Paxos is All Set to Issue $100 Million of PAX Stablecoins on Ontology Blockchain

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Paxos is All Set to Issue $100 Million of PAX Stablecoins on Ontology Blockchain
Paxos Standard (PAX) stablecoin is to become available on the Ontology’s blockchain network in May to facilitate fiat transactions.
Paxos is All Set to Issue $100 Million of PAX Stablecoins on Ontology Blockchain

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Source: CoinSpeaker

Ontology [ONT] Records 7% Higher Ahead of New Stablecoin Launch

The 19th largest cryptocurrency, Ontology (ONT) is one of the top gainers today. Gaining with over 7 percent within the past 24 hours, the coin is gradually in a race to outperform other leading cryptocurrencies.
Nevertheless, ONT is the second largest gainer with 7.11 percent wherein the top gainer bagged by Tezos (XTZ), the fifteenth largest cryptocurrency with 8.23 percent over the past 24 hours.
Source: Coinmarketcap
At press time, Ontology is trading at the value $1.09 against US Dollar which consequently counting the trading volume $540,750,128. The upsurge counts ONT as the largest cryptocurrency among top 20 coins in terms of market capitalization.
Source: Coinmarketcap
However, observers are yet to identify the reason behind the mounting value of ONT,  it is fairly connected to PAXOS’s announcement. As per the company’s official release, Paxos will issue new stablecoin ‘PAX” on top of ONT blockchain network. Nonetheless, this stablecoin was only available on the Ethereum blockchain (as an ERC-20 token) and will soon be live on ONT blockchain network from May.
Also Read: Bitcoin SV [BSV] Overtook Dash Coin Despite Controversy – What Spikes it Over 3%?
In addition, Ontology’s blog post explains the Ontology version of PAX which intends to ‘make it easier for individuals and institutional partners to do business pegged to fiat in the Ontology ecosystem’. Per the report, PAX stablecoin on ONT will be based on Ontology’s OETP-4 token standard which shall continue using PAX as its sticker.
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets”.
What do you think about ONT’s surging value today.? What’s your stake on PAX stable coin on ONT blockchain network.? Let us know in the comment below.
The post Ontology [ONT] Records 7% Higher Ahead of New Stablecoin Launch appeared first on Coingape.
Source: CoinGape

Coinbase-Backed Reserve Points At Wash Trading and Artificial Inflation In Stablecoin Market

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Coinbase-Backed Reserve Points At Wash Trading and Artificial Inflation In Stablecoin Market
Reserve CEO, Nevin Freeman says that stablecoin projects indulge into dubious activities trapping investors funds to artificially inflate demand and thus the market cap of the stablecoins.
Coinbase-Backed Reserve Points At Wash Trading and Artificial Inflation In Stablecoin Market

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Source: CoinSpeaker

PlasmaChain integrates with six stablecoins including USD Coin, TrueUSD, and Gemini Dollar

James Martin Duffy, the co-founder of Loom Network, announced PlasmaChain integration for the top 100 ERC20 tokens via an official Medium blog post. The integration includes leading stablecoins in the market such as USD Coin [USDC] and Maker Dai [DAI]. The integration allows for “Lightning-Fast layer 2 Stablecoins payments with multi-currency support”. This news comes days after it was announced that BNB was added to Loom PlasmaChain as a payment method.
The announcement read,
“Since BNB is an ERC20 token, adding support for one token on PlasmaChain meant we were easily able to abstract the logic and apply it to any ERC20 token […] As of now, we’ve officially added support for the top 100 ERC20 tokens by market cap on PlasmaChain.”
PlasmaChain is one of the three sidechains of the Loom Network, the others being GameChain and SocialChain. This DPoS sidechain is noted to be a revamp of ZombieChain, and is also one of Loom’s most significant sidechains. This sidechain is going to be the main point of transaction for tokens that are linked to Ethereum through Plasma Cash.
Plasma Cash is a scaling solution proposed by Vitalik Buterin, the co-founder of Ethereum, and Joseph Poon, the co-creator of Lightning Network. It is a built-in decentralized exchange that is going to “act as a bridge to Ethereum mainchain and other sidechains”. This not only ensures faster transactions, but also cheaper transactions.
Another prominent feature of PlasmaChain is that it would act as a main chain, in order to connect Plasma Cash to Layer 3 chains. It enables fee payment in ETH and Loom Token. In the future, it would also pave path for Bitcoin [BTC] payments. Crucially, since the chain was connected to the mainnet, it enables ETH, ERC20 and ERC71 token transactions.
The blog post stated,
“It enables zero-fee and near-instant transfers of tokens, while allowing users to easily transfer their tokens to and from Ethereum mainnet at any time […] But since PlasmaChain offers much shorter time-to-finality (typically 1–3 seconds), it allows for an online payments experience using crypto that is comparable to using a credit card.”
Among the top 100 ERC20 tokens integrated to PlasmaChain, six are stablecoins. This includes USD Coin [USDC], TrueUSD [TUSD], Maker Dai [DAI], Paxos Standard Token [PAX], Gemini Dollar [GUSD], and EURS.
The co-founder said,
“Layer 2: Enabling Lightning-Fast Stablecoin Payments with Near-Instant Settlement
Stablecoins by themselves are great. But integrating them into a Layer 2 like PlasmaChain is like putting stablecoins on steroids — bringing them even closer to a potentially disruptive form of online payments.”
The post PlasmaChain integrates with six stablecoins including USD Coin, TrueUSD, and Gemini Dollar appeared first on AMBCrypto.
Source: AMB Crypto

OKEx Exchange Starts With No-Expiry Bitcoin Derivative Product

CoinSpeaker

OKEx Exchange Starts With No-Expiry Bitcoin Derivative Product

The second-largest cryptocurrency exchange, OKEx has created a Bitcoin derivative product called “perpetual swap”. However, there’s no expiry date. The lack of expiry data allows positions to be held on an ongoing basis.

OKEx Exchange Starts With No-Expiry Bitcoin Derivative Product

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Source: CoinSpeaker

Crypto Market Recovers with Tether and EOS Leading the Way

CoinSpeaker

Crypto Market Recovers with Tether and EOS Leading the Way

Finally, crypto market starts showing at least some signs of recovery: Tether (USDT) manages to enter the top-five cryptos by market cap (for the short period of time though) while EOS gains considerable 25%.

Crypto Market Recovers with Tether and EOS Leading the Way

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Source: CoinSpeaker

Ten U.S. Crypto Firms Set to Draft Code of Conduct for Digital Asset Market

Ten financial services and technology firms active in the cryptocurrency space have joined forces to launch the Association for Digital Asset Markets (ADAM) in order to establish a Code of Conduct for the emerging asset class in the United States.
Association for Digital Asset Markets Launched to Establish Code of Conduct in the United States
By working with current and former financial watchdogs, the association will seek to provide rules for efficient trading, custody, clearing, and settlement of digital assets, thus defining the standards for digital asset market participants. ADAM’s guidelines will focus on ethical behavior by firms within the industry, increased transparency with regulators and the public, and deterrence of market manipulation.
The code intends to complement the existing law and securities regulation in the U.S. in order to earn the trust of financial watchdogs and policymakers. Rules are fundamental in any market, said Duncan Niederauer, former Chief Executive Officer of NYSE and ADAM Advisory Board Member.
“Over 200 years ago, market leaders came together to draft rules that led to the creation of the New York Stock Exchange. The advent of digital assets requires a similar effort; one that will clarify existing rules and give both investors and regulators the confidence necessary to sustain this market.”
The Association for Digital Asset Markets (ADAM) was formed by digital asset advisory firm BitOda, institutional trading specialist BTIG, crypto liquidity provider Cumberland, cryptocurrency and blockchain merchant bank Galaxy Digital, OTC cryptocurrency dealer Genesis Global Trading, crypto liquidity solutions provider GSR, multi-asset quantitative trading firm Hudson River Trading, PAX and itBit creator Paxos, smart contracts platform Symbiont, and liquidity provider XBTO.
ADAM is set to draft a Code of Conduct on market integrity, risk management, know-your-customer, anti-money laundering, custody, record keeping, market manipulation, data protection, clearing and settlement, and research. The association will soon add new members and announce its executive team to be based in New York and Washington, D.C.
The organization is open to new members within the cryptocurrency space, including operators, investors, custodians, asset managers, liquidity providers, traders, and brokers.
ADAM includes a number of high-profile firms within the crypto space, such as Mike Novogratz’ Galaxy Digital. The venture capital fund of the digital assets merchant bank has recently led a Series B funding round of blockchain security company BitGo. In September, Novogratz said it would impossible for Bitcoin not to hit $10,000 by the end of the year.
Genesis Global Trading, also a member of ADAM, obtained a BitLicense from the state of New York in May 2018. Genesis was the fifth cryptocurrency exchange to be awarded with an authorization to operate in the New York state. In October 2018. Genesis chief executive Michael Moro also predicted that Bitcoin would reach the $10,000 level.
 
Image from Shutterstock
The post Ten U.S. Crypto Firms Set to Draft Code of Conduct for Digital Asset Market appeared first on NewsBTC.
Source: New feedNewsBTC.com

A flurry of Stablecoins find listing of COBINHOOD

The demand for stablecoins doesn’t seem to be ending as nearly all exchanges are adding them to take advantage of the stablecoin craze among its users.  The recent addition to the list of exchanges is Cobinhood which has added four stablecoins to its platform.
GUSD, DAI, PAX and TUSD now available on Cobinhood
Cobinhood, a cryptocurrency service platform, and exchange, in order to satiate the growing demand of stablecoins among the users announced that it is adding four (4) stable coins on its exchange: the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD). THe exchange believes that each of these stablecoins has a unique set of features that achieve same end result: increased market stability and user flexibility.
On this latest addition, the Co-Founder of Cobinhood, Wei-Ning Huang, was quoted saying    
“The biggest flaw in the market right now is uncontrolled fluctuations in the value of many customary cryptocurrencies. We are increasing the presence of stablecoins on the COBINHOOD exchange so the community understands that their voices have been heard and stability is being made possible. Our mission is to make the space more approachable for anyone who wants to participate.”
Stablecoins have been the recent trend among the crypto enthusiasts apart from providing stability they also seem to be a bridge between the traditional financial world and the cryptoshpere.
Over past month or so a lot of exchanges have added stablecoins. Last month Huobi also had announced it would list four U.S. dollar-pegged cryptocurrencies this week. In the announcement then, the Singapore-based exchange which currently has the fourth-largest by trading volume had said that it would open deposits and withdrawal for TrustToken’s TUSD, Circle’s USDC, and two regulator-approved stablecoins: the Gemini exchange’s GUSD and Paxos’ PAX, on Oct. 19.
Another exchange, Liquid, which known to be a trading platform that bridges fiat and crypto, this week had added a couple of stablecoins. The exchange had announced that it has added multiple stablecoins including Gemini Dollar (GUSD) and Circle’s USDC.
In early November Circle, in its official blog post, had said that not less than 12 exchanges  have expressed their plans of joining the ecosystem for the incorporation of the USD coin. Some of the exchanges that were named in the blogpost were The exchanges are BitMart, Fcoin, Gatecoin, Hanbitco, Hotbit, SWIFT, OCP Capital, DDEX and Bit-Z. Others that had shown interest for USDC also included Nexo a crypto loans provider and crypto wallets providers BitKan and Tokenary
Looking at the recent listings of Stablecoins one can definitely say their demand is at the peak now and if the inference of them being a bridge between the crypto world and traditional financial world is true, we can be sure that this money would soon be converted to cryptos.
What is your view on this Stablecoin frenzy. Is it a fad or are these coins here to stay? Do let us know your views on the same.
 
The post A flurry of Stablecoins find listing of COBINHOOD appeared first on Coingape.
Source: CoinGape

Yet Another Stablecoin Launched, but This One With Real-time View of Fiat Reserves Balance

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Yet Another Stablecoin Launched, but This One With Real-time View of Fiat Reserves Balance

Stably is a venture capital-backed startup seeking to bring stability to the volatile cryptocurrency market through a secure, transparent medium of exchange. Having already raised around $500,000 in seed funding they kickstart the StableUSD project.

Yet Another Stablecoin Launched, but This One With Real-time View of Fiat Reserves Balance

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Source: CoinSpeaker