TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Maker hits $1 billion in total locked value. Chainalysis launches public market intel charts. Silvergate Bank collateralized BTC loans grew 80%. FTX plans to launch a decentralized exchange in the coming weeks. Matrixport announces launch of new derivatives exchange, and Liquid delists 29 cryptocurrencies to comply with Singaporean legislation.
Maker Hits $1 Billion Total Locked Value
Maker, the platform that takes a series of assets as collateral to issue Dai, an Ethereum-based stablecoin, reached a milestone, having more than $1 billion locked in its vaults. Maker reaching this number is a statement to the popularity of DeFi platforms, which have seen increased interest mostly due to the rise of yield farming. However, Maker is not the only DeFi protocol booming this way: Compound, Synthetix, and Aave all have thrived recently, taking the value locked in the DeFi to $3.62 billion, according to DeFi Pulse.
Chainalysis Launches Public Market Intel Charts
Chainalysis, the blockchain surveillance firm, opened part of its services to the public, launching its public market intel charts for free to anyone. The platform offers insightful information for five different cryptocurrencies (BTC, BCH, ETHG, LTC & USDT), including the number of coins on exchanges, the intensity of trading, how much currency is flowing to exchanges daily, and the average fees users paid to transact in each of the currencies. Users can even view how these coins are being generated and where are they going.
Silvergate Bank Collateralized Bitcoin Loans Grew 80%
Silvergate Bank, a cryptocurrency friendly bank, has seen a big increase in one of their crypto related loan products, according to its latest earnings report. The bitcoin collateralized loans product, made through its SEN Leverage product, rose by $10 million in the first quarter, recording a record growth of 80% compared to the last quarter. The traditional portfolio of loans had a marginal growth of $1 million from a total of $1.1 billion, showing how dynamic these new kind of instruments are compared to traditional ones.
FTX Plans to Launch Decentralized Exchange
FTX, a Binance-backed derivatives cryptocurrency exchange, announced it will foray into the decentralized exchange world. Called Serum, the exchange will be based on an alternative blockchain called Solana that claims to be able to handle 50,000 transactions per second. The exchange will be compatible with Ethereum-based solution so customers can also tap into the DeFi-based tokens other decentralized exchanges are already trading. FTX said Serum would be launched in the coming weeks.
Matrixport to Launch Derivatives Exchange
— Matrixport (@realMatrixport) July 27, 2020
Matrixport, a Bitmain-backed crypto financial service provider company, announced it will launch a new associated derivatives exchange called bit.com. The exchange also announced it would offer a BTC/USDT futures contract, its first instrument in August, to introduce options at a later date that same month. The derivatives market is quite consolidated at this point, but it is growing at a rapid rate, and it could open a hole for a new competitor. Matrixport COO Daniel Yan believes it is “not too late to get into this market.”
Liquid Delists 29 Cryptocurrencies to Comply With Crypto Regulations in Singapore
Liquid, a Japan-based cryptocurrency exchange, decided to delist 29 cryptocurrencies in order to comply with Singaporean FATF regulation and obtain a license to operate in the country. Some of the cryptocurrencies removed are Monero, Neo, Zcash and Stellar Lumens. However, the exchange also informed some of these coins were “undergoing talks with regulators and may be re-listed in the near future.” Singapore has been one of the first countries to implement rules to comply with FATF standards and its travel rule.
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