The crypto markets are generally in the red, but Loopring (LRC) has overcome the generally downward direction to be trading at $0.70 and up 4.98% in 24 hours. The reason for this good performance amidst the general decline in the crypto markets is the announcement that LRC is now available for trading on the popular South Korean exchange, Bithumb.
The announcement was made by the founder of the Loopring Foundation, Daniel Wong.
In the medium post, Mr. Wong had this to say about the listing:
“Loopring’s protocol token on Ethereum, LRC, was just listed by Bithumb, the 6th largest crypto-exchange world-wide. Thank you, Bithumb.”
Bithumb is one of South Korea’s most popular exchange and this is evident it its daily trade volume. At the end of 2017, the site had a daily turnover of approximately $1.3 Billion. That level has since declined in tune with the general decline in the markets, and currently has a daily trade volume of $789.5 Million at the moment of writing this. Bithumb is currently ranked 6th on coinmarketcap.com and according to exchanges that charge trading fees.
The other South Korean exchange that is currently doing more in terms of daily trade volume, is Upbit which is ranked fifth on coinmarketcap.com. The exchange has a daily trade volume of $982 Million.
The listing of LRC on the exchange adds to the much-needed liquidity of the token for trade in the crypto-markets. LRC is now available in 32 exchanges. This is impressive on an individual token level but considerably lower when compared to The King of Crypto, Bitcoin, that is available in 400 exchanges.
Loopring is a token, a protocol as well as a decentralized automated execution system that trades across the crypto-token exchanges, shielding users from counter-party risk and reducing the cost of trading. It does this by pooling the liquidity of cryptocurrencies possessed by users on the platform and breaking orders into smaller pieces that are placed across all market venues simultaneously. It identifies the best exchanges and times to trade hence optimizing trading results.
The protocol is able to do this since it is blockchain agnostic. This means that it can integrate with any other blockchain protocol in the crypto-verse. It is based on the Ethereum ERC20 protocol, making it easier for tokens created on the same ERC20, to be easily traded using Loopring.
The project and token are relatively new in the Crypto-verse. Evidence of this can be seen on the token’s price charts that only date back to August last year. An updated whitepaper is now available on the Loopring website.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…