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OKEx Blockchain

OKEx Blockchain | The OKChain will Test-Launch in June

Malta-based crypto exchange OKEx has announced plans for its own decentralized exchange or DEX on its own blockchain. The company made the announcement on Friday detailing the OKEx blockchain.

OKEx Blockchain: OKChain

According to a release on Medium, the company detailed how its operations team has been developing a blockchain called OKChain. The blockchain will be the underlying tech for the exchange’s first decentralized exchange, suitably called OKDEx.

OKChain is at the final stage of development with a test network launch expected in June.

The exchange’s native coin OKB will migrate to an Ethereum ERC-20 standard blockchain in April. Then after the test and once the OKChain is deemed stable, it and all other tokens will be moved to the new OKEx blockchain. OKB will become the native token of the OKChain blockchain.

According to the announcement:

“OKB will be the native token of the OKChain network, which can be used to settle transaction fees or used in the Dapps developed on OKChain.”

OKEx Blockchain and Others

A decentralized exchange is becoming a popular add-on for many cryptocurrency exchanges of the world. OKEx is not the first major exchange to develop its own DEX.

The world’s largest cryptocurrency exchange by market volume, Binance, is launching its own blockchain network soon.

>> Chicago Mayor Believes Crypto Adoption is “Inevitable”

Last month, Binance ran public testing for its DEX and allowed users to create wallets and play around with the interface. It also launched a trading competition offering prizes of up to $100,000 worth of its native token, BNB, to draw testers to the platform.

Another major exchange, Singapore-based, Huobi is also doing something similar. It too announced a standalone decentralized exchange last June. However, Huobi is planning on evolving completely into a DEX. The company is on the lookout for developers to create the underlying open source blockchain protocol for the platform.

What do you think of the OKEx Blockchain?

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RAID project

RAID Project | Bittrex Cancels RAID IEO Hours Before Launch

Cryptocurrency exchange Bittrex has reportedly canceled an IEO (initial exchange offering) hours before its launch. The RAID project was expected to make $6 million USD by selling its XRD token to customers on the Bittrex exchange.

Canceled RAID Project

Bittrex reportedly called off the token sale after it learned that the RAID project had suddenly terminated its partnership with e-gaming data analytics company OP.GG.

According to Bittrex, the partnership “was a vital part of the RAID project,” Bittrex said in a statement“When Bittrex International became aware of this significant event, we did not feel that it was in the best interest of our customers to move forward with the IEO.

However, OP.GG has claimed that the alliance with RAID was never a sure thing to begin with, stating:

OP.GG has stopped all potential business discussions related to RAID project and there will be no economic and technical cooperation with RAID coin. In addition, OP.GG has no intention of developing any blockchain related business utilizing RIOT GAMES data. OP.GG will take all possible legal measures against individuals or organizations disseminating false facts related to this.”

>> Thai Stock Exchange to Launch Cryptocurrency Platform Next Year

RAID

RAID has claimed that it, not Bittrex, pulled the IEO, saying “it would not be right to proceed as scheduled […] after a discussion with Bittrex, RAID Team came to a final decision to not proceed with IEO.”

Customers who participated in a previous token sale will be issued refunds through Cobak.

The XRD token was created as a means to “give data ownership back to users using blockchain technology” using a game data ecosystem. The token would also be used to develop game-related business, according to the project.

What we know is that the IEO has unraveled along with the relationship between the RAID project and Bittrex. Much remains unclear, however, over the true nature of RAID’s relationship with OP.GG.

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Thai Stock Exchange

Thai Stock Exchange to Launch Cryptocurrency Platform Next Year

The Thai Stock Exchange (SET) is planning on rolling out a cryptocurrency platform sometime in 2020. According to SET’s official press release yesterday, the country is “ready for digital transformation.”

Thai Stock Exchange Expands into Crypto

SET President Pakorn Peetathawatchai said that the exchange’s three-year plan would focus on developing a “digital infrastructure platform.” The Thai president feels that this will open up new investment opportunities for investors and will provide more speed and convenience for trade.

The Thai Stock Exchange seeks its new structure to be a “one-stop” digital capital market and will work “closely and collectively” with all stakeholders to build it out. This new transformation for the Thai capital market is said to happen in two stages.

The first stage will be the complete digitization of the current capital market. This includes paperless account opening process with electronic identification verification, direct-debit registration, and electronic payment of stamp duty.

The second stage in the Thai Stock Exchange revamp is building a brand new ecosystem that will support digital assets. The FundConnext mutual fund platform—currently connected to 19 asset management firms in Thailand—will eventually be linked with Vestima. Vestima is a global fund processing platform operated by Clearstream. The new FundConnext will connect investors in 56 different countries to the Thai Investment Fund.

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“SET stands ready to build and operate the capital market that is underpinned by trust,” added Pakorn.

SET’s moto in the press release is “SET… Make it ‘Work’ for Everyone.”

News of the new venture with the Thai Stock Exchange was released in mid-January 2019 by the Bankok Post. Yesterday was the first time that SET officially commented on the matter.

While interest in cryptocurrencies may be down from its peak in late 2017 and early 2018, it seems that exchanges still see demand for digital currencies.

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Coinbase Upgrades

Coinbase Upgrades | Wallet App and OTC Desk Get Improvements

Coinbase has released two large announcements regarding features on some of its platforms in the last 24 hours. The San Fransico-based cryptocurrency exchange made a large upgrade to its Coinbase wallet, and it also announced that Coinbase Custody is directly integrated with its OTC trading desk. The new Coinbase upgrades should have crypto enthusiasts thrilled.

Coinbase Upgrades: Wallet App

Coinbase users can now rejoice because the company just released a feature that allows users to directly transfer their cryptocurrency holdings on the Coinbase website to accounts in the wallet app. This new update is not yet added to the Wallet app but will be released in a few days.

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Coinbase users still need to use the company’s main website to buy cryptocurrency. The company claims that the Wallet app is used to store cryptocurrency and is safeguarded by a private key that only the user knows. The new Coinbase upgrade to the Wallet app doesn’t allow you to purchase crypto if your balance is running low, but the company has plans in the future to add this feature. In the blog post, the cryptocurrency exchange also says it plans on making it easier for users to send the digital currency back to Coinbase’s website from the Coinbase wallet.

Coinbase Upgrades: Custody

Coinbase Custody, a product aimed at aiding institutional cryptocurrency adoption, announced this morning that it is now directly linked to Coinbase’s OTC desk. Custody was launched to draw in institutional investors and make it easier for them to buy digital currencies. This new upgrade integration with Custody and the OTC Desk further the goal of aiding institutional investors. Clients that use Coinbase Custody can now leverage the OTC desk to price and confirm trades before ever moving the funds.

Both of these new Coinbase upgrades are geared towards two different target audiences. The company continues to expand on various different outlets of its company to try and keep up with the other exchanges and players in the space. Many of the other digital exchanges have made strong headway with their OTC trade desks, but Coinbase stands out with its own group dedicated specifically to the institutional investor.

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MPWR

Amy Castor, Crypto Expert, Talks QuadrigaCX at MPWR Summit

The MPWR crypto mining summit 2019 is already in full swing. Held at the Pan Pacific Hotel, Vancouver, the summit aims to bring blockchain enthusiasts together. With a host of informative talks and networking opportunities, the overarching goal is to showcase and develop blockchain infrastructure.

What’s caught our eye, in particular, is a talk to be given by crypto writer and expert, Amy Castor. Talking about the very recent QuadrigaCX scandal, Castor will give her thoughts on the polarizing issue that the controversy has brought to the fore.

Amy Castor at MPWR Crypto Mining Summit 2019

Since news of the QuadrigaCX scandal broke, Castor has closely followed the subsequent events as they unfold. A self-proclaimed Quadriga-obsessed writer, the Cambridge, MA-based journalist has not only written about the crypto exchange’s insolvency for multiple publications (including The BlockBitcoin MagazineCoinDesk, and Forbes), but she also has first-hand experience of Quadriga’s hearing in Halifax where she watched from the pews.

As such, her talk at MPWR should be informative and real as she aims to give exclusive coverage of QuadrigaCX.

Attendees to MPWR should be sure to check out her talk between 4:15-4:45 pm later today.

QuadrigaCX: What Happened?

For those not in the know, earlier this year, QuadrigaCX faced one of the most intriguing controversies to have hit the cryptosphere in some time.

In December 2018, the founder of Canada’s largest crypto exchange, Gerald Cotton, passed away when on a trip to India. He was the only individual to know the private keys that could access $136 million USD in cryptocurrencies stored offline. Because of this, the company itself has been unable to access the coins.

>> SIX Stock Exchange Adds XRP to Latest ETP Project

Of course, how this transpires for the 115,000 QuadrigaCX users is that their cryptocurrency is now, in effect, lost.

Unable to pay the balance back to its traders, the company has filed for creditor protection as it works to try and retrieve the missing funds.

Amy Castor at MPWR

That’s only a brief recount of what happened. Castor should take you far more in-depth to what’s going on with QuadrigaCX and the developments surrounding the story.

So be sure to check out her talk and let us know what you think!

Featured Image: DepositPhotos © iqoncept

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