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Coinmarketcap to Exclude Cryptocurrency Exchanges from Data Calculation

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Data Accountability & Transparency Alliance (DATA) for exchanges

Introduces Data Accountability & Transparency Alliance (DATA)

Top Cryptocurrency market indicators tracker Coinmarketcap has announced it will remove cryptocurrency exchanges from its data feed if they do not comply to its mandatory request to supply data by the mid of the year. This was made known via a blog post it released in celebrating its 6th Anniversary. In this post, the Price Tracker also announced several major initiatives they have been working on for some months which included amongst others Coinmarketcap Data Accountability & Transparency Alliance (DATA).

The globe saw a remarkable rise in value of cryptocurrency and an explosion in the combined market capitalization running into hundreds of billions of dollars such that there were abnormal prices in some countries of the world (South Korea). Owing to the need to promote greater transparency, accountability from projects in the cryptocurrency space, the initiative will seek to empower users to make more informed decisions and to providing a means for projects to differentiate themselves through enhanced disclosure.

According to Coinmarketcap, the DATA rides on the objective of Reviewing, aligning and enhancing reporting standards across the cryptocurrency industry, Identification of gaps, proposal of strategies and measures to enhance data accountability and transparency.

It is also worth mentioning that in January 2018, CoinmarketCap tweeted they were excluding data from Korea exchanges due to “extreme Divergence in prices from the rest of the world and limited arbitrage” . According to a report by Bitwise, most of the cryptocurrency exchanges report fake volume. The report indicted several of the perceived top exchanges in cryptospace with top exchanges like Binance offering to help resolve this issue

Coinmarketcap went further in addressing the ways DATA will be employed to promote transparency, of which it broke into phases. The first phase which is centered on Exchanges seeks to collect trade and order book data from Exchanges and this will be effective mandatorily as from the 14th of June, 2019. These data will be provided via API and will allow the analysis of liquidity, order book depths, spread etc.

The second phase also focuses on Cryptocurrency Exchanges and will see more in depth data to allow users make more rational financial and non financial decisions. This phase will allow the provision/collection of data on Exchange cold/hot wallets addresses, Proof of Solvency/Reserves/Liabilities. It will also allow users to see live data on market trading pair status as well as Historical trade data. Exchanges which do not provide these data will be excluded from the calculations on Coinmarketcap

The last phase will focus both on exchanges and crypto projects. It is to even provide more data for transparency and accountability. In this phase, Coinmarketcap is adopting a self-reporting policy which will see Cryptocurrency Projects reporting data on themselves to the Crypto Data Tracker. It is expected for projects to report data on industry/sector, blockchain platform (Ethereum, Neo, BitcoinCash etc), Consensus Algorithm (POW, POS dPOS), Team information, User base breakdown (Targeted and Existing) etc.

On cryptocurrency exchanges, coinmarketcap expect exchanges to self provide data/information on Legal & Industry compliance requirements, cybersecurity measures, Account Freezing/Termination policies, KYC Policies, Fee structures etc, through the Coinmarketcap Data Accountability & Transparency Alliance (DATA) initiative

WIth some top cryptocurrency Exchanges such as Binance, Bittrex, Bitfinex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, Kucoin, HitBTC already joined the alliance to lead transparency cause,these data to be collected and displayed for all to see on the Top Crypto financial tracker,will see to increase in transparency and accountability and provide more clarity on some of the absurdities in the space.
Do you want to get listed on CMC? Get to know what DATA is about.

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I am fascinated by Technology ranging from Blockchain, AI, AR/VR and the general IoT. I report on tech related news on startups and other mainstream firms.

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$36.7 Million Worth of BNB Destroyed as Binance Completes its 9th Quarterly Burn

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Binance has announced the completion of its ninths quarterly burn of the BNB token. The period which is between July to September, 2019 say the burning of 2,061,888 BNB tokens worth at market value $36,700,000.
https://twitter.com/binance/status/1184708839687389185?s=19

CZ, CEO of Binance in a statement made in the exchange’s blog said he will share some thoughts using the opportunity provided by the quarterly burn.

According to CZ, the last quarter burn represents a significant growth over the 2nd quarter burn. Contributing factors to the increase include new services such as the Margin Trading platform amongst other services which CZ noted are beginning to produce results.

For Q4, CZ acknowledged that services such as the Futures Trading will contribute to the Q4 burning.

Binance also mentioned that though the exchange has large user base, it could still be making the small profit compared to other exchanges in the industry.

He gave reasons for this position, one which be said it’s because of Binance long term goals to fund and invest in projects that has prospects. He also cited lowest fees in the industry as a reason.

CZ pointed out that Binance does not perform a “buy back” as some people think it’s better. He went further clarifying this position saying
” …..think about it: a platform’s main income should already be in their native platform token, and the only way to get the “cash” to do a “buy-back” is to sell their tokens first. So, to do a “buy-back,” they must sell first, then buy back. –– We believe this does not, in fact, achieve anything; it only indicates that those platforms are not holding their own tokens. They probably sell their tokens the minute they receive them.”

He concluded with a question “Would you want to hold their tokens when the platforms don’t hold it themselves?”

According to Binance, following the burn, there are still 185,474,825 BNB remaining

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Kubitx Exchange now listed on Coinmarketcap

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Cryptocurrency exchange Kubitx has now been listed on cryptocurrency market data aggregator, coinmarketcap.

The data aggregator has only added few information on the exchange. There is currently no data showing assets tradable on the exchange, the trading volume has also not been added.

As a new addition, the only information available on the cryptocurrency market aggregator for Kubitx are the URL to the; website, to the official Telegram group, to the Medium account and to the Twitter social media account.

In addition to the links, coinmarketcap also added a description of the exchange.

“Launched on 20/12/2018, KuBitX Exchange is a centralized exchange based in Seychelles and Malta. It supports OTC/IEO. It is reportedly connected to African payment gateways.”

KubitX is a digital asset marketplace designed to be elegant, advanced, fast and secure for trading digital assets. It has its native token, the KBX.

It’s also has the KBX Payments Remittances & OTC Wallet (PROW) which lets users earn passive income on every spending they or their referrals make. It also enables users to enjoy discount when payment is made with the KBX token.

Earlier this year, in the month of May, KubitX revealed it had attracted seed investments, thought it didn’t reveal the investors, KubitX mentioned it was “some” operational funding.

In September, after the seed investment, KubitX unveiled its ambassadorship program which commenced operations on the 10th of the month. The program lets what it called “foot soldiers” to market the project to the African continent showing people what they can do with the KBX.

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Binance Launches Ninth Phase of Binance Lending

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Leading cryptocurrency exchange Binance has launched the ninth phase of its lending product.

The ninth phase which is scheduled to commence from the 16th day of October, 2019 will carry a 14-day fixed term with six lending products offered.

Like previous phases, subscription for this ninth phase will be a first come first served basis. Subscription is expected to commence from the 16th of October at 12:00 PM (UTC) to 0:00AM on the 17th.

For the ninth phase, Binance offers six lending products to the public.

The BNB Lending product carries a total subscription cap of 1, 000,000 BNB with individual cap set at 5,000 BNB at an interest rate of 6%.

Bitcoin BTC Lending product carries a subscription cap of 1,000 BTC with individual cap set at 20 BTC generating interest rate of 3%.

BUSD and USDT has a total subscription cap of 10,000,000 and individual cap of 1,000,000. However, interest rates are 10% and 6% respectively.

ETH Lending products offers total subscription cap of 10,000 ETH at 6% interest rate with personal subscription cap set at 1 ETH.

MATIC Lending product bears a 6% interest rate with 20,000,000 and 200,000 total and individual subscription cap.

CZ, CEO of Binance has revealed that funds received from lenders are used by Margin traders while the interest paid to lenders are obtained from fees paid by traders on its margin trading platform.

Interest calculations begins from the commencement of the subscription period to the 30th of October, 2019 at 12:00 PM (UTC).

Payment of interest is immediately after loan term matures.

Binance revealed that the BNB balanced committed into Lending products will be included in each user’s daily BNB balance calculations for Binance Launchpad and other daily calculations.

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Tokyo-based Cryptocurrency Exchange Adds 5 New Altcoins to Its Europe and US Platforms

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Bitflyer, a Japanese cryptocurrency exchange based in Tokyo made this announcement very recently. It recently announced the addition of new cryptocurrency offerings on its trading platforms. The five new altcoins will be added to its Europe and Us platforms. The European platform will have access to: Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Lisk (LSK) and Monacoin (MONA). The US customers will have immediate access to three of these coins: BCH, ETC and LTC.

Bitcoin anticipates that by adding these new Altcoins, it is expanding its buy/sell offer. This will, therefore, give its customers instant access to some of the largest altcoins in the world. These coins have already been made available to its Japanese customers. The firm admits that the response from its Japanese customers was tremendous. This is possibly a motivation for the extension of two of its most significant customer bases- US and Europe. With Bitflyer’s experience in Japan, it believes it can offer the same to its European and US customers. Its standards of simplicity, efficiency and transparency to current Bitcoin and Ethereum traders would be maintained.

Bitcoin has made efforts to upgrade its products and services. It joined forces with Tpoint Japan last month to launch a Tpoint program. This program enables users to acquire T-point rewards while making Bitcoin purchases. The T-points acquired can then be used to earn Bitcoin.

Bitflyer partnered with Sumitomo Corporation in July to transform the real estate industry in Japan. With this project, the rental customers can complete a house renting process using their smartphones. The Miyabi blockchain which is driven by smart contracts will bring about a revolution in the country’s rental processes. Thus, reducing time and administrative costs incurred in handling such issues. It is obvious that Bitflyer is out to provide service upgrades to its customers this year.

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