Blockchain Bites: Ripple’s MoneyGram Pump, OKEx’s Bitcoin Cash Plan, Bitcoin’s Birthday


Ripple invested over $ 50 million in remittance company MoneyGram over the course of the business relationship between the companies. Forbes released an investigation detailing the Byzantine corporate structure Binance may have created to avoid US regulations. Ether grew as a share of Genesis Capital’s total loans.

Upper shelf

No crime
Investors who claim to have lost around £ 100,000 ($ 130,000) in an alleged cryptocurrency Ponzi scheme will see no compensation after taking their claims to the police. According to an investigation by the Metro newspaper released on Tuesday, a number of investors said they had invested in a cryptocurrency project called Lyfcoin with promises of strong returns, but had not received their money back. West Midlands police dismissed the case, however, saying none of the evidence provided led the case “further” and, according to the Metro, “no crimes were committed.”

Funding remittance company
MoneyGram has received over $ 52 million for providing “market development fees” for blockchain payment company Ripple, since the companies entered into a business relationship. In the third quarter of 2020, Ripple invested more than $ 9.3 million in the remittance company, following a $ 15.1 million injection in the previous quarter, according to the latest Moneygram financial report. MoneyGram has described the market development fees as compensation for providing liquidity to Ripple’s On-Demand Liquidity (ODL) network, its payment product that uses XRP cryptocurrency to send money across borders.

Byzantine Binance
Binance Holdings Limited has created a business plan to profit from the US market by avoiding regulatory oversight of the country, Forbes reported Thursday, citing a 2018 document obtained. The leaked presentation outlines a network of U.S.-compliant entities that would funnel revenue to Binance, which is currently unregulated to operate in the U.S. The Forbes article included a screenshot of a slide but not the entire deck. Binance CEO Changpeng “CZ” Zhao disputes the report, arguing that the draft came from an affiliated third party. According to Forbes, the US subsidiary Binance.US operates with a business structure similar to the proposed network. Binance.US CEO Catherine Cooley has long refused to discuss ownership of Binance.US.

Hardwar DC / EP from Huawei
China’s digital yuan looks closer than ever to launch with news that Huawei will support central bank digital currency (CBDC) on an upcoming range of phones. Announced Friday on Huawei’s Weibo channel, the Mate 40 line of devices will feature an integrated hardware wallet with “hardware-level security, controllable anonymous protection and double offline transactions,” the tech giant said. In recent weeks, a public trial in Shenzhen city has seen 10 million digital yuan given away to residents in a lottery of sorts. The Mate 40 was announced in October and will be Huawei’s latest flagship, alongside the Pro and Pro Plus models, according to TechRadar.

Ether Shares
Genesis Capital saw the share of bitcoin in its loan portfolio decrease as the share of ether loans increased to 12.4% of its total loan portfolio this quarter. According to the lender’s report, this is mainly due to liquidity mining on DeFi protocols such as Compound, Aave and Uniswap. DeFi interest rate arbitrage has prompted Genesis – which is wholly owned by the parent company of CoinDesk Digital Currency Group – clients to borrow ETH and stablecoins to “leverage liquidity mining strategies,” the company wrote. . Total trading volume in the third quarter was $ 4.5 billion, down from $ 5.25 billion in the second quarter, but up 285% from last year’s third quarter.

Quick bites

“That most people still hate bitcoin is not a bad thing,” writes Dylan Grice of Calderwood Capital. The Economist offers an introduction to bitcoin by comparing it to a posh London club known primarily for turning Mick Jagger away at the door.

Citing high gas tariffs and slow block times, Audius said it will migrate part of its system to the Solana blockchain from an Ethereum sidechain. Stake and governance features will remain on Ethereum. (CoinDesk)

A margin change in FTX’s TRUMP futures contract indicates that traders are considering the diminished chances of President Donald Trump’s re-election on November 3. (CoinDesk)

OKEx, still paralyzed by the founder’s arrest, details plans for a bitcoin cash hard fork. (CoinDesk)

Market information

Hashrate and commissions
The average price of a transaction on the Bitcoin blockchain is now 0.00086764 BTC (~ $ 11.66), the highest since June 2018. This represents an increase of 573% over the past 12 days. The surge in fees comes amid a rally to annual highs of $ 13,800, and as the number of unconfirmed transaction networks has increased by 1,800% to unseen highs since December 2018. “In other words, mining power dedicated to approving transactions and mining blocks has dropped due to rising prices, increasing wait times and network congestion, ”reports CoinDesk’s Omkar Godbole.

At stake

Happy birthday, Bitcoin
Tomorrow marks the 12th anniversary of the Bitcoin white paper.

Published by pseudonymous developer Satoshi Nakamoto to a small group of cryptographers, the eight-page proof of concept for a fully decentralized peer-to-peer electronic payment system has since sparked a monetary revolution.

In the years since, Bitcoin has been called many things: a scam, a Ponzi scheme, dead on arrival, a joke, a tool for criminals, a rat poison squared, a currency for geeks – and did we mention dead?

While experts are used to predicting Bitcoin’s demise, the simple ledger has remained and has even given new life to the way companies think about money, financial access, and the nebulous concept of “trust”.

Heads are turning. Yesterday, The Economist posted an ode to Bitcoin saying, “Even people who are hostile to Bitcoin will admit that its technology is devilishly smart. It’s essentially a way of accounting for who spent what. Instead of a central exchange for keeping score and verifying payments and receipts, uses an electronic ledger that is distributed through the entire system of bitcoin users. “

Wishing Bitcoin a happy birthday, cybersecurity firm Halborn has produced a video with a number of celebrities wishing it. (It’s a bit bizarre, but well-meaning.)

In a cameo, RZA of the Wu-Tang Clan said, “You know Bitcoin was created by the anonymous Satoshi Nakamoto doing his thing. I want to say one thing about this – If you don’t know, you better know, because yo … at the end of the day scientists can create something, son, but the value of everything is what we put on it. The Bitcoin revolution has begun. “

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