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Paxtradings Crypto Minute: February 22, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: February 22, 2018

Coinbase and Bittrex Adopting SegWit to Increase Trading Speeds and Decrease Transaction Fees

According to CNBC, Coinbase and Bitfinex are adopting SegWit, which should reduce transaction fees by up to 20 percent and increase trading speeds across the network. According to Alex Sunnarborg, founding partner at crypto hedge fund Tetras Capital, “the most noticeable changes in the short term should be more efficiency when transacting.”

Globex Bank and CrowdHub Testing Guarantee System for ICO Investments

A guarantee system for ICO investments, developed by Globex Bank, is set to launch testing in Russia in March 2018. The Russian Association of Cryptocurrency and Blockchain (RACIB) and CrowdHub are collaborating with Globex Bank. According to CoinTelegraph, this system makes it possible for ICOs to accept both cryptocurrency through CrowdHub and fiat currency through Globex Bank.

Venezuelan President Claims Petro Pre-Sale $735 Million in First Day

The president of Venezuela, Nicolas Maduro, claimed that pre-sale of the state-sponsored, oil-backed cryptocurrency, Petro, raised USD 735 million in its first day. According to Reuters, “Maduro did not give details about the initial investors and there was no evidence presented for his figure.” Maduro is hoping the new cryptocurrency will enable the country to avoid sanctions from the U.S. as Venezuela’s fiat currency struggles with hyperinflation and a collapsing socialist economy.

First-Ever “Blockchain Week” to Run in New York City from May 11 through May 17

The first-ever “Blockchain Week” will run in New York City from May 11 through May 17. According to Forbes, CoinDesk and the New York City Economic Development Corporation — a non-profit that serves as the city’s job-creation efforts — are organizing it. Blockchain Week’s centerpiece will be Consensus, and it will also include a job fair and hackathon.

Business Insider Releases Article Highlighting Difficulties in Spotting Scam Exchange Sites

In a recent article by Business Insider, journalist Antonio Villas-Boas examined scam exchange sites modeled after Binance and Bittrex. In his analysis, Villas-Boas highlights the more sophisticated methods that scammers have adopted to trick investors into sending money to fake exchanges.

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