Market Analysis Report (07 Dec 2018)

Binance Introduces Sub-Account Support

Yesterday, Binance announced the launch of the long-anticipated sub-account feature, which will serve entities looking to set up multiple trading accounts within a single organization and provide control access on an account level. On a blog post the company stated:

“At Binance, we strive to fulfill the needs of our users and to constantly improve the user experience. The ability to have sub accounts was one of our most-requested features — we have been working on this functionality and are happy to now offer this to our institutional accounts.”

Read more here

Bitmain Open Sources KYC Software Tool ‘Coconut’

According to a Twitter publication made yesterday by the BITMAIN official account, the world’s largest crypto mining firm, the company has opened the code for its privacy-centric know-your-customer protocol (KYC), called Coconut. In the words of the code’s GitHub explaining document:

“As one of the major features of blockchain is that all transaction records are public, transparent and permanent, there are concerns that organizations could potentially track and analyze customer behavior on blockchain once they have implemented KYC. This will raise serious privacy issues and obstruct the spread of blockchain.”

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Coinsquare Acquires Stellar Wallet BlockEQ

Yesterday, Toronto-based Coinsquare announced that has acquired Stellar wallet BlockEQ as it seeks to expand its offerings beyond cryptocurrency trading, revealing that it had paid $12 million CAD (~$9 million USD) to acquire BlockEQ, a non-custodial wallet that allows crypto users to store XLM and other tokens that run on the Stellar network. Cole Diamond, CEO of Coinsquare stated:

“We have enormous respect for what the BlockEQ team brings to Coinsquare, they are one of Canada’s best tech teams, and the product they’ve built is immensely valuable. That combination in partnership with Coinsquare’s technology and team means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and far beyond.”

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CryptoCompare Publishes November Exchange Review

We have published our Exchange Review for November 2018 providing insights into the cryptocurrency exchange industry as well as any changes to constituent exchanges that make up CryptoCompare’s CCCAGG price indices.

As for previous editions, the monthly review includes news highlights; a market segmentation and overview; exchange trade data; information on Bitcoin to Fiat volumes; country and web traffic analysis.

In the November Review, we have added a few new analyses including a month-on-month exchange comparison of web traffic vs daily volume, a look into Bithumb’s BTC to KRW volumes relative to their promotional events, and an additional month-on-month analysis of BTC trading to various fiat currencies.

Key findings from the November review include:

  • Spot volumes continue to represent the majority (75%) of total market volumes when compared to those of futures volumes (25%)
  • Exchanges with fees represented just under 89% of daily spot volume compared to those that implement transaction-fee mining (8%) and no-fee models (2%)
  • Exchanges that offer fiat to crypto pairs constituted a third of daily spot volumes, compared to those that offer only crypto to crypto pairs
  • Bithumb overtook Binance as the largest spot exchange with average daily volumes totaling 1.24 billion USD. Binance (641 million USD) and ZB (560 million USD) traded the second and third highest volumes respectively.
  • Bitcoin trading to Korean Won (KRW) dominated BTC to fiat spot volumes last month, representing 50% of all volumes on average. This follows from Korean exchange Bithumb’s trading volumes.

Read more here

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