Coinbase Teases 19 Cryptocurrencies They May List; Prices Jump Across the Board

One of the largest US based crypto exchange Coinbase has revealed that it is reviewing additional 19 cryptocurrencies for potential listing.

The San Francisco-based crypto exchange has announced that the 19 cryptocurrencies are being reviewed as per its Digital Asset Framework which will determine if they will be listed on its popular trading exchange platform.

The firm revealed that it is reviewing the graph, wbtc, uma, tbtc, theta, reserve rights, flexacoin, paxos gold, helium, ocean protocol, Hedera hashgraph, melon, keva, ampleforth, band protocol, fetch.ai, balancer, and curve.

The firm explained that the review process will check various technical and compliance analysis of the above mentioned cryptos where some of them may need to have regulatory license in various jurisdictions.

The exchange however cautioned that being under review doesn’t mean the cryptocurrency will be guaranteed of an automatic listing. The firm also clarified that those not under review doesn’t disqualify them from potential future listing. The firm stated,

“As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any such asset from active review and potential listing.”

The firm did not give any timeline on when the review process will be finalized or when the cryptocurrencies can expect to be listed.

As data from CoinMarketCap shows, most of the crypto assets under Coinbase’s review are trading within the green zone which is defined as 2-8%. There are some which have outperformed others like UMA (+10.05), Ocean Protocol (+12.93) and Melon (+17.23%).

Previous support of cryptocurrencies by Coinbase have led to a surge in the value of these coins and tokens. For instance, in June, the exchange’s support for COMP solidified its ranking as a major DeFi token. Similarly, the listing of MakerDAO (MKR) token back in May led to a surge in its prices in major exchanges. However, the ‘Coinbase Effect’ may not always yield a positive effect on the market.

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Author: Joseph Kibe

DeFi App, Aave, Releases Aavenomics Upgrade as It Prepares to Launch Its Governance Tokenv

Aave, the Ethereum based DeFi protocol, has released a tokenomics upgrade proposal dubbed ‘Aavenomics’ that will define its shift to a more decentralized governance ecosystem.

The firm announced this milestone on July 29 via a medium blog, noting that it is another exciting phase for Aave. Aave’s founder and CEO, Stani Kulechov, has since confirmed that the new governance tokens have been under development since we began the year.

The protocol is set to join the likes of Compound and Synthetic, which already launched its governance tokens. Notably, the debut of Compound’s token saw the DeFi market rally to new ATH’s as this protocol overtook Maker in terms of total value locked (TVL). This position, however, has not held given Maker regained its position as the leading DeFi protocol; over $1 billion are currently locked within its ecosystem.

Aave’s Governance Token

Currently, Aave’s DeFi platform uses LEND as its native token, but these are now set to be swapped for the upcoming governance token, AAVE. These governance tokens will supposedly introduce a financial services ecosystem that is pegged on a future proof framework and distributed governance to enhance safety and sustainability.

The LEND token supply, which is currently 1.3 billion, will be reduced to a bare 16 million AAVE tokens once the Aavenomics proposal is fully integrated. Thirteen million of these AAVE tokens will be redeemed by token holders, while the remaining 3 million will be allocated to Aave Ecosystem reserve. Going by these stats, Aave set the conversion rate for LEND against the new governance token at 100:1 to achieve the target numbers.

To initiate the swap, a governance vote will be conducted via the existing LEND token holders. Once approved, the underlying smart contracts will then facilitate the swap in a move that will see Aave achieve more decentralization in its governance.

The 3 million tokens allocated to Aave’s Ecosystem reserve will be used to incentivize development, hence safety and economic incentives in the rewards pool. Their allocation will be heavily dependent on Aave’s community, a decision they can now voice via a governance token.

Aave’s DeFi Footprint

At the moment, Aave is the fourth DeFi in terms of TVL with a significant $445 million in locked digital assets, up 14.6% in the last 24 hours. The project launched in 2017, and went by ‘EthLend‘ at the time; this name was, however, changed in September 2018 to what is now ‘Aave.’

Some highlights by this ETH financial service protocol include its $18 million ICO funding. This was later topped up by other funding rounds that have seen Aave gather over $3 million from the sale of LEND tokens after 2017.

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Author: Edwin Munyui

Crypto Hedge Fund, Tetras Capital, That Managed $33M At One Point to Close After 75% Loss

Tetras Capital, the New-York based crypto hedge fund which was launched to encourage altcoin trading, is going to shut down amid growing losses. It was later revealed that their strategy was about shorting ETH, the second-largest cryptocurrency by market cap. In May 2018, when ETH was trading near $700 UD, the hedge fund shorted it, which eventually turned out to be a correct decision.

A person who is aware of the present scenario of the hedge fund revealed that the firm had incurred heavy losses of near 75% since its inception in 2017. The firm at one time had $34 million worth of assets under its management, with the Securities and Exchange Commission filing.

The firm has also begun to pay back its investors. It is believed 65 investors put $100,000 each in 2017. The funds were managed by a former Raymond James analyst, Alex Sunnarborg, along with former analysts Brendan Bernstein and Thomas Garrambone. None of the three partners has released any statement related to the closure of the firm.

The closure of Tetras Capital highlights a growing closure of hedge fund operators. Before Tetras closure announcement, Prime Factor Capital, a UK based hedge fund, also closed down just last week since it could not attract much interest from institutional investors.

A crypto fund research revealed that around 70 crypto-centered hedge firms closed their operations last year, and currently, there are about 355 in action.

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Author: James W

ShapeShift Rolls Out Self-Custody Trading App for BTC, ETH, LTC, DGB, TUSD, & ERC20 Tokens

ShapeShift, a Switzerland based self-custody crypto exchange has launched its sovereign mobile trading application following on the footprints of Robinhood and Revolut. The newly launched mobile trading app would allow the traders to buy and sell crypto from their mobile devices, with the users having full control over their keys.

A self-sovereign trading app like ShapeShift is considered safer since it does not involve any third parties for the storage of the assets. At the time of launch, the mobile trading app would support bitcoin, Ethereum, and ERC-20 tokens, Digibyte, and TrueUSD.

ShapeShift also claims to boast a customer base from 120 countries and at the time of launch they tweeted:

“Our new app gives you the power to trade with competitive rates & buy Bitcoin in 120+ countries, all while enjoying self-custody of your crypto.“

Erik Voorhees, ShapeShift’s founder and CEO released a statement for the launch of the mobile app which read:

“The ShapeShift crypto platform launched a year ago, bringing proper self-custody digital asset management to the masses. But, it was only available on the web. The mobile app is here, and with one email and password, users can enjoy self-sovereign finance on both web and mobile.”

ShapeShift’s mobile trading app launch sits well with its expansion plans to reach out to a new customer base. Back in February this year, the firm announced a new COO in Lisa Loud, a former Apple engineer, and PayPal executive.

ShapeShift Trying To Take a Piece In The Growing Mobile Trading Sector

The mobile trading app arena has started to see some competition with Robinhood sharing the majority of the market. ShapeShift’s mobile trading app launch comes just days after the London-based challenger bank, Revolut, launched its mobile banking app with the facility to purchase Bitcoin and Ethereum for US customers. At the same time, European customers can also buy Litecoin, Bitcoin Cash, and XRP.

Robinhood has also canceled the UK launch of its stock and crypto trading app after getting the broker authorization from the UK Financial Conduct Authority (FCA) in 2019. A company representative commented on the postponement of the UK launch and said they are currently trying to strengthen their position in their core market in the United States. The spokesperson said:

‘”A lot has changed in the world over the past few months, and we’ve made the difficult decision to postpone our UK launch indefinitely. As a company, we are refocusing our efforts on strengthening our core business in the US.”

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Author: James W

OKCoin Exchange Debuts Price Oracles for the DeFi Market; Compound to Integrate First

San Francisco based crypto exchange, OKCoin, has launched on-chain pricing feeds for the burgeoning DeFi market. An announcement on July 15, the firm debuted ‘OKCoin Oracle’ which will use API’s to support interoperability with crypto markets for reliable pricing on digital assets.

According to the announcement, the OKcoin Oracle API’s will be verified via public keys, leveraging smart contract infrastructure to integrate more price feeds. On this end, OKCoin is set to kick off this new pricing oracle in collaboration with leading DeFi protocol, Compound.

The former will use Compound’s open oracle smart contracts to harmonize data from various points into finer industry medians. OKCoin’s Communications Director, Will McCormick elaborated on the underpinnings of OKCoin’s Oracle:

“OKCoin Oracle acts as a trusted source of market data, and anyone can publish OKCoin pricing on-chain. Once on-chain, OKCoin is verifiable as the source of the data, using the OKCoin Oracle public key.”

OKCoin Oracle Value Proposition in DeFi Market Pricing

As more traditional assets find their way to decentralized economies, bad actors get a bigger window to swindle off the crypto markets’ contributors. This has been on the rise especially within the DeFi ecosystem.

In Q2 alone, close to $26 million was compromised by malicious players, although most of it was returned in a surprising turn of events. An analysis of these events now reveals that arbitrage has found its way into Decentralized Finance via flash loans. Speaking to Decrypt, OKCoin CEO, Hong Fang, has emphasized on the seriousness of this threat:

“Earlier this year, some bad actors took advantage of fake pricing information guise as exchange pricing posted on-chain, which led to two hackers using flash loans to attack the margin trading protocol bZx, first in a $350,000 attack and later in a $600,000 copycat attack”

Therefore, a pricing feed solution was in line with the market needs according to OKCoin’s latest move. Hang went on to note that.

“Oracle Price feeds ensure accurate pricing, which helps plug this vulnerability.”

OKCoin has been operational since 2013 and grown to over 1,000 employees within this period. This move towards a better pricing feed adds to the firm’s portfolio which includes exposure to a wide range of crypto assets through its exchange and donations to the Bitcoin community like the recently launched ‘Let’s Build Bitcoin Together’ initiative which was allocated $10 million.

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Author: Edwin Munyui

Currency.com Obtains DLT License From Gibraltar Financial Watchdog for Tokenized Exchange

Currency.com, a Belarus based crypto firm, has obtained a distributed ledger technology license granted by the Gibraltar Financial Services Commission, according to an announcement on July 6. This license would allow the platform to use blockchain for either storing or transmitting value to others in provision with the dealer.

Squires, the CEO of Currency.com, explained how the newly obtained license would reinforce clients’ belief in the firm while offering them better prospects of expanding and reaching new customers. He said:

“For our European clients, we’re aware that they have a preference for a recognizable legal framework for the venue through which they trade (Gibraltar is based heavily on the laws of England and Wales), so we intend to engage with clients and entities in the EU using this license.”

He elaborated further on the plans of expansion and said:

“We have several regions we’re keen to extend into, and we have the technical capacity and team to do so easily. That said, we are very cautious about any market entry to make sure that we protect both our clients and our brand. Once we have built our European expansion through Gibraltar, we’ll be moving on to other large markets for sure.”

He also lauded Gibraltar for regulating cryptocurrencies and crypto platforms, given how strict the governance around digital assets is. He noted:

“Our Gibraltar license is an important endorsement for the platform and further confirms our adherence to the most stringent standards, providing the highest level of safety and security for our traders.”

The EU regulations and guidance are considered to be among the strictest ones, and thus efforts made by the likes of Gibraltar helps in pushing the adoption.

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Author: Hank Klinger

Techemy Capital Plans To Launch Compound (COMP) Investment Portfolio for Yield Farmers

Techemy Capital, a New Zealand based digital asset investment firm and fund management, announced the planned launch of new DeFi strategic investment products next week to provide a gateway for investors in open finance technologies.

The launch of the Compound (COMP) focused product, follows the launch of Bitcoin (BTC) and Ethereum (ETH) portfolios this week on Tuesday.

The previous investment products were hosted on the TokenSets platform with no minimum deposits or lockups, 24/7 performance reporting, free withdrawals, and data transparency on the Ethereum network.

COMP Added to Techemy Capital (TCAP)

Decentralized finance products are programmable applications built on the blockchain to remove intermediaries and connect capital principals directly, providing more yields on the investment. The craze of “yield farming” is taking over the digital asset industry, and Techemy hopes to provide a regulated platform for investors to participate in farming COMP yields.

The Techemy team in charge of the COMP trading desk will use the firm’s passively managed stablecoin portfolio consisting of c-USDC and c-DAI to earn interest and hunt for arbitrage opportunities on the Compound platform. A necessary hedging tool in the form of a purchasable cover against smart contract failure, and serviced by Nexus Mutual, are also offered to Investors.

More Developments on Techemy

Techemy Capital (TCAP) is a subsidiary of Techemy Group, an investment firm launched in 2013. The TCAP proprietary trading desk runs the ETH and BTC investment portfolios boasting a 55% return in 2019 after switching to an active management strategy. Head of Trading at TCAP, Ron Brewis said:

“DeFi allows investors to participate in trading strategies managed by professionals with a proven track record, or hold neutral positions in stable tokens which attract yields based on current APRs at the time. And all trades are public and self-auditable on the Ethereum network.”

The company recently announced a partnership with BraveNewCoin, a crypto research outlet, to introduce decentralized index-tracked products to the digital asset market.

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Author: Lujan Odera

Pundi X Integrates PayPal Into PoS Device, XPOS; Users Can Buy and Sell Crypto Seamlessly

Pundi X, a blockchain firm based in Singapore, has integrated its point-of-solution (PoS) device, XPOS, with PayPal, according to a medium post on June 30.

The move will allow PayPal users to access crypto assets such as BTC, NPXS, ETH, USDT, and DAI seamlessly through XPOS merchants that have activated the ‘Crypto Sale Feature’ on their devices. Notably, this development comes after the International payments’ giant softened its stance towards crypto operations.

According to Pundi X, the PayPal integration was motivated by a twitter poll, in which over 67% of the participants voted for the California based firm. Other options included WeChat/Alipay, PayTM, and GoPay.

It is not surprising that most of the votes were in favor of PayPal, given it enjoys a global presence compared to its peers. The announcement post further notes that PayPal’s integration will be in sync with XPOS underlying infrastructure,

“PayPal’s basic features will be functional on XPOS® devices, including, of course, accepting payments. Accepting payment, for instance, includes the payments via email or mobile phone number.”

Two-Stage Deployment

To integrate PayPal with XPOS devices, users will have to initiate two steps for full crypto services in the ecosystem. First, they will be required to send their IMEI numbers to [email protected] and activate credit card payments via PayPal. However, the service will only support keyed card transactions as of now.

The second stage will be characterized by an App that will facilitate PayPal transactions on XPOS directly. Zac Cheah, the co-founder, and CEO of Pundi X is optimistic that their partnership with PayPal will foster financial inclusion and crypto adoption as well,

“Combine PayPal’s massive user base with the fact that our XPOS® devices are now operating in 30+ markets globally and you could start seeing situations were dealing in crypto is as trouble-free as buying a bottle of water.”

PayPal’s Sudden Crypto Interest

Is the crypto trend finally catching up in payment ecosystems? Both private and public entities that had previously shunned digital assets are now consolidating on their possibility.

PayPal, which was a strong advocate against crypto assets, is the latest payments’ giant to join the bandwagon fulfilling ‘if you can’t beat them, join them.’ Last week, the payment service provider was added to Kucoin’s P2P market place, expanding its crypto presence, which was initially defined by Paxful and Localbitcoins marketplaces.

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Author: Edwin Munyui

Israel Govt backed Crypto Startup, Kirobo, Develops Reversible Blockchain Transactions

  • Israeli based blockchain startup, Kirobo, aims at reversing wrong address transactions to eliminate loss of funds through human error.
  • The “Retrievable Transfer” feature is currently in use on Ledger hardware wallets for Bitcoin transactions.

The Israeli startup, launched in 2018, has launched its mainnet version of its Retrievable Transfer feature protecting users from sending their digital assets to wrong addresses. The platform employs a layer two security solution (logic layer) on a blockchain that works in two levels.

First, the recipient of the funds must enter a transaction code to receive the funds. This ensures the open channel between the sender’s and recipient’s address is trusted hence directing the transaction only to the wallet selected. Next, the sender keys in the address as many times until the correct address is provided.

One of the most significant issues affecting crypto adoption is the fear of losing funds over a small error when inputting the long alphanumeric wallet codes. The volume of BTC lost differs from report to report. Several investors have lost funds through malicious attempts or human error when sending digital assets.

Addition to Ledger Hardware Wallet

Kirobo’s security layer will provide privacy enabled, retrievable transactions starting with Bitcoin users on Ledger’s hardware wallet. The platform is secured against a brute force attack and is also non-custodial, meaning users control their funds every step of the way.

Kirobo, supported by the Israeli Innovation Authority, has been testing its reverse transfer feature on the Bitcoin testnet since January. The mainnet feature will be free for any Bitcoin transactions up to $1000 on Ledger. More platforms will be added in the future, said Kirobo CEO, Asaf Naim.

On the firm’s mission, he said:

“Our aim is to make blockchain transactions as simple and as secure as online banking.”

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Author: Lujan Odera

Crypto Options Exchange Sparrow Raises $3.5M Led by BitMex’s Parent Firm HDR Global

  • Sparrow, a crypto options trading platform based out of Singapore, has raised $3.5 million in a Series A funding round.
  • The funding round, led by the parent company of Bitmex exchange HDR, also saw participation from the likes of Signum Capital, Du Capital, and FinLab EOS VC.

The options exchange offers Bitcoin and Ethereum options trading on its platform, which is executed via smart contracts. The firm also claimed that current liquidity would set them apart from similar other platforms saying their platform has more liquidity than over-the-counter trading Options.

Kenneth Yeo talked about how Sparrow as a platform is well structured to facilitate options trading in the decentralized space and said:

“Around 90% of our orders are filled within minutes, via a global liquidity book and an extensive network of liquidity providers and market makers.

Our options are settled on Ethereum smart contracts on the NIDUS Chain, enabling automated and transparent settlement of options contracts.

Competing platforms are proprietary and closed systems that rely on trust rather than transparency.”

Sparrow exchange was launched back in June 2019, and CEO Yeo claims that since its launch, the trading platform has seen its volumes grow by three folds peaking at $150 million.

With the crypto derivatives market flourishing and registering all-time high trading volumes, sparrows Series A fundraiser could prove to be a big boon and provide them with a push start in the already thriving market. At present, both the Options and Futures crypto derivatives market are seeing higher volumes than the spot markets.

Crypto Derivatives Market Thriving

The crypto derivatives market has seen a significant surge in volumes for both futures and options market. While the options market is comparatively just a fraction of the futures market, it still registered an amount of $3.1 billion last month. In comparison, the futures market clocked a whopping $558 billion in the same period.

The options market’s volume might look like a small fraction when compared to futures and spot markets that seem to be growing at a rapid pace. The ratio between spot trading volume and options trading volume has surged from 0.009 to 0.029.

Sparrow is planning to utilize the recently raised capital on expanding its service and workforce. The options trading platform has also applied for a payment license in Singapore.

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Author: James W