This Week In Crypto is a weekly segment from the Live Coin Watch News team, providing readers with a fun, succinct, and pertinent summary of the most important Bitcoin-related events in the past seven days.
This Week in Crypto
- Binance U.S. Unveils Potential List of Supported Crypto Assets: Binance’s American subsidiary, Binance US, is nearing its launch. However, ever since it was announced back in mid-June, crypto investors have been wondering which altcoins the new platform would support, as the U.S. Securities and Exchange Commission (SEC) has yet to give clear guidelines for crypto exchanges. But Binance recently shocked the crypto trading community, unveiling a nice swath of digital assets it may support. The list includes the normal suspects, including Bitcoin and Ethereum, but also an array of smaller altcoins that may not ring a bell. The 30 cryptocurrencies that the Binance subsidiary is currently considering are as follows (in alphabetical order): ADA, ATOM, BAT, BCHABC, BNB, BTC, DASH, EOS, ETC, ETH, HOT, IOTA, LINK, LOOM, LTC, MANA, NANO, NEO, PAX, REP, RVN, TUSD, USDC, USDT, VET, WAVES, XLM, XRP, ZIL, and ZRX.
- Ripple CEO Expects to Bag More Deals: Ripple chief executive Brad Garlinghouse told Yahoo Finance that he wants his firm to leverage its strong position in the market and large balance sheet to make more investments and acquisitions. While Garlinghouse didn’t drop any names, he explained that Ripple is looking for business relationships that will allow it to “accelerate its growth” and give it more of a chance to serve its customers’ needs. This, of course, comes shortly after the firm bagged a deal with Moneygram, one of the world’s largest money-transfer firms. For those who missed the memo, the aforementioned partnership takes a focus on xRapid, Ripple’s solution for liquidity that utilizes XRP directly as a “real-time bridge between the sending and receiving currencies.”
- Blockstream Launches Bitcoin Mining Service: Blockstream, the Canadian Bitcoin development and services giant, has just expanded its operations once again. This time, it is launching a mining service, which actually commenced operations in secret way back in 2017. This new division is a “mining equipment colocation” service, which promotes “institutional and enterprise customers” to deploy “virtually any type of Bitcoin mining equipment” in any of Blockstream’s centers. Currently, the colocation service is used by Fidelity Investments, the prominent Wall Street firm that has been mining Bitcoin in-office for years; pro-crypto LinkedIn founder Reid Hoffman, and Blockstream itself, which claims to have machines that power “less than 1%” of the Bitcoin network. The company currently has data centers in Quebec — Blockstream claims to be one of the first Bitcoin mining operations to set up in the Canadian province — and in Georgia. The two centers currently have an energy capacity of 300MW, which Forbes contributor Kyle Torpey believes could power 7.5% of the Bitcoin network at full capacity with the latest ASIC models. Blockstream is also launching a mining pool that will promote decentralization.
- Bitcoin Hash Rate Continues Higher: Speaking of mining, the Bitcoin network’s hash rate has continued higher this week, setting a new all-time high for the umpteenth time in a number of weeks. As of the time of writing this, the hash rate is currently around 80 EH/s.
- Binance Debunks KYC Leak FUD: Earlier this week, reports arose that Binance was hacked for a swath of KYC data. Images of seeming Binance users and their identification were spread across the web. According to Binance’s CEO, Changpeng Zhao, his firm was unlikely the one that was hacked. In a blog post, the team wrote that more likely than not, a third-party KYC provider was hacked.
- Ethereum Startup Dharma Pauses Operations: Prominent decentralized finance (DeFi) provider Dharma has temporarily paused the issuance of loans and acceptance of deposits. Users of the platform will still be able to sign-in and pay their loans or take withdrawals. It isn’t clear why this is occurring, but the Ethereum-centric service has been facing some bugs over recent weeks, which this writer experienced.
- Ethereum Exchange EtherDelta Entangled in Chinese Scam: According to Dovey Wan, a prominent Chinese crypto investor and industry insider, EtherDelta is purportedly involved in an exit scam. The popular Ethereum decentralized exchange was purportedly quietly sold off to Chinese investors by the SEC-charged Zack Coburn. The unnamed investors then later used their newly-acquired platform to sell a crypto asset with EtherDelta branding in an apparent exit scam. The details of this case are still unclear.
- New Crypto Platform FTX Bags $8 Million: FTX, an up-and-coming crypto trading platform backed by many of the individuals at industry fund Alameda Research, has secured $8 million in investment from a number of industry venture firms. The round was led by Proof of Capital, Consensus Lab, FBG, and Galois Capital.