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Bithumb Launches New DEX with No Transaction Fees and Airdrop Event

Bithumb, South Korea’s second largest cryptocurrency exchange officially launched its Decentralised Exchange (DEX) on October 15 and marked the occasion with two events – free transaction fee event and an Airdrop event, the details of which have been published on the company website.

No Transaction fee period and Airdrop event

The Free Transaction Fee event will enable users to trade on the platform without paying any fees to the exchange. They will be required to pay only the Gas fee to the Ethereum Network. The event, which began on October 15, will continue for a month till November 15.

The company is also distributing approximately $100,000 (500 ETH) in an Airdrop event to celebrate the opening of the DEX. The coins will be distributed to the top 1000 traders who have traded on the platform for 2 weeks. To qualify for the free coins, the traders must have traded more than 1 ETH worth trade volume on the exchange.

The top trader will receive coins worth 50 ETH, the trader with the second rank will get coins worth 30 ETH, and the trader with the third rank is entitled to coins worth 15 ETH. The amount of the Airdrop giveaway will keep decreasing as the ranks get lower. The period of the event is from October 15 to October 30, and payments will start on November 1.

How is Bithumb’s DEX different from a centralized exchange?

The DEX has been developed using the R1 protocol in collaboration with ONEROOT, a global blockchain company. The DEX offers superior security as compared to centralized exchanges, as all of the DEX’s assets are stored in Smart Contracts and controlled independently by the users. Even in the event of a hack, the DEX’s assets are not at a risk of loss. The histories of all transactions are also recorded transparently on the blockchain, which eliminates the possibility of any tampering of data.

The matching and settlement of orders on the exchange are separated by the R1 protocol. Order matching is done off-chain, which allows for fast transaction speed. The DEX will also share order data and liquidity with other exchanges using the R1 protocol, which will empower it with better trading depth and increased asset liquidity.

In June this year, a $30 million hack had tarnished the name of the exchange temporarily. However, the exchange actively took damage control measures and recovered $16 million of the lost funds.

In July, the company also announced its plans of launching in Japan and Thailand. As per reports, Bithumb has applied with Japan’s Financial Services Agency (FSA) and Thailand’s Securities and Exchange Commission (SEC) for regulatory approval for operating in these countries.

 

Image from Shutterstock

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The Daily: Tether Regains Ground, Coinbase Does Dublin

The Daily: Tether Regains Ground, Coinbase Does Dublin

Today’s edition of The Daily starts where Monday’s left off: by looking at the latest on Tether, whose stablecoin anchors so much of the cryptoconomy. In related news, we detail Bitfinex’s banking situation and reveal why Coinbase has chosen Dublin to be its European headquarters.

Also read: Tether Sheds Its Peg

Tether Regains Ground

The chart below isn’t your average Binance altcoin experiencing some characteristic volatility. It is in fact that of two supposed stablecoins trading against one another: tether (USDT) and trueusd (TUSD). Following yesterday’s shenanigans, which saw tether slip to around $0.88 on some exchanges, the token has regained a little ground and now sits at $0.95, according to Blockmodo.

The Daily: Tether Regains Ground, Coinbase Does Dublin

The data remains skewed, however, by the fact that tether is valued at a flat $1 on Bitfinex, where it is the only U.S. dollar trading pair. Sites such as Coinmarketcap, which record tether’s seemingly perfect dollar parity on Bitfinex, create the impression that USDT’s global average is higher than it actually is. At the time of publication, 1 TUSD was trading for 1.06 USDT on Binance. While Binance offers a range of stablecoins, it remains heavily invested in tether, with holdings of ~$850 million, meaning it owns more USDT than even Tether itself. On Monday, Tether came out fighting, with chief compliance officer Leonardo Real insisting:

Although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities.

Huobi, the world’s fourth largest exchange, has now followed the lead of Okex and introduced a handful of new stablecoins to alleviate traders’ concerns. TUSD, USDC, GUSD and PAX will all be listed on Oct. 19. The market capitalization of Circle’s USDC has grown by 85% in the past week, surpassing $25M, with more than 40 platforms now supporting the stablecoin. Bitfinex, meanwhile, has confirmed that its fiat deposits are on course to be restored, a move that ought to restore a measure of confidence in the exchange:

Coinbase Seeks Dubliners to Join Irish Outpost

“Coinbase is expanding its European presence by opening a new office in Dublin,” revealed the serpentine exchange, whose tentacles span multiple continents and crypto sectors. “We look forward to tapping into the city’s diverse talent pool and contributing to its burgeoning crypto economy,” they added. What Coinbase didn’t mention is that Ireland’s famously low corporate taxes will have been pivotal in sealing the deal. The California-based firm will be joining the 700 other U.S. companies to date that have made Dublin the seat of their European operations, including Apple.

The Daily: Tether Regains Ground, Coinbase Does Dublin

“I am delighted that Coinbase is opening an office in Dublin,” said Ireland’s Minister for Financial Services and Insurance Michael D’Arcy. “This decision highlights the competitive offering and attractiveness of Ireland for financial services.” Coinbase has now embarked on a recruitment drive ahead of the opening of its Dublin office.

Eraswap and X Cloud Usher in
Censorship-Resistant Platforms

The Daily: Tether Regains Ground, Coinbase Does Dublin
Cloud X

We’ve written a lot lately about censorship and the tools being developed to thwart crackdowns by the dominant web platforms such as Facebook and Twitter. Decentralized applications have the potential to ease some of the pain points that are afflicting web users, including account shutdowns and permabans. Eraswap, a platform that aims to refine social media via a social economy and marketplace dapp tailored to the user’s interests, can be added to that list. Then there’s Internxt, which has just released the beta of its X Cloud decentralized storage with 10GB provided for free.

Distributed storage is big business right now, with the likes of Akash also releasing its own cloud storage solution designed to thwart internet censorship. Having inked partnerships with Blackberry, Civic and Y Combinator, Internxt has already drummed up a fair bit of interest in its decentralized storage solution.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Coinbase Announces New Office in Ireland as Brexit Woes Deepen

A new blog post published by the US-based cryptocurrency exchange, Coinbase, announced plans to open a new office in Dublin, Ireland.

Coinbase Expands to Dublin Amid Brexit Woes

Coinbase, which is one of the largest cryptocurrency exchanges in the world, already has a number of employees in Europe. While these employees are currently based in London, England, Coinbase’s new blog post announced plans to expand to Dublin as well.

The expansion came as a part of the plan to scale up in European Union (EU), due to the fact that the number of customers from this part of the world grew faster than any other market throughout 2017. As the process of scaling continues, Coinbase wishes to attract the best talents that will help with creating a superior financial system for the entire world.

After careful consideration of numerous cities throughout the EU, Coinbase deduced that Dublin is the best choice for their new branch. Apart from excessive growth in interest in cryptocurrencies, Dublin was also found to be a pool of talent, as well as support for new technologies. This also includes the emerging cryptocurrency economy, which is why Coinbase feels that Dublin might be the perfect location for the exchange to branch out from.

As mentioned, the exchange also has a small team in London, which will be supported by the new Dublin office. Additionally, Dublin will also open up a variety of career opportunities. Another reason why Coinbase is choosing Dublin instead of expanding its London business is the so-called Brexit. The exchange simply wishes to ensure that their services will still be provided to users that require them even in a post-Brexit scenario, as stated by Coinbase UK division’s chief executive, Zeeshan Feroz.

EU Still Not Regulating Digital Assets

The situation regarding cryptocurrencies in the EU is complex, especially since they are still not regulated assets. Even so, several digital currency exchanges managed to receive a traditional form of license for trading fiat currencies. As for Coinbase itself, the exchange is officially regulated by the UK’s FCA (Financial Conduct Authority) and has received an e-money license.

This allows it to carry out regular money-laundering checks whenever it signs up new customers. This is a process similar to the one that traditional banks are conducting. Additionally, the exchange also needs to comply with different capital requirements, as well as to ensure the protection of their customers.

Ireland itself seems to be welcoming and supportive toward Coinbase’s decision to open up a new office in its capital. The move is expected to highlight Ireland’s competitive offering, as well as attractiveness for financial services.

Coinbase itself sees the move as another step on the journey to ensure that their platform is viewed as a safe and trustworthy place of trade. With new talents from Ireland joining its crew, Coinbase seems to be excited about its future in Europe.

 

Image from Shutterstock

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FAKE NEWS: Reports of Binance Delisting Tether (USDT) – Altcoin Buzz

Altcoin BuzzFAKE NEWS: Reports of Binance Delisting Tether (USDT)Altcoin BuzzFake news or not, one possible indirect effect is that the fake news might have triggered the highly anticipated bull run and alt-coin season everyone was waiting for. If Bitcoin can maintain its level and climb back to the $6800 in the upcoming 24 ...All Top 10 Coins Rise Sharply as Tether Sees Sell-OffCoingape(Un)stable coin Tether troubles could crash the whole ecosystem right now but end up being good long-termCaptainAltcoinTether Tanks as Traders 'Lose Trust,' Other Cryptos See Price BoostCointelegraphCryptoCrimson -Bloomberg -Bloomberg -Mediumall 160 news articles »

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