Line to Launch Own Cryptoexchange

BitBox cryptocurrency exchange won't be available for US and Japanese citizens
28 June 2018   1788

The developer of the Line instant messenger confirmed the information that it will launch a cryptocurrency exchange called BitBox next month. This is reported by TechCrunch.

In January, the company said that it plans to enter the cryptocurrency area with the launch of its own trading platform, but today it specified that BitBox will not be available to users from the US and Japan.

The new site will support 30 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin, and charge a commission of 0.1% for transactions. Line reported that it was taking tokens during the “an extensive screening process” which saw an internal commitment asses what on the market represents “the most reliable and safest trading for users.”

BitBox will be available worldwide, except for the two countries mentioned above, in 15 languages. New platform won't support fiat.

Every month, 200 million people use the Line Messenger. The possibilities of the service are not limited to the transmission of messages. It also allows to listen to music, send payments, etc. Most Line users live in Japan, so excluding Japanese traders will significantly limit the potential impact of BitBox.

Fake Trading Share to Reach 68%, - FTX Global

This figure, however, is significantly lower than what Bitwise's report and the discrepancy is explained by the difference in methodology
04 July 2019   977

The exchange of derivatives FTX Global and Alameda Research conducted a study that estimated the volumes of fictitious transactions (wash trades), presumably prevailing in many cryptocurrency exchanges.

The report says that 68.6% of trading volumes displayed by CoinMarketCap are fake. This figure, however, is significantly lower than what Bitwise Asset Management announced in March.

The discrepancy between the results in almost 30% of the authors of the new study is explained by the difference in methodology. So, FTX Global is sure that Bitwise used an too strict approach to data analysis, which is why a significant proportion of real trading volumes fell into the category of fake ones.

While our methods are not foolproof, we believe they paint the most accurate picture of the true nature of cryptocurrency trading volume that anyone has made publicly available as of yet.
 

FTX Global Team

The Alameda methodology involves verifying the authenticity of data on trading volumes on various exchanges based on six different parameters, including manual verification of information and comparison of order books.

FTX Global Website
FTX Global Website

In particular, the experts found out that some sites provided data on the volumes of foreign exchanges for their own, with a slight delay in time. Other platforms used more advanced techniques - for example, they introduced large fake volumes only against the background of many smaller orders, thus trying to hide the true state of affairs.

The main purpose of these tactics is to raise the platform higher in the CoinMarketCap rating, creating a false impression of its liquidity. It also sometimes allows for the ability to charge a higher listing fee.