Crypto News Updates

Big Tech Player About to Acquire PrimeBit Exchange

According to our sources PrimeBit – a P2P crypto contract trading platform competing directly with BitMEX, Kraken, Deribit, and others – is in the final stages of negotiating a deal with a fintech company operating in the cryptocurrency markets. The name of the investor is to be revealed when the deal is finalized. 

How much is PrimeBit worth? The market leaders BitMEX and Kraken are valued at from $2 billion to $4 billion each. Although PrimeBit is a younger product it has already grown to 40k registered traders. The users can exchange simple linear contracts on bitcoin, ethereum, and litecoin, trading with BTC or USDT accounts. 

An innovative auto-deleveraging system and liquidity solutions allow the platform to offer the market-leading 1:200 maximum leverage on all trading pairs. The majority of traders use PrimeBit WebTrader, while native iOS and Android apps, as well as MetaTrader 5 desktop client, are also popular.

PrimeBit has recently experienced an increase in trading volume thanks to the current cryptocurrency bull market driving bitcoin price up by 45% in less than a month. Additionally, PrimeBit has just concluded a huge promo event Demo Contest, which got substantial traction in the crypto trading community. 

The competition gave PrimeBit also an inspiring proof of concept as the best traders achieved over 15,000% return on investment over four weeks of trading. New traders can learn from the best competitors following their best deals on PrimeBit’s Blog.

The PrimeBit insiders told us that several fintech and crypto companies, as well as venture capital funds, have been interested in buying the platform. One offer is on the verge of being accepted by both sides. 

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.



Source: Bitcoinist News

Crypto News Updates

Kylin Launches Oracles to Protect DeFi Against Financial Data Manipulation

Kylin Network, a platform developing a cross-chain data infrastructure and the Data Economy 3.0, announced the release of decentralized oracles as part of the first applications of its technology for providing the DeFi market with an accurate, reliable, and cost-effective source of external information. 

The oracles developed by the Kylin Network can remove the risks of cryptocurrency price manipulations or inaccurate data by directly connecting to several reliable sources at once, verifying the information received and feeding to DeFi smart contracts on a real-time basis.

This, according to the project’s developers, will protect DeFi smart contracts, which are very dependent on financial data, against price and data manipulations, adding further security and integrity to the foundations of what some are calling the next financial revolution. 

With Kylin’s solution powered by Polkadot, DeFi smart contracts can now read and analyze information from external sources and make accurate decisions based on the data received. For example, correcting prices, issuing loans, or suspending operations.

Kylin Network can be also used by lending services for collecting financial data from different sources like social media and calculating credit scores and loan rates. This, in turn, will enable the creation of a decentralized governance model and risk control mechanism to promote an equally beneficial relationship between borrowers, creditors, and guarantors.

“A smart contract is not smart unless you get the input right. Therefore, the right source data becomes the most critical infrastructure piece before DeFi can grow from an experiment to compete and eat the traditional finance world”, as stated by Kevin Hsu, the former data scientist in Credit Suisse and the Chief Advisor at Kylin. 

Dylan Dewdney, the CEO, continues, “ultimately, our aim is to build Data Economy 3.0; a validated, decentralized data economy that will have far-reaching implications beyond DeFi, we hope. In contrast to data economies like Google or Facebook, there is no centrality, and through game theory and tokenomics we can compel good actors and info rather than the other way around. Powering DeFi is just the first step. We feel we have moved beyond the oracle to an entirely new business model that nonetheless will include oracle-type services”.

While the majority of existing oracles are centralized, and some popular oracles, such as ChainLink and MakerDAO, have noticeable attack surfaces, as they are tightly controlled by insiders, the Kylin Oracle’s fully decentralized solution can be a breakthrough in the decentralized data market.

A system integrating a data economy 3.0 of fully independent oracles makes it impossible to be used by insiders or manipulators and can, therefore, be a perfect data infrastructure for flourishing DeFi Dapps and apps.

The company also says that by building the network of oracles on Polkadot, it managed to make the cost of the use of validated data feeds the lowest in the market, which is essential for driving real usage. 

Kylin is currently integrating partners within the Polkadot universe to help them build oracle features of their parachains and Dapps. The project plans to launch a full-scale DeFi data infrastructure next year, soon after completing a series of smart contract audits and security tests later this year. Over the two-year period, Kylin aims to create a mature data economy and marketplace where DeFi builders and users can easily and effectively coordinate and manage their data needs for a very competitive fee in addition to other use cases.

Source: Bitcoinist News