LG Electronics and Unicorn Could Create Cryptography Companies

The cryptocurrency scene in East Asia could soon host two new Great Success players, namely South Korean mobile telecom provider Toss and electronics giant LG.

According to a Newsway report, Toss is one of three mobile phone companies waiting for a securities trading license from the Financial Services Commission (FSC) in South Korea. The Toss app has about 12 million active users and last year the company got a unicorn. The company’s financial sponsors include PayPal and COME VC in the United States and South Korea.

If the report states that Toss has been approved by the FSC, it is “very likely” that the company will move “into an area that includes investments in cryptocurrency”.

I will submit your request to the FSC on May 30 and the regulator will announce its decision at the end of July. Korea Foss Securities and Cocoa Group’s KakaoPay subsidiary are the other two companies that ask the FSC to handle securities issues. Member of the Government Council of X Klaytn, and it is known that the entire cocoa group is interested in blockchain technology and activities based on cryptocurrency.

1xBit
Meanwhile, LG Electronics is filing a patent on the so-called ThinkQ wallet for an application registered with the US Patent and Trademark Office. The company already offers a wide range of products, smartphones, applications and services. with IoT compatible in your THINQ offer extension as per presentation includes LG products and services recently added to your wallet application:

Cryptocurrency for mobile electronic purse pairs.
Question of the virtual currency.
Provide multiple payment options via customer-managed electronic terminals on the site available in retail stores
Electronic bill payment services.
Yesterday, Cryptonews.com announced the portfolio reported by the Samsung blockchain. You will see a range of new DAPPS for AVAILABLE users of the company’s SMART Galaxy S10 phones.

The company will use its own blockchain platform, Monachain, and will conduct its operations in South Korea. Beginning of the Sayit Blockchain.

As already mentioned, LG is working with a KB bank in Payment Platform, which seems to endanger LG’s jet.

Coinbase Leads the ‘Most Trusted’ Exchanges Ranking, Binance is 8th

By Sead Fadilpašić

Below, is the top 10 “most trusted and reliable exchanges” “for investors and traders who want to identify the best venues for their risk appetite,” ranked by crypto market data provider CryptoCompare.

Today, the company launched its inaugural Exchange Benchmark in response to the problem of wash trading and inflating volume through incentivized trading schemes.

Here is how they have ranked the “most trusted and reliable exchanges”:

  • 1. Coinbase – grade AA, total: 60.30
  • 2. Poloniex – grade AA, total: 59.90
  • 3. Bitstamp – grade AA, total: 59.60
  • 4. bitFlyer – grade AA, total: 57.20
  • 5. Liquid – grade AA, total: 56.30
  • 6. itBit – grade AA, total: 56.0
  • 7. Kraken – grade A, total: 54.10
  • 8. Binance – grade A, total: 54.0
  • 9. Gemini – grade A, total: 53.20
  • 10. Bithumb – grade A, total: 53.10

The ranking components include: geography, legal/regulatory, investment, team/company, data provision, trade surveillance, and market quality. We see that exchanges in the top 10 category have received either AA or A grade, and all are in the 50-59 score range, save for Coinbase that is just above 60, though the differences in scores between an exchange and the one that immediately follows or precedes it is small. While most of these are relatively strong in the investments and market quality categories, certain points have been lacking in the geography and trade surveillance categories.

There are ten exchanges, ranking 101 to 110, that have received the F grade. These are: Upbit Singapore (17.90), Coinroom (17.40), Yobit (17.20),Bit-M (16.90), AidosMarket (16.00), IQFinex (15.10),Ethermium (14.60), CryptoExchangeWS (13.10),LiveCoin (13.00), FatBTC (11.20) – all significantly lacking in the legal category. However, according to CryptoCompare, Exchange Benchmark indicates that the exchanges who got C-F grades have increased market share by 30% in the last 12 months.

Meanwhile, one of the top rated exchanges, the U.S.-based Poloniex, faces a backlash from the community that is unsatisfied with their risk management, and they might even face lawsuits. However, news about the exchange’s problems surfaced in June, while CryptoCompare based its rankings on data collected in May.

Also, following a number of unfortunate events, Coinbase got into the #DeleteCoinbase crisis earlier this year.

Overall, the Benchmark is ranking 110 active spot exchanges globally, “offering investors and traders a comprehensive, granular and reliable source of information on the best trading venues”, according to CryptoCompare.

The ranking methodology is comprised of a combination of:

  • 34 qualitative metrics – due diligence checks consisting of six main categories designed to rate each exchange qualitatively on the basis of the above-stated ranking components;
  • and quantitative metrics – measuring market quality through a combination of five metrics the objective of which is to measure the cost to trade, liquidity, market stability, behavior towards sentiment, and “natural” trading behavior.

Trading volume is not used directly in the ranking, as volumes can be easily manipulated, CryptoCompare concludes, and any untrusted exchange can provide false data.

Finally, “Metrics were categorized into several buckets and distributed fairly,” they explain, “to arrive at a final robust score, ensuring that no one metric overly influences the overall exchange ranking.”

Meanwhile, just recently, it was also reported that only 10 out of 83 cryptocurrency exchanges, analyzed by crypto investment company Bitwise Asset Management, passed a test aimed to show if they were reporting systematically inflated bitcoin trading volumes. Out of the above mentioned exchanges, seven were on the “passed” list to: Poloniex, Bitstamp, BitFlyer, itBit, Kraken, Binance, and Gemini.