TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Bakkt Warehouse opens in preparation for launch in mere days. $1 Billion dollars move in a single BTC transaction. China’s cryptocurrency similar to Libra. Binance US to unveil soon with heavy KYC. Paxos announces gold-backed PAX Gold cryptocurrency, and fewer people are sending BTC to exchanges.
Bakkt Warehouse Opens, Prepares for Launch
Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23
The availability of physical delivery brings more flexibility in managing bitcoin exposure
— Bakkt (@Bakkt) September 6, 2019
Bakkt Warehouse, a division of the bitcoin futures exchange owned by ICE, is now accepting customer deposits and withdrawals to get prepared for launch September 23. Bakkt faced several delays due to regulatory problems since last year. Now they are almost ready to offer daily and monthly bitcoin future contracts that will be physically settled.
1 Billion Dollars Moved in a Single Bitcoin Transaction
$1 Billion+ $BTC was transferred in one transaction yesterday. Where did that come from? 🤔
— TokenAnalyst (@thetokenanalyst) September 6, 2019
A single transaction moved 94,505 BTC yesterday, paying a fee of $700 dollars, an event that raised eyebrows and kept journalists and crypto enthusiasts guessing. While some speculated the movement had to do with Bakkt or PlusToken (a Korean Ponzi scheme), TokenAnalyst, a blockchain investigation firm, tracked the origin of the funds to the South Korean Exchange Huobi.
China’s Cryptocurrency is Similar to Libra
According to Mu Changchun, deputy director of the People’s Bank of China’s payments department, the new cryptocurrency project of the Chinese government will share some similarities with Libra, and would be also distributed through existing digital channels like AliPay and WeChat. Changchun explained, “It is to protect our monetary sovereignty and legal currency status. We need to plan ahead for a rainy day.”
Binance US to Launch in the Coming Weeks With Heavy KYC Requirements
Binance issued a statement announcing its cryptocurrency exchange branch based in the US will launch in the coming weeks, featuring deep KYC requirements. Binance US CEO, C. Coley, declared that “setting up a new account will require a valid government ID (driver’s license or passport) and social security number (SSN) to register for access,” revealing the stringent KYC measures they will apply. Binance US will not support trading from all states on its launch date, and the list will be announced soon.
Paxos Debuts Gold-Backed Cryptocurrency
Paxos recently launched Pax Gold, the first stablecoin backed by gold and pegged its price. Every token will cost the same as an ounce of gold, and it will be backed by a real gold bar stored in a Brinks vault in London. According to Paxos CEO Chad Cascarilla, it’s “not a representation of the commodity, it’s [an] actual legal title to it.” The token is issued on top of the Ethereum blockchain, and it simplifies the task of buying, holding, and selling gold for its users.
Exchanges are Not Receiving the Same Amount of BTC They Used to
According to blockchain and cryptocurrency research firm TokenAnalyst, the number of addresses sending BTC to exchanges like Binance and BitMEX decreased in the last months. This would contradict the popular idea of BTC being traded by more people. TokenAnalyst co-founder Sid Shekhar declared this really means retail interest in BTC is waning, and that the notion of BTC as safe haven in times of recession could be just a myth.
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