Despite the recent pullback in crypto prices, amazing things are happening behind the scenes.
Blockchain entrepreneurs and coders are hard at work building the infrastructure necessary for a robust alternative financial system.
Today, we’re going to analyze important recent news items and breakthroughs.
Bitcoin currently maxes out at around seven transactions per second. The Lightning Network (LN) allows it to increase to thousands of transactions per second, with near-instant settlement. LN accomplishes this by taking transactions off the blockchain and settling them later in bulk.
This tech may allow bitcoin to compete with traditional payment processors such as Visa and PayPal. It will take time to perfect this new payment network, but LN has the potential to revolutionize how cryptocurrency is used. Many other coins have announced plans to build similar improvements.
Binance launched only last year, but it has become the highest-volume crypto exchange in the world, with trading volume of around $1.5 billion per day. Currently based in Hong Kong, Binance recently announced that it will be moving to Malta. The small Mediterranean island has crypto- and fintech-friendly laws.
Malta’s prime minister even personally welcomed Binance to Malta on Twitter.
Binance says the move will also allow it to add “fiat trading” to its platform by partnering with local banks. Currently, Binance is a “crypto only” exchange, but the addition of fiat trading will allow it to become a major on-ramp into the crypto market.
Cboe Global Markets, which trades bitcoin futures, sent a letter to the SEC encouraging it to allow the introduction of bitcoin ETFs.
At least six companies are attempting to get bitcoin funds approved, but so far the SEC has denied their applications.
The demand for a publicly traded bitcoin vehicle is certainly there, but the SEC has been twiddling its thumbs for a while now. Let’s see how long it can hold out against the pressure.
Coinbase, the largest U.S. crypto exchange, has announced that it will be adding support for ERC20 tokens. In a blog post, Coinbase wrote, “This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time.”
In essence, this means that Coinbase is planning to add more altcoins to its platform. This will drive more interest and altcoin buying. Now the speculation about which assets Coinbase will add next begins…
Exchanges continue to offer new trading “pairs” in fiat currencies (dollar, euro, yen, etc.). Major player Bitfinex just added new fiat trading pairs for EOS, NEO, IOTA, bitcoin and Ethereum.
Fiat trading pairs are how money enters the crypto world, and it’s not easy to accomplish due to anti-money-laundering laws. More fiat trading pairs means more money entering the system.
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