Estonia-based cryptocurrency exchange BitBay went offline for almost two hours on Monday without explanation.
According to a tweet posted by BitBay on Oct. 12, the exchange went down at approximately 4:28 PM (UTC) today before resuming trading at 6:10 PM. BitBay posted an update before it had resolved the unnamed issue, announcing its plan to launch the platform with “the blocked possibility of transaction processing.” Users had 30 minutes to cancel offers posted on the exchange shortly before it went offline.
This incident is BitBay’s second unscheduled outage in 2020. In March, users were unable to trade for more than 18 hours after the exchange said it struggled with a “network problem” resulting from its “external service provider.”
The shorter outage time today resulted in far less concern on social media than the episode earlier this year, but at least one user referenced BitBay’s network issues in March.
“Are you guys playing with your investors’ emotions?” said Crypto Twitter user Binod Kumar. “It’s still not working.”
BitBay claims to have an annual volume of 547,000 Bitcoin (BTC), or roughly $6.4 billion at the time of writing.
Aztec launches private smart contracts as Ethereum rollup – securebitcoinnews
Aztec, a privacy protocol developing on Ethereum, announced on Monday the launch of its second iteration, promising private transactions and smart contracts while being cheaper than standard transfers.
The layer two solution adopted by Aztec relies on zkRollups, similar to Loopring or ZkSync. All these protocols rely on zero-knowledge proofs to help Ethereum, scale but come with different benefits and focused use cases.
Loopring focuses on the decentralized exchange experience, while ZkSync aims to be a generalized layer two protocol that could boost Ethereum’s transaction throughput.
Aztec, in comparison, makes a heavy focus on privacy while still allowing a certain degree of scalability. The team says that the rollup can reach 300 transactions per second while allowing shielded ERC-20 token transactions and private interactions with decentralized finance protocols. Users would be able to trade on Uniswap and other exchanges as part of a pooled contract, similar to how it works in Incognito, a cross-chain privacy protocol.
The stated throughput is a far cry from potential figures on other zkRollup solutions, but it is still well above Ethereum’s maximum theoretical throughput of 40 transactions per second. As Cointelegraph highlighted earlier, privacy always carries a performance cost.
One of the innovations introduced by Aztec is Noir, a private smart contract language. This could let developers send private transactions and use on-chain cryptographic routines while benefiting from privacy. The rollup also features social recovery by default and has several usability benefits like human-readable accounts.
The network is currently live on the Ropsten testnet, though no indications were yet given as to its mainnet release.
Layer two technologies are often seen as the next step in Ethereum evolution, allowing to carry some of the burden off the main network while sharding is still being developed.
Competition is fierce in this segment, with the first solutions like OMG Network’s Plasma having reached production. Smart contracts on layer two, which could help DeFi scale, have still largely eluded developers. Solutions like Optimistic Rollups and some types of zkRollups are poised to solve that problem, but are still relatively far off from a full launch.
OKEx Adds ETH Dashboard on skewAnalytics
OKEx, the popular crypto spot and derivatives exchange has taken another step towards further enhancing the platform’s transparency by making Ether trading data available on skew. Having partnered with skew earlier this year to launch its own dedicated skewAnalytics dashboard, the platform is now offering market data including trading volumes of ETH futures, perpetual swaps and options alongside previously listed Bitcoin dashboard. By doing so, OKEx has become the first exchange to provide real-time data analytics dashboard for Bitcoin and Ether derivatives on skew.
Since entering into a partnership with skew in May, OKEx has added 2 dashboards, 10 additional advanced charts and in-depth metrics for traders. Currently, users on skew can conduct a range of market analyses including BTC futures aggregated open interest, BTC perpetual swap price vs Spot, BTC options open interest by strike and BTC options open interest by expiry. Moving forward, all these analytical capabilities will be available for ETH markets as well.
Commenting on the new development, Director of Financial Markets at OKEx, Lennix Lai said, “We’re very pleased to advance our fruitful partnership with skew, as the most trustful source of crypto derivatives trading data, and we continue to share the same values when it comes to promoting industry transparency.”
Skew is considered as one of the leading sources of reliable and trustworthy crypto derivatives market data among the trading community. Known for its objective, timely and detailed information, skew is preferred by individual and institutional traders alike, and also cited by world-class financial media outlets like Bloomberg on occasions while covering crypto markets. The inclusion of OKEx markets on such a platform stands as proof of the platform’s standing in the industry. The platform may add more features to its skewAnalytics dashboard in the near future to cater to a wide range of crypto assets and audiences alike.
“As with our Bitcoin dashboard and the inclusion of more complex analytical charts, we will be helping traders understand how to interpret the information on the Ether markets by publishing an in-depth guide that makes the charts useful rather than intimidating and helps them at the time of making their trading decisions,” added Lai
Meanwhile, in order to familiarize traders with the skew dashboard, OKEx VP of Financial Markets Quentin Issele, along with Lennix Lai and skew’s CEO and co-founder Emmanuel Goh organized a fireside chat last week. The topic of the event focused strongly on crypto derivatives trading and analysis.
Access OKEx ETH dashboard on skew at – https://analytics.skew.com/dashboard/okex-ether
It appears that Bitcoin investors are not fazed by the prospects of a move lower …
Gemini Exchange To Work With Licensed UK-Based Crypto Payment Processor
Gemini crypto exchange, the Winklevoss twins’ platform is reportedly continuing to consolidate its regulated services for clients based in the United Kingdom. Gemini is now streamlining fiat currency wire transfers for the British clients.
On October 12, Gemini unveiled its partnership with BCB Group. The Group is a European crypto-focused payment processor that currently works with major platforms like Bitstamp, Coinbase, and Galaxy Digital.
BCB Group mainly focuses on institutional payments services and provides business accounts and cryptocurrency market liquidity for “crypto-engaged” financial institutions. The Group’s main subsidiary was officially approved by the Financial Conduct Authority working as an authorized payment institution (API) earlier this 2020.
Working with BCB is intending to offer Gemini’s clients in the United Kingdom with quicker and easier options for receiving and sending British pounds. Gemini exchange will link to BCB’s API which will simplify the exchange’s interactions with different banks and fiat currencies. In turn, it will reduce the need for manual intervention in transaction processing.
Blair Halliday, Gemini’s chief compliance officer for Europe, said:
“The development will help Gemini secure access to real-time settlement infrastructure, enabling us to integrate with our banking partners.”
A spokesperson for the exchange told reporters that Gemini’s UK users can make pound deposits and withdrawals through the Faster Payments scheme, CHAPS, and SWIFT transfers, and linking their debit cards to Gemini accounts:
“Our integration with BCB Group’s API specifically enables us to streamline the steps involved in processing these wire transfers into and out of customer accounts.”
Gemini expanded to the United Kingdom in 2020, where it has been already approved as a registered cryptocurrency asset firm by the FCA. It complies with Anti-Money Laundering and Counter-Terrorism Financing obligations. It has also been granted an Electronic Money Institution license in the country.