In the , the CEO of is noting the strength of the community, and asking its brethren to send him their best pitches for why he should pair every coin on the exchange with the digital asset.
He was also responding to suggestions from the XRP fans who believe that doing so would help cushion most altcoins from volatility. Additionally, an XRP base currency would allow cheap and efficient movement of value between exchanges.
CZ did something unexpected though. He actually included a LinkedIn link that gives tips on how to get your coin listed on Binance.com. Of particular importance, is the following statements in the step-by-step instructions:
“We require the project founder or CEO to fill out the form. Why? If there ever is a bug with your wallet, a fork or double-spend in your blockchain, we need to talk to a key person.”
The xrp base shill is strong. Let's get it out of your system, and put all your shills under this one tweet, and let's see how much we get.
— CZ Binance (@cz_binance)
After taking over as the world’s second largest cryptocurrency, XRP investors say Binance should pair all of its cryptocurrencies with XRP. Just for a reminder, after a close battle with and surpassing Ethereum in total market cap twice in a month, XRP has now managed to edge out the rival and grab the second spot right behind bitcoin.
This is mainly due to Ripple’s efforts to expand its customer base over the recent months. More banks are joining the RippleNet where XRP is used as a base currency in cross-border funds transfer using xRapid.
The latest addition to the list of Ripple’s partners is . CIMB Group, the fifth bank in ASEAN adopts Ripple’s tech and enters RippleNet, the company’s network of banks. This will allow the bank to provide its customers with instant cross-border payments.
According to Ripple, CIMB is one of the first banks to leverage blockchain technology in a region where payments are historically slow and efficient.
“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”
There is a small, but growing list of cryptocurrency exchanges that have adopted XRP as a trading base standard. Last August, AlphaPoint, a financial technology company that helps companies access the blockchain and make illiquid assets liquid, launched DCEX, a next-generation digital currency exchange for retail and institutional investors that was the first exchange to have XRP as its exclusive base currency.
This Binance’s move could further detach altcoins from the price swings of bitcoin. And if multiple exchanges add XRP as a base pair, traders could easily utilize the speed of XRP to move value between exchanges.
Shaky Ground for bitcoin
The recent upgrade of the network sparked a fierce between the camps of Craig Wright’s bitcoin Cash Satoshi Vision (BCHSV) and Roger Ver’s bitcoin Cash ABC (BCHABC). As a result, bitcoin was affected price-wise, dragging the entire market down with it. After BCH hard fork has completed, announced that they added both a BCHSV and BCHABC trading pair to their website, indicating it will likely honor both bitcoin Cash forks, issuing double tokens to all BCH holders.
There is a good percentage of investors that already have turned to other alternatives looking for better utility and security. In that sense, XRP has emerged as a pretty great choice. The fact that the crypto is slowly recovering even as bitcoin and others struggle to stay afloat adds to the charm.
The reasons the community has cited as to why XRP should be the base on Binance are that is already a base on the CoinField Exchange and also the base currency on the XRP United Exchange.
One of the biggest rating companies Weiss Ratings already in August shared in their that they agree XRP should be the base.
We would like to see as one of the base assets on in order to move value much more quickly!
Please do it !
Let's get some retweets to let them know. 🙂
— C3|Nik (@C3_Nik)
The truth is, XRP has proven itself in the past week as it gained value as the rest of the market fell due to the bitcoin Cash Hash wars, it’s fast and has cheaper transaction fees and it won’t hurt to know that it will definitely attract more users towards trading on Binance.
Just day before this Binance announcement, Ran Neu-Ner, the host of CNBC Africa’s “Crypto Trader”show, said that these hash wars highlight why everyone should dump BTC and BCH and just put all their money into XRP.
At the time of writing, XRP has been trading at $0.4837 while in the red by 5.37 percent with a market cap of $19.4 billion while Ethereum is down by 7.76 percent at $168 with a market cap of $16.8 billion.
The controversial hard fork continues to keep the crypto industry in dilemma about the possible outcome. Soon after the bitcoin Cash hard fork on Nov.15, the blockchain split to create two new cryptocurrencies. This includes the bitcoin Cash ABC and bitcoin Cash SV (Satoshi Version).
Both the camps have engaged in the war of gaining dominance over the hash power of the network. Moreover, the supporters of each camp are putting all might behind this . The mining pools supporting bitcoin ABC are BTC.com, Antpool, and bitcoin.com. On the other hand, the mining pools supporting the bitcoin SV version include Coingeek and bitcoin.org.
The bitcoin.com mining pool by Roger Ver is providing all of its hash power in support for mining bitcoin Cash ABC. The mining poll of bitcoin.com allows users to connect their own mining hardware. They also users to directly purchase the hashrate from the company while renting the miners. However, bitcoin.com announced that if its users that if they don’t like bitcoin ABC mining, they can chosse a different mining pool for the time being.
Hash Rate Supply from bitcoin.com Mining pool
The bitcoin.com mining pool provides an average of 400 petahashes of hash power for Core. Till now, it has minded a total of 1700 blocks for BTC core. Similarly, it has mined a total of 6000 blocks for bitcoin Cash. On the contrary, the bitcoin Cash hash rate ranges significantly lower to bitcoin core. It means that transferrring all the hash power will give a significant boost to the bitcoin Cash ABC network.
The data provided by shows that the mining pool bitcoin.com provides an average of 5% of blocks for bitcoin Cash. Furthermore, all the bitcoin.com hash power for the day is likely to mine the bitcoin Cash ABC. Hence, for now, bitcoin.com can play a big role in securing the bitcoin Cash ABC network.
The threat of “51% attacks” are constantly looming over the ABC network until the time that ABC network shares the same hashing algorithm with the bitcoin SV network. Moreover, with SV having more hashpower, its supporters can pose to the ABC network by mining empty blocks.
Additional Hash Power Support from BTC.top
Another mining outfit BTC.top has pledged its support to the bitcoin ABC. This puts some more pressure on the supporters of bitcoin SV chain and its associated mining pools. BTC.top CEO Jiang Zhuoer announced his support for the ABC network to “end [the] chaos”.
According to the promise and respect the result of hash war, have move hash to ABC chain to support BCH and end chaos
— Jiang Zhuoer BTC.TOP (@JiangZhuoer)
BTC.top contributes 6% of the bitcoin mining on regular basis. The Coin.Dance data shows that its contribution so far has contributed around 5% of the all blocks mined.
Zhuoer explains his stand extensively on the ongoing bitcoin Cash debate. His last week’s reads:
“Therefore without an effective arbitration mechanism to prevent unnecessary splitting of the BCH chain, it will impede adoption, which implies a reduction of users. This conflicts with the ideology of high-frequency use for a cash system. […] [H]ash voting is not a segmentation based on power, but rather it assumes the role of a jury which reflects the opinion of all participants in the system. The community has the right to signal their preference using all sorts of methods to affect voting. […] Hash vote is not the same as miner vote, but rather acts like a jury to reflect opinions of everyone in the community.”
For Proof-of-Work (PoW) systems, usually, the longest chain wins. bitcoin ABC is consistently leading bitcoin SV in this game.
On Friday, the Financial Times that SIX Swiss Exchange, Switzerland’s major stock exchange based in Zurich, approved the listing of the world’s first multi-crypto-based exchange-traded product (ETP). The news outlet informed:
“The Amun Crypto ETP, which will start trading next week on the Six exchange in Zurich, has been designed to track an index based on the movements of five leading cryptocurrencies.”
The “Amun Crypto ETP” is backed by , a London-based financial technology firm. According to Hany Rashwan, the Chief Executive Officer (CEO) and co-founder of Amun, the crypto exchange-traded product was designed with a view “to meet the same strict standards required of conventional exchange-traded products widely used by investors.”
Listed under index HODL, the ETP will track five major cryptocurrencies: bitcoin (), , Ethereum (), bitcoin Cash (), and Litecoin (). On its website, Amun states:
“Amun Crypto Basket Index tracks performance of the top 5 crypto assets in terms of market cap and liquidity, providing diversified exposure to the crypto space while using its proprietary methodology to effectively manage the volatility associated with less liquid/smaller crypto assets.”
50% of Amun’s ETP will be allocated in bitcoin, while XRP will make up a quarter (25.4%). Ethereum makes up one-sixth of the fund, with BCH and LTC consisting of the rest at 5.2% and 3% respectively.
Cryptos tied to fiat currencies, such as , are not included. An annual management fee of the Amun ETP will make up 2.5%. As Hany Rashwan said, the Amun ETP will be available for both institutional and retail investors. He explained:
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”
The SIX Swiss Exchange believes that exchange-traded products are “secured bearer debt securities which don’t earn interest”, that is why “they are not subject to the Collective Investment Schemes Act (CISA). ETPs are not even supervised by FINMA.”
The trading will start this week.
The approval of a crypto ETP by the Swiss major stock exchange is a positive milestone for the industry, but not the first. An ETP already exists in the US market in the form of Grayscale Investment’s bitcoin Investment Trust, and investors in the local market can purchase investment vehicles that represent the value of BTC.
But not all the businesses are ready to follow the example. Recently, BlackRock, the largest asset management firm in the world with approximately $6.4 trillion USD in assets, that despite their belief in cryptos, they would not launch an exchange traded fund for digital coins until the industry grows up a bit and becomes ‘legitimate’.
About SIX Exchange
SIX Swiss exchange is the main exchange of Switzerland based in Zurich. SIX operates a competitive infrastructure for the Swiss financial center, catering to a broad, international client base. The company provides services relating to securities transactions, the provision of financial information and cashless payment transactions.
The SIX Swiss Exchange delivers fair and transparent trading in equities, bonds, sponsored funds, sponsored foreign shares, exchange-traded funds (ETFs) exchange-traded products (ETPs) and structured products. The exchange uses the trading platform X-stream INET and trades primarily in the Swiss franc (CHF).
SIX Swiss Exchange was the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system in 1995. The exchange is currently controlled by an association of 55 banks.
The exchange is known for its friendly attitude to cryptos. Recently, the exchange stated that its blockchain based platform would replace traditional analog-centric systems in the near future. The head of security and exchange at SIX Swiss Exchange, Thomas Zeed, said:
“The existing system could be completely replaced by the digital exchange in about ten years… The moment that brokers, banks, insurance companies, and big asset managers really see the cost advantages, they’ll move relatively quickly.”
SIX is planning to launch the so-called “SIX Digital Exchange (SDX)” in 2019, which will initially run alongside the classical SIX system.
In today’s edition of The Daily, we focus on the intersection between the cryptocurrency industry and gaming. A game startup recently raised $16 million from investors such as Okcoin and Galaxy Digital, while the developers of a game backed by the investment arm of Coinbase have released a new gameplay trailer. And in related news, a recent report shows that young people prefer cryptocurrency and in-game coins over fiat cash.
Also Read:
Mythical Games Secures $16M of Funding
Mythical Games, a new Los Angeles-headquartered game studio, announced on Friday that it has secured $16 million in a Series-A financing round. The funds will support the development and co-production of blockchain-powered games for mobile devices, PCs and consoles. The round was led by Galaxy Digital and included Okcoin, Javelin Venture Partners, Divergence Digital, Fenbushi and Noris.
The startup plans to provide its proprietary platform to other developers to help build “player-owned” economies. It will also produce tools for brands to monetize their game assets.
“We believe that gaming — and specifically players’ interaction with in-game economies and virtual goods — will play a key role in how the masses first discover the true potential of the blockchain,” said Mike Novogratz, CEO and Founder of Galaxy Digital. “Mythical’s experience building rich and immersive game worlds will be invaluable to this mission.”
The company was founded by former executives from Activision, Blizzard and Yahoo. They each previously led development teams for games such as “Call of Duty” and “World of Warcraft.”
“The investment from Galaxy, Javelin, and our other new investors will allow us to ignite a new approach to developing games, giving players and content creators a bigger stake in the games they love,” commented John Linden, co-founder and CEO of Mythical Games. “We believe these new economics will come to dominate gaming, resulting in an even bigger addressable market for the industry.”
On Saturday, Mythical Games revealed its first collectibles game, “Blankos Block Party.”
Fuel Games Releases ‘Gods Unchained’ Trailer
Fuel Games, another blockchain-powered game development company that was founded earlier this year, released an official gameplay trailer on Thursday for its upcoming title “Gods Unchained.” The startup raised $2.4 million in seed funding in May and is backed by Coinbase Ventures, Continue Capital, Sora Ventures and Nirvana Capital.
“Gods Unchained” is a competitive collectible trading card game, like a cross between “Magic: The Gathering,” “Hearthstone” and “.” Fuel Games also announced on Thursday that it will begin rolling out a closed beta of the game “over the next week or two.”
Teenagers Want bitcoin for Christmas
Beyond investments by cryptocurrency exchanges in blockchain-powered games, another connection between crypto and gaming is that young people tend to prefer in-game digital currencies over old fiat money. Piper Jaffray, an investment banking and asset management firm, on Wednesday published its “Holiday 2018” consumer report, which rates the gift preferences of American teenagers. The reports shows that for the first time ever, young people and “V-Bucks” as presents over fiat cash, gift cards and money for car-related expenses.
The V-Buck is the in-game currency of the battle royale game “Fortnite.” The wildly popular title has been raking in hundreds of millions of real-world dollars per month from the sale of in-game assets, despite being free to play. The game’s incredible commercial success is probably a major contributing factor to the recent increase in game-development funding, as many investors hope to capitalize on its popularity.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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