Cryptocurrency Exchange Updates: Bittrex Upgrades Trading Engine and Coinbase Publishes its Product Update
America’s cryptocurrency exchange Coinbase gave a rundown of the new products it has introduced on its platform and those it has improved. The exchange launched Convert, a feature that allows users to convert from one cryptocurrency to another. This removes the need to sell a digital asset for a fiat currency such as USD or GBP and then use the fiat currency to buy the intended cryptocurrency. The exchange has improved the feature since its launch. Coinbase users can easily convert between Bitcoin, Ether, Ethereum Classic, Litecoin, Ox, Bitcoin Cash, and XRP. The exchange also launched a portal that allows users to have a better understanding of the impact of American taxes on cryptocurrency holdings. The exchange launched the Earn project which allows users to earn tokens for learning about them. The tokens included in the feature are ZRX, Basic Attention Token (BAT), and Zcash. Coinbase recently added XRP to its trading platform.
Bittrex successfully upgrades its platform to make it 20x faster
Digital asset trading platform Bittrex has successfully completed an upgrade to its trading engine to make it 20 times faster. During the upgrade, users were only able to view their balances but other trading features were unavailable. The platform claimed that the upgrade would make trading faster and more efficient.
“Once the update is completed, Bittrex and Bittrex International users will enjoy noticeably faster orderbook updates and overall order execution, as the new engine will have the capacity to execute even more orders per second,” claimed the exchange.
The platform further explained that the upgrade would allow orders to “be processed at a rate 20 times than before.” In the days after the upgrade, the exchange faced a number of issues which they acknowledged on social media.
“We encountered a small percentage of deposit history not properly displaying. Our team is hard at work re-validating before re-opening wallets. Thanks for your patience,” tweeted the exchange Mar. 1.
Bittrex claims to have an uptime of 99.95 percent and delivers a reliable and advanced trading experience. Bittrex is a U.S.-based cryptocurrency exchange founded in 2013.
London Stock Exchange leads $20 million funding round in crypto firm Nivaura
More capital is flowing into the crypto space from mainstream investors. London Stock Exchange (LSEG) has led a $20 million funding round in crypto startup Nivaura. As a result of the deal, LSEG has acquired an undisclosed minority stake in the crypto startup. Other participants in the funding round include InnoVentures and Digital Currency Group. Nivaura was the first company in the world to issue cryptocurrency bond. The startup’s services extend to helping companies issue and settle debts on the blockchain. Gavin Youll, the startup’s chief financial turnover claims that the firm has made $1 million in annual revenue since April last year. Nivaura’s CEO Avtar Sehra claims that the blockchain can minimize complex processes found in mainstream finance.
“In the traditional world, you have this complex and paid chain of custody that can be eliminated using a blockchain. But also, the cost of custody potentially goes down for the investors as well,” said Sehra.
This is not the first time that LSEG has thrown its weight behind crypto-focused businesses. The exchange partnered with IBM in 2017 to build a platform for trading digital shares issued by small and medium-sized enterprises in Italy.
Cryptocurrency wallet Coinomi responds to vulnerabilities
The cryptocurrency wallet Coinomi was recently involved in a Twitter storm after a user of the social media platform claimed that the wallet sent his seed phrases in plain text to Google servers. The Twitter user, Warith Al Maawali claims that the wallet’s actions resulted in the loss of cryptocurrency worth $60,000 to $70,000. The user further says that a Google employee was probably able to see the seed phrase and eventually stole his funds. The wallet responded to the claims via a Medium blog post in which it refuted the claims and distanced itself away from Maawali’s claims.
“The report said that seed phrases were being sent over to Google in plain text due to a built-in spell-check functionality in Desktop wallets and that there was a wallet hacked due to this vulnerability,” said the wallet in the blog post. “Our engineers confirmed that spell-check functionality was indeed enabled for the Desktop wallets only — the mobile apps were not affected by this,” added the wallet.
The wallet says that the mobile versions were not affected by the spell-check functionality. Those who use the desktop version are urged to create a new wallet and update it.
Crypto startup Circle planning to raise $250 million in funding
One of the largest and ambitious startups in the cryptocurrency space, Circle, is seeking to raise $250 million in additional funding, reported The Information on Mar. 2. According to sources with knowledge of the funding plans, the money will be raised in a combination of equity of debt. If Circle’s plans succeed, the startup becomes the latest firm in the crypto sector to raise money amid the bear market. The firm raised $110 million in its series E round of funding led by Bitmain, one of the largest manufacturers of Bitcoin mining equipment. Circle acquired Poloniex cryptocurrency exchange last year and it is used by both retail and institutional investors. The startup also runs Circle Trade, an institutional trading platform. The startup has raised more than $245 million so far from notable investors including Goldman Sachs, China’s Baidu, and IDG Capital. Circle is reportedly valued at $3 billion. Circle CEO Jeremy Allaire revealed in an interview this week that the firm was looking to raise funds through several channels but did not provide any information beyond that. Circle generates its funds from trading fees.