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Malta: Registered exchanges in island country top trade volume list




Malta: Registered exchanges in island country top trade volume list
Source: Pixabay

The island country of Malta, which became a cryptocurrency and blockchain hub in 2018, topped the list of countries with virtual currency exchanges ranked by their trade volume. Malta’s rise to the top was largely due to Binance, currently second on the chart in terms of adjusted volume, which shifted its base in the second half of 2018.

A report by CryptoCompare, studied several exchanges and their trading volume between December 2018 to February 2019. Malta is home to two of the top 5 exchanges, Binance and OKEx, accounting for $18.95 billion and $16.83 billion of the total monthly trade volume.

Following Malta on the list were other crypto-havens like Hong Kong, South Korea, Samoa, Seychelles, Vanuatu, and Singapore. Other notable exchanges in the top-10 were ZB and ZBG headquartered in Samoa, LBank and HitBTC based out of Hong Kong, CoinBene, from Vanuatu, IDAX from Mongolia, among others.

In terms of fiat-to-crypto exchanges, South Korea took the top two spots, with Bithumb and Upbit bringing in $26.81 billion and $5.72 billion monthly volume. Other notable exchanges were Bitfinex, Kraken, Coinbase, Bitstamp, and BitBank.

The country-wise analysis further pointed to an increase in the monthly-trade volume by 8 percent since January for Malta alone. In the same period, Hong Kong and South Korean exchanges saw a bump of 12 percent and 6 percent, respectively.

In February, the trade volume between the three top countries was within a few billion of each other. Mata recorded $35.9 billion, Hong Kong $34.5 billion, and South Korea $33.2 billion in trade volume.

The CryptoCompare report also details a case of lopsided trade size with the number of trades deeming the activity “suspicious”. The report cited the case of LBank, which recorded a low number of trades (around 4,000) and a higher average trade size ($16,400). This revelation came days after a report from The Tie stated that several cryptocurrency exchanges faked their trade volumes.

On studying the web views to arrive at the expected volume and comparing it to the reported volume, The Tie found that several exchanges recorded trade volumes lower than 1 percent of what was reported. BitMAX, LBank, BW, and ZBG, were the culprits, according to the report.

The study, which looked at 100 exchanges, stated that exchanges like KuCoin Coinbase Pro, Gemini, BitBank, Bitstamp, Kraken, and Coinone all recorded trading volumes under their calculations as the metric employed showed a value of over 100 percent. Binance and OKEx recoded values of 78.82 percent and 5.94 percent respectively.

Several cryptocurrency proponents were left enraged by the findings of this report. Changpeng Zhao, the CEO of Binance, stated that reporting inflated trading volumes is “destroying credibility with pro users”.

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Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand



Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”

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