This Week in Cryptos: Binance to Support Dogecoin while Cuba Looks towards Cryptos

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This Week in Cryptos: Binance to Support Dogecoin while Cuba Looks towards Cryptos

Key highlights

  • Blockstream launch atomic swaps
  • Dogecoin jumps on Binance Listing
  • Cuba looks at cryptos to tackle the USA
  • eToro add ERC-20 tokens to the wallet
  • Electrum Wallet adds Lightning
  • Record June for CME BTC Futures

Blockstream launch atomic swaps

In an experimental move this week, Blockstream has created a tool for atomic swaps which is labeled as Liquid Swap Tool. This tool is believed to enable users to trade “trustlessly” easily between tokens launched on its Liquid sidechain. Blockstream plans to use “atomic swaps,” that will serve as the backbone for its newer decentralized exchanges which is currently in development. This specific atomic swap tool is specifically geared for tokens launched on Liquid, a sidechain that’s pegged to bitcoin.

Dogecoin jumps on Binance Listing

Coin listings on prominent exchanges are events that have a positive impact on a coin’s price. That what happened to Dogecoin this week when Binance announced listing of this altcoin. This lead an outstanding 37% price surge. Binance stated in a support notice and via GIF on Twitter that it would commence trading of DOGE at 12:00 GMT on Friday 5 July.At launch, Binance will offer five trading pairs for DOGE including Binance Coin (DOGE/BNB), Bitcoin (BTC), Tether (USDT), Paxos Standard (DOGE/PAX) and USD Coin (DOGE/USDC).

Cuba looks at cryptos to tackle the USA

This week, geo political crises did force a country to turn to cryptos. According to Reuters, Cuba is exploring to use cryptocurrency to avoid U.S.-imposed sanctions. In a public address, Cuba’s President Miguel Diaz-Candel said the plan will raise capital for about a fourth of the population and help pay for reforms. Cuba has felt the waves of financial dismay from Venezuela, which prior to its own economic calamity, was a major source of aid.

eToro add ERC-20 tokens to the wallet

eToro, the social trading and investment platform, has taken another step in its crypto offerings. Its crypto company eToroX announced that it had added 5 Ethereum tokens to the eToro wallet. It is just the first series out of the total 120 Ethereum standard tokens that the firm plans to add to their wallet. The first 5 tokens which have been launched are BAT (Basic Attention Token), MKR (Maker), OMG (OmiseGO), eToro USDX (US DollarX), and eToro EURX (EuroX). The last two tokens of the five listed are stablecoins of eToro.

Electrum Wallet adds Lightning

This week, another wallet added support to Bitcoin’s Lightning Network and its Electrum. According to the latest news, the popular wallet service Electrum has decided to soon to add support for bitcoin’s lightning network. Electrum’s founder Thomas Voegtlin who was speaking BIP001 blockchain event in Odessa, Ukraine, announced that work on the solution for sending lightning transactions with the Electrum wallet is now close to its official release.

Record June for CME BTC Futures

The rise in the crypto market also showed its impact on CME Bitcoin Futures. This week, the CME Group has seen a record massive surge in open interest for Bitcoin Futures contracts. While this surge is considered healthy, many on the street are connecting this towards rising institutional participation. With the growing institutional demand, the open interest for Bitcoin Futures has reached a record of 6069 contracts in June. Moreover, as on June 26, the notional value of Bitcoin Futures traded has hit a record $1.7 billion.

Note: This article is the rework of the thoughts put forward by Anthony Pompliano.

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This Week in Cryptos: Binance to Support Dogecoin while Cuba Looks towards Cryptos
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This Week in Cryptos: Binance to Support Dogecoin while Cuba Looks towards Cryptos
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Blockstream launch atomic swaps Dogecoin jumps on Binance Listing Cuba looks at cryptos to tackle the USA eToro add ERC-20 tokens to the wallet Electrum Wallet adds Lightning Record June for CME BTC Futures
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Author: Nilesh Maurya

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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Nilesh Maurya 687 Articles

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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