Market Analysis Report (08 Jan 2018)

Tether Limited Announces The EURT

Tether Limited, the creator of the USDT token claimed to be backed by the U.S. dollar, is now creating a Euro Tether (EURT) that is going to be issued over the Ethereum blockchain and will be compatible with the ERC20 standard. Tether Limited explains:

“As the first platform to facilitate the transfer of fiat backed currencies over a blockchain network, Tether has made headway by giving customers the ability to transfer value across the blockchain without the inherent volatility and complexity typically associated with a digital currency.”

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Venezuela to Issue The First 100 Million Petros

Venezuelan President, Nicolás Maduro, has ordered the issuance of the first 100 million Petros, an oil-backed national cryptocurrency. He also indicated that each Petro would have the value of a single barrel of oil. Maduro stated:

“I’ve ordered the issue of 100 million Petros, based on national wealth. Each Petro will have the value of a barrel of Venezuela’s oil.”

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Binance, Bitfinex, Bittrex Temporarily Close Registrations

The incredible swelling of cryptocurrency users is overwhelming the infrastructure of many cryptocurrency exchanges, with some such as Kraken experiencing major usability problems throughout 2017. Bittrex was one of the first exchange platforms that have put a halt on onboarding new users.  In addition to Bittrex, two other platforms had to make a similar decision – Bitfinex and Binance. This massive influx of users has led to major infrastructure concerns leading to the temporary closure of their registration portals.

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