March 6

“Kyber Network and Bancor Network have been integrated into a new platform that provides cross-chain liquidity for decentralized finance (DeFi). Founder Thomas Bertani said cross-chain interoperability was the “missing link” needed to take DeFi to the next stage of adoption.

Users holding value on bitcoin can now mint pBTC tokens on the ERC777 standard and start using Ethereum-based DeFi applications. Provable has already launched liquidity pools for pBTC on both Bancor Network and Kyber Network, which aim to facilitate seamless transactions between different blockchains and ecosystems.

The pBTC initiative would bring bitcoin liquidity to Ethereum DApps, enabling a whole new world of exciting decentralized finance (DeFi) use cases for both the Bitcoin and Ethereum ecosystem. Bitcoin’s large market cap could drive a wave of new users and liquidity to on-chain financial products on Ethereum.”

See Also: Web3 Foundation Funds Technical Bridge Connecting Polkadot to Bitcoin

Namely, there’s now Wall Street infrastructure for sophisticated bitcoin trading and holding, from Fidelity Investments to Bakkt. The 2017 bitcoin market was retail driven. The cryptocurrency market, in general, may still be predominantly retail but bitcoin is much less so than before.

During the last bull run there were a lot of trading desks with a pretty website, but behind the scenes there was a lot of sausage making.

Mintz said the combination of a robust lending market with margin trading will be a “huge driver” of liquidity in 2020, as well as the growing “payments system” use case. Derivatives now make up nearly 66 percent of the platform’s daily global volume, more than $2 billion in options alone.”

ConsenSys’ John Wolpert on Baseline

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“The DeFi space is truly decentralized where interest rates are determined by forces of demand and supply and not by a centralized authority like the U.S. Federal Reserve. In bZx’s case, the annual interest rate surged as investors withdrew ether deposits, causing supply shortage.

The annual interest rate remained in the narrow range of 40 to 42 percent in the two weeks to March 2, before falling to 25 percent on Thursday.  If the deposits continue to rise, rates could soon fall back to levels seen before the Feb. 14 attack.”

See Also: BitGo Launches Its First Institutional Crypto Lending Service
See Also: Indian Crypto Exchanges Resume Fiat Services 24 Hours After Supreme Court Ruling

“The act requires all VASPs to register with regulators and partner with a single bank for deposits and withdrawals. This linkage of virtual wallets and real-world bank accounts – both of which must be registered to a user’s actual name – will make it easy for regulators to track the movement of illicit funds.

The legislation is the latest example of a country working to comply with new global AML and CFT directives in the virtual asset space.”

“According to Chainalysis’ March 5th webinar, over $1 trillion worth of cryptocurrency transactions took place in 2019 with only 1.1% of them being illicit. 

Overall, as crypto adoption keeps on growing and the number of use cases for cryptocurrency expands, illicit transactions on a percentage basis, keep diminishing.”

Cointelegraph on the ground in China

The extension will give users access to .crypto domain names directly from the Chrome browser. Developed by Unstoppable Domains, .crypto domains are smart contracts on the Ethereum network, meaning to take down a site an attacker would have to take down the overall network.

We want browsers to support the decentralized web.”

“In an update to the Mimblewimble (MW) progress thread on, Burkett hesitantly predicts that MW will be launched on testnet before September.

Burkett emphasizes that the version will not include a usable graphical interface wallet, and expects that transactions will need to be created manually.

A blockchain trade finance platform developed by eight major banks, among them HSBC, BNP Paribas, and Citi, is now ready for commercial launch in Singapore in Q2 2020. Bank-backed blockchain trade finance platforms are already prevalent in Asia-Pacific and globally.

As the coronavirus continues to shake global markets, a regional executive told reporters that the platform can ensure commercial trades proceed smoothly even in times of crisis.”