TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Grayscale to trade BCH Trust shares publicly. Exchanges developing P2P system to share customer data. Robinhood pauses UK expansion plans. Ethereum 2.0 testnets are up for hacking. Exchanges are increasing in web traffic by paying for it; and Tether and other stablecoins to surpass BTC’s daily transaction volume.
Grayscale to Trade BCH Trust Shares Publicly
Grayscale, the biggest cryptocurrency asset manager, received approval from the Financial Industry Regulatory Authority (FINRA) to offer BCH Trust shares on OTC markets. According to its PR statement, the BCH Trust shares will “enable exposure to the price movement of the Trusts’ underlying assets through a traditional investment vehicle, avoiding the challenges of buying, storing, and safekeeping digital Bitcoin Cash.” The public trading will start when these assets become Depository Trust Company (DTC) eligible.
Exchanges Develop System to Share KYC Data
A group of exchanges are working on a P2P system to share the KYC data of their customers. This system would help exchanges adapt cryptocurrency-based exchanges to satisfy the FATF travel rule: providers need to know the identities of senders and receivers of cryptocurrency. BitGo, a cryptocurrency custody provider, Coinbase, the leading US based exchange, and other exchanges like Gemini, Kraken, and Bittrex are also said to be in the working group researching this solution.
Robinhood Pauses UK Expansion Plans
Robinhood, the known fee free stock and crypto trading app, announced it will pause its expansion plans directed to establish a foothold in the UK, according to an email sent to its customers. The company closed its wait list and will shut down its UK website. Robinhood plans to strengthen its core services in the US, transferring most of its employees in the UK to US-based teams. The firm received a $8.6 billion valuation with a $320 million investment last month.
Ethereum 2.0 Testnets are Up for Hackers to Attack
Announcing eth2 attacknets — beta-0! https://t.co/nMXChoDaVH
We welcome white hats to bring down the two beta-0 attacknets for reward and fame 🙂
Check out the new "attacknets" channel on the eth r&d discord for discussion
— dannyryan (@dannyryan) July 20, 2020
The launch of Ethereum 2.0 is apparently closer everyday, and now Ethereum developer Danny Ryan announced two testnets (dubbed attacknets) are up for testing and hacking. Ryan invited white hat hacks to find vulnerabilities in these implementations, and announced there would be monetary rewards for taking the networks down. Each network has just have 4 nodes, and according to the explanation, they should be “pretty easy to take down.” Ethereum 2.0 is expected with high hopes, as DeFi popularity seems to be pushing Ethereum to its operational limits.
Exchanges are Increasing Web Traffic Numbers by Paying for It
Web Traffic numbers for exchanges have become part of the new formula to calculate ranking order on CoinMarketCap, and exchanges now value this metric more than ever before. CoinGecko Q2 quarterly report states that exchanges like OKEx have experienced web traffic increases of 239%, but most of their best referral sites are from crypto ads and faucet sites, growing its popularity in a supposed inorganic way, according to analysts. Binance is another offender in this matter, growing 9% with its top 2 referral sites also being crypto ads and faucet sites.
Tether and Stablecoins to Surpass Daily BTC Transaction Value
While BTC remains the most popular and used cryptocurrency, stablecoins have started to catch up, at least in transactional value. Market data provided by CoinMetrics, a crypto market data firm, indicate stablecoins surpassed BTC’s daily transaction value on June 29 for the first time. Messari calculates that USDT, the world’s most popular stablecoin, will overcome this number by itself in the near future. Stablecoins are fairly popular because they take volatility out of the crypto equation for traders and regular users.
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