07 Sep 2020 · 3 min read
Top-tier Crypto Exchanges Increased Their Market Share + More News
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
- In August, trading volumes on top-tier (or lower risk) crypto exchanges increased by 58% to USD 529bn, according to CryptoCompare, a provider of the crypto market data. Trading volumes on higher risk exchanges grew by 30% to USD 291bn. Top-Tier exchanges now represent 64% of total volume, or 4 percentage points more than in July. Binance was the largest top-tier exchange by volume in August, trading USD 125bn (up 83%). This was followed by Huobi Global trading USD 65bn (up 176%), and OKEx trading almost USD 65bn (up 47%), the provider said.
- Relationships between Washington and Beijing have deteriorated this year, and some market observes expect the central People’s Bank of China to promote the digital yuan’s use in international trade deals, in place of the USD. State-owned media outlet Global Times quoted Xi Junyang, a professor at the Shanghai University of Finance and Economics, as stating, "China will gradually decrease its holdings of US debt to about USD 800 billion under normal circumstances. But of course, China might sell all of its US bonds in an extreme case, like a military conflict.”
- Mode, which provides online payments services and lets users buy and sell bitcoin (BTC), is eyeing a GBP 40m (USD 44.6m) float on London’s slowly recovering stock market, The Telegraph reported. The company is expected to confirm a stock market listing in the next month, it added.
- South Korea’s Woori Bank has talked up its blockchain-powered tokenization and authentication future business avenues, reported Maeil Kyungjae. The bank, which has also expressed an interest in developing crypto custody-related business models, spoke about rolling out token-as-a-service offerings to its industrial clients – for companies that want to tokenize their business outputs without developing their own blockchain infrastructure.
- The Global Manufacturing and Industrialisation Summit (GMIS) today announced a global initiative to accelerate the decarbonisation of industry and the development of renewable energy projects. The ‘Green Chain Initiative’ aims to develop new, renewable energy value chains by combining a crowd-sourcing platform with blockchain technologies, the GMIS said in an emailed press release.
Crypto adoption news
- Major Japanese crypto exchange bitFlyer has released the results of a user poll that showed more investors are now entering the sector to buy crypto because of “its mid- and long-term potential.” Conversely, fewer people now see cryptoassets as a way to chase a fast buck. Per Japanese media outlet CoinPost, bitFlyer claims that it surveyed just under 550 customers who opened accounts this year and discovered that almost half believed that crypto had “growth potential,” and would find more real-world usages in the near future. And while around 21% said they had “short-term profits” in mind, 26% said they had “medium to long-term investment” plans for their cryptoassets.
- Swerve, a new and unaudited decentralized finance protocol, has accumulated USD 424m in asset deposits within two days since its launch. Swerve is a fork of recently much-discussed Curve (CRV).
- The Litecoin (LTC) team published a post regarding the MimbleWimble (MW) addition, stating that, with the recent work on the update, everything is on track for a testnet release, planed for the end of this month. David Burkett, the lead developer on the proposal to integrate MW onto the Litecoin network, wrote that he's still working on a few final details, and that more information will be shared later this month about what the testnet will look like, and how everyone can get involved.