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

SEC Contracts with DARPA Funded CipherTrace to Track BNB & Binance Chain

The US Securities and Exchange Commission (SEC) is now taking a special interest in Binance Chain and the native token of the leading spot exchange Binance BNB among other tokens on its blockchain.

Binance Chain hosts about 189 tokens along with the 10th largest cryptocurrency by market cap of $3 billion BNB and underlies Binance DEX, a decentralized exchange.

“This is a significant step to have more BinanceChain token listings on fiat exchanges. Working for our ecosystem projects,” said Changpeng Zao, Binance CEO.

As per the public records, SEC has chosen CipherTrace Inc. for this task to which the agency intends to award a fixed-price contract on a single source basis. The contract will be awarded by SEC by today for a period of one year with four options of one year each to extend the contract. It states,

“CipherTrace Inc., is the only source that can reasonably meet the SEC’s requirement in accordance with FAR Part 13.106-1(b).”

Founded in 2015, the blockchain analytics company was initially funded by the US Department of Homeland Security and DARPA, an agency of the US Department of Defense responsible for the development of emerging technologies for the military use.

CipherTrace is the only forensics and risk intelligence tool that can support Binance Coin (BNB) and all other tokens on the Binance network, reads the notice.

CipherTrace partnered with Binance in November 2019 to bring anti-money laundering (AML) tracing tools to Binance Chain.

At the time, Dave Jevans, CipherTrace CEO said, as the crypto ecosystem matures, regulators demand better transparency and compliance.

The technology will enable regulators to browse Binance blockchain and identify high-risk addresses, said Binance adding, CipherTrace will improve its blockchain’s AML controls.

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Author: AnTy

Coinbase Launches Dai Rewards Program, Sets APY at 2%; Is That The Best Rate Available?

Coinbase crypto exchange has launched a Dai rewards program that will see its clients earn a 2% APY for holding this stablecoin in their accounts.

According to the blog post on July 29, this product will be available in six countries, which include:

  • the U.S.
  • Netherlands
  • United Kingdom
  • Spain
  • Australia
  • France

The move comes as another boost to Maker, which is Dai’s parent and currently the leading DeFi with a total value locked (TVL) of $1 billion, 27% of the total DeFi market value.

Back in 2019, Coinbase rolled out a similar initiative for the USDC stablecoin with rates as high as .125%; this was, however, slashed by 90% this year. The U.S. based crypto exchange has since noted that stablecoins have quite a role to play in the crypto ecosystem when it comes to volatility elimination.

These digital assets have grown significantly, comprising $12 billion of the crypto market, it’s no wonder Coinbase has such faith in them:

“This is one reason stablecoins have grown to a market cap of more than $12 billion, as people use them to hold funds without volatility, transfer funds quickly and cheaply, and gain exposure to the U.S. dollar.” reads the blog.

Notably, the new Dai Rewards by Coinbase will be issued to accounts with as low as $1, with the initial rewards set to be distributed within five days. With the current market lows in savings rates, they might just be another asset class with a better deal than wall street bankers at the moment. But that isn’t to say that traders aren’t already voicing their displeasure for such a low rate. Comparing the rate at which Coinbase offers vs many other exchanges and DeFi apps, it is quite low. For example, Nexo offers 8%, Compound does 7.28%, or Celsius sitting at 5.93%.

Also, crypto investors get to control their digital assets at any time based on the aspect of decentralization. Dai holders can withdraw their rewards as well as funds at any time. The downside, however, is that crypto exchanges are risky than traditional banks.

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Author: Edwin Munyui

Switzerland’s Six Stock Exchange Lists FiCAS Actively Managed Bitcoin ETP (BTCA)

Switzerland’s leading stock exchange, SIX, is listing an active crypto exchange-traded product (ETP) in a move that will increase digital asset exposure in the Zurich headquartered market. This new product will go by index ‘BTCA’ which derives from its full name, Bitcoin Capital Active ETP. Notably, the BTCA ETP will be issued by Bitcoin Capital AG while FiCAS, the Swiss-domiciled crypto investment firm, acts as the manager.

Ideally, this crypto ETP is meant to create more portfolio balancing positions in a world where digital assets account for over $300 billion in market cap as of press time. Built to be regulatory compliant, the BTCA ETP will expose investors to the top 15 digital assets, giving them an opportunity to actively rebalance their pool and exit positions through fiat.

Consequently, product managers will be able to execute these moves by exchanging BTC for other digital currencies including TRX, XTZ, LTC, EOS, BCH, XRP, and ETH. The main exit fiat currencies will be the U.S dollar, Euro, and Swiss Franc.

The BTCA ETP has been touted to be particularly different since it is not pegged on a single asset’s movement or basket of crypto indexes. Instead, this crypto-based ETP comprises of the digital assets highlighted above and can, therefore, be actively managed based on market fundamentals and technical price action. Some of the fundamental factors that FiCAS noted it would pay attention to are investor sentiment and issues such as a token’s liquidity or the value an underlying blockchain.

As for the technical price action, Ali Mizani Oskui, the founder of FiCAS, is confident of a trusted strategy that he has beaten the market since 2013,

“Personally, I have built my expertise in crypto trading since 2013, with a strong track record in outperforming the market. I look forward to bringing my trading experience to global and institutional markets with this pioneering product.”

This latest crypto-based listing on Six stock exchange adds to the likes of the Wisdom Tree Bitcoin ETP which launched back in December. Switzerland has generally been very progressive in the crypto space, making it an attractive destination for Security Token Offerings (STO’) and now crypto ETP’s are gradually following pace.

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Author: Edwin Munyui

Decentralized Derivatives Exchange Injective Raises $2.6M In Fresh Funding for Upcoming Mainnet

Injective Protocol, a front-running resistant layer-2 decentralized exchange protocol has raised $2.6 million in seed funding round led by Pantera Capital and many other prominent firms such as QCP’s investment arm QCP Soteria, Axia8 Ventures, and OK’s strategic investment partner K42.

The Injective Protocol was also a part of the Binance incubation program of 2018. The protocol itself aims to solve the scalability and liquidity issues faced by exchanges. Solving these issues would not only offer working capital but also liquidity solutions for decentralized exchanges.

Commenting on their new partners, and what led to lead the funding round, was Paul Veradittakit, Partner at Pantera Capital stating:

“Injective Protocol scalably brings advanced derivatives capabilities to Defi while being uncompromisingly decentralized.

We see Injective as a strong contender to expand Defi beyond just Ethereum power users and to serve as an integral layer ushering the new dawn of decentralized derivatives.”

Injective protocol promises to boost the decentralized exchange market by improving liquidity and also promise to help in building different products to cater to the needs of the consumers.

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Author: Hank Klinger

Tel Aviv Stock Exchange to Roll Out Centralized Securities Lending Platform On Blockchain

Israel’s Tel Aviv Stock Exchange (TASE) announced on Tuesday plans to launch the first-ever of a centralized securities lending platform based on blockchain technology in the country. Back in 2018, BEG reported the stock exchange entered into a partnership with Accenture, Hyperledger, and Intel to launch the securities lending platform in a bid to improve the security of the transactions using smart contracts.

According to the latest press release, the Blockchain Securities Lending Platform will improve the financial systems in Israel by transforming the securities lending market onto distributed ledger technologies (DLTs), enabling direct lending between parties.

Currently, in Israel, institutions and securities traders lack a centralized securities lending market with all of these services only offered by intermediary banks and other third party financial institutions.

With the DLT-based securities lending, traders will have a ‘one-stop-shop’ to deposit and borrow all the major financial instruments available. This allows trading in greater volumes in shorter timeframes, improves the lending process, and lowers the cost of securities lending. Orly Grinfeld, EVP and Head of Clearing at TASE said,

“The Blockchain technology will present a new level of safety for securities lending and will support growth for transactions based on this new platform.”

TASE efforts in blockchain

The partnership with Accenture, Intel, and Hyperledger, among other partners, opens up a gateway for TASE to offer its customers a direct channel to transact digital securities. Accenture will help in the development of the blockchain smart contracts enabling the TASE to track and categorize transactions, including holdings, receipts, and settlements

TASE also joined the Blockchain Technology Partners (BTP), a group of blockchain developers helping the exchange build its flagship blockchain management product, Sextant.

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Author: Lujan Odera

Crypto Exchange Bitfinex to Roll Out Customized Lending Service With Automated Strategies

Bitfinex, a popular crypto exchange, has unveiled a new peer-to-peer lending service dubbed Lending Pro. The new P2P lending service would allow customers to invest in secured personal and business loans. The platform has a customizable set of tools that manage the trades and investment on behalf of customer’s baked on pre-set criteria specified by the customers as well as market scenarios.

The smart, automated lending platform is said to help investors streamline their crypto lending for loans underwritten and booked by Bitfinex. The automated protocol also helps in reducing cost charged by middlemen, which in turn makes the deal more beneficial for the parties involved in the trade.

  • Some of the key features of the Lending Pro include
  • Calculator to help projections on potential earnings
  • Reporting tools to get a breakdown of your funds
  • Distribution panel to find the best interest rates.

Lending Pro would not have a centrally controlled interest rate; rather, it would depend on the supply-demand of the platform. The launch of Lending Pro also comes at a perfect time right after the start of the staking services.

Staking services are available for cryptocurrencies working on Proof-of-stake mining consensus, and in 2020 it has been a big trend among exchanges, including Bitfinex. The exchange also said that the market is evolving to accept new lending products, and timing is just right for it.

The exchange also revealed that the lending landscape is changing with the reliance on digital assets increasing with each passing day. The data suggest there has been a surge in interest from institutional players as well who are looking for lending services via digital assets to support their businesses. Paolo Ardoino, CTO at Bitfinex said:

“Lending Pro provides our users with a tool to automate peer-to-peer lending, and earn passive income on their crypto. By deploying advanced automated technologies, we’ve created a tool that will help our growing user base maximize their earning efficiency on the crypto held on our exchange.”

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Author: Rebecca Asseh

BTC Marketplace, LocalBitcoins Partners With Elliptic To Integrate Blockchain Monitoring

Global Bitcoin (BTC) peer-to-peer exchange, LocalBitcoins announces its partnership with Elliptic, a crypto surveillance company, to further compliance on the site. An announcement from the Finland-based company confirms the addition of two Elliptic Solutions to prevent illicit crypto from transacting on the platform, namely, the Navigator risk analysis tool and Lens wallet screener.

Following its registration as a virtual currency payment provider in Finland, LocalBitcoins set out changes in its regulations. The latest integration of Elliptic’s blockchain monitoring tools aims to comply with the AMLD5 recommendation set out to European countries. LocalBitcoins stopped cash trades on the platform, citing issues with KYC/AML compliance.

Read more>> LocalBitcoins drops in-person cash support for Bitcoin trading, could get left behind by rival

The P2P exchange also took steps to make KYC mandatory on the exchange as well as discontinue Iranian users from the platform due to global economic sanctions placed on the country.

According to the chief scientist of Elliptic, Tom Robinson, exchanges that implement the blockchain monitoring solutions reduce their overall work, saving time to focus on stricter compliance issues. Speaking on the latest addition of Elliptic, Tom said,

“The reduction in flows from dark markets to peer-to-peer exchanges is a clear consequence of these businesses introducing strong KYC and AML controls. Criminals are now thinking twice before trying to cash-out through the major peer-to-peer exchanges.”

Following the toughened regulation and compliance on LocalBitcoins, users seem to be migrating to rival P2P exchanges, challenging its dominance. In December 2019, Paxful became the first P2P exchange for dethroning LocalBitcoins in weekly volumes traded, and the latter has since struggled to recoup its dominance.

Read more>> P2P bitcoin market, LocalBitcoins, sees 10% YoY revenue jump despite competition and regulations

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Author: Lujan Odera

FTX Rolling Out A Derivatives DEX Is The ‘Start of an Entirely New DeFi Ecosystem’

Crypto derivatives exchange FTX is going full-on in DeFi (decentralized finance).

The exchanges unveiled its alternative exchange for the fast-growing DeFi space today that will be built on top of scalable blockchain Solana.

Why Solana?

FTX CEO Sam Bankman-Fried clarifies the reasons for choosing to run it on Solana in blunt terms. “It’s own fully decentralized blockchain, don’t need to trust centralized sidechain,” and it’s “fast as fuck.”

While Ethereum, which is facing issues of high fees, congestion, and scalability because of the ongoing DeFi craze. It can only handle 15 transactions per second; Solana can “process 10,000 times as much as Ethereum, and it’s 1,000,000 times cheaper.”

This is not only “incredibly bullish for Solana,” but makes it “one of the very few ETH killers that have a real chance. You just need one big successful project like FTX’s DEX to bootstrap an entire ecosystem,” said analyst Qiao Wang.

Dubbed “Serum,” the project touts to be “fast, and cheap, powerful, and fully cross-chain compatible, and truly, fully trustless.” It is expected to launch in the coming weeks.

The platform is permissionless, and FTX has no power over it. “It is up to you, the crypto community, to use it as you will,” it says.

This project is backed by a long list of partners including FTX, Alameda Research, Solana Genesis Block, Robot Ventures, CMS, Evernew Capital, Kyber Network, Sino Global Capital, 3Commas, Coingecko, TomoChain, Multicoin Capital, Gauntlet Network, 币coin, Factblock, Aleph.im, Folkvang.io, and AKG Ventures.

The initiative claims to solve some of the structural limitations of the DeFi space by offering a scalable and liquid DEX for derivatives.

To tap into the DeFi sector, Serum will be fully interoperable with Ethereum. A proxy bitcoin token will also be offered by the exchange to allow users to trade the leading cryptocurrency on the Solana blockchain.

The platform will have its own token SRM, 5% of which will be distributed to FTX’s FTT holders over time.

Solana’s native token has already doubled in value over the weekend and got listed on FTX as well.

Just days before, FTX listed the popular “valueless” token YFI, and the reason for all this simple, “DeFi is hot, and exciting, and messy,” and of course filled with potential, says Bankman-Fried. It has “the potential to build an entire financial ecosystem without relying on trust or censorship,” he said.

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Author: AnTy

Liquid Exchange Set To Delist Zcash (ZEC) And 28 Other Privacy Enabled Cryptocurrencies

Japan’s crypto exchange, Liquid, has delisted the privacy-enabled Zcash (ZEC), along with 28 other coins in order to comply with Singapore’s regulations. The exchange plans to get an operating license in Singapore, hence with the swift changes made.

The Electric Coin Company (ECC), a non-profit organization overlooking the development of the Zcash public blockchain, however, dismissed the delisting: claiming ZEC is compliant with regulatory authorities.

Liquid Delists ZEC to Comply with Singapore Laws

In a tweet sent out on Friday, July 24, 2020, ECC said Liquid had notified them of their plans to shut down buying, selling, and trading of ZEC on the platform in compliance with Singapore’s laws. This follows a frenzy across Korean and Singapore based crypto exchanges delisting privacy coins due to the FAFT Travel rule notice issued at the tail end of 2019.

However, there is no official communication from Liquid exchange yet. We will follow up with the full list of delisted cryptocurrencies on the exchange.

Also Read: Coinbase Delists Privacy-Focused Cryptocurrency, Zcash (ZEC), In The U.K.

A Rash Decision to Delist?

According to the statement put out by the ECC, Liquid has made a rash decision to quickly gain the Singaporean license.

The argument revolves around whether privacy-focused cryptocurrencies such as Zcash (ZEC) and Monero (XMR) are regulatory compliant. ECC believes so. Jack Gavigan, the products and regulations head at the ECC, wrote a blog post in March 2019 explaining how ZEC can be AML/CFT compliant.

He explains that personal finance privacy is essential in the growing digital world, hence the need for privacy enabled currencies. On being compliant, Jack states that ZEC can be as quickly regulated as cash is regulated today. He wrote:

“The techniques and processes that have been honed and perfected over decades to detect and discourage the use of cash for money laundering and terrorist financing can be applied to Zcash, including customer due-diligence checks, record-keeping, and making Suspicious Activity Reports (SARs) when appropriate.”

No other exchanges in the 28 have been revealed yet. The ECC is willing to help exchanges understand how to become compliant with AML/CFT rules while trading ZEC in the future.

See More: BitOasis Removes Privacy Coins Zcash & Monero Without Notice to Users

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Author: Lujan Odera