Binance Tests New Crypto Exchange in Singapore
The world's largest crypto exchange, Binance, will start a closed beta testing of a new cryptocurrency exchange in Singapore on September 18. The announcement has been made by Changpeng Zhao, Binance CEO on Twitter. The new exchange will initially operate in beta testing mode with an unspecified number of users who have received an invitation. Zhao did not disclose any details, except that the fiat currency will appear in the trading pairs. Apparently, this will be the Singapore dollar.
WHY IS IT IMPORTANT?
- In August, Binance LCX, a joint venture between Binance and LCX, saw the light. This crypto-fiat exchange will allow users to perform transactions with cryptocurrencies in pairs with euro and Swiss franc.
- A little earlier, an agreement has been signed between Binance and the financial-division of Malta Stock Exchange MSX PLC. Within the framework of the new partnership, a digital exchange for Security Tokens will be created.
Ethereum Classic Bound for Greatness — Ether Co-Founder
Charles Hoskinson, the creative force behind Cardano and the co-founder of Ethereum, gave positive comments on Ethereum Classic at the 2018 Ethereum Classic Summit in Seoul. According to him, Ethereum Classic is now very similar to the Bitcoin’s first years. He thinks to have a small team benefits the product’s faster development and allows higher flexibility. Larger developer groups like Bitcoin or Ethereum lack these abilities, suffer disagreements on the direction, and have very slow technological development.
WHY IS IT IMPORTANT?
- Recently it was announced that ETC now supports its own decentralized apps (dApps) tools. After the news and updates materialized during the Ethereum Classic summit on September 12 and 13, the market price for ETC still hovered near its lower levels under $12.
- Ethereum Classic has a market cap of $1,1 billion and is the 14th biggest cryptocurrency by capitalization. It is currently trading for $11.13, according to coinmarketcap.
Ripple’s xRapid Just Around the Corner?
The head of government and regulatory relations of APAC and Middle East at Ripple, Sagar Sarbhai, said that Ripple has made significant progress with its xRapid product. The blockchain startup will be launched next month. xRapid should speed up banking transactions using the XRP cryptocurrency.
WHY IS IT IMPORTANT?
- xRapid uses XRP tokens as a link between currency pairs, which allows banks to process cross-border transfers more quickly.
- For example, a bank processes a transaction that was sent in one national currency and received in the other. With the advent of xRapid, this process will be accelerated by converting the fiat currency into XRP tokens. Only after the conversion money will go abroad, where they will be automatically transferred to the national currency of the receiving party.
Alibaba’s Jack Ma Backs Blockchain to Protect Environment
It looks like before retiring Jack Ma plans to do his best to leave a grand legacy. He draws attention to the positive uses of the blockchain, specifically protecting the environment. Lately, he spoke at the World Artificial Intelligence Conference in China and mentioned that emerging technologies must prove themselves useful.
WHY IS IT IMPORTANT?
- Ma is famous for his negative approach to cryptocurrencies. However, the entrepreneur has been studying blockchain for many years and he is confident that the technology has the potential to resolve issues of confidentiality and security in all spheres of the society, be it at the governmental level, the corporate, or the personal. According to Ma, "we live in an era of large data." He added that Alibaba will have to master the blockchain, otherwise, the consequences will be fatal.
Cofound Closes as ICO Market Situation Deteriorates
Cofound platform developers are closing down the crowdfunding site. The project team explained its decision by the unsatisfactory situation on the ICO market. The blog post says that the platform’s original goal was to create an alternative venture ecosystem with the help of crowdfunding. But the industry is moving in a different direction.
WHY IS IT IMPORTANT?
- A week ago, the platform suspended the trading of CFI tokens. The distribution of assets to coin holders will be reported in the near future.
- The company's blog says that the market will take a very long time to recover. Nevertheless, they recognize that there is a number of projects that developed prototypes of innovative products. The platform team is sure that the current state of infrastructure is not suitable for launching such services.
- Recently the Autonomous Research study has come to a conclusion that the ICO fundings have dropped to the lowest level in 16 months. In August, they raised $326 million, which was the smallest amount in the last 16 months.
At 17:20 (GMT+1) total cryptocurrency market capitalization stands at $194,9 billion
PumaPay (+297,91%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $11,8 (-0,6 billion per day)
Mining Profitability
- BTC $2,1 for 10 TH/s
- ETH $0,16 for 10 MH/s
- BCH $0,21 for 1 TH/s
- LTC $2,98 for 1 GH/s
- DASH $0,1 for 1 GH/s
Ongoing ICOs:
Expected ICOs:
- 18 September eMusic
- 1 October Open Packaging Network
- 1 October Tiberius
- 2 October CryptoCasher