Cryptocurrency markets have been pretty devoid of activity over the past month but there is always one or two altcoins pumping. Today that coin is Electroneum following the announcement of a new partnership which will open ETN up to fiat trading.
According to Electroneum is up 27% to $0.0176. Electroneum is currently ranked at 54 by market cap which is around $144 million. Daily volume is around $3.7 million which has almost doubled since this time yesterday. The top exchange for ETN trade is Kucoin which has over 50% of that total volume.
A few hours ago the team announced that Electroneum is partnering with Turkey’s top crypto exchange, SistemKoin. This will enable the listing of ETN with three new trading pairs, two in fiat. ETN will be available to trade in Turkish Lira, US dollars, and bitcoin.
Mega news! is partnering with Turkey's top cryptocurrency exchange to bring 3 new ETN pairings – Dollars, Lira and bitcoin – live very soon.
And SistemKoin allows US citizens to trade, so they'll be able to open an account and buy and sell ETN in USD . Exciting times!
— electroneum (@electroneum)
The key take from this announcement is that US citizens are allowed to open accounts on this exchange which opens up a potentially huge market for the ETN/USD pair.
In addition to these new fiat pairs Liquid crypto exchange also announced that it would be adding the Electroneum Euro trading pair exposing ETN to another fiat currency.
Adoption is vital for the growth of cryptocurrency and is at the forefront. can be sent and received from any smartphone, while vendors can easily implement an instant payment system via a simple API./$EUR pair coming to Liquid November 5.
— Liquid (@QuoineGlobal)
In a the team also announced that they are working on finalizing AML and KYC certification in the lead up to a number of new partnerships;
“There are many new large partnerships in the works, but before they can be announced and these deals can be engaged, ETN needs to fully implement KYC (Know Your Customer) / AML (Anti-Money Laundering) certifications. This has become a requirement before the large corporates’ can engage for obvious regulatory reasons, and now we have it.”
aims to combine fintech mobile payments and cryptocurrency in an easy to use mobile payment solution. It also has a patent pending Instant Payment System (IPS) that facilitates high speed mobile to mobile payments.
Like all altcoins, however, ETN has had a rough ride this year. Since its ATH of almost $0.20 in January it has plummeted over 90% to its current trading level. After reaching a yearly low of $0.0052 in mid-September ETN has recovered almost 225% to its current price.
With new developments, partnerships, listings and multiple fiat pairs now on the table, Electroneum has begun its recovery and should push higher once again.
The post appeared first on .
Although it is clear that the creation of bitcoin indirectly parented the Ethereum project, arguably the second-most successful blockchain, moves have recently been made to develop BTC-backed, -based tokens, which is an abstract concept in and of itself. To bring clarity to this venture, Kyber Network, an integral part in this push to launch these tokens, dubbed Wrapped bitcoin (WBTC), issued an extensive piece outlining the project.
Per the , Kyber will be joining hands with Palo Alto-based , , AirSwap, Blockfolio, IDEX, and almost a dozen other crypto-focused firms to make WBTC a reality.
Kyber, who has been “working very hard” with BitGo and Repbublic Protocol over recent months, revealed that first off, WBTC will be an ERC20 token fully collateralized by physical BTC, which will reportedly be held through qualified, regulated custodians.
The project, which is the first of its kind, essentially aims to bridge the gap between the two independent decentralized networks, which aren’t similar/near-identical by any means.
You may be wondering — how is WBTC going to work?
Well, as explained by the Kyber Network, WBTC will be backed by BTC reserves at a 1:1 ratio, with the former token being issued when BTC is deposited into the system proposed by the aforementioned partners. Then, when WBTC holders want to redeem their tokens for bitcoin, the tokens are burned. The issuance and burning process will be obviously put on the Ethereum blockchain, allowing consumers from across the globe to access information pertaining to WBTC.
Also, Kyber noted that WBTC/bitcoin transactions are atomic, meaning that users’ funds are always kept safe when acquiring WBTC tokens.
To further ensure that all of WBTC’s bitcoin reserves are accounted for, a decentralized autonomous organization (DAO) “comprised of reputable projects in the blockchain space” will actively audit the smart contracts associated with this project to ensure that integrity is upheld.
has revealed that the ERC20 token could launch in 2019, but didn’t give any further specifics on the matter.
WBTC May Be Legit… But Why?
Due to the relative absurdity of this project, some were quick to question WBTC’s existence. Responding to BitGo’s announcement tweet regarding the matter, , a prominent bitcoin-centric proponent that hasn’t been afraid to advocate for Ethereum, simply asked — why?
Why?
— Andreas M. Antonopoulos (@aantonop)
Andreas wasn’t the only one to question and comment on the project, as Jackson Palmer, the founder of and an Adobe developer, jokingly noted that WBTC is essentially putting a blockchain on another blockchain, which is evidently a confusing concept.
Blockchains on blockchains on blockchains.
— Jackson Palmer (@ummjackson)
Seeing that many were confused, WBTC’s partner firms were quick to issue comments and clarify why the project is a viable token. New York-based AirSwap, a peer-to-peer (decentralized) cryptocurrency trading network, took to Twitter to explain what is so appealing about the BTC-on-Ethereum project.
is now a part of the AirSwap trading experience. We’re excited to support the community initiative to bring to the Ethereum ecosystem.
— AirSwap (@airswap)
In an image, AirSwap highlighted the three “key values of” the WBTC project, which are the fact that it is transparent (as aforementioned), community-led, and accessible for participation from all players in the nascent . While this is all well and good, some were still left asking — what can WBTC be used for.
Through the aforementioned values, WBTC on Ethereum will allow developers to take advantage of bitcoin’s liquidity pool to apply BTC to Ethereum’s decentralized application and smart contract landscape. There aren’t any defined use cases for this up and coming asset just yet, but with a bit of time and elbow grease, developers in this industry will likely be able to create services, platforms, and systems that benefit from the use of WBTC.
Title Image Courtesy of via
The post appeared first on .
Author: Jason King
GRADUATE OF THE IDD | ICODEALDECK.COM START UP ACCELERATOR.
Open Call to REGISTER for Tech and Blockchain Start Up
$ 1,000,000 USD IN…
