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May 2020

Tether Grows as Algorand Finally Adds USDT Tokens

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Tether

Tether

The crypto sphere has developed at a remarkable rate over the course of the past half a decade, and one of the biggest developments has been the emergence of stablecoins like Tether (USDT). Despite skepticism from many in the crypto space, the stablecoin has continued to grow, and in a new development, it has been added by Algorand.

Major Details

This is a significant development for USDT, but it remains to be seen whether there is any rally in the stablecoin in the coming days. Algorand is one of the most innovative projects and operates a proof of stake blockchain that is totally permissionless.

This is a major development for the simple reason that it will result in greater use of USDT and also grow Tether’s supply considerably in the crypto space. In addition to that, Tether will also be available over a wider range of networks, and that is something that almost all tokens aspire to.

The supply of USDT has grown exponentially in recent years, and at this point in time, it has a total supply of 4.7 billion. It is trying to make use of a range of networks in order to further boost its supply.

The Chief Technology Officer of Tether spoke about the collaboration with Algorand and said how it is going to be mutually beneficial, explaining, “Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions.”

>> Bitcoin (BTC) Soars to 4-Month High, Crosses $10K Mark

Over the past few years, USDT has become an integral part of many exchanges and is often used by traders as a trading pair. However, it is now looking at ways to further boost the supply and use cases of USDT. In that regard, the latest collaboration agreed by Tether is a significant development.

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Litecoin (LTC) Slumps Over 60% from This Year’s High

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Litecoin

Litecoin

The rally in the cryptocurrency space over the course of the first six months of the year was nothing short of staggering and although Litecoin did not gain as much as many thought it would, it did not drop alarmingly either. That being said, LTC has dropped in value dramatically from its highs this year.

Why the Sudden Fall?

Things have become particularly chaotic over the past few days as LTC kept dropping in price at almost all exchanges worldwide. However, the most important thing to point out in this regard is that there is no clear explanation yet about the sudden nosedive.

The scale of the drop has been quite significant, and hence, it is no wonder that investors in LTC are also not quite sure about the immediate future of the altcoin. The token has peaked this year at $146.43, but since then, it has suffered a massive drop and only last month it had been trading at only $57. That reflects a drop of as much as 61%, and there is still no indication whether the selloff in Litecoin is going to end any time soon.

>> Ethereum (ETH) Drops 2% in Broader Crypto Market Sell-Off

Over the past few days, the price has recovered somewhat, and it has remained largely range-bound. However, the bounce-back of sorts is not significant in any way, considering the fact that it has been trading between $70 and $80 for much of the past two weeks.

While no clear explanation has yet been put forward, analysts have professed their own ideas with regards to the drop. One of the most popular theories is that many of the investors have decided to book their profits in LTC and decided to cash out. The sudden departure of so many investors has resulted in the sharp decrease in price in such a short span of time. However, it remains to be seen how Litecoin behaves over the course of the next few days.

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IBM is Interested in Working on Facebook’s Libra Crypto

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Libra

Libra

The cryptocurrency space has been on an impressive run this year and one of the biggest developments this year was the announcement of Facebook’s Libra, the social media company’s very own crypto token. It goes without saying that it was a huge announcement and caused a lot of noise in the crypto sphere. As is well known, Facebook (NASDAQ:FB) is heading the Libra project, but the company is going to be helped by many other firms.

Key Development

Today, it has emerged that tech giant IBM (NYSE:IBM) is apparently open to the idea of working with Facebook on this particular project. Libra has caused quite a stir on a global level, but this is perhaps a positive development for the project.

One of IBM’s top executive spoke to CNBC today and stated that the company is open to the idea of working on the Libra project. The company’s general manager in charge of blockchain service, Jason Kelley, stated that IBM is looking for collaborations in the blockchain space.

He said, “Blockchain is a team sport. Our clients are ready to work with (Facebook) and we’re ready to work with all of them to bring it together.” Some of the biggest companies in the world have realized the importance of blockchain and are actively looking for ways to get into space quickly.

>> CME Group to Launch Bitcoin Options in Early 2020

However, it is important to keep in mind that Libra has experienced a massive backlash from policymakers, central banks, and regulators all over the world ever since Facebook made the announcement a few months back. Kelley stated that the entry of credible companies like Facebook brings much-needed legitimacy into the space and hence could, in fact, be a massive positive for the crypto space. The social media giant has reassured the relevant authorities that it is only going to launch Libra once all the regulatory hurdles have been cleared.

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Binance Introduces Crypto Lending Service

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Binance

Binance

When cryptocurrencies came along around a decade ago and even when the industry went on its astonishing bull run back in 2017, the sector was still regarded as a novelty of sorts. The rise of an actual ecosystem with Bitcoin and other cryptocurrencies at the center remained a pipe dream for most. However, things have changed over the past few years, and now there is a real possibility of cryptocurrencies finding mainstream acceptance. In a new development, which should count as another landmark stride for the crypto sphere, Binance has announced that it is going to introduce a lending service.

Crypto Lending: Key Details

Binance is one of the biggest crypto exchanges in the world and attracts a tremendous volume of trade every day. Hence, it goes without saying that it is a service that is being backed by one of the most prominent entities in the crypto world. The service in question is known as Binance Lending, and it is going to go live on August 28. According to reports, the customer will get access to the service on a first-come, first-serve basis and will be able to lend three types of cryptocurrencies. One of them is BNB, which has been developed by Binance, the other is Ethereum Classic, and the third is USDT, which is backed by the US Dollar.

>> Ripple (XRP) Popularity Remains Despite the Price Slump in 2019

The customers who use this service will also be able to earn interest at an annualized rate, and the minimum tenure is going to be of 14 days. The rates of interest are also different for different tokens. ETC will fetch an interest of 7%, while the interest for BNB and USDT have been set at 15% and 10% respectively. It goes without saying that the service is a revolutionary new offering and one that could end up being a highly useful one. However, it remains to be seen whether Binance will expand crypto lending to other cryptocurrencies.

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