Binance poised to enter South Korean market
Binance, the world’s largest cryptocurrency exchange, is poised to enter South Korea. Binance is planning to establish three to five local corporations this year according to news source BusinessKorea. Binance CEO Changpeng Zhao attended the Blockchain Partners Summit in Seoul on July 21st & 22nd. During his keynote speech, he stressed the importance of the South Korean market, saying that his company would enrich its community in the market.
Binance has recently added a Korean language service to its cryptocurrency exchange and official website, and also hired Koreans for a local marketing director and a Binance Labdirector, which is a social impact fund. Notably, Binance is already the choice exchange for some South Korean traders.
Bittrex offers crypto to fiat trading for verified accounts
Bittrex, a US based crypto-exchange that currently handles $150 million in trading volumes, has begun offering USD deposits and withdrawals as well as trading pairs. Bittrex says: “Bittrex now supports eligible personal and corporate accounts for US Dollar (USD) trading, USD deposits, and USD withdrawals. International customers and those operating in California, New York, Montana, and Washington State with identity verified accounts are eligible.”
In order to trade fiat, individuals need to request permission, & send ID with proof of address. It’s also limited to just four states in the US, but it’s notable a huge exchange has gone from crypto-to-crypto trading to now crypto-to fiat. They used to be the biggest crypto exchange once, overtaking Poloniex, but then Binance came and overtook both.
UK Central Bank’s new payment system to use blockchain
The Bank of England’s updated payments system will be compatible with blockchain-based financial technology forms. This is part of BoE’s ongoing effort to modernize its Real-Time Gross Settlement system (RTGS), which is essential for banking and trading in Britain and handles transactions worth around £500 billion annually, or almost a third of the country’s economic output.
The upgraded system is expected to be launched in 2020, and will be designed to be resistant to cyber-attacks while also being available to a wider number of smaller businesses. Britain’s government is keen for the United Kingdom to remain a leading center for fintech innovation like payments and blockchain, and is currently investigating if the revamped RTGS system could provide and use “cryptographic proofs” that stop data being stolen or altered.
Bitcoin’s dominance rate hits record high for 2018 reaching 46.5%
According to the data provided by CoinMarketCap, Bitcoin’s dominance recently hit the 46.5% mark for the first time since December 2017. Bitcoin’s dominance represents Bitcoin’s share in the total market cap for cryptocurrency. The increase of Bitcoin’s dominance has coincided with BTC’s price reaching its two-month high on July 23rd ($7,820) and seems to show that Bitcoin is still the “gateway cryptocurrency” for the majority of investors: only after purchasing BTC they may start diversifying their crypto holdings.
It is worth mentioning that Bitcoin’s dominance does not adequately represent the current state of the crypto market since numerous coins literally appear every day. Despite the mass flood of new altcoins, Bitcoin is still holding strong in that metric, and the bullish uptick may indicate BTC will keep increasing its market share.
Chinese city starts $1.5B blockchain fund
Nanjing, the capital city of Jiangsu province, has reportedly launched an investment fund worth 10 billion yuan to promote blockchain technology and a token-based economy. Nanjing is home to one of the world’s biggest inland ports. Alibaba, one of the world’s biggest technology corporations, chose Nanjing as the headquarters of its cryptocurrency mining business in October 2017.
The municipality’s fund was created in conjunction with government agencies. Yuandao, chairman of a local “Blockchain Alliance” said that “more industries adopting blockchain technology means that more will follow suit.”
Kraken Daily Market Report for 23.07.2018
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