Market Analysis Report (17 Jan 2019)

New Binance Exchange – Trade BTC and ETH With Fiat

Yesterday, cryptocurrency exchange Binance announced the launch of its newest fiat-to-crypto exchange in Europe. “Binance Jersey” is now online, and supports residents of 58 jurisdictions (not just those in Europe). The island of Jersey, which has a population of around 100,000 and is located near the coast of Normandy France, is officially not part of the UK, but as far as its relationship with the rest of the world is concerned, it is treated as a dependency of the UK. Binance’s announcement on its website said that currently, four trading pairs are available: BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR. The company stated:

“Binance is excited to announce that Binance’s EUR/GBP Fiat Exchange, Binance.je, is now online, with trading in BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR trading pairs now open. Registrations, deposits and withdrawals are now also available.”

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TrustToken Develops Method of Managing Client Ethereum Addresses

TrustToken, the developer and issuer of TrueUSD, has come out with a new method for crypto exchanges to manage millions of addresses associated with TrueUSD and other ERC20 tokens. TrustToken developed the first publicly available method of easily handling thousands or millions of addresses within a single wallet, thus reducing the amount of Gas (Ethereuem used for transaction fees) required for the maintenance of wallets accepting TUSD.

The update to the TrueUSD smart contract does not only have to apply to TUSD. The token’s code is open-source, so other tokens and outfits can replicate the method. In a press release Monday, TrustToken’s Head of Engineering Rafael Cosman describes the technology as such:

“While exchanges are currently able to set up individual addresses for users, there is no standardized process for the backend accounting for how these accounts are settled, and each transaction requires gas payments. AutoSweep is the first implementation of an ‘alias’ feature for an Ethereum-based token and allows exchanges to significantly improve both the accounting structure and save on time and gas cost by automatically sweeping user accounts to the central wallet.”

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Bankrupt Bitcoin Miner Giga Watt Forced to Cease Daily Operations

Bankrupt U.S.-based Bitcoin mining firm Giga Watt has been forced to shut down its day-to-day operations. The firm sent an email to its customers on Tuesday, which states that, while it had continued to operate in the two months since the bankruptcy filing, “at present, both access and power to the facilities in which Giga Watt operates have been closed to the company.”

Andrey Kuzenny, a director owning a more than 10% stake in Giga Watt and an admin of the firm’s official Telegram channel, confirmed that the email was sent by the firm. The email went on to say that those who have completed their know-your-customer verification will be able to withdraw any cryptocurrency remaining in their wallets until March.

Giga Watt will also be returning some mining equipment back to customers, according to the email. Those customers who had their equipment removed before the lockout will be notified via email within the next two weeks. Others with equipment still trapped in the facilities will not be notified and any further information “will not be known, or available, pending current legal proceedings,” according to the letter.

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