Top Blockchain and Crypto News — 11/18/2020
Huobi Plans Takeover of Major Japanese and South Korean Crypto Exchanges
Huobi, China’s largest crypto trading desk Huobi is reportedly pursuing an aggressive globalization agenda that involves the acquisition of major crypto exchanges across Asia.
Data from crypto market aggregator Coingecko puts Huobi as the 7th-largest crypto exchange by spot volume with bitFlyer and Bithumb ranked 19th and 12th respectively.
Commenting on Huobi’s financials, Wu remarked: “With the rapid rise of Huobi Contract derivatives and other businesses this year, a large amount of profits can be used for acquisitions. Bloomberg once disclosed that Huobi’s revenue in 2019 was approximately $680m [with] the profit margin estimated to be 50% or higher. Due to the sharp rise in currency prices this year, Huobi’s revenue is expected to rise by more than 50%.” Crypto Exchange Takeover on Hold Amid Investigation Huobi’s plans have reportedly hit a snag with crypto exchanges under the microscope in China.
Kucoin to Launch a Non-Fungible Token (NFT) Exchange and Trading Services
According to the announcement, Kucoin will roll out its NFT exchange within the next few months.
Notably, Kucoin opened NFT deposit services on Nov 16 as withdrawals are scheduled to commence on Nov 20.
Plans to launch the NFT exchange and NFT trading service have been set for early next year.
Miners Unable to Sell Their Bitcoin as China Freezes Accounts
“A large miner said that the most headache and most difficult thing now is to pay electricity bills. There are also miners who said that the mining machine has been shut down for a month because they cannot sell the currency to pay the electricity bill. Some OTC companies that specialize in serving miners have also terminated their business,” local media reports.
Now it’s to the point where the bank accounts of miners are being frozen as well as their trading providers, so effectively chocking up the industry in China to the benefit of decentralization as plenty will probably move to America, the cheap hydro power of especially Balkan Europe, as well as to neighboring regions around China.
Crypto-Ponzi Scheme Operator Arrested By The FBI
Matthew Piercey used a sea scooter in the cold water of California’s largest reservoir, Lake Shasta, to hide away from authorities but was arrested when he surfaced.
The Sacramento Bee reported that Piercey eluded the FBI agents for about an hour.
“Then, Piercey abandoned his truck near the edge of Lake Shasta, pulled something out of it, and swam into Lake Shasta. Piercey spent some time out of sight underwater, where law enforcement could only see bubbles. He remained in the frigid water for approximately 25 minutes,” the prosecutors recorded in court the documents.
China’s Nervos launches own token standard to compete with Ethereum
Nervos, one of China’s biggest blockchain and crypto projects, announced the launch of its own token standard, the sUDT, today as per a release shared with CryptoSlate.
Since its launch last year, Nervos has made significant improvements to its infrastructure to support a wide range of DeFi applications, from payments and lending solutions to decentralized exchanges (DEXs). It’s now taking its next step.
The new token standard aims to compete with Ethereum’s ERC-20 standard, with one of the key differences being that Nervos’ standard eliminates smart contract risk by making the assets tamper-proof.
Brought to you by AllYourFeeds.com
AllYourFeeds is a Web 3.0 content platform for industry specific news, media and data from 1000s of sources. Stay on top of rapidly evolving industries and content trends from ONE portal with focused search and navigation. Subscription memberships unlock commenting, content submission, custom dashboards and data analytics. Private label solutions available for monitoring specific industries, topics and enterprise intranets.
- Relevant. News without any social noise. Limited commenting.
- Quality. Expert vetted and AI enriched.
- Curated. Content and analytics for researchers, investors, traders & executives
- Focused. No more tab overload across fragmented platforms and publications.
- Fair. Support for paid original publishing via direct tipping and revenue share.
- Current portals include Blockchain, Biotech, Cannabis, AR & VR, AI & IoT.
