‘Crypto in Context’ Program Launches to Educate Regions in Need

The Electric Coin Company, or ECC, the outfit behind the privacy-focused Zcash cryptocurrency, has initiated the Crypto in Context Program. The effort touts itself as a crypto education, assistive and collaborative movement, looking to impact regions where individuals lack financial service access and other difficulties, a July 29 ECC blog post said. The program harnesses “hands-on” interaction and fellowship, utilizing players from the crypto sector, the post said. The effort keys on regions in need Cryptocurrency holds a number of financial benefits, including wealth storage, income generation, lending and borrowing…

Cleaning Up Crypto Exchange Wash Trading Will Take Global Regulation

When Bitwise Asset Management declared in a March 2019 presentation to the United States Securities and Exchange Commission that 95% of the Bitcoin (BTC) trading volume being reported globally on cryptocurrency exchanges was “fake,” it jolted rating firms, exchanges and the larger crypto world. Data analytics firms recalibrated their exchange ranking metrics, and some assumed it was just a matter of time before wash trading was curtailed if not eliminated. But wash trading was back in the news last week when the CEO, president and chief operating officer of Canadian…

Crypto-Enabled Investment App eToro Gets Ready to Issue Debit Cards in UK

The crypto-enabled investment app eToro is set to launch its debit card in the United Kingdom as it acquired Marq Millions Ltd, a licensed e-money business holding a principal Visa membership. As reported by TechCrunch on July 29, eToro “acqui-hired” Marq Millions Ltd., a U.K.-based e-money provider for an undisclosed sum. The company will now be doing business as eToro Money and will be the direct issuer of eToro’s planned debit card. Marq Millions’ management team will stay on in the eToro Money division.  The debit cards, whose launch date…

Monex’s US Subsidiary TradeStation to Launch Crypto Lending Service

United States-based TradeStation, a subsidiary of Japanese firm Monex Group, is planning to launch a crypto lending service. The plan was announced in Monex’s earning report published on July 29. Called “Crypto Earn” the new lending service is “C2B2B” that lends institutions borrowed assets from clients.  Last November, TradeStation launched a cryptocurrency brokerage platform via a newly-launched offshoot called TradeStation Crypto. They initially supported Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) and Ripple (XRP).  TradeStation launched its app this month and currently, crypto trading is available in 40…

Aave Ascends Market Rankings as Flash Loans Explode

Decentralized finance (DeFi) loan protocol Aave has seen an explosion in the number of flash loans issued — with the daily value of said loans growing more than 1,000% since the start of July from $11 million to more than $130 million as of July 27. The record loan issuance has seen Aave ascend to rank as the fourth-largest DeFi protocol by locked funds, with nearly $392.9 million in capital currently tied to the project, according to DeFi Pulse. The value of Aave’s LEND token has also exploded by nearly…

5 Years of Ethereum Network Updates, Delays and Changes

Five years ago to the month, a massive crypto project launched, forever changing the landscape of the crypto and blockchain space. Since its 2015 opening day in July, Ethereum has undergone a number of planned changes. The project’s recent move into proof-of-stake, or PoS, has faced a number of delays.  Ethereum launches in 2015 On July 28, 2015, Ethereum unveiled details showing an expected launch for Frontier, the network’s inaugural framework, between July 29 and July 30. The project started up on July 30, as planned. By February of the…

DeFi Makes Legacy Fintech Obsolete

Kain Warwick, founder of DeFi derivatives platform Synthetix, argues that projects built on Ethereum can finally deliver on many of the promises that fintech failed to. Despite ten years of development, Warwick said the fintech sector has been hamstrung by “trying to build overlays for the legacy infrastructure.”  They faced issues with a lack of interoperability between the “siloed” systems of financial institutions, regulatory barriers to innovation, and the vast expenses associated with mainstream compliance regimes. He said: “The promise of fintech over the last ten years has run up…

Bakkt Bitcoin Futures Smashes Records Two Days Running

Intercontinental Exchange subsidiary, Bakkt, is reporting record numbers of trades for its monthly Bitcoin futures contracts as BTC prices made a new high for the year. The institutional investing platform reported its highest ever figure for Bitcoin monthly futures on Jul. 28 with 11,506 contracts — an increase of 85% over the previous record. The move followed a surge in the underlying asset’s price to a 2020 high of $11,400. On July 29, Bakkt topped the new record with 11,706 contracts traded. “Talk about momentum! We beat yesterday’s record with…

DeFi Can Continue to Grow as ‘Useless’ Top 30 Coins Wither

Data published by crypto market analytics firm Messari on July 29 indicates that the collective capitalization of the decentralized finance (DeFi) sector is equal to only 1.5% of the entire crypto capitalization. According to Messari, the collective capitalization of every DeFi project put together is roughly $4.12 billion — less than that of the fifth-ranked crypto asset by market cap, Bitcoin Cash (BCH). Watkins also noted that “literal meme coin” Dogecoin (DOGE) boasts a larger capitalization than every DeFi project with the exception of MakerDAO (MKR). Despite the recent DeFi…

$39M of Bitcoin Stolen in 2016 Bitfinex Hack Is on the Move

Some of the 119,756 Bitcoin that was stolen from crypto exchange Bitfinex in 2016 has started moving again.  According to a series of tweets posted by Whale Alert on July 27-28, wallet addresses known to be associated with one of the largest breaches ever of a crypto exchange moved 3503 Bitcoin (BTC) — worth roughly $38.7 million — over 12 transactions.  The largest individual movement was of 476.32 BTC, or approximately $5.2 million, while the smallest was 2.612703 BTC, or $28,849. Slowly moving billions in crypto To date, the hackers…