The central bank of Philippine has given approval to two new cryptocurrency exchanges Virtual Currency Philippines, Inc. and ETranss to carry out the conversion of Philippine pesos (PHP) into virtual digital currencies. This approval brings a total number of crypto exchanges to 5 in the country.
Among the developing countries, Philippine has been quite vocal in its support of crypto ecosystem in the country. This attitude of the government can be attributed to the countries dependence on the remittances. Cryptos provide a cheaper and faster means to send money from abroad and considering that Filipinos sent $7.8 billion home in the first quarter of 2018, the saving can be huge for the local economy.
Earlier in July, the government gave nod for establishing a Cagayan Economic Zone Authority (CEZA) in the northern part of the Philippines which will be supporting 25 cryptocurrency exchanges with friendly regulations and tax policy.
The countries crypto startups were also fairing better than the traditional financial institutions. Crypto app coins.ph raised $10 million from Naspers and were among the 10 most used application with around 5 million registered users.
Probably the government has sensed that due to large Filipino diaspora a well-developed crypto ecosystem will serve the economy well, due to lower transaction fees and faster transfer than the traditional fiat-fiat conversion. For instance, money changers charge around 10 percent of the net amount being converted from dollar to peso and this does not account for the currency markups which can add another 3 percent.
w00h00t! One less friction within the Ethereum ecosystem! Convert one erc20 token to another directly without having to convert to ETH first!! ie. convert DAI straight to OMG or ZIL or DGX or KNC 😍 https://t.co/Qq4S7JLmUp
Buying a token from a ERC-20 decentralized exchange is still not seamless. Anybody buying token through ERC-20 decentralized exchanges has to first wrap ETH and then convert to the respective token. Besides this token can’t be directly converted to other ERC-20 compliant token without first converting to ETH. For instance, if a user wants to buy Request Network (REQ) token, the user will first have to Wrap ETH and then buy REQ token with the wrapped ETH. Besides if a user wants to convert the REQ token to some other ERC-20 compliant token like Kyber network (KNC) the user will have to first convert REQ to ETH and then repeat the whole process. To rectify this issue Kyber network has introduced token-to-token swap in its new upgrade. So no wrapping ETH or converting existing non ETH token to ETH for buying another token. The user can simply swap REQ to KNC directly. The upgrade has definitely reduced the headaches for trading token, though the cost-effectiveness of this upgrade is still not quantified by Kyber network.
Despite the rout in cryptocurrency market, Binance is slated to register a profit of between $500 million to $1 billion in FY 2018. According to Binance chief executive Changpeng Zhao, it recorded revenue of $300 million in the first half of this year. As of now, the platform is having an average daily turnover of $1.5 billion with around 10 million registered users. It has also opened an office in Uganda and Malta where it is providing crypto to fiat trading.
Binance started operation in July 2017 after raising $15 million through an initial coin offering. During the peak of the bitcoin price, last December binance was processing around $11 billion worth of trades.
Coinbase has officially launched its custody service for institutional clients. Due to the digital nature of the crypto assets, a specialized service for storing them safely was in demand, and Coinbase move in custody service is supposed to fill this gap. According to Sam Mcingvale product lead “Coinbase Custody is a combination of Coinbase’s battle-tested cold storage for crypto assets, an institutional-grade broker-dealer and its reporting services, and a comprehensive client coverage program.”
Coinbase says that its custody service will have unique features like “On-chain segregation of crypto assets,” “offline,multi-sig and geographically distributed transaction protection” besides having a robust cold storage, auditing, and reporting.
Coinbase has already been a custodian of $ 20 billion worth of crypto assets in the past six years, and this custody offering will be secured through SEC and FINRA regulated Electronic transaction clearing.
The service as of now will be limited to Europe and US and is expected to arrive in Asia before the end of this year. The currency available will be similar to the ones offered through coinbase.com, and more coins will be added, so expect ethereum classic to arrive as soon as it is available for trading through coinbase.com.
Features like hot wallets, scheduled withdrawals will also be added after obtaining regulatory clearance
The service as of now requires a minimum of $10 million worth of digital assets and a $100,000 initiation fees. According to coinbase around $10 billion worth of institutional money waiting on the sidelines will enter in the crypto market due to the introduction of this service.
Coinbase has been quite active recently in terms of launching services. It recently started an index fund last month for “US-accredited” investors and has revealed plans to open its service for Japanese investors.
Bithumb, Second largest trading exchange,with a volume of $330 million,of South Korea announced that it has lost $31 million worth of cryptos to hackers. Due to the hack, withdrawal and deposit service has been stopped and all the assets are being moved to cold storage.The amount hacked will be refunded from bithumb’s own reserve.
[Notice for the suspension of all deposit and withdrawal service]
We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.
It is not clear which currencies has been hacked but the tweet did have negative effects on the crypto markets, bitcoin fell from around $6718 to a low of $6561 following the tweet from bithumb.This is a second hack of a south korean exchange, the last being coinrail on June 10 this month where $37.2 million worth of cryptos were lost.