December 2018 Summaries

Poloniex, a cryptocurrency exchange, has announced the addition of three new assets—Livepeer (LPT), Numerai (NMR), and Polymath (POLY)—to its platform, emphasizing the selection process based on merit through their Asset Framework without collecting listing fees. Livepeer aims to create a decentralized live video broadcasting platform using the Ethereum network, Numerai operates as an AI-driven hedge fund that leverages crowd-sourced data analysis, and Polymath facilitates security token issuance compliant with regulatory standards. The new listings are part of Poloniex’s strategy to support projects with robust technology and potential impact on the blockchain industry, bringing the total to 14 new assets added in 2018. The exchange has introduced a "Post-only" mode for these assets to stabilize markets before full trading in BTC pairs begins, with full trading expected within 24 hours based on liquidity. Throughout 2018, following Circle's acquisition, Poloniex implemented a Crypto Asset Framework to ensure a fair and compliant asset selection, leading to various new listings and innovations, such as introducing USDC markets and pre-fork trading for Bitcoin Cash. Poloniex plans to continue enhancing its platform with more digital assets and innovations in 2019, while encouraging developers to submit projects for review, and reminding users of the inherent risks associated with crypto asset trading.

Circle Internet Financial highlights the growing support for USD Coin (USDC), a stablecoin developed by Centre, with recent endorsements from IDCM, AlphaWallet, ChangeNow, and others, leading to more than 75 exchanges and platforms backing it. IDCM, a major crypto exchange, is among the latest to support USDC, joining the ranks of Binance, OKEx, and Huobi. AlphaWallet enables secure USDC transactions with dApps, while Salt Lending adds USDC to its loan offerings, and XinFin integrates USDC into its blockchain platform. The stablecoin has reached a market capitalization of over $220 million, bolstered by Circle activity and attested by Grant Thornton LLP. The Silvergate Exchange Network has also begun supporting USDC issuance and redemption, enhancing its utility as a swift fiat on and off-ramp between crypto and USD. Circle aims to further expand USDC's ecosystem, emphasizing its mission to improve global economic opportunities by making financial transactions more accessible and efficient.

Circle Internet Financial has released its second attestation report on the US dollar reserves backing its USD Coin (USDC), conducted by the independent accounting firm Grant Thornton LLP. The report, dated November 30, 2018, confirms that the total USDC tokens issued and outstanding amount to 177,190,279, while the US dollars held in custody accounts total $180,192,792. This indicates that the USDC tokens do not exceed the US dollar reserves, and although the reserves may occasionally be higher due to timing differences in transactions, USDC maintains a 1:1 backing. Grant Thornton LLP will continue to provide monthly attestation reports on Circle's USDC reserves. Circle aims to revolutionize the movement of money, enhancing accessibility, inclusivity, and efficiency to foster global economic opportunity and prosperity.

Binance, one of the largest cryptocurrency exchanges globally, has introduced USD Coin (USDC) as a quote currency for several of its most actively traded assets, alongside listing a USDC/USDT trading pair, marking a significant development for the stablecoin introduced just a few months prior. This move, effective from 10 pm EST on a Friday, includes trading pairs such as BTC/USDC, ETH/USDC, and others, reflecting the growing adoption of USDC across more than 70 exchanges, protocols, platforms, and wallets. At the time of the announcement, USDC has become a top 30 crypto asset with a market cap exceeding $200 million. The stablecoin initiative is supported by the CENTRE Consortium, a collaboration between Circle and Coinbase, aimed at establishing a standard for fiat on the internet and promoting global adoption of asset-backed stablecoins. Additionally, the Circle USDC service now facilitates bank transfers in over 75 countries, offering a transparent method for tokenizing fiat currency and redeeming USDC for US Dollars.

Circle Internet Financial has announced that FOAM, a token associated with a consensus-driven mapping protocol, has joined the Poloniex exchange, marking another milestone for the team. Since acquiring Poloniex, Circle has been committed to offering a diverse range of assets that have the potential to advance the blockchain sector. FOAM is notable for its "Proof of Location" system, which allows for the private recording of authenticated location data independent of centralized sources like GPS. The FOAM network, which launched in September 2018, had previously locked its tokens during an initial Proof of Use period, but these tokens have now become transferable on the Ethereum blockchain. The exchange is implementing a "Post-only" mode to stabilize the market before full trading in BTC and USDC pairs begins. This addition to Poloniex is part of Circle's ongoing efforts to include innovative projects in its asset list, with more announcements expected soon. Users are advised to consider the volatile nature of crypto assets and review risk disclosures before trading.

Poloniex faced the challenge of protecting customers from replay attacks following the Bitcoin Cash hard fork, where the SV chain initially lacked replay protection. Replay attacks occur when transactions intended for one blockchain are unintentionally duplicated on another due to identical outputs existing on both chains immediately after a fork. This can lead to unintentional fund transfers across the new chains if proper measures are not taken. To address this, Poloniex implemented a strategy involving the use of post-fork outputs, or UTXOs, which are unique to each chain after the fork. By including at least one post-fork output in transactions, Poloniex ensured that transactions were only recognized on the intended chain, thereby preventing replay attacks and safeguarding customer funds. This solution was crucial for maintaining the integrity and security of transactions on their platform during the transition period following the hard fork.

Circle Internet Financial announced the listing of USD Coin (USDC) on Bitfinex, one of the largest crypto trading platforms, increasing the number of platforms supporting USDC to over 35 globally. Other exchanges like Bitfinance, BitMax, and Tokenize Exchange have also recently added support for USDC, contributing to its growing adoption across more than 70 exchanges, platforms, and wallets. USDC, a top 30 crypto asset by market cap, was introduced by the CENTRE Consortium, co-founded by Circle and Coinbase, to set a standard for fiat on the internet and promote the global adoption of stablecoins. Circle's USDC service now supports bank transfers in over 75 countries, offering a transparent method for tokenizing fiat currency and redeeming USDC for US Dollars. Users can stay updated on USDC developments via the Blockfolio app, and Circle continues to innovate in the financial sector by enhancing the accessibility and efficiency of money movement.

Poloniex, a cryptocurrency exchange, has announced the availability of institutional trading accounts, offering benefits such as a curated selection of crypto asset trading pairs, dedicated support, and robust API services. Institutional investors can enjoy fee-free trades on BTC/USDC throughout December, along with higher withdrawal limits and professional customer support from a team of Account Managers. The platform aims to cater to the advanced trading needs of institutions by providing a seamless onboarding process and ongoing support for trading activities. Circle, the company behind Poloniex, is focused on transforming global financial transactions to be more accessible and efficient, thereby enhancing economic opportunities worldwide.