A new benchmark index is trying to cut through market manipulation and inaccurate data to offer a “robust” insight into Bitcoin’s actual price. The Bitcoin Benchmark Rate is the brainchild of MV Index Solutions, which develops a range of indices for investors, along with the digital asset data platform CryptoCompare.
Paxos and Binance to launch dollar-based stablecoin
Meanwhile, asset-backed PAX Gold hits market Thursday
Paxos Trust, the company behind stablecoin Paxos Standard, announced plans to launch two new asset-backed coins.
CryptoCompare starts ranking good, bad, and ugly exchanges
Top 10 cryptocurrency exchanges announced after grading after the data and indices provider studied more than 100 trading platforms worldwide
Calling the cryptocurrency trading business ripe with fraud and manipulation, cryptocurrency data and indices provider CryptoCompare has begun rating the reliability of exchanges.
Binance now lets traders dump Tether for Paxos Standard
Paxos has some lofty goals for its token
Dumping tether for a safer stablecoin just got a lot easier. On Thursday, Paxos announced that its new stablecoin, Paxos Standard (PAX), is now tradable against Tether’s token (USDT) on the Binance exchange. ZB.com started making markets in PAX/USDT pairs a few days earlier and roughly 70 percent of PAX’s daily volume is traded on that exchange. Like USDT, PAX trades at about 1-to-1 versus the U.S. dollar. But unlike tether, Paxos Standard is regulated by a government entity—the New York State Department of Financial Services. Tether maintains that it can’t be audited. This has been an interesting week for Tether. As first reported by Modern Consensus, Tether’s reserve bank,…