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Global Coin Research: Tether set to launch yuan-backed stablecoin, the ascent of Korean exchanges

by Contributor Network

August 30, 2019, 10:11AM EDT  ·  3 min read

Quick Take

  • A summary of the week’s top crypto news in Asia by Global Coin Research

by Contributor Network

August 30, 2019, 10:11AM EDT  ·  3 min read

The following weekly newsletter is republished with permission from Global Coin Research, a global research firm with a focus on Asia blockchain and related technologies. You can find more resources on Asia Cryptocurrency and Blockchain at GlobalCoinResearch.com and on Twitter at @globalcoinrsrch

Global Coin Research Newsletters in Chinese


 

Top News

7 Things You Probably Didn’t Know About China’s Digital Currency — 1) Likely to Launch Before Libra, 2) Focuses on Private Institutions vs State Owned Enterprises and, 3) the Potential to Take on Alibaba and Tencent, and more. Source

Binance enters into crypto lending space, offers interest-earning opportunities for BNB, ETC and Tether. Source

Former Bank of England governor Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one. Source

The CEO of Circle has highlighted China’s path to issuing its digital currency as “an example of where China is way ahead (of the U.S.) in terms of technical innovation, in terms of real innovation in payment systems and the way the future of the economy is going to work, I think China is way ahead.” Source

GCR Workshop #10 takeaways: The ascent of Korean exchanges and why price arbitrage in Korea still persist in where Dai traded up to $4 most recently. The reason seems to stem from the loos fiat to crypto onboarding rules in Korea. Source

Chinese Crypto Retail already moved on to speculate sneakers while the Westerners hyped exchange tokens. GCR is also seeing that there are increasingly fewer retailers coming into speculating cryptocurrencies. Source

Chinese wallet BitpieWallet accuses the largest Ethereum wallet imToken of faking DEX transactions and ImToken responds with data evidence and threatens legal action against Bitpie. Source


Investments

Cryptocurrency futures exchange CoinFlex targets Asia traders with physical delivery of bitcoin contracts. Raises $10 million, including  money from Roger Ver. Source

China Pacific Insurance invests in blockchain start-up B3i, the blockchain consortium made up of 38 leading insurers and joins insurers such as AXA, Munich Re, SCOR and Swiss Re. Source

 

Coins and Mining

Korea’s Dunamu’s crypto subsidiary, DXM, has announced a partnership with MakerDAO. With this partnership, DMX will support MakerDao’s Dai tokens for Trinito, its decentralized and staking service. Source

Tether is set to launch a yuan-backed stablecoin in China sometime “in the near future.” Source

Bakkt investor 11–11 Ventures has backed a $200 million venture capital (VC) fund that is focused on the Algorand blockchain platform. Source

 

Exchange News

Tether is set to launch a yuan-backed stablecoin in China sometime “in the near future.” Source

Major Japanese crypto exchange Coincheck is considering launching an initial exchange offering (IEO) platform for raising funds through utility tokens. Source

The BitMEX Insurance Fund is up 50% since the beginning of 2019; holds more than $300 million.

Taipei-based exchange MaiCoin is hoping to be unveiled as a new Libra association member by the year’s end. From GCR sources, we are hearing that Libra is not considering any Asian members into the association at this point. Source

Japanese Exchange Bitflyer Allows Bitcoin Purchase with Popular Rewards T Points. Adds Ethereum in U.S. and Europe. Source

 

Business

The Thailand Securities and Exchange Commission is warning over a new form of investing scam, in which victims are lured into investing with websites claimed to be legal digital currency traders operating overseas. Source

Delegation of the U.S. House of Representatives, who visited Switzerland to discuss Facebook cryptocurrency Libra regulation, expressed concern about cryptocurrency. Source

Facebook’s WhatsApp is in talks with multiple Indonesian digital payment firms to offer their mobile transaction services, in a bid to tap the nation’s fast-growing e-commerce sector. Source

 

Regulations

Experts say Hamas is now using bitcoin for cross-border fundraising at an unprecedented rate. Still, even the largest estimates of terror financing in the region are apparently dwarfed by civilian bitcoin usage in the Gaza Strip. Source

The Korea Blockchain Association has formed a new executive team including Terra founder Daniel Shin, Bithumb CEO. Source

Central Bank of Brazil uses IMF guidelines for classification of virtual currency. Source