What Happened Today in Crypto? – November 9

Binance announce a new division – Binance Research

The largest cryptocurrency exchange in terms of volume, Binance has announced the launching of its “Binance Research” The Binance Research is its analysis division that is focused in the creation of an institutional grade research reports. This new division was created for improving the quality and transparency of information available in the cryptocurrency ecosystem. The new division released its first few research information, which is available on the Binance platform in tandem to its announcement.

The first report was on the development of the Loom Network, which is a second-layer scaling solution for the Ethereum network that comprises of Delegated Proof-of-Stake side chains. The second in on the GoChain, which contain relevant information including information on developers and platform codes.

Ethereum Blockchain – Spanish Bank issued Loan through Blockchain

The Spanish bank BBVA has officially issued a loan through the Ethereum blockchain. BBVA is the second largest bank in Spain and currently working on a pilot program that gives loans using Ethereum. The recent loan issued saw Red Electrica and Spain’s national electricity company were among the beneficiaries of these loans. The transaction was the first real-world use of the BBVA pilot program.

The loan, which was valued $150 million, was a boost, although the bank didn’t specify the currency that was used for this transaction. Furthermore, the report concerning the loan didn’t indicate if it was ETH or something less volatile such as stable coin that was used for the transaction.

Galaxy Digital Hires Goldman Sachs Exec to Oversee Blockchain Unit

Galaxy Digital Capital Management has hired Goldman Sachs banker Ian Taylor to be in charge of this advisory department. Sources have indicated that Taylor is scheduled to join Galaxy Digital Capital Management before January 2019.

Taylor formally worked with Goldman for 19 years and will currently oversee Galaxy Digital Advisors, a unit of the company that provides blockchain advisory services. Mike Novogratz, owner of the Galaxy Digital was a former hedge fund manager and previously a partner at Goldman Sachs. Since his raising of $250 million in February 2018 to finance Galaxy Digital Capital Management, Novogratz has continued to woo most of the top executives from his former employer to his new firm.

Canadian Bank to Launch Uncheckable ‘Deposit Box

VersaBank has confirmed that it has completed the beta testing of its digital vault for storing cryptocurrency. The bank aims to attract crypto exchanges and funds as clients for its new deposit box. The product offers cryptocurrency storage on servers throughout the world.

The president indicated that while many are still planning of creating a digital safety deposit box, VersaBank has not only designed it but also built it. Today, it is being commercialized as part of its service. The VerseVault will begin unfolding its services to cryptocurrency investment funds and cryptocurrency exchanges.

Cobinhood adds four new stable coins to its exchange

Yesterday in a press release, Cobinhood announced the addition of four USD stable coins to its exchange. The stable coins, which includes Paxos Standard Token (PAX), Gemini Dollar (GUSD), TrueUSD (TUSD), and MakerDao(DAI) will be added today (November 9, 2018). These four stable coins are Ethereum ERC-20 tokens, which mean they can be used on various exchanges. Besides this, they can be stored as standard Ethereum hardware wallets.

Cobinhood was launched in 2017 and in terms of volume, the 100 largest cryptocurrency exchange. Cobinhood process about 740 BTC per day, which is equivalent to $4.7 million. Cobinhood has a unique selling point – other exchanges charge 0.2% fees but Cobinhood does that for no fee. Currently, Cobinhood exchanges offer trading in BCC, BTC, XRP, XMR, LTC, ETC, OMG, ZEC, ETH, NEO, and other cryptocurrencies.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
Ali Raza is finance editor at TheOofy. He is a journalist with experience in web journalism and digital marketing. Ali holds a master degree in finance and enjoys writing about cybersecurity, cryptocurrencies, and technology.