This week in crypto has seen great progress in blockchain adoption and regulation talk as traditional institutions start taking serious note of crypto products amidst growth and expansion of existing crypto exchanges into mainstream markets.
Binance was once again on the news this week as Binance.US, the U.S. branch of Binance exchange opened up for registrations in most U.S. States excluding New York, Washington, and Florida and 10 more states. At the same time, Binance launched the lending for Monero, Zcash, and Dash at 3.5% annualized interest rate.
SEC Chairman, Jay Clayton, was put on notice to appear before the U.S, House Financial Services Committee for questioning about cryptocurrencies and Facebook’s Libra Project on September 24, 2019. The notice specifically addresses Facebook’s Libra crypto project. Clayton was also quoted as saying that better regulation around bitcoin markets is needed before they can be traded on major exchanges.
It was also reported that Wells Fargo, a U.S. financial giant, is developing a U.S. dollar-linked stablecoin that will run on the firm’s first blockchain platform, dubbed Wells Fargo Digital Cash, built on the Corda Enterprise, R3s blockchain technology. The token is expected to settle internal cross-border payments across the company’s global network as banking services become increasingly digital.
There was more crypto exchange news from mainland U.S. as Coinbase, the largest crypto exchange in the United States, announced support for Telegram and 16 additional digital assets. Among the tokens to be supported include Polkadot, Celo, Coda, Dfinity, Oasis among others. At the same time, Coinbase Pro, the exchange’s professional trading platform, also launched support for the Dash token.
It was also not all fireworks for bitcoin traders this week as the word’s largest cryptocurrencies remained uninspired as it continued to trade flat as the price hovered around $10, 200 with slight dips throughout the week. The crypto momentum has remained low as expectations of Bitcoin crossing the $11,000 have been unmet.
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Sign Up for the upcoming Centonomy Cryptocurrency event featuring the Blockchain Association of Kenya, Lawyers Hub Kenya, and Luno Africa Crypto Exchange, on September 27th, 2019 in Nairobi, Kenya.
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