RIYADH: Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Tuesday, falling by 1.57 percent to $47,115.50 at 9:16 a.m Riyadh time. Ether, the second most traded cryptocurrency, traded at $3,237.88, up by 2.51 percent, according to data from CoinDesk.
Despite losing momentum after weeks long rally; the cryptocurrencies are fast gaining acceptability with different financial players announcing plans to adopt different digital currencies.
Cryptocurrency exchange KuCoin announced that it registered more than 2 million new users in the second quarter, an increase of 1,144 percent over the previous quarter and 709 percent more than Q2 of 2020.
It said that the average daily transaction volume for KuCoin grew by 791 percent to $4.3 billion, with more than half of traders using its mobile app.
Although the number puts it below Binance, Coinbase, Huobi Global, and FTX, it is still among the largest cryptocurrency exchanges in the world.
In view of meeting the increasing demand, KuCoin launched local services in the region. Latin America saw the largest growth in new users at 172 percent compared to Q1 followed by Africa 130 percent, and Asia 67 percent.
Standard Chartered International Banking Group (SC) and Hong Kong-listed fintech services company Linklogis Inc. are creating Olia, a blockchain-based trade finance platform.
The Olea platform will focus on connecting institutional investors to businesses that require supply chain financing by leveraging blockchain technology and artificial intelligence, according to a press release issued on Monday.
The platform also aims to give investors access to investment options to obtain returns in line with their risk profiles and seeks to be operational by the end of 2021 as it awaits regulatory approval.
Nasdaq-listed crypto miner The9 has announced that it is entering the NFT space, with a “trading and community platform” to launch in Q4.
The Shanghai-based company said in a press release that the platform, dubbed NFTSTAR, will display artworks by international celebrities in sports, entertainment, the arts and other industries.
According to the owners of Dolle Mol cafe and bar in central Brussels, they have started accepting cryptocurrency as a payment option.
