HyperLinq : Weekly Digital Asset Digest 9
The HyperLinq Weekly Digest is the one-stop source for the HyperLinq community to access relevant news involving digital assets, where we essentially outline key industry updates that our members may have missed. We are always open to suggestions and feedback so please do not hesitate to let us know what you think!
Binance Chain adds two more projects to its list as the Mainnet swap nears : Namrata Shukla | AMBCrypto
Binance, the largest cryptocurrency exchange in the world, launched its blockchain protocol on April 18 and announced Mithril as the first project to migrate to its Chain. Red Pulse Phoenix and Atomic Wallet too followed the suit and migrated to Binance Chain. Red Pulse Phoenix token operated on the NEO platform and recently announced that they would be migrating a major portion of their token ecosystem to the Binance Chain. The integration will consist of the launch of a new BEP-2 token called PHB, native to the Binance Chain ecosystem, and subsequent migration of NEP-5 PHX tokens on Binance.com to BEP-2 PHB tokens, which will then be tradable on both Binance.com as well as Binance DEX, the new decentralized exchange feature developed on top of the Binance Chain blockchain. Atomic Wallet also followed the other and decided to switch from Ethereum to Binance Chain. Apart from the current support, there are rumors of ENJIN Coin migrating to Binance Chain. ENJIN Coin’s CEO Maxim Blagov had mentioned a significant feature that had something to do with Binance Chain. Many big projects are leaving the Ethereum ecosystem and migrating to Binance Chain, however, the Binance Chain does not have a smart contract feature, which could make some projects seeking decentralized contract settlement to stay with Ethereum instead.
Nasdaq, the second largest stock exchange in the world, is reportedly testing the trade of Bitcoin-based products on its platform. A Twitter user named, Cryptopolis, claimed the purchase of one Bitcoin via TD Ameritrade account, on the social media platform. This was soon followed by an update, where the Twitter user stated that it was not a real trade, but a testing phase. The user also posted a conversation with TD Ameritrade’s support system, with the support person stating that further information on the matter cannot be disclosed yet. Charlie Lee, the Managing Director of Litecoin, said,
"Just saw that TD Ameritrade is testing both BTC and LTC trading on its brokerage platform. It’s only available for paper trading on ThinkOrSwim right now. Search for CXERX to find both BTC and LTC."
BlockFi Now Has Over $53 Million in Client Crypto Under Management : Ana Alexandre | CoinTelegraph
BlockFi crypto wealth management and lending company now has over $53 million in client crypto assets under management. BlockFi announced the update in a blog post on April 23. In the announcement, BlockFi also states that it will implement some policy changes starting from May 1, 2019. Bitcoin balances of 0.5 BTC and more will begin earning interest on their deposits, while ethereum deposits up to 250 ETH will earn 6.2% annual percentage yield. BlockFi has previously amended some of its policies as well. In March, the company lowered the interest rates for its biggest cryptocurrency deposit accounts. BlockFi has said that it will add a fiat withdrawal fee of 0.0025 BTC and 0.0015 ETH in April, although all withdrawals submitted prior to that will reportedly remain free. These small adjustments are necessary to ensure that BIA can support as many clients as possible while maintaining the high quality services we provide to the average crypto consumer.
Bitcoin can now be used on Amazon via Moon browser extension : Aakash Athawasya | AMBCrypto
Lightning Network has stepped up its game and is now allowing users to transact cryptocurrencies on Amazon. Bitcoin can now be directly used on the biggest e-commerce website in the world via the lightning network, while Ethereum, Bitcoin Cash and Litecoin can be used through Coinbase. Further, the services of Coinbase, the American crypto giant, was used during the testing phase and will continue to be used over its wider implementation. Speaking to CoinDesk, Ken Kruger, CEO of Moon, explained how the extension works on the Lightning Network. However, Kruger did not specify which partner-company are assisting them in the conversion of crypto-to-fiat and eventually, sending dollars to merchants. Despite Amazon taking the lion’s share of the global e-commerce market, Kruger plans to expand massively. By next year, he claims that this browser extension-lightning network feature will be present on all e-commerce websites.
Saudi British Bank Launches Ripple-Powered Instant Cross-Border Transfer Service : Thomas Simms | CoinTelegraph
Saudi British Bank has launched an instant cross-border transfer service powered by Ripple, according to a news release on April 25. The bank said the technology, unveiled at the Financial Sector Conference in Riyadh on April 24 and 25, formed part of its strategic plan towards digital transformation and enriching customer experience. The technology was then successfully activated through a pilot transaction in December 2018 using Indian rupees. Majed Najm, the bank’s deputy managing director of corporate and institutional banking, said the platform will deliver quicker and more transparent cross-border payment services. The rupee is the first currency to be available through the platform, and SABB plans to add both more countries and currencies in the future. Last September, SABB became the first Saudi bank to join a blockchain ecosystem operated by R3, an enterprise software firm and global banking consortium.On April 24, Ripple revealed that it sold XRP worth $169.4 million in the first quarter of 2019 — a 31 percent increase on the final three months of 2018.
Report: India Considers Complete Ban on Digital Currencies : Ana Alexandre | CoinTelegraph
A draft bill that would outright ban cryptocurrency is reportedly circulating among various departments of the Indian government, local media outlet The Economic Times reported on April 25. An official familiar with the matter reportedly told the Economic Times that the government has begun inter-ministerial consultations on the "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" draft bill.The committee is reportedly also considering an option to ban digital currency under the Prevention of Money Laundering Act since it could purportedly be used for money laundering. The Ministry of Corporate Affairs reportedly stated that cryptocurrencies are used in fraudulent schemes to "defraud gullible investors". In February, the Supreme Court of India granted four weeks to Indian authorities to come up with cryptocurrency regulation policies, before the Court would stop hearing crypto-related cases, including parties who demand to reverse the crypto circular released by the Reserve Bank of India.