Crypto Exchange Ranks Accuses Bithumb of Manipulating Trading Volume
Crypto Exchange Ranks (CER), a community-driven alternative to coinmarketcap.com, accuses Bithumb of bolstering its trading volume. According to Coin Exchange Ranks, there is evidence for trading volume manipulation from the 25th August on and it continues until today. The report of CER suggests that there are three phases of manipulation with different strategies and partly different cryptocurrencies. CER accuses Bithumb of undermining the trust which the crypto space needs to further the adoption of cryptocurrencies. The short-term greed that Bithumb displays would give the public the impression of a “Wild Wild West”.
Read CER’s report here.
Kubitx Exchange Launches in Nigeria – Pan-African Expansion
Kubitx, a cryptocurrency exchange licensed in Malta, has started its operation in Nigeria. The exchange enables Nigerians to exchange the Nigerian Naira for over 20 cryptocurrencies. Kubitx offers its clients also an “Over-the-Counter” (OTC) wallet. It aims to give unbanked Nigerians the option to pay bills, services etc. with the help of this app. Furthermore, Kubitx revealed plans to start its operations all over Africa.
Ebang Renewed Its IPO File at Hong Kong Exchange
The Chinese mining hardware producer Ebang has renewed its IPO at HKEX. The company previously filed its IPO at June 24th this year and would have expired soon. The management of Ebang stated “We experienced significant decreases in revenue and gross profit for the three months ended September 30, 2018 compared to the preceding three months ended June 30, 2018.” The company still has time until Q1 2019 to disclose its definite numbers for Q3 to start its IPO. Reportedly, Ebang originally intended to collect as much as $1 billion in its IPO.
Western Union Might Adopt Cryptocurrencies And Blockchain Technology
Western Union President, Odilon Almeida, has revealed that the platform might adopt Cryptocurrencies. In an interview with Reuters Plus, the Company Chief hinted that the bank is interested in Cryptocurrencies as a strategy of offering their clients the ability to exchange Digital Assets for fiat money. Almeida revealed that the American based financial services network has been investigating the suitability and compatibility of Cryptos. It has now come to a conclusion that adoption is key to the future of not only Western Union but the entire financial services industry as well.
Insurance Inadequacies Impedes Growth Of Cryptos, But Not For Long
According to an article by Reuters, Cryptocurrency traders and exchanges have been grappling with inadequate insurance coverage for years. The problem arises due to the absence of clear guidelines from ambiguous or silent laws. Direct implications for the lack of a comprehensive insurance cover is that most institutional investors and high net individuals are shying away and postponing investing in Cryptocurrencies. This is affecting the infant industry but this will not be an issue for long.