The uncertainties sparked by China’s blanket ban on crypto trading have taken a downturn as homegrown crypto exchanges such as Huobi take proactive measures to protect and return existing investments residing on the mainland.
Speaking to Cointelegraph in this regard, Du Jun, co-founder of Huobi Group, said that the crypto exchange wants to ensure the safety of the users’ assets as part of its social responsibility:
“Customers will be able to transfer their assets to other exchanges or wallets over the next few months. Specific measures and operating rules will be outlined in future announcements.”
Citing a possibility of a communication gap with Chinese investors amid the ban, the crypto exchange is also working on other ways to protect customer assets until the users can move them to offshore exchanges or wallets.
Chinese investors amounted to more than 30% in terms of trading volumes prior to the crypto ban, but as Jun suggests, Huobi has seen increased adoption in the Southeast Asian and European markets. However, the exchange expects that “any short-term impact on Huobi revenues will be mitigated as our global business continues to grow.”
While observing the ban on crypto trades and mining as imposed by the People’s Bank of China and other Chinese regulatory authorities, Jun plans to double down on Huobi’s compliance efforts and continue to build compliant operations on a global scale.
Crypto exchanges in mainland China, including Huobi, began stopping new customer registrations soon after a new crypto ban became effective on Friday. Huobi later announced that all Chinese accounts from the mainland will have been closed down by 24:00 UTC+8 on Dec. 31, 2021.
Historically, China has been responsible for the lion’s share of Bitcoin (BTC) mining. Given the lack of support from the ruling government, Chinese miners have continued to move off-shore into crypto-friendly jurisdictions.
According to a recent Cointelegraph report, the latest ban marks the Chinese regulators’ 19th attempt to curb Bitcoin and cryptocurrencies in the past 12 years. While the decision to ban crypto trades in China caused a few unwary investors to momentarily panic-sell, Bitcoin’s price continues to show bullish signals, given the proactive support from crypto exchanges and users across the globe.
Food delivery is Made Better as Crypto Eats Enters the $16.6B Delivery App Market
After a successful $8 million in Series A funding secured in 2020. Many outside observers wondered what was going on, which looked on first inspection to be little more than a normal food delivery app. How could such a low-key idea accept cryptocurrency as a form of payment for your food attract such interest from the cryptocurrency community?
Well, that’s what is Crypto Eat’s first real step in allowing people to use cryptocurrency as a form of payment for items in the real world, has it bridged the gap and found a way for usability for cryptocurrency with this use factor. The answer is more fascinating than its humble origins imply. And today the founder Wade Phillips. Who started Crypto Eats out of frustration with no real-world use factors for the general public for cryptocurrencies.
The food delivery app Crypto Eats will be launching on 1st October for members of the public to use its app along with the launch of its token Eats where users who pay in its native token will receive a 5% discount on its total cost per order. Aiming to use the 1.5 trillion crypto market cap community to its advantage to help spur a move towards a decentralized food delivery system.
With the launch of the Eats, token analysts have estimated it will reach a 1 billion market cap within the next 6 months with its Series A investors unable to sell till 2025 with crypto eats becoming profitable by 2023 many private investors have been awaiting the launch to get involved with the project.
The expected growth in the next four years for this emerging market is expected to increase by 20% annually with Crypto Eats emerging as the main contender and the funding to have it be the leader in cryptocurrency-led food delivery.
A recent poll found holders of cryptocurrencies are looking for new ways to spend their digital currency in the real world with first-time users expecting to boost the market cap of Crypto Eats has announced already over 100,000 customers who have signed up on their website to download the app on launch day.
With successful beta testing took place in the summer of 2021 in and around London, with such restaurant franchises Nando’s and McDonalds taking part. it has been a resounding success with its 1,000 private users who have been using and testing the app to improve efficiency and customer services and fix any bugs that arise the owner has said by taking its time and not rushing the development stage, they are now able to compete for head-on with the likes of Uber eats and Delivaroo thanks to its algorithm-based blockchain implemented software helping in running an efficient food delivery company Crypto Eats is now employing more drivers at a speed never seen before in the business and further staff at Crypto Eats HQ for support.
Coinbase Adds Support for Two Ethereum-Based Altcoins Across All of Its Platforms
Top US crypto giant Coinbase is adding two Ethereum (ETH) powered altcoins to its arsenal of tokens.
After their initial launch on Coinbase Pro, BadgerDAO (BADGER) and Rarible (RARI) are now available to buy, sell, convert, store, send and receive on the company’s retail trading platform Coinbase.com and its iOS and Android applications.
BADGER is a decentralized autonomous organization (DAO) with the purpose of building infrastructure and products that help spur Bitcoin’s growth as a usable asset across other blockchains.
At time of writing its BADGER governance token is trading at $28.47, down by 7.5% on the day according to CoinGecko.
RARI is the token that powers digital artist and creator community-owned non-fungible token (NFT) marketplace Rarible.
Rarible is a non-custodial platform, meaning users always have control over their tokens, which are not held by Rarible. So far, the Rarible marketplace only supports Ethereum-based cryptos.
At time of writing, RARI is trading at $23.49, down 4.6% on the day according to CoinGecko.
Both altcoins recently surged in price after they were added to Coinbase’s professional trading platform.
Binance to Support the Incoming Polkadot Parachain Slot Auction
- Binance exchange will support the Polkadot (DOT) parachain slot auction.
- The company plans to start the event in November, this year.
- Doing this will help Polkadot achieve its ecosystem development.
Amid the waves blowing around the incoming Polkadot (DOT) parachain slot auction, Binance exchange has also announced that they are ever-ready to support the Polkadot’s parachain event.
With this synergy, Binance emphasized that it will soon start its Polkadot parachain slot auction program mainly in November 2021. Additionally, the month set to begin the event by the Binance team moves in line with the proposed Polkadot parachain slot auction date.
Meanwhile, Binance didn’t officially give the exact day and time that it will start the event. At the moment, the only news we have is that the team aims to start the parachain event in November.
To clarify, Binance intends to do its part and what it can to help influence Polkadot towards achieving its ecosystem development milestone. In turn, doing this will also push up the growth and adoption of the Polkadot parachain slot project to the mainstream.
Also, for further info about the event, the Binance team noted that they will keep their eyes on it and provide the community with more updates.
Until then, the team assured that the community should expect a separate announcement in no time and more details than what they have disclosed now. In addition, Binance advised that the community should stay tuned as they are bringing more initiatives ahead.