Dominance of Tether Crumbles
Tether’s dominance in the stablecoin market has fallen below the level of 75%. At the beginning of 2018 Tether had dominated the market without any major competitors and made up a 94% share of the market capitalization. TrueUSD, Paxos, Gemini Dollars and USDCoin are all USD-based stablecoins that were created this year and that have all entered the Top100 on coinmarketcap.com with relative ease. The bear market and the continuing distrust in Tether’s management has led to this development.
Signature Bank Unveils A Blockchain-Based Digital Payments Platform
Many banks are adopting Blockchain technology in developing financial products that are unique, efficient, and likely to bring more profits for their going concern concerns. Blockchain technology serves the premise of eliminating third parties like banks. Structural changes and the versatility of DLT could prompt an increasing number of these institutions to adopt Blockchain technology to develop futuristic banking solutions that few managers can dare to sideline.
SWIFT Blockchain System Prototype Is Live
SWIFT has developed a prototype of a blockchain to investigate strategies to reduce payment latency. The blockchain engineers focus on errors in the legacy system of SWIFT. DLT application could likely get rid of these problems.
US Authorities Detain Huawei’s CFO
The law enforcement of Canada has detained the CFO of Huawei, Meng Wanzhou in Vancouver on Saturday. The Canadian news outlet The Globe and Mail reported first about it. Meng Wanzhou is the daughter of Ren Zhengfei who reportedly has close connections to the Chinese Communist Party. Observers speculate that the US authorities have suspicions that Huawei has ignored sanctions against Iran. However, Huawei’s spokesman gave an official statement that the company “is not aware of any wrongdoings by Ms. Feng” and that “the Canadian and US legal systems will ultimately reach a just conclusion.”
Zcash-Privacy Friendly Cryptocurrency- Now Live on Coinbase
Following the addition of Zcash on Coinbase Pro last week, Coinbase has revealed that it will support this digital currency. The cryptocurrency is available on the main website coinbase.com as well as on crypto exchange mobile application for both Android and iOS. Zcash a renowned cryptocurrency that is well known for its privacy features.