CoinMarketCap Starts Posting Interest Rate Data on CryptoAssets with New ‘Interest by CMC’ Feature

The famous data provider CoinMarketCap has just launched a new section on its site, which was created to list the current interest rates that are being offered on some cryptocurrencies by lenders. This, the company believes, would help the prospective traders to compare prices and choose products better.

This new section is named ‘Interest’ and it was launched starting with 33 cryptocurrencies. Covering information on several major platforms that work with lending. They include Binance, BlockFi and the Celsius Network. By using the new page, users can find annualized interest rates on these platforms for several different kinds of cryptos.

According to CMC, the new listing was in development for about a month and a half. Carylyne Chan, the Chief Strategy Officer of the company, was interviewed by The Block Crypto and said that the team had done a lot of research before making the new section live to viewers. She said that the researchers looked up interest rates and futures prospects for the industry and more.

Chan affirmed that it is important for traders to know the full scope of the lending market in order to make an informed decision. According to her, the lending sector is worth over $5 billion USD right now and plenty of traders use it for margin trading, hedging, and other financial investments.

Another important point is that no fees are being charged by the lenders to be listed on the page. They were simply determined to be the most popular companies in the sector and this is why they were listed, not because they paid to.

All monetization efforts will eventually be made via ads, just as it happens with the rest of the site. This way, ads are much easier to detect and do not influence the main activity of the site.

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Author: Gabriel Machado

Crypto Exchange Bithumb Global Finally Changes Status from Beta Testing After Brutual Hack

The global version of the South Korea crypto exchange Bithumb has just come out of beta. According to a recent press release, Bithumb Global has been properly launched now, which will boost the company’s mission to expand its business to other countries, especially Japan, which has a big audience.

Bithumb Global’s new 1.0 version is said to give users a considerably faster speed when making transactions and to have an improved user interface. Other upgrades include a Japanese version of the main site, the ability to let users buy crypto with their credit cards and the removal of a complicated wallet system that users complained about.

According to Javier Sim, the managing director of the company, Bithumb Global’s goal is to unite the crypto communities of the world on the platform by offering a fair and transparent trading environment. According to him, the keyword when talking about it is unity.

So far, the company’s global expansion seems to be working out pretty well. The new exchange has a trading volume of over $488 million USD daily. The original version may be more restricted to South Korea than its international counterpart, but it has a volume of at least $588 million USD daily, meaning that the global platform is not far behind it.

Curiously, the global platform only has one million users while the local one has ten million users but a trading volume that is not really that much smaller.

It seems that despite a recent hacking that occurred in March 2019 and may have the involvement of the company’s employees, the platform continues to be pretty popular around the crypto space.

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Author: Hank Klinger

EOS Finishes First-Ever Blockchain Hard Fork as More Upgrades Coming Soon

EOS, currently the seventh-largest cryptocurrency in the market, has just finished its first hard fork ever today. According to information taken from the ecosystem’s update tracking tool, which was created by EOSNation, one of its block producers, the update happened on September 23, 1 p. m. UTC.

This was the largest update ever to be made on the network. Because of this, it was also the first one to require a hard fork to be made. From the top 30 block producers, 29 of them were already committed to the upgrade at the time of this report, meaning that the process could be considered a success.

Tron Is Also Expected To Have A Major Upgrade Soon

EOS is far from the only company expected to have a major upgrade soon. One of its main competitors, the Tron (TRX) network, is also upgrading this month. The Sun Network, which was launched back on August 11, is set to be the next network for Tron, so the upgrade is set to be made soon.

Right now, Justin Sun, the founder of Tron, claims that this upgrade will lead the platform to have an unlimited scaling capacity. He also talked recently about new proof of stake mechanism, which is set to be implemented soon to increase the participation of the users on the network.

NEO is also set for a major upgrade soon. NEO 3.0, which is set to take the platform to the next level, was announced this month and will be made on Q2 2020. The new upgrade will allow smart contracts to be deployed in a cheaper and easier way and the blockchain to become faster.

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Author: Hank Klinger

Verizon Awarded New Patent To Create Virtual SIMs Using The Blockchain

The telecom giant Verizon has just won an important new patent. The patent is related to a new product of the company that will be used on using the blockchain to create SIM cards in a much more dynamic way.

According to reports, the patent describes how to replace a SIM card by a virtual one, which would be secured using the blockchain technology. A blockchain record would be created on the blockchain for the vSIM and a certificate would be created. After that, the vSIM number would be linked to the person’s account and activated via smartphones.

Verizon would have nodes that would be used to create a distributed network that would prevent the system from being attacked or tampered with. According to the company, the technology would be protected by a hash three structure and all the data would never be altered, as the blockchain is immutable.

One of the main attractions of the technology, despite its security, is that the vSIM number could be used by more than a single phone at a time. The number could even be temporarily linked to other users for some time and then revoked. This would make the vSIM technology much more malleable than the one that is being used today.

The patent states that with a single implementation, the users could accept new vSIM certificates, transfer them and deliver certificates to other users. A company could, for instance, buy several numbers, assign to employees and then later re-assign these numbers to other employees later.

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Author: Gabriel Machado

DASH Enters ‘Transfer-Only Mode’ On Coinbase Pro; Bitcoin and USD Trading Pairs To Start Soon

Coinbase has just announced that it would list a new asset on Coinbase Pro, the institutional version of its services. Now, DASH tokens will be listed on the platform. Deposits are already being accepted at the moment and trading opens up at 16:00 UTC.

This is part of a larger initiative. Last month, Coinbase promised to review eight new currencies. DASH happened to be the first of them to be approved for the professional trading platform.

About DASH

DASH is a proof of work crypto focused on payments. It has a wide network of merchants that accept it as payments all over the world. At the moment, the token has a market cap of $800 million USD and it is the 16th largest coin in the market.

According to the CEO of the Dash Core Group, Ryan Taylor, the listing was important, as Coinbase is one of the largest exchanges in the most powerful economy of the world. He also affirmed that the company was under scrutiny recently because of its CoinJoin transactions, which can be used to have more privacy on transactions, but that the listing proves the quality of the asset.

The CEO affirmed that Coinbase understands this and that Dash is far from the only coin to have privacy features. CoinJoin is basically a technique that mixes up transactions. Unlike other privacy protocols, it does not make the transactions completely anonymous, however.

Taylor affirmed that it was important that both clients and regulators understood the difference between complete privacy and privacy features such as CoinJoin. This, he believes, will help DASH to continue with these features without problems.

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Author: Hank Klinger

ICO Startup GXChain (GXC) Offices Reportedly Shut Down By Chinese Police; Execs Being Interrogated

GXChain, A Chinese-based initial coin offering (ICO) initiative, have just had their offices clamped by the Hangzhou local police.

According to Bitcoin influencer and co-founder of Primitive Ventures it seems the GXChain team is having some legal issues. Using her Twitter account, Dovey was able to relay the news to the world by posting a photo of the startup’s offices which were taped closed, probably by the Chinese police, and stating that GXChain had been shut down by the Chinese police.

Dovey also wondered why GXChain had been clamped as she believes it has an authentic business. Dovey, however, quipped that the reason for the clampdown could have been triggered by the startup’s core business of trading individuals processed credit data saying that the venture is very sensitive in China. GXChain has in the past sometimes blurred the lines of privacy in a similar manner to Facebook and that could likely be the cause.

Dovey also updated her followers stating that the entire managerial team of GXChain had been picked up by Hangzhou local police for interrogations.

GXChain was started in 2017 and was rated as one of the hot ICOs of the year. The startup were successful in reaching their hardcap just a few hours after its ICO went live. The company sold approximately 24,510,000 GXC tokens and in the process raising about $144,000,000 USD after the end of ICO.

The company refers to itself as the ‘blockchain for the global data economy’ and comprises of a decentralized data marketplace that offers various forms of data to numerous enterprises in China.

Compared to many ICOs that came up in 2017, GXChain is one of the few legit projects that kept its promise. They maintained a team that kept working to ensure the project was successful even after the ICO was over. Despite being one of the authentic ICOs of 2017, the Chinese police are now after them.

Cointelegraph reports that the Chinese police are also actively investigating a non-custodial token trading platform EtherDelta in relation to a suspected exit scam.

Although it is not yet clear what the Hangzhou police are looking for in GXChain, keep it here for more details as the story unravels.

Latest update from who’s close with Hangzhou local police – all executives of GXchain are now with the police for interrogation

— Dovey Wan 🗝 🦖 (@DoveyWan) September 11, 2019

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Author: Joseph Kibe

New Open-Source Code Vulnerability Was Found and Fixed In Facebook’s Libra

A recently discovered vulnerability on the open-source protocol of Facebook’s Libra was just fixed. The vulnerability was originally discovered by OpenZeppelin, a third-party audit company that is focused on crypto products.

The developers of the company have found some vulnerabilities in the scripting language created by Facebook, which is called Move. According to the company, the vulnerabilities were pretty severe and could lead to huge problems if the code went online before they were addressed.

OpenZeppelin’s CEO Demian Brener affirmed that one of the vulnerabilities allowed hackers to use smart contracts disguised as inline comments and they could use it to steal money. Fortunately, the issues have been patched as soon as possible, so these flaws will never actually see the light of day.

The auditor company was originally created back in 2015 and it has worked with several high-profile initiatives so far, including organizations such as the Ethereum Foundation, Coinbase, and the Brave browser.

The Move script was mostly devised by the developers of Calibra, the company created by Facebook to handle the project. They have defined the most important features of the technology, but since the code is open, anyone can give their opinions on what works or not.

According to Brener, audits are becoming more important to the industry each day. Crypto projects are getting considerably bigger as time passes, so more third-party audits are needed for them to work well, as no team can completely audit them alone.

Libra has a very complex system, just like many other recent tokens. These products will be used to manage a lot of money, so making sure that they work well is needed.

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Author: Gabriel Machado

Coinbase Introduces USDC Bootstrap Fund To Support DeFi Projects; Investing $2M In Compound & dYdX

Coinbase has introduced a new initiative dubbed USDC Bootstrap Fund and just as the name suggests, the firm intends to boost developers with a fund in terms of USDC tokens.

In a blog post, the crypto exchange said that the new fund will be used to enhance developments of decentralized finance (DeFi) protocols. The new initiative ‘USDC Bootstrap’ will only invest in DeFi based projects using its stablecoin USDC.

DeFi is a relatively fresh concept in the blockchain sphere which can be described as the conventional financial products that you could get from a financial institution like lending or derivatives that have been developed on top of a blockchain. In other words, DeFi protocols consist of smart contracts that are governed by codes and the protocol on which they’re built on.

CoinDesk reports that after several deliberations with DeFi platform developers, the exchange says it realized that liquidity or availability of funds to borrow was one of the urgent needs for DeFi based initiatives. The exchange hopes that through grants, it will boost the development of the DeFi ecosystem.

To kickstart the initiative, Coinbase announced that it was investing 1 million USDC each in Compound as well as dYdX. However, unlike the Coinbase Ventures where investments are made in startups for an equity stake, the Bootstrap fund is designed to add to a protocol’s lending pool where interest will be returned after counterparties borrow from it.

Zhuoxun Yin, dYdX operations head, the most challenging aspect in the development of a new DeFi protocol is attracting borrowing demand. however, the addition of USDC to the lending pools will help to lower the interest rates and embolden clients to borrow more USDC.

Head of Bootstrap Fund Nemil Dalal explained that boosting lending protocols will help in the growth and development of DeFi, which is an area of much interest for Coinbase. In the recent past, Coinbase venture also invested in different DeFi protocols such as Dharma and BlockFi. Dalal explained that Coinbase was interested in enhancing decentralized finance within the banking industry.

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Author: Joseph Kibe

Bakkt Rolls Out Deposits And Withdraw Custody Services, Bitcoin Futures To Launch Soon

Just as it promised a few days ago, Bakkt is on schedule to launch physical Bitcoin Futures settlement services. This is after the company officially rolled out its deposits and withdrawal services.

The new service will be known as ‘Bakkt Warehouse’ and is now officially enabling the platform users to make Bitcoin deposits and withdrawals, Cointelegraph reports.

The startup revealed its plans to introduce Bakkt Warehouse late last month and through a tweet from the company’s official Twitter account introduced the new platform.

The introduction of Bakkt Warehouse comes as the firm is poised to launch Bitcoin daily as well as monthly futures later this month within the US. according to the company, the futures platform will allow two forms of physical BTC futures that will have end-to-end regulated markets as well as custody.

According to the Cointelegraph report, the futures platform by Bakkt will be the inaugural platform that provides physical Bitcoin futures, this will depend on whether the launch will be a success. Compared with the already available cash settled Bitcoin futures that are provided by the Chicago Board Options Exchange well as the Chicago Mercantile Exchange, the Bakkt backed platform will allow traders to get payment in the form of Bitcoin after the expiry of the futures contract.

After the roll out of the futures platform, the trading part will be handled by Bakkt’s parent corporation, the Intercontinental Exchange (ICE), however, the clearing part will be handled by ICE Clear.

According to Bakkt, the custody of the funds will be handled by its sister firm Bakkt Trust Company that was recently awarded a charter to store customer crypto funds by the New York State Department of Financial Services. The idea is to let Bakkt Warehouse to move Bitcoin at small to long positions after the expiry of the contract, this will allow the platform to deliver Bitcoin to the users.

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Author: Joseph Kibe

Can Bitcoin’s Price Go Under $8,000 Again? This Trader Thinks So

After its latest price drop, Bitcoin went from just over $10,270 to under $9,700 USD. The short-term probability is that Bitcoin may go down even more right now. Even the dominance of Bitcoin, which was over 70%, was pushed down to 69% at the moment.

Now, a well-known BTC trader known on the internet as Angelo has affirmed that there is a big chance that the price of BTC may go down to $8,000 USD. According to him, the liquidation of long contracts could have a huge impact on the market.

If the market breaks below the $8,000 mark, some traders may capitulate and this means that the value can drop even more. It looks like the bull run may be over and there’s another bear market just around the corner.

As people are not psychologically prepared to see the market going down so fast, an abrupt change in market sentiment may happen and a huge crisis can begin.

The reasons why the prices are going down are not yet fully known. Some people have claimed that it is related to market manipulation while others believe that it has to do with the U.S.-China trade war. According to the ones who defend this idea, geopolitical risks are making these investors choose gold and U. S. bonds instead of crypto.

While equities are going down in value, gold is going up, which corroborates this theory. In any case, we have to wait before deciding that the bear market is here again. If the coin is able to regain its value quickly, the crisis can be averted.

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Author: Bitcoin Exchange Guide News Team