1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins

1Inch, a decentralized exchange (DEX) built on the Ethereum blockchain, has become the highest-profile project to join Binance’s new Smart Chain.

Yesterday, the exchange confirmed that it had moved to the Binance Smart Chain (BSC), marking what could be a broader move away from the leading blockchain network for decentralized finance (DeFi) protocols.

Exploring New Opportunities

In its announcement, 1Inch explained that it had successfully moved ten million 1INCH tokens (worth about $40 million) to the Smart Chain. The exchange will use the tokens as a liquidity bridge between the two competing blockchains. Adding that, they will also seed its entire ecosystem on the Smart Chain.

Speaking to industry news sources, Sergej Kunz, 1Inch’s founder, explained that the move was inspired by a necessity to escape the rising gas fees on the Ethereum blockchain; with Binance Smart Chain launching to full fanfare earlier this month, it was the perfect opportunity, and they latched on to it.

Ethereum Better Watch Out

The possible move from Ethereum isn’t a new trend. For months, industry experts – including DeFi protocol developers and analysts – have criticized the Ethereum Network for its rising gas fees ETH -5.02% Ethereum / USD ETHUSD $ 1,446.93
Volume 31.49 b Change -$72.64 Open $1,446.93 Circulating 114.84 m Market Cap 166.16 b
6 h Crypto Hedge Fund Arca is the Latest to Join the Crowd of Bitcoin Trust Issuers 6 h Coinbase Going Public Is A Watershed Moment for the Cryptocurrency Industry 7 h 1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins

With transactions costing more, the blockchain has shown problems with scalability, and several developers have actively shopped for alternatives to move into.

Earlier this month, Harvest Finance, one of the largest yield farming protocols in the DeFi space, made moves to hire developers to bring the protocol to the Smart Chain. While a moderator for the community described the move as an opportunity to show the cross-chain yield farming’s viability, it’s no doubt Ethereum’s problems were driving them away.

ValueDeFi, another leading protocol, confirmed on Twitter that it would also be moving away from Ethereum in the nearest future.

With the leading blockchain now in more danger of losing its crown, the Binance Smart Chain isn’t the only viable option for investors. This week, fast-rising blockchain project Chainlink LINK -3.26% Chainlink / USD LINKUSD $ 25.20
Volume 170.53 b Change -$0.82 Open $25.20 Circulating 410.01 m Market Cap 10.33 b
7 h 1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins 9 h Polkadot (DOT) Proposes Public Utility Parachains to Provide Easy Access to Resources 1 d Chainlink (LINK) Launches Off-Chain Reporting Feature to Improve Network Scalability
took a step forward as it announced the launch of off-chain reporting (OCR) – a feature that will allow its blockchain oracles to aggregate data Externally and publish it to the blockchain.

As the company’s announcement explained, the new feature will further bolster scalability by reducing gas fees and congestion on the network. Other benefits include greater node decentralization and cost-effective node onboarding.

Ethereum is putting a lot of home on its ETH 2.0 upgrade to solve many of its problems. However, even that might not come quickly enough to prevent this exodus.

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Author: Jimmy Aki

Crypto Exchange OKCoin Delists Bitcoin Forks, BCH & BSV to Prevent New Retail Investors from Being Deceived

Crypto Exchange OKCoin Delists Bitcoin Forks, BCH & BSV to Prevent New Retail Investors from Being Deceived

The exchange is open to revisiting this decision if both the communities “listen to the broader market and choose to rebrand away from Bitcoin in pursuit of their own path.”

Cryptocurrency exchange OKCoin has announced the suspension of Bitcoin forks, Bitcoin Cash (BCH), and Bitcoin SV (BSV) starting March 1, at 7:00 pm PST.

In the past 24 hours, the exchange recorded just under $70 million volumes per Coinmarketcap, out of which BCH/USD and BSV/USD accounted for 0.38% and 0.26% of it, respectively.

The prices of both the digital currencies are unaffected, with Bitcoin Cash trading at $738, up 112% YTD, and Bitcoin SV at $250 (52% gains).

Besides these assets, other pairs are also getting delisted, including ETC/USD, EURS/EUR, BTC/EURS, BCH/EUR, and BSV/USD, along with spot and margin trading for BCH/USD.

Users are advised to cancel open orders for these pairs, or the system itself will cancel them within two working days. Those who borrowed from the BCH/USD margin pair are also required to return the borrowed value before March 1st.

Exchange CEO Hong Fang specifically shared the reason behind the decision to delist the Bitcoin forks, which she said “was not an easy” one.

This is because, while on the one hand, the exchange believes that “we should let our customers make their own decision” regarding investing in certain crypto assets, on the other hand, they “feel very disturbed by the copyright claim and threat of legal actions” that Craig Wright, the infamous self-proclaimed creator of Bitcoin and BSV supporter, is waging against the open-source community.

Wright’s claims challenge the ethos of open-source, decentralized, and community-driven consensus, which is the foundation of Bitcoin, she said.

By allowing BSV trading on the platform, of which Wright is a significant and influential stakeholder, the exchange runs the risk of implicitly supporting an attack on the open-source community.

Moreover, with a new wave of investors entering the crypto market amidst the bull market, the misuse of Bitcoin’s brand to promote themselves as the ‘true Bitcoin’ “can be very misleading to new retail investors.”

Fang said they would be happy to revisit their decision to delist these two cryptos if both the communities “listen to the broader market and choose to rebrand away from Bitcoin in pursuit of their own path.”

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Author: AnTy

Yet Another Bitcoin ETF, Mike Novogratz’s Galaxy Digital Positioning Itself to Lead This Boom

Yet Another Bitcoin ETF, Mike Novogratz’s Galaxy Digital Positioning Itself to Lead This Boom

While the first Bitcoin ETF has made its debut in Canada, the U.S. will be the next — “It’s all part of this accelerating evolution of being a store of value,” says the CEO.

Mike Novogratz’s crypto firm Galaxy Digital is filing for a Bitcoin exchange-traded fund (ETF) through CI Global Asset Management.

The preliminary prospectus dated February 16, 2021, with the securities commissions in each of the provinces and territories of Canada, is still subject to completion or amendment. Galaxy Digital is registered in Canada.

Galaxy Bitcoin ETF (“BTCX” or the “ETF”) will be managed by CI GAM, and Galaxy Digital will act as its Bitcoin sub-advisor and execute trades on behalf of the proposed ETF.

The fund will invest directly in Bitcoin with the holdings of BTC priced using the Bloomberg Galaxy Bitcoin Index, designed to measure the performance of a single Bitcoin traded in US dollars. Novogratz said in an interview,

“Crypto is being institutionalized at an accelerating rate.”

“And now an ETF product is showing up in Canada first; it will show up in the U.S. next. It’s all part of this accelerating evolution of being a store of value.”

No Bitcoin ETF has been approved in the US yet.

Already, the company’s closed-end fund CI Galaxy Bitcoin Fund (TSX: BTCG) is offered by CI GAM trading on the Toronto Stock Exchange in Dec. 2020.

Galaxy’s trading desk is one of the several that are providing BTC for the Purpose Bitcoin ETF, the first-ever approved, which debuted Thursday.

According to Novogratz, following Tesla and MicroStrategy buying Bitcoin, many more companies and pension funds are seeking to do the same.

“All of these stories — and there’s a story every day — really point to a sustainable bull market in crypto,” the billionaire former hedge fund manager said.

The price of Bitcoin surged to a new record high of about $56,600 late on Friday, pushing the market cap of the leading cryptocurrency past $1 trillion for the first time.

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Author: AnTy

UK-Based EXMO Exchange is ‘Updating its Anti-Hack Software’ After Suffering a DDoS Attack

UK-Based EXMO Exchange is ‘Updating its Anti-Hack Software’ After Suffering a DDoS Attack

  • U.K based cryptocurrency exchange, EXMO, is updating its anti-DDOS attack software following Monday’s attack on its systems.

EXMO, a leading crypto exchange in Europe, suffered its second attack in less than two months reporting a distributed denial-of-service (DDOS) attack on Monday. The exchange has since started to improve its anti-DDOS attack software, warning users the exchange’s services “may be unavailable” during the update, a tweet sent out today reads.

EXMO announced midday on Monday (local time) that their servers were down due to a DDOS attack. Services on the exchange were temporarily unavailable for hours, as the attack affected the company’s entire infrastructure, a spokesperson said. At the time of writing, the exchange is back up running, but some services have been withheld. The spokesperson further added,

“Now everything is running properly. Unfortunately, with a splash in market activity, which undoubtedly drives a positive change, many negative phenomena are back. DDoS, which we’ve faced, is just one of them.”

DDOS attacks refer to a coordinated malicious effort to disrupt regular traffic to a website. These attacks are becoming more prominent in the crypto industry, with top crypto exchanges such as Binance and BitMEX suffering these attacks recently.

EXMO has been a victim of successive attacks in as many months as hackers stole 6% of the exchange’s crypto assets in December. The hacker made away with $10 million worth of cryptocurrencies, including BTC, ETH, XRP, ZEC, USDT, ETC, during the December heist.

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Author: Lujan Odera

Uniswap Hits Over Bln in Weekly Trading Volume & 0 Billion Overall

The popular decentralized exchange Uniswap has hit a milestone of processing more than $100 billion in trading volume in its entire life.

Ever since the beginning of 2021, the DEX has been doing more than $5.5 billion per week, which went past $7 billion during the second week of February, as per Uniswap.Info.

With this much volume, Uniswap is the leading decentralized exchange (DEX), capturing the majority of market share, 54.4%, which is down from 70.7% on August 31st due to SuhsiSwap’s launch.

The TVL (total value locked) of the protocol has also surpassed $4 billion for the first time.

Much like the exchange, its token UNI is experiencing a significantly positive price performance. Uniswap Token, with a market cap of $6.34 billion, is trading above $21, up 345% this year so far.

After exchange balances peaked at 36.86 million UNI in early January, a 10% outflow of over 5.3 million UNI tokens occurred, supporting a price rally from $6.33 to over $23.26.

According to Glassnode, over this same period of time, the number of intra-day transactions transferring UNI tokens tripled from 277tx per hour to a peak of 830tx per hr. However, despite this continued price appreciation, there has been a marked slow-down of transaction counts for UNI tokens since the beginning of this month.

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Author: AnTy

UAE’s Lulu International Exchange Integrates RippleNet Cloud to Enhance Indian Remittances

UAE’s Lulu International Exchange Integrates RippleNet Cloud to Enhance Indian Remittances

Abu-Dhabi based international money transfer service, Lulu Money, announced a partnership with Federal Bank, an Indian international financial service, to enhance remittances to India. The partnership will integrate RippleNET Cloud to reduce the transfer fees and introduce instant remittance payments from the UAE.

The case against Ripple by the SEC is not slowing the demand for its products as UAE’s leading remittance firm, LuLu Money, and India’s Federal Bank integrates RippleNET Cloud, a global network that allows instant connectivity and transfers across financial institutions. As the home to the largest Indian migrants worldwide, the partnership targets to “enhance the cross-border payments experience” to over 3.5 million Indians.

Nilufer Mullanfiroze, Senior VP, Deposits, Cards & Unsecured Lending at Federal Bank said in a press release,

“We believe such innovations will benefit the larger Indian diaspora who can enjoy a modern, low cost, fast, easy, and more reliable way of transferring money to India.”

According to a Ripple blog post, Indians in the UAE can now send remittances from over 76 LuLu exchange branches or directly from their mobile app.

RippleNET is becoming a sensation across banks and institutions globally, with the network transacting a record-beating $2.4 billion in transactions across 2020. Ripple and LuLu exchange entered a partnership that has helped the latter form avenues of transfers and “solidifies their presence in existing and new corridors,” Adeeb Ahamed, LuLu Financial Group Managing Director, said in a statement.

“The partnership signals a major step towards strengthening our Indian corridor, all the while advancing our overall mission to design the world’s most reliable, seamless, and accessible financial journeys through collaborative partnerships and application of technology.”

The RippleNET Cloud will allow LuLu exchange to directly connect to Federal Bank and other global financial institutions in the network. Users will instantly, reliably, and cost-effectively send or receive payments on the platform in one easy integration process.

The RippleNET cloud recently acquired its System and Organization Controls 2 (SOC 2) certification from the American Institute of Certified Public Accountants (AICPA), allowing it to function as an institutional-grade cloud-based payment system.

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Author: Lujan Odera

Latin American Crypto Exchange, Bitso, Acquires Derivatives Trading Platform Quedex

Latin American Crypto Exchange, Bitso, Acquires Derivatives Trading Platform Quedex

Bitso, a crypto exchange serving the Latin America region, has finalized the acquisition of Quedex, a Gilbrator licensed crypto derivatives trading exchange.

The completion of the deal will help Latin America’s most popular crypto company, to scale up its product portfolio and add important technological know-how to its toolkit, explained Daniel Vogel, the exchange’s CEO.

The details of the deal remain scanty but Vogel revealed that Quedex was advised by PwC on the sale process.

Last December, Bitso which is supported by crypto giants like Coinbase Venture and Pantera Capital, rose to prominence after raising over $62 million in efforts to enhance its capacity by expanding to new regions and introducing new products.

According to Vogel, Quedex became the first crypto derivatives exchange to be granted a license under Gilbrator’s asset regulatory policy which is the same framework that regulates Bitso.

Vogel also stated that the deal will allow Bitso to have nice top-notch tech. Vogel added in an interview,

“As the industry grows and trading volumes increase, one of the big challenges is building really high-performance, low-latency trading engines, and the Quedex team has done that. So, the idea is to replace our entire trading infrastructure with Quedex’s trading infrastructure.”

The CEO revealed that the firm plans to enter the Brazilian market in the near future. He also revealed that plans are underway to introduce new products such as crypto futures, options, and leveraged trading in Mexico.

Vogel explained that all the Quedex’s staff will be incorporated, more so the engineers, to oversee the integration of a fresh trading engine platform. Currently, Bitso has over 200 employees stationed in more than 25 countries.

Quedex’s CEO, Wiktor Gromniak, said he was pleased to be joining Bitso, and expects to bring the company’s top-notch tech to serve the Latin America region. He said that Bitso’s mission was in tandem with Quedex’s in making crypto useful.

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Author: Joseph Kibe

Top Crypto Exchange Launches Binance Pay for Swift Cryptocurrency Payments

Top Crypto Exchange Launches Binance Pay for Swift Cryptocurrency Payments

  • Binance CEO, Changpeng Zhao, says the company launched a payment service “quietly” over the weekend.
  • The service hopes to rival PayPal in the growing crypto payments industry.

Binance is forging ahead in its plan to have more people use crypto. To get this mission onboard, the world’s largest crypto exchange by trading volume launched a new payment service over the weekend.

Binance Pay Makes A “Quiet” Entrance

Binance boss, Changpeng “CZ” Zhao, has revealed Binance Pay, the exchange’s latest crypto-based payment app. He made the revelation at the annual Binance Blockchain Week.

An explainer on Binance’s website describes Binance Pay as a way to send and receive crypto payments. A sort of crypto version of PayPal, if you will. The website explains,

“Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance.”

Binance users can access Binance Pay from their wallets. Binance Pay integrates directly with the Binance VISA card. It can also be refilled from the spot wallet balances on the main Binance platform. Binance Pay is currently in beta.

At the conference, Zhao said that Binance was dabbling into the payment space because it noticed a need for a better, more innovative payment service. The CEO explained that many merchants still don’t trust crypto assets in their payment systems, as they prefer credit cards and cash. Once customers make payments with crypto, the merchant receives a stablecoin that can be converted to fiat easily.

The PayPal Slayer?

Binance Pay will support six currencies; BNB (Binance’s native token), BUSD (Binance’s stablecoin), Bitcoin (BTC), SXP, ETH, and the Euro. Discussing why fiat was included at all in the lineup of currencies, Zhao said that this was to boost merchants’ confidence and avoid cryptocurrencies’ volatility risks.

Binance Pay is now live for customers. However, anyone looking to access the offering will need to register for it from their Binance wallets. They will then need to complete a quick three-step process, including setting a nickname, a PIN, and a password. Users also get to select and arrange the currencies they want to send and receive payments out of the six listed. Transactions with the app will be done through QR codes.

Paypal has been around long enough to gather a large share of the retail payment market. With 60 million merchants worldwide preferring to use the payment giant’s services, Binance has a lot of work cut out for it.

Asides from Binance Pay, Zhao also mentioned a more simplified version of the Binance app that will be released soon. The Binance Lite, according to Zhao, was created as a response to their customer’s request for a more intuitive dashboard. Zhao pointed out that many users have complained about the app’s seemingly busy appearance and confusing user interface. Binance Lite was created to address this issue, displaying only important and relevant data.

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Author: Jimmy Aki

Digital Assets Lender, Nexo, Rolls Out Crypto Exchange Platform With Instant Swaps

Digital Assets Lender, Nexo, Rolls Out Crypto Exchange Platform With Instant Swaps

  • Nexo, a Cryptocurrency lending platform, announces its new exchange service that provides 75+ cryptocurrency trading pairs on its mobile application. The exchange comes with a “Smart Routing” system to minimize slippage cases and guarantee the best price swaps.

In an announcement this Monday, leading regulated digital assets lender Nexo launched its in-built Nexo exchange service, offering a broader suite of financial tools to its users. The new swap feature offers users over 75+ cryptocurrency and fiat pairs and supports 17 cryptocurrency assets. It aims to offer no-limit, fast, and cost-effective transfers across assets provided on the exchange.

In a statement, Nexo confirmed traders would have no limits on the number of trades made on the platform with a maximum amount of $50,000 set per trade. Additionally, the exchange will allow direct fiat deposits from bank transfers and wire transfers and allow crypto deposits and withdrawals from any other wallet or exchange.

Speaking on the capabilities that the new exchange offers in onboarding new clients, Nexo Co-founder and Managing Partner Antoni Trenchev said,

“Fast, transparent, and inexpensive transactions are the backbone of fintech, but making them easily accessible and secure in a seamless, intuitive environment is the single most important step towards mass crypto adoption.”

To prevent price fluctuations or slippage cases, Nexo exchange has integrated a “Smart Routing” system, an in-house innovation. The system connects to multiple exchanges and splits your orders according to the available prices and volumes, ensuring the order is executed at the same price as is submitted.

The statement did not mention the exchanges that will execute the trades. Still, a spokesperson from Nexo confirmed that the Smart Routing system would connect to five of the “most trusted and well-capitalized exchanges.”

The exchange is registered and ISO compliant to provide clients with an impeccable risk assessment, data protection, and state-of-the-art cybersecurity of their assets. Users’ assets in custody will be insured up to $100 million by the Lloyd’s of London.

Finally, the exchange is also building a full-suite banking platform announcing a series of product launches, including the Nexo crypto credit card. Furthermore, Nexo is also looking to expand its already broad banking licenses to strengthen its compliance with global regulators.

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Author: Lujan Odera

Crypto’s Are Becoming Mediums of Exchange as Visa CEO Plans to Add Them to the Network

Crypto’s Are Becoming Mediums of Exchange as Visa CEO Plans to Add Them to the Network

Describing Bitcoin as “digital gold,” Alfred Kelly said they “predominantly held as assets” but sees stablecoins and CBDCs as “emerging payments innovation” that can be used for global commerce.

Payments giant Visa could be the latest one to add cryptocurrencies to its network after PayPal allowed its millions of users to buy and sell last year and soon to use cryptos in its merchant network in October.

Last week, Alfred Kelly, the chief executive officer at Visa, said the company might add cryptos to its payment network as he said they are in a position to make digital currencies more “safe, useful and applicable.” While speaking on the company’s fiscal first-quarter 2021 earnings call, Kelly said,

“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally.”

Kelly said they see the crypto market in two segments; the first one is new assets like Bitcoin, which he described as “digital gold.” He said,

“They are predominantly held as assets that are not used as a form of payment in a significant way at this point.”

The second segment is of stablecoins, which are directly backed by existing fiat currencies, and central bank digital currencies (CBDCs), which he said, “are an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency,” and Visa sees them as part of their network of networks strategy. Kelly said,

“Across both of these segments, we are the clear leader in this space.”

The CEO further goes on to mention how already several, a total of 35, leading digital currency platforms and wallets such as Crypto.com, BlockFi, Fold, and BitPanda are working with Visa, which “represent the potential for more than 50 million Visa credentials.” Kelly said,

“It goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network, which already supports over 160 currencies today.”

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Author: AnTy