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Hack Aftermath: Binance CEO Insists The Exchange Is Not Hurting At All

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Binance CEO Changpeng Zhao claims that despite the $40 million hack, the exchange is not suffering at all, not even after losing of 7,000 BTC. The coming altcoin news will give you some more insight on how the exchange is coping with the hack aftermath.

CZ encouraged everyone that wants to donate to the exchange; they can do that to Binance Charity during a live stream on Twitter in which he answered many more questions despite those related to the hack. He also pointed out the question about smart contracts and how they are not a first priority for the new binance Chain:

‘’We have not, to be honest, thought too much about the governance model of Binance Chain.’’

While speaking about Binance Chain, CZ said that the projects which are already on the chain will have a much higher chance of being listed on Binance. The statement shows that the exchange giant will give a head start to such projects regardless of whether they have significant interest from the community or not. Any existing token project who aims to be listed on Binance will only need to use the nascent chain in order to find the right way to better liquidity.

CZ also pointed out that Tether USD can only be withdrawn in the Omni BTC version. The ERC-20 version of Tether is not yet available on the exchange. While answering questions on the hack aftermath, CZ also pointed out that other exchanges will also release a similar version of the chain. Most of the blockchain projects are open source but Binance Chain’s code is not publicly available yet. He says that he wants some more traction on Binance Chain before open sourcing.

As the latest cryptocurrency news report, the Binance CEO also says that SegWit ‘’is on the roadmap but is a lower priority’’ since Bitcoin is going well so there is no rush to introduce the SegWit or the Lightning Network.

At the end of the Q&A, the Binance CEO pointed out that hackers were able to ‘’structure the withdrawal request in a way that did not violate any of our existing security policies.’’

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Blockchain News

Institutional Investors Buy $200M Worth Of Crypto Per Week: Coinbase

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Institutional investors are buying more crypto these days than ever according to Brian Armstrong, the CEO of Coinbase when discussing whether the institutions will adopt cryptocurrencies soon enough as we are reading today in the latest cryptocurrency news below. Armstrong talked about institutional investors in the crypto space on Twitter saying that the question whether the institutional investors are investing in crypto is finally answered. Coinbase is seeing now millions of dollars per week from major financial institutions according to the reports. The main problem that is cited by the institutions that want to get Bitcoin and cryptocurrencies is the question of custodianship. Getting a hardware wallet is always a good idea for an every-day user that has about hundred dollars invested but when it comes to huge financial institutions, they are willing to invest thousands and millions so with these numbers much more care has to be practiced in the storage of the coins. Armstrong noted: ‘’Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.’’ Most of the financial institutions don’t have the infrastructure for a robust security system with the needed tools to safeguard the coins they are responsible for. The issue made a way for companies such as Coinbase and Xapo to offer custodianship to the companies looking for a safe way to invest huge amounts in Bitcoin or other altcoins. Coinbase Custody is currently the largest custodian of cryptocurrencies and they officially launched their services in July last year so now their customer base is reaching up to $1 billion in assets. With Bitcoin’s bull run earlier this summer, many fence-sitters are now ready to go into the market and invest. Coinbase now controls over $7 billion in assets and the trend seems to be continuing. The biggest issue with crypto adoption as we read in the coming altcoin news at the moment is the lack of infrastructure surrounding the payment networks. Many companies such as Coinbase that are creating a framework that will allow the financial and institutional investors to easily use cryptocurrencies, will foster the next wave of adoption which will allow more people to take back control of their finances and enjoy the economic freedom.
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Global Staffing Firm Turns To Blockchain With New Partnership

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We all know that working online can be a hustle, especially if you are a freelancer - or recruiter. The need to have everything logged in and be on various sites all over again and again is a pipeline that many of these people are used to. A global staffing firm named Kelly Services has decided to change the perspective in this world, offering its vision to end this never-ending game. The strategic acquaintance with the online blockchain based hiring platform Moonlighting will apparently make Kelly Services shift this process to the better, making things easier for job seekers and job providers too by providing them with a single platform which is interlinked to all other platforms. The interlinking will end the need for logging in on different websites, the global staffing firm said. The change will in turn make the job seeking convenient and less time consuming. The report was shared by Forbes and many best cryptocurrency news sites on 14 August - featuring Kelly Services and its merger with Moonlighting because of the EOSIO public blockchain method and according to reports that they have which also show no use of cryptocurrency. The main goal is to create a user-friendly environment, the global staffing firm added. As the vice president and managing director at the Office of the Future of Work within Kelly Services John Healy said, the collaboration can result in “some pretty significant market opportunities.” A survey was conducted in order to get to know about the point of view of other companies. The result was shocking. The survey showed that even 41% of companies are looking forward to using the new method proposed by the global staffing firm - whereas 31% of them did not give any straight answer - and only 28% said they are not likely to use it. The survey also showed that 31% of companies (which is almost a third) believe that the blockchain method will change the marketplace completely in the next three years. The global staffing firm was in the latest cryptocurrency news for this and stated:
"With a blockchain supported platform, Moonlighting provides a full turnkey solution with a suite of tools to empower millions of independent workers and recruiters worldwide."
 
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Reddit Co-Founder Will Stream Blockchain Game Face-Off

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Reddit co-founder Alexis Ohanian announced he will be live-streaming a face-off match between the lead developer and himself of the latest collectible card game based on the blockchain named SkyWeaver as we are reading in the latest cryptocurrency news. The Reddit co-founder is extremely popular to the Reddit community because he famously invested in multiple successful startups and he is now playing his hand in the crypto space because of his latest investment. The Horizon Blockchain Games last month received up to $3.75 million in seed funding from Alexis Ohanian himself and other investors. SkyWeaver is an ethereum-based title that hopes to take on the kingpin of all digital card games Hearthstone and its five year success; the gaming kingpin attracted more than 100 million players to its franchise so now the Reddit co-founder is now catching on. In Hearthstone and other digital equivalents, cards are not really freely transferrable so if a player you move on to other gaming pastures, your years of hard work collecting fighters will no mean anything. You can’t sell them but you also cannot take them with you so you can’t certainly gift them to anyone else unless they take control of your account. The limitation was put in order to bane of many online card collectible players who have put the time to see some monetary reward. There is also the problem that some players experience by unlocking duplicate cards. This results in a frustrated fanbase with zero exchange options:
 “With Skyweaver using Ethereum, it means you can send your cards to your friends, trade them with other players on our platform, trade them on another website, buy/sell them on Reddit, burn them, lend them to people that want to play with your cards while you are on vacation, etc. Basically, we can't prevent you from doing whatever you want with these cards, just like physical cards.”
SkyWeaver is now working in a private beta and is expected to launch later this year and in the meantime Horizon is inviting new players to try out the game every week as we read in the reports in the coming altcoin news.
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Crypto Exchange Poloniex Drops 23 Pairs Due To Low Volume

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Crypto exchange Poloniex drops more than 20 pairs due to low volume. Many of the pairs were popular in 2017 but have not fallen out of favor so we are reading more today in the coming altcoin news. During the 2017 altcoin boom, many exchanges listed hundreds of pairs but now the situation is different and many of the altcoins remain generally at rock bottom prices. According to CoinMarketCap, the US crypto exchange Poloniex has 124 pairs. More than 20 of them or about 16 percent have less than a thousand dollar volume daily so it seems this was the reason to be targeted for termination. The exchange stated:
 ‘’We will be removing 23 trading pairs on August 16, 2019, due to low volume. Note that each asset will continue to be independently tradable.’’
More than half of the listed pairs are in ETH, about six are XMR pairings and the rest are stabelcoin pairs for the various obscure altcoins. Some of them include Loom Network/ USDT which has $50 traded in the past day, Status/USDT with just $157, Bancor/USDT trading only $75 per day, FOAM/USDC and the worst performing pair which is the Khyber Network/USDT. Some of the ETH pairs were popular altcoins with high volumes such as Golem, Qtum, GAS, Steem, OmiseGO and Civic but after bitcoin, Ethereum and Zcash as top pairs on the exchange, all others burst into flames. The Monero paris aside from BTC and stablecoins will also be dropped because of the low volumes. This could only be the case of falling volume on that particular exchange because the same pairs on Binance are doing really well. Compared to two years ago in 2017, the altcoin scene looked a lot different than today and many of the altcoins have now falled off the digital cliff in terms of token price regardless of other developments on the project by the respective teams. Two years ago in August, IOTA was the fifth largest cryptocurrency by market cap which was priced at $0.94 with a $2.6 billion market cap. Today as we can read in the latest cryptocurrency news, IOTA is struggling to say in the top twenty and is down by more than 75%. The Crypto Exchange Poloniex drops the pairs and we shall see if any major fluctuations will happen.
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