This Week in Cryptos: Binance Goes Stablecoins Way While Justin Sun Wins a Lunch Date With Buffet

Key highlights

Binance will launch stablecoins
Justin Sun wins lunch w/ Buffett
SL Benfica now accepts Bitcoin
OKCoin launches in Europe
Samourai Wallet raises money
India to go tough on cryptos

Binance will launch stablecoins
The stablecoin mania doesn’t seem to be ending as newer and newer players announce their arrival on the fiat-linked coin stage. And this time its Binance, the exchange giant, that wants to give its users an umbrella again the storms of volatility. According to the latest reports, in a phone interview with Bloomberg, Binance’s chief financial officer, Wei Zhou, said the first stablecoin will be launched on the platform “in a matter of weeks to a month or two.” According to Zhou, this could be linked to GBP and may be called Binance GBP. Although the exchange inked stablecoin have had a “dirty” past, Binance would definitely look to change that.
Justin Sun wins lunch w/ Buffett
Well, the new age crypto guy meets the old age talisman investor. The TRON Founder- Justin Sun has paid 4.5 Million U.S. Dollars after winning the opportunity to be a part of the 20th Anniversary charity lunch hosted by Warren Buffett which will take place in the New York City. Will Sun be successful in changing the mindset of Buffet who till date has called Bitcoin “Rat Poison Squared”. All eyes will be in New York
Also Read: Binance CEO Turns Down Justin Sun’s Invite to a Lunch with Warren Buffet
SL Benfica now accepts Bitcoin
Well, the sports world seems to be getting well with crypto world and defiantly football has led from the front. Yet again another football club is getting around with cryptos. According to the reports, SL Benfica partnered with cryptocurrency service Utrust to provide the new payments option. Fans and customers can now buy tickets any products on the club’s website with Utrust’s native token (UTK) or with top cryptocurrencies bitcoin (BTC) and ether (ETH).
OKCoin launches in Europe
Another Asian exchange this week has spilled over and expanded to Europe to make the nest of the growing market in the continent. Cryptocurrency exchange OKCoin has launched in the EU, opening up euro pairs to traders for the first time. Available from Tuesday for non-U.S. users, OKCoin’s new spot trading offerings cover euro pairs with bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) at launch, with more pairs planned. The firm said on its blog that until Sept. 4, euros can be deposited and withdrawn fee-free.
Samourai Wallet raises money
More private money is flowing into crypto businesses with an anticipation of a better future. According to the latest reports, the team behind the privacy-obsessed bitcoin app, Samourai Wallet, has gotten its first round of venture funding. Founded by two former developers at Blockchain.info, Keonne Rodriguez and William Hill, the wallet’s maintainer, Katana Cryptographic, has received a $100,000 investment from Cypherpunk Holdings.
India to go tough on cryptos
According to the reports coming from India, Anybody in India dealing in cryptocurrencies will be sent to jail for 10 years, says a proposal in the draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. The draft bill also states that the penalty is applicable to those who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies directly or indirectly.”While this cripples hope for a lot of crypto businesses in the country, it also advocates the introduction of an official digital currency for India. The ‘Digital Rupee’ will be introduced after consulting the central board of the Reserve Bank of India (RBI).
Also Read: India: Top Crypto Leaders Shouting Loud at `10 Year Jail Report’, Doubting on Draft Bill Approval
The post This Week in Cryptos: Binance Goes Stablecoins Way While Justin Sun Wins a Lunch Date With Buffet appeared first on Coingape.
Source: CoinGape

Bitfinex Expands Its Ecosystem Launching IEO Platform Tokinex

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Bitfinex Expands Its Ecosystem Launching IEO Platform Tokinex
Today Bitfinex enters the popular business of initial exchange offering (IEO). The first sale on the new platform called Tokinex will be announced this Thursday 23rd May.
Bitfinex Expands Its Ecosystem Launching IEO Platform Tokinex

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Source: CoinSpeaker

Kraken Arbitrage Opportunity increases by 5% Following Tether-induced Market Crash

As Bitfinex and Tether faced a lawsuit with charges of price manipulation, Tether and indeed the entire cryptocurrency market went on a downward trend that affected prices for a number of days. As the market recovered, Tether has also recovered with an increasing price that presented an opportunity to trade on Kraken for some quick profits. According to Diar, trading opportunity increased by 5% on Kraken during the comeback.
The Tether Fiasco
Tether USDT Price chart | Source: coinmarketcap.com
Towards the end of April, the attorney general of New York filed a case against Tether and Bitfinex Exchange which is operated by Tether owners. The suit alleged that Bitfinex used USDT to the tune of $850 million to cover up fund loss on the exchange. This did not only affect Bitfinex and Tether but the entire cryptocurrency market. on the 26 April, CoinDesk reported that USDT pegged the price of $1 fell to $0.955. In fact, the crypto market lost $10 billion in one day due to the lawsuit.
Kraken presents opportunities
Tether has since recovered to its pegged price of $1 as the market also recovered with Bitcoin pushing to break through $6,000. During the recovery process which took over 10 days, the market presented a rare trading opportunity on Kraken which has a much larger trading volume of over $170 million than OKCoin which has just about $5 million, as these are the only exchanges that support USDT/BTC trading pair.
Also Read: Coinmarketcap Excludes Bitfinex’s Bitcoin Price from Average Calculation
The Kraken opportunity did not last though and may be officially over as USDT is back to its pegged price of $1. The unique trading opportunity with USDT was due to other major stablecoins being in the green even as other cryptocurrencies crashed alongside Tether as reported by CoinDesk. Those major stablecoins are however in the reds at press time. A switch from Bitfinex to Kraken showed a consistently increasing profit from $58 on 25 April to $268 on 5 May as reported by Diar in its latest volume yesterday 6 May.
The post Kraken Arbitrage Opportunity increases by 5% Following Tether-induced Market Crash appeared first on Coingape.
Source: CoinGape

OKCoin Crypto Exchange Enters Four Additional American States Following Bitcoin Spike

Announced recently, OKCoin cryptocurrency exchange has expanded its services to four additional U.S states including Alabama, Georgia, Missouri, and Montana.
OKCoin Expands as Bitcoin Prices Rebound
More likely the bitcoin bull rally influenced OKCoin crypto exchange. The exchange now goes beyond 40 existing regions and set to offer services across four more American states. Nevertheless, the exchange doesn’t serve North Korea, Sudan, Crimea, Cuba, Malaysia, Iran, Bolivia, Ecuador, Syria, Bangladesh, and Kyrgyzstan. The official announcement reads that;
We are excited to announce that fiat-to-token and token-to-token trading is now available in four new states: Alabama, Georgia, Missouri, and Montana.
Moreover, below are the countries, OKCoin offer its trading services;

State 
Abbreviation 
Trading Offered 

Alabama
AL
Token-to-token & Fiat (USD)-to-token

Alaska
AK
Coming soon

Arizona
AZ
Token-to-token

Arkansas
AR
Token-to-token

California
CA
 Token-to-token & Fiat (USD)-to-token

Colorado
CO
Token-to-token

Connecticut
CT
Coming soon

Delaware
DE
Coming soon

Florida
FL
Coming soon

Georgia
GA
Token-to-token & Fiat (USD)-to-token

Hawaii
HI
Coming soon

Idaho
ID
Token-to-token

Illinois
IL
Token-to-token

Indiana
IN
Token-to-token

Iowa
IA
Coming soon

Kansas
KS
Token-to-token

Kentucky
KY
Token-to-token

Louisiana
LA
Token-to-token

Maine
ME
Token-to-token

Maryland
MD
Token-to-token

Massachusetts
MA
Token-to-token

Michigan
MI
Token-to-token

Minnesota
MN
Token-to-token

Mississippi
MS
Token-to-token

Missouri
MO
Token-to-token & Fiat (USD)-to-token

Montana
MT
Token-to-token & Fiat (USD)-to-token

Nebraska
NE
Token-to-token

Nevada
NV
Token-to-token

New Hampshire
NH
Token-to-token

New Jersey
NJ
Token-to-token

New Mexico
NM
Coming soon

New York
NY
Coming soon

North Carolina
NC
Coming soon

North Dakota
ND
Token-to-token

Ohio
OH
Coming soon

Oklahoma
OK
Token-to-token

Oregon
OR
Coming soon

Pennsylvania
PA
Token-to-token

Rhode Island
RI
Token-to-token

South Carolina
SC
Token-to-token

South Dakota
SD
Coming soon

Tennessee
TN
Token-to-token

Texas
TX
Token-to-token

Utah
UT
Token-to-token

Vermont
VT
Coming soon

Virginia
VA
Token-to-token

Washington
WA
Coming soon

West Virginia
WV
Token-to-token

Wisconsin
WI
Token-to-token

Wyoming
WY
Token-to-token

The latest addition of countries into its service zone comes after OKCoin’s move towards improving regulatory status. Reportedly, the platform has filed for a money transmittal license (MTL) aims to provide ‘crypto-crypto and fiat-to-provide trading pairs’. Nevertheless, the exchange is already compliant with both Federal and state laws, additionally, filed a Money Service Business (MSB) registration with the US Financial Crimes Enforcement Network (FinCEN) in late 2017.
Additionally, OKCoin’s service across these new states includes ‘fiat-to-token and token-to-token trading, the announcement reads. Consequently, OKCoin users across these regions can access OKCoin’s crypto-to-crypto trading and fiat-to-crypto trading services.
Presently holding $11,755,553 market cap, OKCoin was the early cryptocurrency exchange in China before the stubborn regulations put in place. However, it’s worth to note that the exchange is currently targeting the traders that trade at least $100,000 in volume within a period of 30 days. As such, who does this will be automatically converted to premier status – which eventually allows an exchange to target big market players. Nevertheless, the exchange is already compliant with both Federal and state laws.
The post OKCoin Crypto Exchange Enters Four Additional American States Following Bitcoin Spike appeared first on Coingape.
Source: CoinGape

Cryptocurrency Exchanges With Derivatives in 2019: Exclusive Comments From 4 Industry Executives

CoinSpeaker
Cryptocurrency Exchanges With Derivatives in 2019: Exclusive Comments From 4 Industry Executives
Michael Budkov, marketing specialist, financier, and writer, shares exclusive comments from the representatives of four cryptocurrency exchanges that support derivative contracts and reflects on the market trends likely to develop in 2019.
Cryptocurrency Exchanges With Derivatives in 2019: Exclusive Comments From 4 Industry Executives

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Source: CoinSpeaker

Chinese Cryptocurrency Exchange Finds Reverse Merger as Route For IPO

Yet another crypto trading platform has joined the rally of the reverse merger – and it is the parent company of OKCoin Exchange, OKC Holdings Group. Following the acquisition of Hong Kong-listed firm, Leap Holding Group OKCoin seeks to enter the Hong Kong market. With ownership of 60.49 percent of its stock, the exchange is likely to enter Hong Kong Stock Exchange (HKEX) soon ahead of IPO request approval of major bitcoin mining rig makers.
The news first broke out when OKCoin founder, Mingxing “Star” Xu bought $60 million shareholders in HongKong listed ‘Lead Holding Group’. And technically, Xu holds 52.32 ownership in OKC Holdings via his two firms Star Xu Capital and OKC Service Company which have made him the largest shareholders of the public listed firm. Lead Holding Group is primarily a Caymans Island-incorporated construction engineering firm that is already listed under Hong Kong Stock Exchange.
Below is the screenshot of agreement deed – visit here for details

Regulations in Hong Kong have been hesitant towards the IPO, requested by major Bitcoin mining firms including Bitmain Technologies, Canaan Creative and Ebang International Holdings. Following the setbacks from the Hong Kong regulators, the ownership of this kind in already public-listed firm become the back door to enter the market and enjoy potentials.
The move comes in the midst of Bithumb’s initiative of a binding letter of intent (IoT) agreement with US-listed Blockchain Industries. Following the reverse merger, these exchanges are quick to enter the respective market ahead of IPO.

@BithumbOfficial Leading Crypto Exchange to Enter US Market following Reverse Merger Techniquehttps://t.co/bycIuifSGc#Bithumb #CryptoExchange #Crypto #Cryptocurrency #CryptoNews #USA #BTHMB #IPO
— CoinGape (@CoinGapeMedia) January 23, 2019

Beside Bithumb and OKCoin, the reverse merger has already been employed by other exchanges and known personalities of the crypto market. As such, during August 2018, a Singapore based Huobi acquired 66.26 percent in Pantronics Holding which is an HKEX-listed firm. Moreover, Michael Novogratz, a Bitcoin billionaire, and investor also applied the similar technique in July 2018. His move counted with the merger agreement to acquire Toronto-listed shell company Bradmer Pharmaceuticals by Galaxy Digital Crypto merchant bank to enter into the Canadian market.
What do you think on the reverse merger over IPO as a way to enter into market? share your opinion with us
The post Chinese Cryptocurrency Exchange Finds Reverse Merger as Route For IPO appeared first on Coingape.
Source: CoinGape

Chinese Crypto Exchanges Seek Backdoor Listings in Hong Kong

As the bear market continues with no signs of a change in trend crypto exchanges and mining giants in China seek ways to stay afloat. One method which has been increasing is a reverse merger in Hong Kong as IPO hopes fade.
Reverse Mergers Becoming The Easy Route
Hong Kong regulators are growing increasingly wary of Chinese crypto firms trying to get listed to avoid the digital blackout in their own country. According to the SCMP, citing ‘people familiar with the matter’, chief executive of the Hong Kong Exchanges and Clearing, Charles Li Xiaojia, said companies seeking to go public should show consistency in their business models. The comments are in direct reference to media comments on high profile IPO plans from Bitmain, Canaan and Ebang, though he did not mention them specifically.
It appears that reverse mergers are becoming a popular way to get listed without going through the IPO process which can be lengthy and arduous. As recently reported by NewsBTC Singapore’s Blockchain Exchange Alliance has attempted a similar technique for its majority owned Korean exchange Bithumb by buying out a US publicly listed blockchain company. If Bithumb, currently the top crypto exchange by reported volume at $1.3 billion, did get listed in the US it would be the first crypto exchange to do so. Mike Novogratz did something similar with Galaxy Digital on Canadian markets after a reverse merger with publicly listed shell company Bradmer Pharmaceuticals.
Last week OKC Holdings Corp, the parent company of OKCoin, bought a controlling share in Hong Kong-listed construction engineering firm Leap Holdings Group. The reverse merger allows the crypto exchange to get a ‘back door listing’ without going through the IPO procedure.
Chinese cryptocurrency exchange Huobi has made a similar move when it purchased a 66% stake in Hong Kong listed Pantronics Holdings in August last year. These reverse mergers have become the method of choice to get a relatively easy listing in the wake of tumbling profits as the bear market drags on. Cryptocurrency analyst with Beijing-based research firm Symbt, Xiao Lei, said;
“Hong Kong is one of the easiest markets for reverse IPOs, because there are many small-cap stocks,” before adding “It did not go well for hardware manufacturers like Bitmain to go public, what more for companies directly dealing with cryptocurrency trades,”
The year-long crypto bear market is showing no signs of abatement and if industry analysts are correct there is more pain to come for cryptocurrencies and blockchain companies.
Image from Shutterstock
The post Chinese Crypto Exchanges Seek Backdoor Listings in Hong Kong appeared first on NewsBTC.
Source: New feedNewsBTC.com

ABCC Exchange Partners with Tron Becoming the First Trading Platform to List TRC10 Tokens

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ABCC Exchange Partners with Tron Becoming the First Trading Platform to List TRC10 Tokens

Having entered in a partnership with Tron, ABCC crypto exchange has become the first exchange to list tokens based on TRC10 technical standard.

ABCC Exchange Partners with Tron Becoming the First Trading Platform to List TRC10 Tokens

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Source: CoinSpeaker

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

CoinSpeaker

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

Ethereum is preparing for its next milestone – Constantinople hard fork. The launch is planned in four stages: Frontier (beta stage to develop and test dapps), Homestead (to stabilize the platform), Metropolis (ongoing) and Serenity (upcoming).

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

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Source: CoinSpeaker

OKCoin Launches in Latin America with Fiat-to-Crypto Trading for the Argentine Peso

CoinSpeaker

OKCoin Launches in Latin America with Fiat-to-Crypto Trading for the Argentine Peso

Licensed exchange now offers Argentine peso funding to trade with several major cryptocurrencies, other Latin American fiat currencies coming soon.

OKCoin Launches in Latin America with Fiat-to-Crypto Trading for the Argentine Peso

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Source: CoinSpeaker

OKCoin announces new trading pairs that include stablecoins, indicating growth

On 24th August, OKCoin announced that it had decided to include new trading pairs into its fold with the company releasing a report stating that the move will allow users to trade against Convertible Virtual Currencies, Fiat and Stablecoins such as Bitcoin [BTC], Fiat, Tether [USDT], and TrueUSD.
Tether and TrueUSD is the first set of stablecoins that has been introduced into the OKCoin. Stablecoins are basically assets that are pegged to an unchanging asset so that it does not fluctuate in the market.
Tether [USDT] is the most popular stable cryptocurrency which is always backed 1-to-1, by the traditional fiat currency. Basically, 1 USDT would always be equivalent to 1 USD. The Tether platform is developed on an open, secure, and transparent blockchain technology. At the time of writing, Tether was trading at $1.0 with a slight increase of 0.06%. Tether is currently at the 8th position with a total market capitalization of about $2.79 billion.
TrueUSD, as the name, suggests it can be a true equal to the US Dollar, but it is a relatively new coin in the market. TrueUSD is another market pegged decentralized cryptocurrency which is completely collateralized by US Dollar. The team explains that since it is legally protected, it can be used and redeemed against the USD in a number of stores and ATMs.
OKCoin was also in the news recently when a lawsuit was filed against it by a Chinese cryptocurrency investor who alleges that he has not received Bitcoin Cash [BCH] that was meant to be airdropped after the soft fork that occurred in August of 2017. This marks the first lawsuit related to a fork of Bitcoin in the court of Beijing.
The investor stated that the Bitcoin Cash that was entitled to him, which approximately comes up to 38.748 tokens, which were not deposited in his account. OKCoin said that this was because he did not claim the coins in time. This resulted in the investor suing the exchange to the tune of $25,000 or 169,969 Yuan.
The post OKCoin announces new trading pairs that include stablecoins, indicating growth appeared first on AMBCrypto.
Source: AMB Crypto

Tron ERC20 [TRX] token can now be deposited on Binance for conversion

On 23rd July, Justin Sun, the founder of Tron [TRX], made an official announcement on his Twitter post regarding the deposit of ERC20 TRX tokens on Binance.

It is said that Binance will automatically convert the ERC20 tokens to TRX20 tokens. Token holders are required to send their ERC20 TRX tokens to the previous Ethereum [ETH] platform deposit address.

Justin Sun in his Twitter post said:

“#TRON $TRX If you need to deposit ERC20 TRX tokens to @binance please send these tokens to your existing #ETH deposit address. @binance will automatically convert these ERC20 tokens to #TRX mainnet tokens for you.”

TRX token trading on Binance | Source: Binance website/Justin Sun

TRX token trading on Binance | Source: Binance website/Justin Sun

After the migration of Tron from ERC20 to TRX20, unlike Binance all the exchange platforms had listed the new token TRX20. On 10th July, Binance completed the swap of TRX tokens.

Post the migration of Tron [TRX] tokens from the Ethereum platform, Justin Sun announced the burn of 49 billion TRX ERC20 tokens in its third batch from June-July.

Fashion Bible, a Twitter user said:

“Thank you Justin for it) Love you)”

Another Twitter user, Titan, said:

“Price getting rediculously low on BTC pairing now. This has to improve now or it will be a mass exodus!”

Additionally, on 23rd July, OKCoin announced the completion of Tron’s [TRX] Mainnet swap. The token holders of TRX20 are asked not to deposit their tokens on ERC20 based TRX address as its existing address will be discarded. Users are required to make payments on the newly issued address.

Justin's tweet about Tron's Mainnet upgrade | Source: Twitter

Justin’s tweet about Tron’s Mainnet upgrade | Source: Twitter

The token holders need to be careful if the TRX token has switched to the Mainnet while withdrawing from other exchanges. Traders have also been warned that the token may be lost when transferring the password between the exchange where the Mainnet conversion has been completed.

A new TRON address will be issued after switching to the Mainnet. The TRX address starts with the letter ‘T’.

OKCoin on their official website said:

“Please be cautious about the transfer of the password between the exchange where the main net conversion has been completed and the non-convertible exchange, as this may cause loss of all assets, and OKCOIN is not responsible for the loss of your assets.”

Jayme Genz, a Twitter user said:

“Yet another day and your coin continues to go down in value. Great times ahead”

Brent Sprinkle, a crypto enthusiast said:

“I Want to buy TRX at 220 sats…come on TRX…move the price down !”

The post Tron ERC20 [TRX] token can now be deposited on Binance for conversion appeared first on AMBCrypto.

Source: AMB Crypto