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Bancor joins Binance & Bittrex in CoinMarketCap’s DATA; aims to enhance accountability, reporting standards

Akash Anand

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Bancor joins Binance, Bittrex and others in CoinMarketCap's DATA, aims to enhance reporting standards
Source: Pixabay

The world of cryptocurrencies has gone through a lot of controversies recently, with the latest one involving exchanges allegedly fudging trading volumes and possibly, manipulating them. To combat this, CoinMarketCap had launched the Data Accountability and Transparency Alliance [DATA], aimed at enhancing accountability and increasing reporting standards across the blockchain industry.

The alliance has managed to get a lot of major crypto players on board, including Binance and Bittrex. The latest addition is Bancor, the popular decentralized liquidity network. DATA’s official release stated,

“The DATA seeks to promote greater transparency, accountability, and disclosure from projects in the crypto space. This initiative is underpinned by our belief that the provision of additional data points would i) empower our users to make more informed decisions and ii) provide a means for projects to differentiate themselves through enhanced disclosures.”

The conglomerate further plans to identify gaps in the reporting sector of the cryptoverse and propose strategies and measures to enhance data accountability and transparency. DATA comprises of 22 organizations now, which apart from the aforementioned companies, also includes popular exchanges like OKEx, Huobi, Bitfinex and Bithumb.

Some exchanges like Huobi and OKEx, who are part of DATA, were also called out by a recent Bitwise report for skirting the line between fake and real trading volumes on their respective platforms. Speaking about OKEx, the Bitwise report said,

“While there may be a smattering of real bitcoin volume on OKEx, the charts are clear: the vast majority of bitcoin volume here is entirely fake.”

For the analysis, Bitwise had considered transactions from 28 April to 5 May, where an irregular volume spike was noticed. According to Bitwise, the data betrayed none of the natural rhythms of a cryptocurrency exchanges.

The report did not fail to address Huobi either, with the statement reading,

“We also recognize that Huobi might have taken action to clean up wash trading on their platform within that time frame, but that view is challenged by the fact that Huobi’s reported bitcoin trade volume did not meaningfully drop during that time.”





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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long

Priya

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Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
Source: Unsplash

On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”





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