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Circle Beat The Bearish Market: “We Had Very Significant Growth Last Year” its CEO Says

The market for cryptocurrencies and blockchain technologies remains a reasonably lucrative business despite the bearish trend experienced by tokens in 2018. Regardless of the technical indicators, businesses applying the “Buidl” philosophy have shown considerable growth, and Circle is an excellent example of this.

In an interview for Fortune’s Balancing the Ledger, Jeremy Allaire, CEO of Circle explained that although trading volume has decreased, the valuation of his Exchange and the use of its services grew over the last year:

When there’s not volatility, or prices are down, then volumes are down. We had very significant growth year last year, even though there was a crypto bear market

After Buying Poloniex, Tokenized Securities are under Circle’s Radar

Circle is one of the most influential companies in the world of cryptocurrencies, its OTC Trading Desk is extremely popular among high-volume traders. Likewise, the company was able to position itself in the spot trading market after buying Poloniex for a value close to 400 million dollars.

Poloniex Logo

According to information provided by Fortune, after its last round of funding, Circle was privately valuated at $3 billion; however, a report by Frank Chaparro published by The Block suggests that after the Bitmain debacle, Circle’s valuation could have fallen to less than $1 billion.

Despite the drop in volume, the Circle team has significant projects in mind, one of the most critical being the development of a tokenized securities trading platform. To this end, the recent acquisition of SeedInvest is a major strategic decision taken by the board of directors.

We’re going to look at ways that we can bring the benefits of digital assets, crypto technologies, and blockchains into this whole area of issuing securities over the internet

Circle is Focused On Promoting USDC. Facebok And USDT Are Not a Threat

USDC Coin Logo

Also, Circle is focused on promoting USDC, its native stablecoin. After the scandals that questioned USDT’s credibility and recent USDT claims that it is not 100% 1:1 backed by real dollars, Circle hopes to improve the positioning of its stablecoin by increasing its presence in other exchanges.

Facebook’s intention to issue its own stablecoin, did not concern Mr. Allaire; in fact, he commented that such initiatives are beneficial to the ecosystem:

I think it’s a great sign that major Internet companies are starting to look at issuing cryptocurrencies … That’s very, very positive in our view overall.

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Crypto Winter Strikes Again, Leaves Gaping Hole In Bithumb’s Side

Crypto Startup Bithumb Slammed

Since getting hacked in the middle of 2018, Bithumb, South Korea’s largest crypto asset exchange, has been struggling. The so-called crypto winter, which started to bare its fangs late last year, has only exacerbated the startup’s qualms.

Bithumb’s situation purportedly came to a head just recently, with CoinDesk reporting that the company has unveiled plans to cut upwards of half of its staffers. Citing an unnamed executive from the company, which has plans to go live on the New York Stock Exchange through a reverse merger, the 300-man headcount will be cut to 150. It was explained that as the platform’s trading volume has decreased, Bithumb is enlisted “internal measures” to mitigate further economic damage.

A startup representative made it clear that the 160 purged from their roles won’t be left out to dry, however. He/she remarked that Bithumb’s former employees will have access to “assistance and training for job placement,” but wasn’t clear on what the details of said program would entail. It was added that Bithumb will continue to hire staffers for “various new businesses.”

While the South Korean firm has been suffering, the local crypto economy could soon see a revival on a monumental scale. Kakao, a leading social media giant in the region (44 million users in a nation of 51.5 million), is rumored to have plans to unveil a native cryptocurrency wallet for its Talk application, a popular instant messaging platform. This offering, which is purported to come alongside a blockchain platform named “Klaytn,” could spark a second wave of cryptocurrency adoption in the Asian nation, which has embraced blockchain with open arms.

Layoff After Layoff

Even if Bithumb is able to get back on its feet through an uptick in local adoption, it’s been mostly doom and gloom for many global startups.

Mere weeks ago, First Digital Assets Group (FDA), a blockchain application group based in Tel Aviv, was revealed to be dropping most employees from its payroll. As a part of this refresh, FDA will purportedly be totally purging its industry research division, One Alpha. The Israeli upstart will also be putting its K1, Stamina, Titan, and Knox ventures on the backburner, merging a majority of these subsidiaries’ facets with the parent group.

This is just the tip of the layoff iceberg though. ShapeShift laid off 37 staffers, with CEO Erik Voorhees explaining that his firm expanding into alternative opportunities, like KeepKey and CoinCap, too quick. Bitmain was rumored to have cut over 1,000 employees, cutting of a number of its facets and even Jihan Wu to stay afloat. And the NEM Foundation, the organization that heads development of the XEM digital asset, cut 60% of its monthly burn rate, presumably cutting a few dozen of its 150-strong employee base.

Funnily enough, some see these layoffs as mandatory. Travis Kling, the CIO of Ikigai, explained that prior to Bitcoin rallying again, the industry needs more layoffs, exchange collapses, stringent regulation, and cries that “crypto is dead.”


Photo by Mike Kotsch on Unsplash

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With Highest Crypto Volume Since 2017, Analyst Awaits Bitcoin (BTC) Bounce

Crypto Market Sees Exploding Volume 

At long last, the crypto market has started to undergo drastic fluctuations. Following weeks of remaining in a lull-esque state, Bitcoin (BTC) broke out of its bear market shell in early-February, posting gains backed by notable levels of volume.

While a substantial amount of time has passed since the aggregate value of all cryptocurrencies pushed from $110 billion to $122 billion in a day’s time, volumes have remained strong, as this nascent market continues to see rapid price action. In fact, Live Coin Watch reports that over the past 24 hours, $14.3 billion has been traded on exchanges, up from the $6 billion lows seen late last year. This simple trend in the cryptocurrency market has led some to claim that a stage is being set for an eventual rally.

Insurance agent turned Bitcoin trader Financial Survivalism, for instance, recently noted that volumes across the board are the highest seen since the last week of 2017, which was when BTC was well above $10,000 and altcoins were surging day in, day out.

Survivalism recalls that this nascent hasn’t seen “four straight weekly bars with that much buying volume,” leading him to conclude that cryptocurrencies en-masse may be in for a strong bounce, along with a potential rapid sell-off if support is broken in the coming weeks. This trader, who recently called for a BTC breakdown to sub $2,000 to precede a “melt your face off” rally, isn’t the only one calling for a Bitcoin rally due to the recent influx in market volume.

In a number of recent posts on Twitter, eToro’s in-house crypto trader, Mati Greenspan, has drawn attention to why high market activity could be a positive sign for this space moving forward. Greenspan once explained that “more meaningful moves” often go hand-in-hand with higher volumes. He later doubled down on this thought process through a number of mediums.

The Crypto Dog echoed this thought process, noting that if such volume readings are accurate, “we’re about to bust out into a raging bull market.”

But is a stage set for a rally? Some would that yes, yes it is.

Stage Set For Bitcoin Rally? 

Filb Filb recently took to Twitter to explain why BTC hitting $5,000 by May of this year is entirely possible, as reported by Ethereum World News just yesterday.

He notes that a number of technical measures have started to turn in Bitcoin’s favor. Filb specifically drew attention to the 12-hour Moving Average Convergence Divergence, which has begun to trend positive above zero. The analyst also touched on Chaikin Money Flow (CMF), which measures buying and selling pressure, which has begun to signal that there is underlying buying pressure in BTC markets.

Filb adds that over recent days, Bitcoin has begun to test a “macro 14-month resistance” downtrend, and could break into higher lows if it surpasses that level, which would then turn into support. A move above this level, which would push BTC into a “huge void” of volume, meaning that rallies and drawdowns could be accentuated with little-to-zero volume, could mean that Bitcoin could hit $5,000 by May.

Title Image Courtesy of Tim Mossholder Via Unsplash

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Circle Hires AI-Powered Service to Fight Pump and Dumps, Market Manipulation and Insider Trading

Circle is determined to be a pioneer in the promotion of transparent policies for fintechs and is actively working to avoid dishonest practices on its platform.

According to a press release published on February 27, Circle contracted the services of Nice Actimize, an Israel-based cybersecurity company, to monitor the financial operations carried out on its platform in order to detect and counteract potentially illicit situations.

Nice Actimize will use its Cloud Markets Surveillance (CMS) service to detect practices that have negatively affected crypto trading activities over time. Initially, they will focus on insider trading schemes, pump and dumps, wash trading and layering.

In this way, trading through Circle’s platforms —an activity which totaled more than 24 billion dollars in 2018— will have an additional layer of security, without compromising the privacy of users.

Robert Bench, Head Regulatory Counsel and Chief Compliance Officer at Circle pointed out that the firm chose Nice Actimize’s services because of its ability to adapt to the company’s standards and current legal regulations:

“Circle has adopted a strong position on policy and crypto-related regulatory issues that focuses on the safety of our customers and investors. Adapting innovative technology solutions, such as the financial markets compliance solutions from NICE Actimize, to meeting the potential needs of regulators and protecting our assets brings this commitment full circle…

There are a number of markets surveillance vendors that address traditional asset classes, but we needed a partner that could adapt their traditional market expertise to the unique elements of the crypto market. NICE Actimize was chosen as the partner which could offer that adaptability.”

For his part, Craig Costigan. CEO of NICE Actimize, pointed out that the cybersecurity firm is confident in meeting Circle’s expectations. He was enthusiastic about the possibility of contributing to the development of a better platform, with safe and cost-effective solutions in the event of a problem:

“As we lead the digital financial services industry with breakthroughs in artificial intelligence and advanced analytics, NICE Actimize will continue to innovate on behalf of the newest financial product categories, including cryptocurrencies, digital wallets, and more …

We recognize that Circle is a category leader committed to the highest standards of customer safeguards and are excited to be one of the industry’s first financial crime solutions providers to tackle the exciting new cryptocurrency category with secure and cost-effective protections.”

Nice Actimize will provide Circle with its traditional solutions; however, one of the most emblematic features will be the implementation of ActOne, an “AI-enabled financial crime investigation management platform.”

The specific date of implementation of these technologies has not been disclosed, but it is very likely that the upgrades on the Circle platform will start soon, including maybe Circle-owned crypto exchange Poloniex.

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Futures Exchange Promises Zero-Fees: Startup Hits One Million Sign-Ups for Waitlist

A cryptocurrency futures exchange wants to appeal to a wider net of traders by offering crypto futures contracts as well as traditional futures markets, all with zero fees.

Blockchain startup Digitex Futures is ready to launch its commission-free futures exchange. The platform is planning to add traditional futures markets — including forex, metals, commodities and indexes — to crypto options in order to attract different groups of traders.

One of the goals of the new startup is to fill the gap that Digitex sees in the exchange market. The company notes that regulated exchanges offer high security, together with high fees. Smaller platforms are cheaper for traders but riskier, as they are more attractive for crypto criminals.

For example, in January 2019, New Zealand exchange Cryptopia was attacked, and thousands of its users lost their funds from Ethereum (ETH) wallets. The damage from the cyber theft was estimated at over $16.1 million.

Decentralized exchanges charge lower fees and provide better security, but a lack of user adoption causes low liquidity, Digitex says.  

The company says they have already managed to build one of the most active communities in the industry, with more than 65,000 members in the Digitex Telegram channel. In February 2019, Digitex announced that it reached 1 million users who signed up on their waitlist and who are looking forward to Digitex’s platform launch.

The company says that, because of the high demand for their project, they are ready to release the exchange on April 30. Moreover, plans for the upcoming quarter include a mobile app for rapid-fire trading on the go.

“Digitex aims to hit the sweet spot by optimizing all the features a trader needs,” Digitex says. The company will provide automated market makers, an easy-to-use, one-click trading user interface, assured liquidity through high demand and zero trading fees.

Digitex is available here

Traditional futures markets

Digitex Futures is planning to offer its users not only a wide range of crypto futures contracts for Bitcoin (BTC), Litecoin (LTC) and ETH, but also traditional futures markets — including forex, metals, commodities and indexes. They will also be adding stocks during the third quarter of the year, as well as additional cryptocurrency futures markets according to demand.

The company says the goal is to expand its platform beyond the crypto market and appeal to traditional retail futures traders who are interested in commission-free trading on the markets that they are familiar with. Digitex will also add spot markets during the second half of 2019, which the company says should “make the audience for the exchange potentially massive.”

Digitex was developed on the Ethereum blockchain, and the company states that it will be one of the first platforms to implement Ethereum’s scaling solution, the Plasma protocol, after its launch in the third quarter. Due to the new protocol, Digitex Futures won’t hold their users’ funds.

All account balances will be sent to a smart contract programmed on the Ethereum blockchain. The platform will be noncustodial, so the traders will be responsible for their own private keys. They will be offered the opportunity to create decentralized accounts, which will go live after Digitex implements the Plasma protocol to its system in the third quarter of 2019. At the same time, the company will guarantee that the funds are secure and protected from hacker attacks.

Although the exchange is free, traders who want to use the platform have to buy Digitex’s native cryptocurrency, the DGTX token, through the Digitex Treasury or one of the company’s exchange partners. The startup says zero fees should increase the demand for the exchange, and as a result, will cause increased demand for the DGTX token.

Learn more about Digitex

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Coinbase Opens Up To Altcoins, Launches Crypto-To-Crypto Trading

Coinbase Surprises Users With Monday’s “12 Days Of [Christmas]” Feature

Last Monday, Coinbase, the world’s most valuable crypto company, revealed that it would be launching a “12 Days of Coinbase” initiative, an obvious reference to the age-old holiday song of a similar title. In an announcement pertaining to this program, the San Francisco-headquartered platform divulged that 12 Days was a culmination of its development efforts for 2018.

Keeping this in mind, the firm explained that it would make one pertinent announcement each day, whether it be a new feature, company program, or anything in between. Just one week after the launch of this holiday-inspired initiative, on day 8, the upstart valued at $8 billion has arguably released the most exciting feature of 12 Days so far.

At noon on December 17th, Coinbase took to its Twitter page to unveil a feature that its retail users have been clamoring for since Ethereum (ETH) added to the multinational platform. Per a blog post released in tandem with Coinbase’s tweet, this feature, dubbed “Convert.” will allow users to trade one cryptocurrency to another on the firm’s consumer-focused offering.

Convert will allow traders to issue crypto-to-crypto instantaneously, and purportedly at a “lower than if done via two separate transactions.” The startup will be charging a targeted spread of 1%, but the fee incurred may vary, specifically due to “market fluctuations.” This feature will be “gradually” rolled out to Coinbase’s clients in the 34 countries that have access to “native payment access.”

Coinbase

In closing, the firm maintained that this newest feature is part of Coinbase’s mission to build a open financial system for the world.

Coinbase Opening Up To Altcoins 

This move only underscores Coinbase’s newfound affection for altcoins, which has shocked the industry at large, as formerly, the startup expressed copious amounts of hesitance towards listing non-Bitcoin digital assets. Still, the fact of the matter is that amid 2018’s bear market, the American juggernaut likely weighed its options, and decided to move its business in a unique direction.

Per previous reports from Ethereum World News published in September, Dan Romero, Coinbase’s general manager, took to CNBC’s “Fast Money” segment to discuss the matter. Romero, who has quickly risen to the top of the startup’s pecking order, explained Coinbase’s vision for its altcoin-friendly plan:

Ultimately, crypto is a global phenomenon. You have software developers and entrepreneurs around the world building products on top of crypto, and it’s unlocking a lot of use cases, particularly in emerging markets. I think we need to shift as a company to a more global perspective.

Just months after this revelation, the platform has remained true to its word, listing an array of altcoins, some well-known, others not so much, in rapid succession. At the time of writing, Pro, the startup’s testing ground for altcoin support, currently lists the “Coinbase Five” (BTC, BCH, ETH, LTC, and ETC), ZCash (ZEC), 0x (ZRX), BAT, Decentraland (MANA), LOOM, Civic (CVC), and district0x (DNT).

The startup has also expressed that it intends to “explore” offering support for an extensive list of altcoins, namely Stellar Lumens (XLM), XRP, Cardano, NEO, and Tezos (XTZ). Seeing that the company has made good on its “exploration” of assets previously, it can be assumed that the tokens on the list, partially conveyed above, will be added in due time.

Title Image Courtesy of Marco Verch Via Flickr

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CEO of Coinflux Exchange Accused of Fraud and Money Laundering

Vlad Nistor

Vlad Nistor, CEO of Coinflux, was arrested by local authorities in his native Romania after the United States launched a formal investigation charging him with several crimes against American citizens.

According to local media, Ziar de Cluj report, in a loose translation, MrNistor used other online platforms to scam people via fraudulent sales and get personal information about the victims. Coinflux is not mentioned as a part of the scams:

“Two of these methods were run online via phishing or through various fictitious sale ads  (via Ebay or via online platforms.) For example, Romanians were sending e-mails using instant messaging programs or phone numbers where the user is advised to give confidential data to win certain prizes or was informed that they are necessary due to technical errors that led to loss of original data. A web address containing a clone of the site of a financial or trading institution was indicated in the e-mail.”

Coinflux is one of the most important exchanges in Romania, Mr. Nistor’s country of origin. According to data provided by the platform’s own website, so far more than 201 million Euros worth of cryptocurrencies have been traded in more than 203,000 transactions made by the nearly 20k registered users of the platform.

A Short Recount of What Happened

According to local media, the U.S. Justice Department accused Coinflux’s CEO of running a fraud scheme, committing computer fraud, leading an organized crime group and money laundering. Nistor was preemptively detained while awaiting a decision by the Bucharest Court of Appeals regarding his extradition.

Shortly after his arrest, the judges of the Bucharest Court of Appeals denied the extradition requested by the United States. Nistor was released under judicial control for a period of 30 days.

Nistor’s arrest affected the proper functioning of the platform. According to an article published on the Exchange’s official blog, Coinflux’s team mentions that due to the procedure under which its CEO is located, operations on the platform were temporarily interrupted:

“Unfortunately, our company’s bank accounts have been frozen, situation which affects the CoinFlux wallets as well. We are doing all possible efforts, along with our legal advisers, to make sure everyone who had money deposited in CoinFlux wallets gets it back.
Another unpleasant consequence of the investigation is the fact that our access to some parts of our platform has been restricted; thus we are unable to send this announcement through the usual communication channels: e-mail and website. Our expectation is that we will gain control back, within the next days.”

Until now it seems that Mr. Nistor’s situation has been clarified; however, there is still some uncertainty regarding the future of the platform. In a post published yesterday, the platform announced that it was taking action with the aim of refunding the funds to the bank accounts of its users.

 

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Binance’s Bitcoin (BTC) Trading Share Falters In Crypto Bear Market

Binance’s Bitcoin (BTC) Trading Dominance Dives

Another week, another crypto-centric analytics report from Diar, a leading research unit in the nascent cryptocurrency ecosystem. In the startup’s most recent installment, released on Monday, Diar drew attention to the ever-changing role that Bitcoin (BTC) and that exchanges that support it have played in the cryptocurrency market at large. Interestingly, per data compiled by Diar, sourced from this industry’s foremost exchanges, Binance’s nearly-unquestioned hegemony over crypto may be at risk.

According to Diar, “Bitcoin trading volumes have taken a hit across major token exchanges over the course of 2018.” The research team, doing their best to portray this happenstance, noted that while Binance continues to dominate the crypto trading scene, its in-house BTC/USD(T) pair only accounts for 32% of the entire market’s total BTC/USDT volume. While this may seem like a hefty figure in and of itself, considering that this statistic for Binance peaked at 47% in June, the unprecedented growth of interest in altcoins through Binance may be worrying to Bitcoin’s diehard maximalists.

Binance isn’t alone in its inability to attract active Bitcoin traders. Hong Kong-based Bitfinex saw its BTC/USD market undergo an even worse popularity decline, with the pair now only amounting for 27% of the market’s aggregate BTC/USD volume, compared to 51% at the turn of 2017. This can likely be attributed to the platform’s uncanny ability to generate immense controversy in recent months, as seen by the Tether debacle and banking qualms.

Interestingly, “State-side” platforms, exchanges based in America, have “suffered” the largest losses in BTC/USD in recent months, with Bittrex and Polniex now only accounting for 2.7% of Bitcoin trading volumes.

There’s been one notable outlier in this case of ‘bear market blues’, with OkEX, widely lauded as Binance’s primary competitor, seeing its primary BTC market post a 6x market share gain since January.

Report: Crypto Market To Consist Of 66% Bitcoin in 2019

Although Diar’s report didn’t paint a positive picture for the short to mid-term prospects for Bitcoin’s hegemony over the cryptosphere, as it seems that traders are looking to altcoins yet again, a number of analysts from A.T. Kearney expect for BTC to continue to rule over altcoins with an iron fist, no holds barred.

Per reports from Forbes contributor Panos Mourdoukoutas, who has taken a liking to Bitcoin, A.T. Kearney, a multinational management consulting firm, reportedly issued a report specifically on Bitcoin’s market dominance statistic, which is currently situated at 55%. The corporation noted that it expects for the statistic to “nearly” reach two-thirds of the aggregate capitalization of cryptocurrencies. Citing reasons for this ~66% target, which isn’t out of the realm of possibility, the American firm purportedly stated that altcoins have “lost their luster” due to growing risk aversion tactics enlisted by retail investors.

Investors’ growing penchant for liquidating their altcoin positions for Bitcoin can potentially be chalked up to the U.S. SEC’s renewed crackdown on ICO-funded tokens. Just recently, the American financial regulator fined AirFox and Paragon, two lesser-known ICOs, in a precedent-setting case, instilling fear throughout the crypto investor base as a whole. As is common practice, if there aren’t enough rewards to justify the risk, investors won’t allocate capital to the asset class in question. This case with altcoins, a majority of which were parented by ICOs, is undoubtedly no different.

However, A.T. Kearney says this isn’t exactly the case, with the firm drawing attention to the ever-growing complexity of the nascent altcoin subset. Courtney Rickert McCaffrey at A.T. Kearney wrote:

“Our prediction is that Bitcoin will regain its dominance is supported by the ever-growing complexity among altcoins, most recently demonstrated by the ‘hash war’ that occurred in the Bitcoin Cash ecosystem.”

Although this isn’t a well-documented issue, a number of crypto-centric consumers took to Twitter during Bitcoin Cash’s hard fork to express how confusing the whole fracas was. This, of course, only legitimizes the aforementioned firm’s report, albeit only be a smidgen.

Title Image Courtesy of Andre Francois Via Unsplash

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Changpeng Zhao Likens Binance Chain To Ethereum, BNB To ETH

Binance Chief Speaks On DEX — BNB Like Ethereum (ETH) 

As reported by Ethereum World News last week, Changpeng Zhao, CEO of the world-renowned crypto startup that is Binance, recently sneak peaked its most promising venture yet, the so-called “Binance Chain” and the decentralized exchange (DEX) that will be based upon it.

Through the medium of a short video, an unnamed member of the project’s vast team outlined the latest edition of the DEX demo, which sports a graphical user interface (GUI) that is reminiscent of the startup’s world-renowned centralized exchange. The seven-minute video outlined a number of the venture’s pertinent features, including the issuance of trade orders, which were surprisingly quick, account and wallet creation for the newfangled blockchain, and the in-house block explorer.

While the ambitious project was well-received by the community at large, with Binance Coin (BNB), the startup’s in-house crypto asset, posting a hefty single-digit gain following the DEX sneak peek on Tuesday/Wednesday, little is still known about the venture’s exact intricacies and caveats. Former Bloomberg employee Zhao, who also goes by “CZ,” recently took to CoinTelegraph to lend his insight on the matter.

The long-time crypto advocate, who made an entree into this innovative ecosystem years ago, told the media outlet:

The Binance DEX is a decentralized exchange that allows you to trade you to another token on our chain… The chain also allows you to send and recieve BNB, which is the native coin, plus other tokens. So the blockchain can allow you to send and recieve [tokens/coins] directly, only if I want to send them to you.

CZ, doing his best to explain Binance’s latest initiative in-depth, added that the blockchain his upstart developed is very similar to how Ethereum, ETH, and ERC-20 tokens operate and are transacted/traded.

Touching on what sets Binance’s DEX and blockchain apart from competing networks, namely Ethereum, Stellar, EOS, or Tron, the industry savant first noted that ideally, cryptocurrency transactions would be “instantaneous.” Yet, as seen by the block times posted by the Bitcoin network, for example, transactions almost always take upwards of 10 minutes to settle.

While Zhao acknowledged this, stating that “initially [blockchains] did that,” the CEO noted that as Bitcoin and Ethereum have drastically grown in popularity, not only can transaction fees spike, but so can the speed of transfers. CZ noted that with Binance Chain, faster and cheap transactions should be possible yet again, which he sees as the “original inspiration for crypto” and related technologies.

Further touching on this point, the former OkCoin (OkEX) executive, explained that current DEXs, while much more distributed than centralized exchanges, are “either slow or have relatively difficult UIs,” with there being close-to-zero platforms to provide a happy medium for consumers. As such, Zhao is seemingly stating that the creation of the Binance DEX was predicated on the need for a “high capacity chain” and an easy-to-use decentralized platform. CZ explained:

So, we believe that as we improve the latency and the user experience on the DEX, we’re hoping to see liquidity increase on the DEX, hopefully making a [good] contribution to the market.

Putting a spotlight on BNB, which has followed the performance of Bitcoin (BTC) in recent weeks, Zhao noted that his firm is currently “working with many partners on the business side” to implement BNB into their services. One of Binance’s recent notable partnership is with TravelByBit, which allows cryptocurrency users to travel the world through the use of cryptocurrencies. In the end, as alluded to by the member of Binance’s top brass, these partnerships come down to Binance’s goal to create a cryptocurrency ecosystem that is cost- and time-efficient and widely used.

Binance Forges Ahead In Crypto Bear Market

Binance Chain and its decentralized platform aren’t the only ventures that the preeminent crypto startup is embarking on.

Binance Labs, the venture and incubator arm of its namesake, recently made a $3 million investment into Koi Trading. San Francisco-based Koi Trading, for those who aren’t aware, is an emerging platform that acts as an OTC desk, specializing in the facilitation of non-retail investor-issued crypto exchange orders.

Title Image Courtesy of sydney Rae on Unsplash

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Bitcoin Cash (BCH) Temporarily Overtakes BSV After Gemini Listing

Gemini Adds Bitcoin Cash Support

Starting today, users of the U.S.-regulated, Winklevoss Twins-headed Gemini platform will be able to deposit Bitcoin Cash (BCH), the chain backed by the ABC client. This development comes via an official statement from the New York-based company, issued through Medium on Thursday morning.

Per the announcement, trading for BCH will commence on Monday, December 10th, while custodial services for the popular altcoin have already started. BCH is now the fifth crypto asset listed on Gemini, now an exchange even more exclusive than Coinbase when it comes to listings. BCH joins Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and ZCash (ZEC), the latter of which was recently added to Coinbase in a surprising turn of events.

BCH trading on Gemini was first announced in May, after the startup received approval from the New York Department of Financial Services (NYDFS), but the Winklevoss Twins were mandated to delay the asset’s launch due to the fork.

Closing off its announcement on the matter, Gemini maintained that the addition of BCH is in-line with the startup’s underlying mission. It was explained by Eric Winer, the platform’s Vice President of Engineering:

“We are excited to add this cryptocurrency to the Gemini platform — the world’s most regulated cryptocurrency exchange and custodian. We are proud to provide our customers with a safe, secure, and compliant method to buy, sell, and store cryptocurrency as we build the future of money.”

Abra Reactivates BCH Trading

Just days prior to Gemini’s surprising announcement, American crypto platform Abra, often touted as a Coinbase and Circle competitor, also made a BCH-related announcement, but in a different context.

Through an official company blog post, the Mountain View-based startup first noted that prior to the November 14th hard fork, it suspended its in-house BCH-centric services. But starting last Monday, deposit, withdrawal, and trading support for the controversial asset resumed. The fintech company then issued a comment on why it chose to back ABC, the client of choice of Roger Ver, Bitcoin.com, and Bitmain, as such a decision was likely deemed disputable.

Abra, headed by crypto advocate Bill Barhydt, noted that it is “becoming clear” that ABC is the dominant chain, presumably due to the block lead and higher PoW statistics the fork had at press time. Yet, the popular crypto-centric platform added that it may “consider supporting” BSV, ABC’s primary competitor chain, in the future, dependent on how two chains play off each other moving into the future.

BCH Overtakes BSV After Multi-Week Brawl

For those who aren’t in the loop, amid this week’s market tumult, BSV, backed by the notorious Craig “Faketoshi” Wright and Calvin Ayre, saw a monumental rally this week, moving up the crypto standings faster than many could utter “HODL.”

In a matter of days, if not hours, BSV began to approach the market capitalization of BCH, with many crypto-centric commentators taking to Twitter to express their disbelief, as many thought the civil war between the two factions ended.

As BTC tanked, falling under $3,500, BCH followed close behind the world’s first cryptocurrency. Although many expected for BSV to follow suit, it didn’t, with the forked asset immediately surging, passing the market capitalization of BCH.

However, with Gemini’s stamp of approval, BCH has started to outperform BSV for the first time in days, recently surpassing its competitor in terms of market capitalization.

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