture Those firms have a lot of interests in increasing BAT market cap and they have very deep pockets. I won’t be surprised if all of the sudden, the price just moon extremely high in a very short period of time. The Anonize algorithm is built in a way that the user privacy is respected while publishers will be able to target effectively their users. How to purchase: Buy BTC on one of these exchanges linked below, transfer it to trading exchanges (Bittrex, Binance, Bitfinex, Poloniex ..) and trade for this altcoin.You might consider trading coins on Binance as it has by far lowest fees of all major exchanges. It is a new hit exchange that is surging to top of trading volume lists and receives heeps of praise from users.

Tezos (XTZ)

Tezos (XTZ) has been an outlier of the bearish market, outperforming bitcoin and all other coins by more than 100%. Tezos is building a secure infrastructure for DApps, and because of that, a large part of its success will come from developers building on the network and the ecosystem flourishing. There are signs of this already, but not enough for investors to get giddy. Ethereum is the runaway leader when it comes to this, with many big names incumbents working on Ethereum-based solutions. Tezos is in a more speculative category. You’re betting on whether this could become a network that developers flock to and one rich with features that support DApps. There is potential here and pitch is good on paper, but you really want more evidence before you commit your cash.

If your willing to diversify your portfolio with such assets, and are willing to do due diligence with respect to monitoring development and growth, then perhaps Tezos (XTZ) could be a suitable investment. You have to make the call for this one.How to purchase: Buy BTC on one of these exchanges linked below, transfer it to trading exchanges (Bittrex, Binance, Bitfinex, Poloniex ..) and trade for this altcoin.You might consider trading coins on Binance as it has by far lowest fees of all major exchanges. It is a new hit exchange that is surging to top of trading volume lists and receives heeps of praise from users.

Article Produced By
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community – both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

https://captainaltcoin.com/best-altcoins/

Heiko Closhen, Entrepreneur

GLOB: the revolutionary altcoin of 2020 that will change the way you think of money forever

GLOB: the revolutionary altcoin of 2020 that will change the way you think of money forever

GLOB is the first cryptocurrency that multiplies itself within a year with every transaction in an easy,

immutable and transparent way via the implementation of the revolutionary Proof of Transaction protocol. It aims at removing the gap between the rich and the poor and making every project in the world profitable. Now, this sounds like a true promise of disrupting the predatory economic system controlled by the 1%. Read below to find out all the details.

When we think of the idea of money making more money, the first thing that comes to mind is the traditional way of “putting money to work” via the banking industry, or Ponzi schemes, neither of which is sustainable or ethical. Would you like your money to multiply itself? Wouldn’t it be nice to send a 100$ and receive a guaranteed 100% cashback, while the recipient also receives the amount sent? If you think it is impossible, think again. This new altcoin will make you revisit everything you know about how the money – and cryptocurrency – works. GLOB’s main principles are the breakeven of mutual settlements, inability to use assets for speculative purposes, elimination of financial risks and absence of debt obligations.

Sounds exciting? Many cryptos have promised to change the world, eliminate poverty and make money fair again, but let’s be honest: most, if not all, cryptos have ended up being used by the same “whales” for speculative purposes, while the smaller fish either gets breadcrumbs from the “master’s table” or is eaten in the process, left with nothing but losses. Is there are a way to change the situation and make sure that every transaction and all investments become profitable? Yes, there is, and this is not utopia. The developers of GLOB have a sustainable solution.

GLOB’s Proof of Transaction protocol entails conducting a reserve transaction that would mine GLOB cryptocurrency for 365 days from the date of the transaction. According to the mining outcome, the sender receives a 100% cashback of the amount sent, and the recipient receives a 100% reward of the amount received. 20% of the transaction amount is withdrawn as payment for mining and to limit emissions, and can subsequently be destroyed or transferred to the Charity Fund of the Reserve System or to the Project Development Fund at the discretion of the transaction initiator

What is GLOB why is it important?

  • The creators of the new ERC-20 altcoin called GLOB want to revolutionalize the way the money works and remove all the speculators, intermediaries and any powers that tackle the financial system for their own benefit with little consideration of the majority. They believe that the emission of money must be controlled by the end-users, like you and me. 
  • This open-source immutable blockchain digital asset built on Ethereum utilizes the revolutionary decentralized emission protocol called Proof Of Transaction and is not controlled by any centralized authority or group. Proof of Transaction (PoT) is implemented by means of a smart contract, according to which a transaction registered in the system by a reserve fund (user) is the basis for the emission (mining) of GLOB cryptocurrency. The withdrawal of a fixed percentage of the transaction amount to cover mining costs and the creation of a reserve transaction for the distribution of created assets are both mandatory conditions.
  • The main aim is for the global economy to steer clear of the predatory practices of the current financial elites. The economy needs to be able to freely recover and grow at an unprecedented pace. Regular people would be able to manage profitability after the complete elimination of the main limiting factors and fractions. 
  • The decision of the ecosystem will be taken based on the consensus of large groups of users, a “middle class” of sorts, rather than small groups of corrupt elites. That is, there will be a kind of conflict-free change in the economic system. The free global technocratic capitalism must replace the toxic imperialism

How does GLOB work?

According to the GLOB whitepaper, “the emission of decentralized digital assets is at the core of the new economic system of GLOB and solves the current issues of the existing economic model with no conflict of interest between regulatory bodies or the main players. The Global Reserve System is a network of private reserve funds connected by partnerships that conduct settlements using the GLOB cryptocurrency under alternative economic conditions. During a transaction, the system’s smart contract conducts a decentralized emission of GLOB cryptocurrency, distributed in favor of the parties involved over 365 days. Senders receive a 100% return on the amounts sent, and recipients receive a 100% reward on the amounts received.

Article Produced By
Null Transaction PR

https://nulltx.com/glob-the-revolutionary-altcoin-of-2020-that-will-change-the-way-you-think-of-money-forever/

Heiko Closhen, Entrepreneur

Bitcoin and Altcoins Consolidate Above Key Supports

Bitcoin and Altcoins Consolidate Above Key Supports

  • Bitcoin price is consolidating above the USD 7,100 and USD 7,000 support levels.

  • Ethereum is holding the USD 125 support and XRP is trading near USD 0.192.

  • LUNA gained more than 15% and MATIC is up around 8% today.

Yesterday, we saw a fresh decline in bitcoin price below the USD 7,400 and USD 7,350 support levels. BTC/USD even traded below the USD 7,250 level and it is currently (09:00 UTC) consolidating losses above USD 7,100. To start a fresh increase, the price must climb above USD 7,350 and USD 7,400 in the near term. Similarly, most major altcoins are trading above key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is trading above the USD 125 support and it could revisit the USD 130 resistance. XRP/USD is consolidating near the USD 0.190 level and it is facing hurdles near USD 0.195.

Bitcoin price

Recently, bitcoin price trimmed most of its gains and declined below the USD 7,350 support levels. BTC/USD even traded close to the USD 7,150 and USD 7,100 support levels. It is currently consolidating losses above USD 7,150 and it could correct higher. An initial resistance is near USD 7,350, above which it could continue to rise towards the USD 7,550 resistance area. On the flip side, the price could break the USD 7,150 and USD 7,100 support levels. In this case, bitcoin could accelerate its decline below USD 7,000.

Ethereum price

Ethereum price is showing a few bearish signs below the USD 130 and USD 132 resistance levels. However, ETH/USD is holding the USD 125 support level and it could correct higher. The next key support is near the USD 120 level. On the upside, the USD 130 and USD 132 levels are likely to prevent gains. To move into a positive zone, the price has to climb above the USD 135 resistance area.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is currently consolidating above the USD 185 support area. BCH/USD is facing many hurdles on the upside, starting with USD 192. The main hurdles are near USD 1995 and USD 200, above which the price is likely to accelerate higher. On the downside, a break below USD 185 might lead the price towards USD 170. Litecoin is holding the USD 40.00 support area and it is trading in a range. LTC/USD must climb above the USD 41.20 and USD 42.50 resistance levels to set the stage for a push towards the USD 45.00 level. On the downside, the price could test USD 38.50 if it breaks USD 40.00. XRP price remained confined in a range below the USD 0.195 resistance level and above the USD 0.185 support level. It seems like XRP/USD may soon make another attempt to surpass the USD 0.200 resistance area in the near term.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins climbed higher, including LUNA, MATIC, THETA, MANA and ENJ. On the other hand, BCN, EKT, SXP and ATOM faced an increase in selling pressure. Overall, bitcoin price is trading near a couple of important supports above USD 7,100. Therefore, BTC/USD might start a fresh increase towards USD 7,550 as long as there is no close below the USD 7,100 support. The next major supports are USD 6,850 and USD 6,550.

Article Produced By
Aayush Jindal

Aayush is a professional cryptocurrency market writer, a regular contributor to Cryptonews.com who writes about the latest developments in the cryptocurrency markets daily. He's also a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a decade as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

https://cryptonews.com/news/bitcoin-and-altcoins-consolidate-above-key-supports-5388.htm

Heiko Closhen, Entrepreneur

Bitfinex Shareholder: Tether plans to print Digital Yuan soon named CNHT

Bitfinex Shareholder: Tether plans to print Digital Yuan soon, named CNHT

                             

Tether Holdings, a subsidiary of Bitfinex and the company behind

the world’s most popular stable coin USDT, is going to print Yuan based stable coin soon. The new stable coin is called CNHT. Zhao Dong, a shareholder of the cryptocurrency exchange Bitfinex revealed in an interview that Tether plans to launch the Chinese Yuan backed Stablecoin – CNHT. Moreover, he also revealed that Tether plans to launch a new coin backed by commodities such as gold, rubber and crude oil. Tether created stable coin, USDT, is currently the biggest and the most popular stable coin. USDT has a current valuation of $4 billion. It is said that manipulation of USDT was the reason for Bitcoin’s 2017 all-time high price of $20,000. Zhao Dong runs his OTC business, Renrenbit, and he added that they will

support the newly minted CNHT.

“Personally, I think the offshore yuan stable coin could boost the circulation of the offshore renminbi and internationalize it. Regulators may be happy to see it proceed and succeed,” he said on Wechat.

When USDT was first launched in 2014, Bitfinex revealed that they would be launching three tokens in the future. USDT (Tether backed by USD), Euro backed stable coin, and Japanese Yen backed stable coin. But due to the popularity of USDT in China, Tether plans to launch CNHT first.

Fake CNHT’s in the Market

The news of Bitfinex releasing CNHT has attracted a lot of attention. Some scammers on various forums and groups have started selling “CNHT”. The scam begins by the person claiming they are from Bitfinex or Tether and are doing some airdrops. They send the ERC20 smart contract the users and give the user a 30% discount on early investment on CNHT. Currently, CNHT hasn’t been released and no release date has been given by Bitfinex or Tether. In fact, no official word regarding CNHT has been given by Bitfinex or Tether.

Article Produced By
Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He is the founder of Blockmanity. He trades cryptocurrencies and holds some but he prefers holding USDT.

https://blockmanity.com/news/bitfinex-shareholder-tether-plans-to-print-digital-yuan-soon-named-cnht/

Heiko Closhen, Entrepreneur

OKEx Reached Partnership with BitBns as the First Step into India Crypto Market

OKEx Reached Partnership with BitBns as the First Step into India Crypto Market

                                 

OKEx, the world-leading digital asset exchange,

established itself as a reliable and stability focused entity is pleased to announce a strategic partnership with BitBns, India’s leading exchange to bring the global brand experience of secureness and reliability to Indian crypto traders. This strategic partnership with BitBns marked the entry of OKEx into Indian crypto ecosystem, which not only enhances OKEx’s position in the Indian crypto industry but also restores the lost faith in Indian crypto community by maximizing the crypto trading experience and resources.

Being the world’s leading digital asset exchange, the Malta-based crypto exchange OKEx already caters to over 20 million users from over 100 countries with business centers scattered across the world, including Hong Kong, Tokyo, San Francisco, Luxembourg, and Seoul. OKEx provides a safe, reliable, and stable environment for digital asset trading globally, providing comprehensive digital assets trading services including Fiat-to-Token Trading (OTC), Spot Trading, Margin Trading, Futures Trading, Perpetual Swap (1x-100x), with the aim to enrich the investment choice of users. Currently, the exchange offers over 400 token and futures trading pairs, enabling users to optimize their strategies, as well as 24/7 local customer service to provide

a perfect experience for traders.

“This announcement with India’s largest exchange, BitBns is the first solid step in our journey to build on our vision to serve Indian crypto community,” according to OKEx official. “OKEx has been very dedicated to supporting blockchain development around the globe and we respect regulation in all the countries. To cultivate the blockchain ecosystem, we are always happy and open to share our experience and insight with the local regulator in order to prompt the regulatory environment.”

OKEx upholds the openness and win-win strategy to accelerate globally business layout and achieve the widespread adoption of Blockchain technology. Towards this end, OKEx is establishing a local team & executing localized operations by partnering up with authoritative crypto entities, including prime projects, crypto exchanges, and tech startups in developing underlying technology.

In the future, the company will fully open up to accumulate the resources in India, as well as share ecological dividends and user traffic. OKEx will work with high-quality blockchain projects to integrate Indian market resources and help local exchange with global liquidity to accelerate and extend their capabilities, with the aim to promote positive development for blockchain industry by building a mutually beneficial ecosystem.

Article Produced By
Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He is the founder of Blockmanity. He trades cryptocurrencies and holds some but he prefers holding USDT.

https://blockmanity.com/news/okex-reached-partnership-with-bitbns-as-the-first-step-into-india-crypto-market/

Heiko Closhen, Entrepreneur

US Banking and Remittance Firm PNC Now Utilises RippleNet

US Banking and Remittance Firm— PNC, Now Utilises RippleNet

According to a recent report, a leading financial institution PNC

has become the first bank to provide international remittances service in the United States using RippleNet after it remitted $4.3 billion as revenue in the first quarter of 2019, and had $385.9 billion in average assets. The bank now uses Ripple’s chain of banks and financial institutions which is referred to as RippleNet to transfer funds overseas.

The released publication stated that:

“As the first US bank to process these payments in real-time, PNC offers commercial clients in the US with the ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.”

The partnership between PNC and Ripple was firstly revealed in September of 2018 during which PNC stated that:

“As the global economy becomes increasingly digital, the need for real-time payments globally is critical. We are focused on providing our clients with capabilities that enable making secure digital payments in an instant, whether they are sent across the street or across the world.”

With the new partnership, PNC’s commercial clients will be able to receive real-time invoice payments from their buyers who are not based in the United States.

The Senior Vice President of Customer Service at Ripple, Marcus Treacher said that:

“For far too long, the technology underlying cross-border payments has been opaque, slow and costly. PNC, as an innovative and forward-thinking institution, understands the promise of emerging technologies like blockchain,” “Quite a few payment providers have joined RippleNet recently, so it’s great to see one of the major U.S. banks come on board as well,” he added.

Also, PNC is probably utilising Ripple’s payment messaging system xCurrent to carry out cross-border transactions because xRapid is still encountering some regulatory issues in the United States.

Article Produced By
Joshua T.

Olanrewaju Joshua is a Freelance writer, who loves to write about anything related to technology. His interest in Cryptocurrency started in 2015, and it has not stopped since.

https://coindoo.com/us-banking-and-remittance-firm-pnc-now-utilises-ripplenet/

Heiko Closhen, Entrepreneur

Altcoins Real Dominance Is Only 10 Of The Crypto Market Not 30: New Study Reveals

Altcoins Real Dominance Is Only 10% Of The Crypto Market, Not 30%: New Study Reveals

                            

Bitcoin dominance is the crypto market share of the leading cryptocurrency,

Bitcoin, over the rest of the crypto market. The indicator has been fluctuating between a high of almost 96% in November 2013 and a low of 33.4% recorded in January 2018, during the craziest altcoin season. Following the BItcoin’s Bull Run of 2019, the dominance has risen from 51% at the beginning of the year to nearly 70% as of now. However, a new study suggests that the real dominance of Bitcoin is approximately 90%, a lot more than what we are used to.

Market Dominance Calculated

In order to obtain the percentage of each coin, the circulating supply must be multiplied by the coin’s price and then divided by the market capitalization of all cryptocurrencies. Doing this math shows that Bitcoin has always been the most dominant force in the cryptocurrency community. As per Coingecko, Bitcoin’s market dominance today is 68.13%, which is near to the year-to-date high of 69.73%. However, new research by Arcane shows that different numbers may arise when adding trading liquidity to the mix.

90% Bitcoin Dominance

When liquidity is considered as well, Bitcoin’s presence appears to be even more dominant at around 90%. Liquidity is the key to receiving the most accurate market capitalization numbers as per the person who conducted the research – Bendik Schei,

who explains:

“The main reason is that one could easily create a cryptocurrency with 1 billion pre-mined coins, and do one trade at say three dollars each. This would lead to a total market capitalization of $3 billion, which would represent 1% market dominance with today’s valuations and inflate the total market capitalization. The problem is that the calculation does not take liquidity into account. One might be able to sell one token for three dollars, but what happens if you want to sell 1 million? Without accounting for liquidity, market capitalization becomes a meaningless measure.”

What is Left for Altcoins?

By modifying the numbers when liquidity is in the mix, altcoins appear to be in an unenviable position. Even the highest altcoins in regular market capitalization like Litecoin, Ripple, and Ethereum struggle to achieve 10% combined. Schei also added: “Everyday Bitcoin stays ahead, it becomes less likely that any other cryptocurrency can compete as money.”

Article Produced By
Yordan Lyanchev .

He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain.

https://cryptopotato.com/altcoins-real-dominance-is-only-10-of-the-crypto-market-not-30-new-study-reveals/

Heiko Closhen, Entrepreneur

Coinbase CEO: Seeing 200400M a Week in New Crypto Deposits’ From Institutions

Coinbase CEO: ‘Seeing $200–400M a Week in New Crypto Deposits’ From Institutions

Brian Armstrong, the Co-Founder and CEO of Coinbase,

says that although it was not clear a year ago whether we would ever see institutional adoption of crypto, the answer is clear now.Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.The Coinbase CEO's comment about institutional adoption came just an hour after Coinbase Custody announced that it has completed its purchase of the institutional custody business of Xapo, thereby "becoming the world’s largest crypto custodian." 
 
Coinbase's blog post says that since Coinbase Custody was launched in 2018, it has managed to grow to "over $7 billion in Assets Under Custody (AUC) stored on behalf of more than 120 clients in 14 different countries, making it the largest, most globally recognized and most trusted institutional custodian in the world." According to a report in Fortune, Coinbase paid $55 million for Xapo's institutional business, and that Xapo will "hold onto its exchange business, which lets ordinary consumers buy and sell Bitcoin." 

Xapo founder and CEO, Wences Casares, told Fortune:

It’s hard to do a consumer business well at the same time as an institutional business. Earlier this year, we looked for a home for it.

Xapo's blog post about the sale of its instititional custody business further explains how Xapo arrived at this difficult decision:

Today, we don’t charge our clients anything to hold their coins in custody and service them. It is getting expensive to support this business, especially the insurance and minimum capital requirement. However, without providing additional features and service, we felt it wouldn’t be fair to start charging our clients a fee.

It also explains why this business was sold to Coinbase Custody:

We believe that in choosing Coinbase, the Institutional Custody Business is going to a company that can provide great insurance, borrowing and investment alternatives that we are not offering. Coinbase has top notch security and they are fully insured. They are a qualified custodian and a NY Limited Purpose Trust Company. They are a fiduciary under NY Banking Law and all assets are held in trust for the benefit of their clients. Additionally, they have a pipeline to offer wide financial services for large holders.

Casares says although Xapo had higher bids from other companies, the other bidders "lacked the security or regulatory credentials to be acceptable to Xapo’s clients." One of those clients, Grayscale Investments, agreed to transfer around $2.7 billion worth of digital assets that it manages (over 225,000 bitcoins) to Coinbase Custody in early August (this news was announced on August 2). Fortune says that, according to one source, "the majority of Xapo’s largest clients have agreed to transfer their assets to Coinbase, giving the company control of over 514,000 Bitcoins." It also says that the "remaining Xapo customer accounts are reportedly worth over $3.5 billion, and if Coinbase can sign on those customers as well, the company will have over 860,000 Bitcoins under custody."

Rumors of this deal first appeared in May in news outlets Axios and The Block; however, the deal took this long to complete "due to the sensitivity over transferring customer assets, and details such as who would take possession of the Swiss vault." Xapo's Bitcoin vault in Switzerland has "elaborate security measures that reportedly involve armed guards and multiple layers of granite inside a mountain." Casares says that his company will maintain ownership of the vault, which it will use for storing Bitcoin belonging to its retail customers. Fortune says that now that Coinbase Custody has completed this acquisition, it has over 150 institutional clients.

Armstrong told Fortune:

Custody is a critical step toward the institutionalization of crypto economy. It’s likely to start off small—maybe a few billion under custody—but it will grow quickly to a point that it’s a meaningful piece of stable, recurring revenue for the company.

Article Produced By
Siamak Masnavi

Siamak received his PhD in Computer Science from University of London in 1992. He has worked as a research scientist, technical author, software developer, and journalist. Since 2014, he has been researching cryptocurrencies and other applications of blockchain technology.

https://www.cryptoglobe.com/latest/2019/08/coinbase-ceo-seeing-200-400m-a-week-in-new-crypto-deposits-from-institutions/

 

Heiko Closhen, Entrepreneur