Crypto News

Binance, Poloniex, and Huobi Crypto Exchanges Hold More Tether (USDT) Than Bitfinex

The Binance, Poloniex and Huobi exchanges currently own more Tether (USDT) than Bitfinex, although this exchange platform shares the same CEO as Tether Limited, the stable currency issuer.

Binance, Poloniex, and Huobi possess more Tether (USDT) than Bitfinex, the issuer of this stable coin

Bitfinex, thus, positions itself as the sixth USDT holder, according to data released by CNBC’s Ran Neuner on his Twitter account, noting that Binance is the platform with the highest amount of Tether (USDT), after the stable coin’s treasury. He adds that this situation could mean that Bitfinex has lost many customers or that its clients are exchangingTether for other cryptocurrencies.

Neuner’s statistics are based on an analysis published on October 19th by the firm Element Group which evaluated the situation of the most popular stable coin in the market.

The analysts of the before-mentioned firm highlight the lack of information of the Bitfinex exchange regarding its situation and that of Tether and draw attention to the latest movements made by Bitfinex, which has transferred a large part of Tether (USDT) tokens to the Tether treasury.

Bitfinex crypto exchange is experiencing a bleak period, according to some analysts

“Since October 3rd, Bitfinex has sent a total of 690 million Tether tokens from Bitfinex’s Tether wallet to the Tether Treasury. That has reduced the current supply from about $2.8 billion to $2.1 billion in a short time. Therefore, Bitfinex has spent considerable resources to defend the Tether bond and, in the absence of this buying pressure, it is likely that Tether (USDT) has crashed even further and provokes, even further, the sale in the wider cryptocurrency market,” Element Group reported.

The firm speculates that this situation could be related to the problems that Tether (USDT) and Bitfinex appear to be experiencing in securing a stable banking relationship. That is based on information published at the beginning of October that Noble Bank was looking for buyers and had lost several of its clients, including Tether and Bitfinex.

Fears suggest that the USDT stable coin does not have sufficient support or that Bitfinex is in a state of insolvency.

Crypto Markets News

Binance Cryptocurrency Exchange Expects Profits Of $1 Billion In 2018

Binance, the renowned cryptocurrency exchange platform, anticipates that its revenues will grow to $1 billion by the end of 2018, according to Binance CEO Changpeng Zhao during an interview with Bloomberg from today, July 6th.

Binance cryptocurrency exchange platform ranked the first today in cryptocurrencies trading volumes

Talking about how Binance platform is recouping after a stressful week in which tradings were momentarily suspended, Zhao revenues estimations defy the idea that the profits of cryptocurrency exchanges are dependent on the cryptos prices. For example, although Bitcoin (BTC) is under $7,000 for nearly a month and a half now, Binance’s profits for the first half of the year was around $300 million, according to Zhao.

Binance, which consistently ranks at the top of the world’s most significant daily cryptocurrencies trading volumes, is now #1 with approximately $1.2 billion in transactions in the last 24 hours.

Binance profits estimations encourage the company to extend its operations around the world

The tremendous gains of $1 billion, estimated by Binance for this year, are fuelling an aspirational expansion agenda that will shortly include Binance’s emergence on markets such as Uganda and Bermuda. That after Binance cryptocurrency exchange platform moved its headquarters to Malta, a crypto-friendly country, to avoid strict cryptocurrency regulations, earlier this year.

On the other hand, there are currently approximately 10 million users on the platform, according to Zhao, Binance CEO.

Binance expansion plans are not devoid of competition, too, as other major cryptocurrency exchange platforms, such as Huobi and Coinbase, are also entering new markets. For example, just yesterday, Huobi rolled out in Australia and planned to commence operations in London in the Q3 2018, while services in the United States will also begin in the foreseeable future.

Coinbase, in the meantime, is considering moving its headquarters to Japan and is still waiting for a US banking license.


Huobi Develops Its Own Blockchain, Huobi Chain, For A Decentralized Huobi Cryptocurrency Exchange

The Huobi exchange house, based in Singapore, wants to migrate its operations to a decentralized and participatory blockchain, for whose development it opened a competition to select the leaders who will carry out the plan. The project is called the Huobi Chain Project (HCP) and was announced by the Huobi Group on June 6th through its blog, adding that the initial investment will be 30 million Huobi Token (HT)(approximately $174 million).

In this regard, the company’s CEO, Leon Li, said that the main objective of the project is to gradually transform Huobi’s centralized platform into a decentralized and open source one, where the community can freely participate and regulate its operation. Thus, in Huobi Chain, the exchange of values, monetary collection, and other applications will be carried out in a decentralized manner.

The plan includes the gradual migration of Huobi to this new public blockchain and the upgrade of Huobi Token (HT) from a general token in Ethereum (ETH) network to one based on the new Huobi blockchain, according to the briefing note.

Huobi announced a Huobi Chain competition for attracting devs to help them move to a decentralized Huobicryptocurrency exchange

To launch its blockchain, Huobi also announced the bases of the Huobi Chain Superhero Championship (HCSCP) program, through which the company will choose the developers of the project, which will be implemented in 18 months, distributed in four stages. The first three months will be dedicated to the election of these leaders through this program, which began on June 6 with a public call for candidates and teams, which can be registered until July 5th.

It is also indicated that after the election, the Huobi Chian project will be led by these leaders, who will work with board members to oversee the process and contribute to its progress into new phases.

It is worth mentioning that Huobi is not the first cryptocurrency exchange platform to implement its own decentralized blockchain. Last March, another important exchange, Binance, announced a similar project when it launched Binance Chain which is a public blockchain designed to facilitate the transfer, commercialization, and generation of blockchain assets, which also required the update of its Binance Coin (BNB) cryptocurrency.


Cardano (ADA) Is Listed On Huobi, The Biggest Chinese Cryptocurrencies Exchange, Since Today

Today, Huobi cryptocurrencies exchange, the biggest Chinese one and the second most important exchange in the world, listed Cardano (ADA), a fact that should boost ADA value against the USD.

The listing of Cardano (ADA) on Huobi has been announced via the cryptocurrencies exchange site, earlier:

Cardano (ADA) will be launched on Huobi Pro on April 16, 2018 (GMT+8). Deposits will be available from 14:30, April 16 (GMT+8). ADA/BTC, ADA/ETH and ADA/USDT trading will be available at Main Zone from 14:00, April 17, 2018 (GMT+8). Withdrawals will be available from 14:30, April 19 2018 (GMT+8).

Cardano (ADA) Price Soared After The Announcement Has Been Made

The announcement from Huobi created a very positive sentiment surrounding the Cardano (ADA) crypto coin. The ADA holders and traders were happy to notice that Cardano (ADA) significantly soared up today.

At the moment of this article, ADA is trading at $0.245 increasing by a little more than 12% in the last 24 hours. Even more, ADA is, at the moment, the only top 10 cryptocurrency which shows gains, while the other 9 coins deepened into the “red zone”.

Moreover, Cardano (ADA) is on the second place in the cryptocurrencies market, in terms of the last 24 hours gains, being surpassed only by Populous (PPT).

As Huobi listed Cardano (ADA), the ADA price is expected to increase even more.

What does Cardano (ADA) offer?

Cardano (ADA) is a decentralized cryptocurrency with a very interesting blockchain technology offering smart contracts in a manner that is meant to totally revolutionize the cryptocurrencies market and, subsequently, the blockchain technologies.

Its Ouroboros PoS (proof-of-stake) is an algorithm which dictates how the network nodes reach consensus and “is a crucial part of the infrastructure that supports the Ada cryptocurrency and is a major innovation in the blockchain technologies,” as the official ADA site reads.

In short, Ouroboros is meant to provide a less energy consuming and more scalable proof of work protocol.

In conclusion, Huobi, the biggest Chinese cryptocurrencies exchange and the second in the world, just listed Cardano (ADA) and helped ADA price to soar up, an uptrend which will be kept for the next days, most probably.

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