Bitfinex Obtains a Banking Partnership with HSBC and Binance Announces it will Donate Listing Fees…

The State Of The Market — October 8, 2018

BTC: $6,637.58 (1.03%)ETH: $228.53 (2.27%)XRP: $0.491 (3.25%)

The Cryptocurrency market appears to be warming up after a very slow weekend. Today Bitcoin moved above the $6,600 resistance and at the moment BTC is attempting to overtake $6,700. Most cryptocurrencies have gained roughly 2 to 5 percent and Ethereum managed to break above the $225 resistance to briefly re-test $235.

In other news, TRON (TRX) leapt 12% as Justin Sun announced the Virtual Machine launch and the Emirate of Dubai has partnered with PundiX to further facilitate cryptocurrency payments.

1) Larry Cermak, head analyst at The Block, recently reported that Bitfinex obtained a banking partnership with HSBC. According to Cermak, “Bitfinex is now banking with HSBC through a private account of Global Trading Solutions.” Cermak also mentioned that “All EUR, JPY and GBP deposits are paused but Bitfinex expects the situation to normalize within a week.” The announcement of the partnership is well timed and to the benefit of Bitfinex as recent news of Noble Bank filing for bankruptcy called Bitfinex’s solvency into question. Furthermore, an HSBC partnership would be the first ‘proper’ banking partner that Bitfinex has had since breaking ties with Wells Fargo in 2017. (Read More)

2) In an official blog post, Binance has announced that it will donate the listing fees of new projects to charity. Additionally, the projects that want to be featured in the trading platform will now set their price to appear on the trading platform. To ensure transparency, Binance plans to disclose the project’s listing fees to the Binance Charity Foundation. However, Binance CEO Changpeng Zhao, warns that “A large donation does not guarantee or in any way influence the outcome of our listing review process.” (Read More)

3) IBM Food Trust, a blockchain network for supply chain tracking, is now commercially available for companies to use. The network spent the last 18 months in various pilot phases as a number of retailers and suppliers trialed the system. Carrefour will be the first major retailer to utilize IBM Food Trust across 12,000 stores in 33 countries. Initially, the system will be used to track Carrefour’s private label products. Walmart also recently announced that it will use IBM Food Trust to capture traceability data from its fruit and vegetable suppliers. (Read More)

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