The cryptocurrency lending industry has been booming lately, with the options to borrow against holdings or earn interest by making loans becoming easier to find. But the interest rates seem too good to be true.
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Huobi Brokerage launches, targets institutional clients
Huobi Group’s new digital asset brokerage platform also targets high net worth individuals
Ciara Sun, Vice President of Global Business at Huobi Group, said 2020 is the beginning of the “next phase of crypto. 2019 brought the first wave of institutional interest but 2020 is when we expect to see the industry mature with growing demand.”
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Circle and Coinbase stablecoin not approved by regulator
Both companies are regulated, but their coin is another story
Circle’s “stablecoin” just got a big boost from one of the largest retail cryptocurrency exchanges, but there’s a nuanced issue: the token itself isn’t regulated, at least as far as one of its overseers is concerned. On Tuesday, Circle—the peer-to-peer payment service that owns crypto exchange Poloniex—and Coinbase announced the launch of CENTRE, a consortium that aims to facilitate the adoption of stablecoins. Those are tokens that are supposed to be pegged to fiat currencies by holding them in reserves. Circle’s USD Coin (USDC) is being marketed as safe, allowing users to “move dollars anywhere in the world in minutes instead of days. Cheaply and securely.” What’s more, Circle’s status…
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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,…
