In the latest crypto news, we are covering the rise of crypto exchanges lately – especially the largest ones out there on the market.
As first, we have the world’s largest crypto brokerage Coinbase which just got closer to finalizing a $500 million funding round at a valuation of $8 billion – as well as Binance which recently got more active in the investment sector, continuously funding blockchain startups.
However, the situation for smaller exchanges is not that good. While the major exchanges including Coinbase, Binance, and BitMEX are making leaps forward, smaller ones are in a bearish market, according to analysts.
A great example of this is Coinfloor, the exchange which slashed the number of its employees after seeing a decline in its revenues as a result of the drop in the daily trading volume of cryptocurrencies like Bitcoin as well as other altcoins. There are many similar cases to Coinfloor, which are mainly exchanges concerned by the low volume.
However, the UK CEO of Coinbase, Zeeshan Feroz, has been smart in dealing with challenges like these – even though his exchange is nowhere near the smaller ones out there. As he said in an interview:
“We have been working to introduce Faster Payments for as long as we’ve been operating in the UK. Customers not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from Pound Sterling to Euros and vice versa to add and remove funds, there will be no more exchange rates. This will make crypto easily accessible to most people in the UK.”
Still, we cannot dismiss the significance of Coinfloor’s cut of its employee count – mostly because of the strategic partners and investors that the UK-based exchange secured over the years.
Despite the involvement of high profile investors and venture capitalists, Coinfloor has not been able to face the stiff competition. As the CEO of the exchange Obi Nwosu said:
“Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies.”
Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling
‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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- Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
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