CoinMarketCap’s Top Execs Jump Ship; Did Binance Push Them Out or Seeking Greener Pastures?

After two years at CoinMarketCap as a chief strategy officer, Carylyne Chan, who has also been the acting CEO, is exiting the renowned cryptocurrency market data firm. Following Chan on the exit door are Spencer Yang and Jeremy Seow, the Vice Presidents in charge of Operations and Product, respectively.

Chan joined CoinMarketCap in January 2018 and announced that she would be leaving the company on Aug. 31. Chan was appointed as the interim CEO following the acquisition of CMC by Binance in April this year.

Seow was appointed as CoinMarketCap’s vice president in charge of products in June 2019. Yang also joined the data firm in June last year as the vice president in charge of operations, growth as well as revenue.

During her time at CoinMarketCap, Chan has implemented various policies which have seen the firm play a major part in the mainstreaming of the crypto market. Chan saw the firm launching on various platforms such as Reuters, Nasdaq as well as Bloomberg, with the firm’s crypto indices offering cryptocurrency data to a larger audience.

Speaking to Bitcoin Exchange Guide, Chan stated that she is leaving the company with hopes that CMC will play a vital role when it comes to crypto education and awareness. A crucial aspect of the strategy that she introduced was a feature known as CMC Alexandria, which is an educational sphere of CMC which looks to orient newbies to the crypto world.

Chan explained that there is a lot to do to ensure the mass adoption of crypto. She explained:

“Apart from shedding light on the complicated inner workings of crypto, I believe that there is also a lot more that we need to do to make the actual use of the technology easier. We’ve all known for a while that better user experiences and simplified interfaces and products will be key to ramping up adoption of crypto.”

Chan noted that she was proud that she was involved in hiring as well as training more than a quarter of CMC staff and is hopeful they will continue offering the best to the clients.

At publication time, the company was yet to communicate on the team that will take over from the departing management.

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Author: Joseph Kibe

Binance Card Coming to the US Market as Swipe Partners with a Bank

Binance acquired a multi-asset digital wallet and Visa debit card platform; Swipe has partnered with Evolve Bank & Trust to tap the US market.

In the Q2 of 2020, the bank reported about $600k in total assets and a net income of $2,767.

Thanks to this partnership, the Philippines headquartered Swipe will be offering US Dollar checking accounts for its users in the US market that will be accessible via its application. This means users will be able to deposit their direct deposit paychecks into this account. Swipe CEO, Joselito Lizarondo said,

“Partnering with Evolve Bank & Trust gives Swipe the ability to offer a simplified banking experience while utilizing the user-friendly Swipe Wallet application. Users will have access to the same checking account features most brick-and-mortar banks provide, but without any fees.”

The accounts are FDIC insured, and users can use them to purchase and sell supported cryptocurrency via ACH and wire payment networks.

The service will be provided in the next quarter of 2020.

SXP didn’t react to the news as it trades at $2.96, down 3.95% in the past 24 hours. The token hit its all-time high at $4.98 a couple of weeks back.

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Author: AnTy

FTX’s New Decentralized Exchange (DEX) On Solana, Serum, Goes Live with 9 Tokens

Six months in, the Project Serum was made officially live on the weekend.

The decentralized exchange by FTX is based on permissionless blockchain Solana, which boasts of over 50k transactions per second.

Its native token SRM is trading at $2.70, down from its $2.96 all-time high hit yesterday.

The same has been the case for Solana’s SOL token, which reacted to the news by climbing to $4.4. For now, it has retraced some gains.

And, of course, FTX’s token FTT also hit a new peak at $4.21 today thanks to all the development FTX is seeing — listing DeFi perpetual contracts, launching Uniswap index markets, announcing no maker fees for the rest of 2020, and acquiring Blockfolio.

FTX CEO Sam Bankman-Fried is the “Elon of Crypto, Don’t bet against him,” said Joe McCann, who works on Cloud and AI in Microsoft. According to him, FTT is a “Low beta exchange token that continues to accrue value,” which he called the best trade of 2020 in December 2019.

Now, Serum is launched that needs no login or two-factor authentication. As one trader shared, “Speed as promised…Liquidity again as promised,” with small spread and gas very low – “almost negligible.”

In the current world of extremely high fees on the Ethereum network, which is around its highest level since Ether was launched in 2015, it makes this project all the more interesting.

Currently, the exchange has BTC, ETH, XRP, FTT, SRM, LINK, and MSRM with wrapped SOL and surprise listing YFI trading against USDT and USDC.

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Author: AnTy

Bitcoin Losses Big Time Both Inside & Outside the Crypto Market This Month

In another repeat performance, Bitcoin is uptrending towards $12,000. After a week, today the largest digital asset is trading above $11,750.

Starting the month around $11,250, bitcoin is looking to end this month at +4.5% returns. At current levels, BTC will end Q3 at +27%. In 2020 so far, BTC recorded a return of 59.5%.

August was clearly not the month for the flagship cryptocurrency as even Mike Novogratz’s Galaxy’s equity outperformed Bitcoin and several other altcoins, with over 300% return this year.

Looking only in the crypto market, the biggest gainer without any surprise was YFI with 794% greens followed by OMG Network (225%), NEM (151%), Aave (144%), Waves (133%), LINK (107%), Synthetix (90%), ATOM (90%), THETA (81%), Ampleforth (78%), and Compound (67%).

When it comes to YTD gains, these DeFi tokens continue to rule the market with Aave at the top with its +8,665% returns. Other lead performers include YFI (2,238%), Kyber (892%), LINK (764%), OMG (727%), SNX (637%), and THETA (475%).

Some believe the explosive growth will see bitcoin’s dominance continue to fall and lack the performance it usually experiences in a bull market.

Even among the top 10 cryptos, Ether (229%) and Cardano (240%) did better than Bitcoin this year. Although some of the top altcoins recorded better returns than BTC, they still didn’t do any better in August. The likes of Cardano (-16%), BSV (-13%), Bitcoin Cash (-6.20%), and XLM (-4.34%) are actually in the red.

Out of the Crypto Market

For the equity market, August was a month to enjoy the greens. S&P 500 actually made a new all-time high at above 3,500, capping the gains at 7.1% this month.

Precious metals meanwhile, didn’t do much and traded sideways, after hitting a new peak, that is. Gold is about 0.2% in the losses at $1,966, down from its ATH at $2,065 on August 6th. Silver still managed to end the month 16.7% higher though still down from August 10 level $29, which was last seen in March 2013.

Amidst this, the US dollar performed the worst, down 1.2% from the August opening price. The USD Index also fell 4.35% YTD and now at 92.2 is in danger of hitting fresh over two-year lows.

As we saw in the past few weeks, the dollar’s weakness is pushing people towards bitcoin and making it part of the company’s balance sheet as a reserve asset.

The issues with fiat currency in other parts of the world, such as Turkey, Brazil, and Argentina is also seeing a drive towards the digital asset with fixed supply which has climbed to record price and volume levels in these regions.

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Author: AnTy

This Catalyst for Ethereum to Reduces its Supply While Creating More Demand

  • One thing is clear: Ethereum usage is not stopping, at least not anytime soon.
  • Although Ethereum killers like Polkadot present strong competition, for now, they won’t be pushing Ethereum out of commission as evident in the record daily gas used on the network.

Over the weekend, the average gas price also jumped to 211.89 Gwei, and the maximum gas price well above 1 million Gwei. Daily transaction fees on the second-largest network also jumped back to 16,600 Ether, which, after the mid-August YAM debacle, was keeping around 7.5k Eth, as per Etherscan.

Despite these high gas prices, traders and investors are unperturbed with the price of Eth spiking over $437.8, up 229% YTD.

This price surge, however, has the total amount of Ether entering the exchanges rising up that could be to take off the profits.

“Yesterday, 1.46m ETH were deposit into some of the top centralized exchanges. This represents the highest volume since March 16,” noted IntoTheBlock. In the near term, this could put a sell pressure on the digital asset.

However, DeFi mania is getting stronger and stronger, which would only lead to growth in Ethereum. The market cap of the top 100 DeFi projects has already surpassed $18 billion.

In the DeFi world, DEXs are growing at warp speed; as we reported, Uniswap has recorded more volume than the popular centralized exchange Coinbase Pro for the second time in a row.

Other DEXs like Balancer, Curve, and 1nch are also performing very well than the CEXs that have multi-billion valuations while Ethereum is stuck at a $50 billion market capitalization.

Now, the market is even more excited and bullish on ETH, and it is because of yETH. The Ethereum vault on Yearn Finance not only “adds to a long list of catalysts for Ethereum, but it also reduces the available supply. Anyone who owns ETH can earn the best yield automatically by HODLing yETH,” notes Alex Saunders.

“It could also mean other protocols find it harder to compete with Ethereum when offering staking rewards.”

“ETH should continue to rise,” said trader Scott Melker, because,

“YFI (Yearn Finance) is allowing investors to stake their Ethereum in vaults and earn yield. The more people that do this, the more the supply of Ethereum is reduced, and the more demand is created.”

Traders and investors would need Ether to participate in DeFi, which is used for staking, trading, and to pay for gas fees, and so much usage translates into rising prices.

Already, a record 5.2 million ETH are locked on the DeFi protocols, and the more Ether locked, the more the upwards pressure on the price of Ether.

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Author: AnTy

Pres. Trump’s Ex-Chief Of Staff Launches A Hedge Fund; Will It Invest in Cryptocurrencies?

Mick Mulvaney, who served as chief of staff under President Trump, has launched a hedge fund. From 2014 after Mulvaney has been acknowledged as a pro-Bitcoin crusader calling for crypto-friendly regulations in the country.

Mulvaney has partnered with ex Sterling Capital Management top manager Andrew Wessel to launch the new fund known as Exegis Capital. The new hedge fund was revealed at a podcast with S&P Global Market Intelligence.

During the Bitcoin Demo Day conference held in 2014, Mulvaney urged the government not to rush to regulate Bitcoin. At the time, Mulvaney stated that the king coin could easily become a crucial medium of trade as well as a vital means of payment. He explained:

“My interest in it is just to try and make sure that the government doesn’t act too soon in such a fashion that curbs the potential for Bitcoin. Because I see the potential for Bitcoin as a medium of trade and as a transactional tool, and I’d hate to see the government make decisions early that sort of retard its growth.”

From that day, Mulvaney has vigorously urged the government to regulate the crypto sector prudently. After Mulvaney was appointed as White House chief of staff, the crypto industry executives generally supported the move.

However, it remains unclear whether Mulvaney’s optimistic view of Bitcoin will lead the newly launched fund to be active within the crypto market.

In the last few weeks, the Bitcoin market has witnessed a surge in institutional investors. The recent entrant is Fidelity Investments, which is seeking approval from the U.S. Securities and Exchange Commission to launch a Bitcoin fund.

The surge in institutional players within the Bitcoin market has led to speculations on whether other hedge fund players are set to enter into the crypto space.

Although Mulvaney has long left his White House appointment, he still holds a special envoy post. Trump’s administration has maintained a negative stance on cryptos, and it is unlikely that Exegis Capital will immediately jump into the crypto market.

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Author: Joseph Kibe

China Construction Bank Disables Chinese DCEP Wallet After Users Notice Feature in Bank App

China Construction Bank, one of the central state-owned banks in China, recently realized that the official wallet for the national CBDC is open for public use within its official banking app. The users could navigate to the wallet by merely entering the national digital currency, which would take the users to the wallet feature where they can register and activate the wallet by subscribing with the mobile number associated with their bank accounts.

Soon, the bank came to discover about the activation of the official wallet from the amount of community’s buzz that the activation caused among the crypto community in the country. Many customers went on to make small transactions in the yet to be released CBDC.

As soon as the news was brought to the attention of the state-owned bank, they swiftly disabled the feature. After disabling the official wallet feature, people searching for the CBDC wallet were shown a message which roughly translated to, “This feature is currently unavailable for the public, kindly wait patiently.”

How Does the Official Wallet Look and Function

The official wallet app was online for a brief period, but in today’s day and time, anything which makes it to the internet ones hardly disappear, and that has been the case with the ongoing official digital Yuan wallet launch by mistake. People were quick to post the layout of the wallet app on the internet, which showed that the users who managed to register with the new wallet app were given an official wallet ID, which could be used for the transfer of funds between the official wallet app and the user’s account.

The wallet would not just allow transactions between the bank and the app a user can send their digital yuan to another wallet by adding the unique wallet ID.

China is going to become the first country to launch its official digital currency issued by the People’s Bank of China. The big-four state-owned banks have been tasked to develop their respective wallet app to facilitate transactions using the CBDC.

China started its research on Central Bank Issued Digital Currency almost five years ago, and rumor mills were rife that the launch of the digital yuan would take place by the end of last year. However, the Chinese government mostly discarded these rumors without offering any official stance on the date of the launch. However, by the first quarter of 2020, the PBOC launched the testnet, and last week the mainnet for the digital yuan was established as well.

During the trial run, the government used digital yuan as a form of a travel subsidy for government employees in selected areas. The testing phase was later expanded to more cities and even included restaurants and fast-food chains.

With the official launch of the digital yuan just round the corner, many countries are actively observing China’s progress in the digital currency domain.

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Author: Hank Klinger

Popular DEX Uniswap Beats Coinbase for the Second Time in a Row, Overthrows Other Top CEXs

The popular DeFi protocol Uniswap is reaching towards becoming the fourth largest DeFi project to hit the $1 billion mark.

Given that the fully decentralized on-chain protocol for a token exchange on Ethereum has seen a growth of 225% in the past less than five days, it won’t be long before it enters the billion-dollar category.

This decentralized exchange, which has no native token, hit $502.89 million in volume on Sunday, surpassing the volume of the popular centralized exchange Coinbase Pro, for the first time.

Now, for the second day in a row, Uniswap recorded just over $467 million volume in the past 24 hours while its liquidity has already gone above $1 billion, up from just $306 billion on August 27th.

Meanwhile, in the last 24 hours, Coinbase Pro recorded $416 million in volume, Kraken $193 million, Bitfinex $139 million, Bittrex $53 million, Poloniex $43 million, Gemini $23.1 million, and Binance.US $23 million, as per CoinGecko.

Uniswap already sees more usage than many of the popular centralized cryptocurrency exchanges, except for the likes of Binance, OKEx, and Huobi, which is managing between $2 to $4 billion in daily trading volume.

The biggest contributors to Uniswap’s volume are Wrapped Ether (ETH), USDT, USDC, DAI, YFI, SUSHI, LINK, Synth sUSD, SNX, and AMPL.

However, the issue here is the DEX Sushi, which has nearly $760 million locked in it and proposes to be an evolution to the Uniswap protocol. “For users, it’s value-destroying. Just causes liquidity fragmentation. You could still use an aggregator, but at a min, your gas costs will go up,” noted analyst Ceteris Paribus.

For now, the protocol is creating more liquidity, as seen in the 226% growth in just four days, but it also means that once the migration of Sushi from Uniswap happens, rewards will get a huge haircut, so it is a net negative, he said.

However, the DeFi ecosystem continues to grow, having locked in $7.7 billion in the sector, and not all the projects are included yet.

Volume on DEX, overall, has been growing, unperturbed by the high Ethereum gas price, which, although recently trended down, saw a spike this weekend.

August has actually been yet another record-breaking month for DEX volumes that reached $10.42 billion, compared to just $4.3 billion in July as per Dune Analytics. And Uniswap and Curve have been leading this growth, accounting for more than 65% and 18% of overall volumes. Uniswap also accounts for 57% of all DeFi users.

It looks like the next flippening will be of DEX vs. CEX tokens.

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Author: AnTy

Yearn Finance Offering Tokenized Nexus Mutual Insurance Covers for 5 Top DeFi Protocols

YearnFinance is all set to provide insurance for the popular DeFi projects that involve Balancer, Compound, Curve, Synthetix, and Yean Finance itself.

“Impossible to be bullish DeFi and not see insurance as a critical pillar,” noted Jason Choi of crypto fund The Spartan Group.

These tokenized insurance covers will be underwritten by Nexus Mutual with no know-your-customer (KYC) and anti-money laundering (AML).

Tokenizing the insurance policy also means there are many possibilities here, such as they can be transferred, bought, sold, or even collateralized.

As Nexus Mutual founder Hugh Karp shared in an interview with Nick Tomaino, they see a lot of demand, “especially from prosumer type people (either hedge funds or bigger players in the space that want cover on smart contracts).”

For the past six months, they have been working on scaling up the capital that hasn’t been enough to meet all of their demand, and now have up to $60 million of critical mass of capital.

Interestingly, Yearn is the only contract that is maxed out, which could be because “gut feel is that it’s perceived to be higher risk … (as) Andre tests in prod.”

Nexus Mutual is currently looking at building new products like stacked risk cover to cover all the risks involved in interacting with DeFi along with oracle failures and such.

Yinsure.finance, however, isn’t ready for use yet, and as updated by Yearn Finance, it will be opened to a limited user base first.

Yearn Finance is growing at a fast pace, bringing new features for the market. Just last week, the popular DeFi protocol announced a crowdfunding on DeFi.

“The emergence of decentralized funding comes at a time when credit is drying up, as lenders tightened their coffers despite all the excess liquidity,” noted trader and economist Alex Kruger.

Amidst this, YFI is enjoying the growth Yearn Finance is seeing, approaching $1 billion in TVL.

Over the weekend, YFI made a new all-time high at $37,621 as per CoinGecko, which had its market cap surpassing the $1 billion mark.

According to BitMEX co-founder and CEO Arthur Hayes, who has also been yield farming, YFI will be hitting $100,000.

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Author: AnTy

Chainlink Acquires Cornell’s DECO Project, to Enhance the Privacy of Data on Oracles

Chainlink, the decentralized oracle provider, has acquired Cornell University-based project DECO meant to enhance the privacy of oracles used on blockchain networks. Oracle-based data plays a critical role in maintaining the blockchain network, and with growing cases of hacks and ransomware, strengthening the accuracy, security, and privacy of the Oracle systems would eventually enhance the network of blockchain itself.

Dr. Ari Juels, one of the staff at Cornell University who was involved with the DECO project, has been hired by Chainlink as the chief scientist for the project. Jules would be responsible for overseeing the integration of DECO.

DECO was part of Cornell’s Initiative for Cryptocurrencies and Contracts, and it would help Chainlink in minimizing the privacy issues for the data that it offers for smart contracts. The integration of DECO would make Chainlink oracles more secure and private. Chainlink oracle provides an external source of data for smart contracts, which are crucial given, crypto prices change quite often.

The integration of DECO to Chainlink protocol would allow proving the origin and state of confidential data without compromising on user’s privacy. If we look at the real-world example, the integration would let the user see the info posted by a particular account, but won’t reveal any other detail about the same. Chainlink also believes DECO could be used more broadly, especially for the defi ecosystem, and make data oracles safe and secure to use for everyone.

Sergey Nazarov, a Chainlink co-founder, commented on their recent integration and said,

“DECO enables a large expansion in the quality and breadth of data that can now be made available to public blockchain systems. There are lots of private data associated with real-world collateral, like the state of an invoice, or ownership of the real estate, or some other insured asset.

DECO-enabled Chainlink oracles will be able to prove to a smart contract that the state of the asset is solvent, without disclosing private or personal ownership information onto a public blockchain.”

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Author: James W