Blockchain Bites: Ripple’s MoneyGram Pump, OKEx’s Bitcoin Cash Plan, Bitcoin Anniversary

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Ripple has invested over $ 50 million in money transfer company MoneyGram during the companies’ working relationship. Forbes published an investigation detailing the Byzantine corporate structure Binance may have created to circumvent U.S. regulations. Ether has grown as a share of Genesis Capital’s total loan portfolio.

Top shelf

No violation
Investors who say they lost around £ 100,000 ($ 130,000) in an alleged cryptocurrency Ponzi scheme will not see any compensation after filing their claims with the police. According to a Metro newspaper survey released on Tuesday, a number of investors said they invested in a cryptocurrency project called Lyfcoin on promises of large returns, but had not received their money. However, West Midlands Police closed the case, saying none of the evidence provided advanced the case “further” and, according to the Metro, “no offense was committed”.

Money transfer company
MoneyGram received over $ 52 million to provide “market development fees” for blockchain payment company Ripple, since the companies have entered into a working relationship. In the third quarter of 2020, Ripple invested more than $ 9.3 million in the money transfer company, after an injection of $ 15.1 million made in the previous quarter, according to Moneygram’s latest financial report. MoneyGram described the Market Development Fee as compensation for providing liquidity to Ripple’s on-demand liquidity network (ODL) – its payment product using the XRP cryptocurrency to send money beyond borders.

Byzantine Binance
Binance Holdings Limited has created a business plan to profit from the U.S. market while avoiding regulatory oversight of the country, Forbes reported Thursday, citing a 2018 document it obtained. The leaked presentation describes a network of compliant entities in the United States that would channel income to Binance, which is currently not regulated to operate in the United States. The Forbes article included a screenshot of a slide but not the entire game. Binance CEO Changpeng “CZ” Zhao disputes the report, saying the project came from a third-party affiliate. U.S. subsidiary Binance.US operates under a corporate structure similar to the proposed network, according to Forbes. Binance.US CEO Catherine Cooley has long refused to discuss ownership of Binance.US.

Huawei’s DC / EP Hardware War
The Chinese digital yuan looks closer than ever to launch with the announcement that Huawei will support the central bank’s digital currency (CBDC) on an upcoming line of phones. Announced on Huawei’s Weibo channel on Friday, the Mate 40 line of devices will feature an integrated hardware wallet with “hardware-grade security, controllable anonymous protection and two offline transactions,” the tech giant said. In recent weeks, a public lawsuit in the city of Shenzhen saw digital 10 million yuan distributed to residents in a sort of lottery. The Mate 40 was announced in October and will be Huawei’s last flagship, along with the Pro and Pro Plus models, according to TechRadar.

Ether Actions
Genesis Capital saw the share of bitcoin in its loan portfolio plummet as the share of ether loans rose to 12.4% of its total loan portfolio this quarter. According to the lender’s report, this was mainly due to the extraction of cash on DeFi protocols such as Compound, Aave and Uniswap. DeFi interest rate arbitrage prompted Genesis – which is 100% owned by CoinDesk’s parent company, Digital Currency Group – to borrow ETH and stablecoins to “take advantage of cash-extraction strategies,” wrote the company. Total transaction volume in the third quarter was $ 4.5 billion, up from $ 5.25 billion in the second quarter, but up 285% from the third quarter of last year.

Quick bites

“That most people still hate bitcoin is not a bad thing,” writes Dylan Grice of Calderwood Capital. The Economist gives an introduction to bitcoin by comparing it to a posh London club known primarily for pushing Mick Jagger out the door.

Citing high gas costs and slow block times, Audius said it will be migrating part of its system to Solana’s blockchain from an Ethereum side chain. The staking and governance features will remain on Ethereum. (CoinDesk)

A change in margin in FTX’s TRUMP futures contract indicates traders are taking into account the diminishing chances of President Donald Trump’s re-election on November 3. (CoinDesk)

OKEx, still paralyzed by the arrest of the founder, details the plans for a hard fork bitcoin cash. (CoinDesk)

Market information

Hash rate and fees
The average price of a transaction on the Bitcoin blockchain is now 0.00086764 BTC (~ $ 11.66), the highest since June 2018. This represents an increase of 573% over the past 12 days. The surge in fees comes amid a rally to annual highs of $ 13,800, and as the number of unconfirmed trade networks has risen 1,800%, reaching highs not seen since December 2018. “In in other words, the mining power dedicated to approving transactions and mining blocks has declined amid rising prices, increasing wait times and network congestion, ”reports Omkar Godbole of CoinDesk.

Stake

Happy birthday, Bitcoin
Tomorrow marks the 12th anniversary of the Bitcoin White Paper.

Posted by pseudonymous developer Satoshi Nakamoto to a small group of cryptographers, the eight-page proof of concept for a fully decentralized peer-to-peer electronic payment system has since sparked a monetary revolution.

In the years since, Bitcoin has been called many things: a scam, a Ponzi scheme, death on arrival, a joke, a tool for criminals, squared rat poison, currency for geeks – and did we mention dead?

While experts are accustomed to predicting the death of Bitcoin, the simple ledger has stuck and even breathed new life into the way companies think about money, financial access and the nebulous concept of ‘trust’. .

Heads are turning. Yesterday, The Economist published an ode to Bitcoin saying, “Even people hostile to Bitcoin will concede that its technology is devilishly smart. It’s basically a way of keeping track of who spent what. Instead of a central exchange to keep score and verify payments and receipts, it uses an electronic ledger that is distributed across the system of bitcoin users.

Wishing Bitcoin a Happy Birthday, cybersecurity firm Halborn produced a video with a number of celebrities wishing him good luck. (It’s a little weird, but well-intentioned.)

In a brief appearance, Wu-Tang Clan’s RZA said, “You know Bitcoin was created by anonymous Satoshi Nakamoto doing his thing. I wanna say one thing about it – If you don’t know, you better know, because yo … at the end of the day scientists can create something, son, but the value of everything is this that we put there. The Bitcoin revolution has begun.

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