China Leads World in Tether Trading Volumes
Chinese cryptocurrency exchanges facilitate 60% of all stablecoin tether (USDT) trading globally, according to an analysis by Diar.
According to the findings, Chinese exchanges in 2019 thus far account for over $10 billion in USDT trading. In contrast, the United States only accounts for $450 million of USDT traded. Giants like Binance and Bitfinex reportedly account for close to the remaining amount of Tether traded, accounting for 31% of USDT activity.
It was concluded that the trading numbers are not misleading because a similar amount of sending and receiving of USDT happens both in China and globally, suggesting that the numbers represent actual trading activity and not just cryptocurrency whales cashing out.
Tether also announced that it is releasing USDT on the EOS blockchain.
“Combining the potential of both Tether and EOSIO is a further step towards blockchain interoperability and being on the forefront of this development is a fantastic feeling which further highlights our dedication to the maturation of the digital asset space” stated Tether’s CEO Jean-Louis van der Velde. (Neutral)
Coinroom Exchange Shuts Down and Disappears With Customers Funds
Polish cryptocurrency exchange Coinroom has reportedly shut down its operations and disappeared with customer funds, reported by money.pl.
Money.pl received an email from one of its readers, who stated that Coinroom — which was registered in 2016 — ceased operations overnight and disappeared with customers’ money in April. Some users say they had up to 60,000 zloty (around $15,790) in their accounts.
Before ceasing its operations, Coinroom reportedly sent emails to its customers, containing information about contract terminations. Coiroom customers had only one day to withdraw their money, which was in accordance with Coinroom regulations signed by users. However, customers reportedly claim that some of them got only part of the money, while most of them did not receive their funds back at all.
One of the exchange’s customers told money.pl that he had lost 2.005 bitcoins (BTC) (nearly $15,000 at press time).
Spokesman for the District Prosecutor’s Office in Warsaw, Łukasz Łapczyński revealed that the office had initiated proceedings against Coinroom in connection with unauthorized activities providing payment services that intermediates in the exchange of cryptocurrencies. The office is also reportedly identifying other possible victims.
CoinMarketCap’s cryptocurrency exchange index shows that Coinroom has terminated its activities. The firm’s Twitter page has also seemingly been deleted. (Negative)
Apple to Unveil ‘CryptoKit’ Cryptographic Developer Package at Upcoming Conference
Apple will target cryptographic developer tools at this year’s Worldwide Developers Conference (WWDC) 2019, the company revealed in the event program for June 5.
During a session scheduled for Wednesday at the ongoing event, titled “Cryptography and your Apps,” Apple will unveil a new tool dubbed “CryptoKit,” which will debut as an update in iOS 13. CryptoKit will focus primarily on developers, allowing them to build in more security functionality for apps with better support.
“System frameworks encrypt both data at rest and data in transit in a transparent way for you. This functionality is available by simply setting an attribute. However you may want to do more to protect your users’ data,” the event description reads. It continues:
“CryptoKit is a new Swift framework that makes it easier and safer than ever to perform cryptographic operations, whether you simply need to compute a hash or are implementing a more advanced authentication protocol.”
The ongoing WWDC comes as social media users keep an increasing eye out for any hint Apple is changing its somewhat hands-off approach to the cryptocurrency industry itself.
Small moves, such as in-app SF symbols — those compatible with Apple’s San Francisco font — now including a bitcoin (BTC) logo, did not go unnoticed by commentators this week. (Positive)