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Cryptocurrency End of Day Recap

May 31, 2018

  • Bittrex has entered into a banking agreement which will give customers the ability to trade cryptocurrencies in USD$ pairs. The company recently struck a deal with New York-based Signature Bank. The exchange offers buying and selling on 200 plus cryptocurrencies and will take deposits in fiat currency. The CEO of Bittrex noticed that this upgrade has taken a while because banks needed to get behind cryptos. Not all Bittrex customers will have access in the beginning to the fiat service as corporate customers will be the first with permission to use the service.
  • Tron (TRX) has launched its own blockchain and will be leaving Ethereum’s (ETH) blockchain. Tron’s (TRX) MainNet, called Odyssey 2.0, will be tested throughout June with the network’s Genesis block to occur on June 25. Tokens will be migrated from Ethereum’s (ETH) blockchain to Tron’s between June 21 and June 24. Tron (TRX) is looking to have a competitive blockchain to Ethereum’s (ETH) for decentralized applications (dApps).
  • The Hong Kong Treasury will not be creating a central bank digital currency according to Acting Secretary for Financial Services and the Treasury, Joseph Chan. Chan believes that Hong Kong already has an efficient payment infrastructure. The Hong Kong Monetary Authority will continue to monitor cryptocurrency development.
  • Circle, the cryptocurrency trading app backed by Goldman Sachs, is planning to launch a US dollar pegged stablecoin called Circle USDC. MoneyToken, which offers crypto-backed loans, has confirmed that Circle USDC will be listed on its decentralized exchange.  
  • BeeTech, a Brazilian money transfers company, and InstaReM, a Singaporean money transfers company, have partnered to bring Ripple’s RippleNet product to its customers. This will expand RippleNet’s payments network to Latin America and Southeast Asia.