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KuCoin invests $3 million in Australia’s local exchange ‘Bitcoin Australia’

Anvita M V

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KuCoin invests $3 million in Australia's local exchange 'Bitcoin Australia'
Source: Unsplash

Recently, Singapore based cryptocurrency exchange, KuCoin invested $3 million in Australia’s local exchange Bitcoin Australia according to a report published by the Australian Financial Review [AFR]. The joint venture aims to strengthen Bitcoin Australia’s international expansion and also target the expansion of KuCoin in Australia, it said.

Currently, Bitcoin Australia has three markets. The partnership with KuCoin will help it to expand from three to over 50 markets in the span of two years, the report revealed.

In a statement issued to AFR the Chief Executive of Bitcoin Australia, Rupert Hackett said:

“KuCoin is designed for speculative investors and offers 300 different cryptocurrencies to buy and sell and it doesn’t do any onboarding. while we’re a mass market approach, making us quite synergistic. We’ll build the consumer-friendly retail experience for people entering the market, while supporting KuCoin for advanced traders.”

In addition, the Chief said to the media that it was the right time for expansion due to the regulations introduced by the Australian Transaction Reports and Analysis Centre [AUSTRAC] to govern cryptocurrency exchanges. Moreover, in Hackett’s opinion, the AUSTRAC was very progressive considering the trends of the global climate.

The company has already made efforts to reach the Canadian and the Netherlands market. The firm will be aiming at expanding in European markets in the future, states the report.

On the contrary, SBSNews earlier in July quoted Dr. Tony Richards, the head of Payments policy division of Reserve Bank of America [RBA] saying that cryptocurrencies will not make its mark in Australia. He said:



“The stability of the Aussie dollar means bitcoin is unlikely to be widely adopted.”

The head argues that when a country does not have a credible currency, then comes the need for others and adding that Australia’s “Australian Dollar” is a credible currency.

However, the head was also reported saying that it is hard to avoid admiration towards the design of Bitcoin, despite the questions of whether Bitcoin [BTC] will have a significant role in the future of the economy.





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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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