TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. G20 debates stablecoins and Libra regulation. Tether taking advantage of its move to the Ethereum chain. Binance earning $20K daily just in fees. Ripple released its Q3 2019 market report. Peter Thiel invests in renewable mining company Layer 1, and SLP transaction numbers now well over 200K.
Peter Thiel Invests in Renewable Mining US Based company
Peter Thiel, co-founder of PayPal and many other notable projects, is investing $50 million into a crypto mining startup that plans to use renewable energy as a power source. The company Layer 1 will take advantage of the landscape in West Texas to lead a wind-powered mining operation. “We are scaling our mining operations to bring as much hash rate as possible back to the US,” Layer 1 co-founder Alexander Liegl insisted.
G20 Debates Stablecoins and Libra
The G20, one of the most important economic grouping of countries of the world, is starting to debate the topic of stablecoins and the Facebook backed Libra, and how these systems should be regulated. The group agreed that, while there are some advantages to the adoption of such new instruments, their launch should be postponed until all the risks associated are addressed. “Such risks… need to be evaluated and appropriately addressed before these projects can commence operation,” G20 leaders stressed.
Tether Shifts Majority Tx Volume to Ethereum
The "flippening" of $USDT has been happening on the blockchain this year. ↕️
The majority of USDT on-chain transaction volume has shifted from the Omni protocol to Ethereum (USDT ERC20). pic.twitter.com/1CFBZCQTye
— TokenAnalyst (@thetokenanalyst) October 18, 2019
Tether, the most popular stablecoin of the cryptocurrency market, is now majorly using the Ethereum blockchain as a vehicle to move their coins as ERC-20 tokens. According to Token Analyst, a blockchain research firm, the number of Tether transactions and the volumes of Tether moved using the Ethereum blockchain have surpassed those of the Omni protocol on top of BTC. Tether now uses a huge amount of resources on Ethereum, and keeps expanding to other platforms such as Tron.
Binance Raking $20K in Fees Daily
Binance, the world biggest cryptocurrency exchange, could be generating more than $20K daily for the concept of withdrawal fees. Binance collects 0.0005 BTC for every withdrawal from its platform. Binance also batches transactions, something that makes them even cheaper. While this could be a measure to protect themselves from high fees during heavy trading periods, these prices are earning Binance a significant amount of money from what some are calling “fee overcharge.”
Ripple Released Its Q3 Market Report
Ripple released its 2019 Q3 market report just recently. It states they reduced their XRP sales from $251.51 million in the previous quarter to $66.24 million. However, this can be seen as the logical result of the change in how they measure sales. Despite this, they also state they “decided to pause programmatic sales altogether, and focus our over-the-counter (OTC) sales on a few strategic partners.” Ripple’s constant sales were being blamed for the crypto’s price slump, and users organized a campaign to stop the practice.
SLP Transactions Number Booming Past 200K
The SLP token ecosystem is growing bigger each day. The total number of SLP transactions has gone over 200Ktotal (not per day), and especially during the present month. Last month, transactions hovered around 39K; this month, it’s twice that in only 30 days.
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