On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
A recent study unveiled that top-tier cryptocurrency exchanges increased their market share since October 2020, in the context of lower-risk exchanges. The bitcoin bull market fueled that both retail and professional traders utilized such risk, data shows.
Stricter Regulations Boosted Transparency Levels in Crypto Exchanges
Per information from crypto market data provider cryptocompare.com, top-tier crypto exchange gained 13% market share from October 2020 to January 2021. In fact, it increased from 61% ($347 billion) to 74% ($1.41 trillion).
But the study — which covered over 160 exchanges — clarified the following about the market share’s proportion:
Based on the most recent ranking update, the proportion of Top-Tier exchange volume in Jan 2021 would be 88% to reflect the increase in the number of Top Tier exchanges meeting the minimum threshold – 68 in July 2020 vs 76 in current update.
Cryptocompare highlighted that exchange’s standards “improved” as regulatory requirements toughened to meet anti-money laundering (AML) compliance. Also, they praised that crypto exchanges increased their transparency in terms of data provision.
The research backs up its statement by showing that 44% of the surveyed exchanges “offer the ability to query full historical trade data via a public API endpoint.”
Improvements Seen in Security
In terms of security, the crypto market data provider pointed out “fewer hacks” in the last year:
20% of exchanges state that they hold more than 95% of crypto in cold wallets (vs 15% in July 2020). 1% of exchanges have been hacked in the last year (vs 4% as of July 2020). 18% of exchanges use a third party custody provider to store user assets, up from 12% in July 2020 and 9% in our Q4 2019 Benchmark.
Funds’ security was also another topic discussed within the study. According to Cryptocompare, 9% of crypto exchanges formally offer some form of insurance. Moreover, 37% of the surveyed exchanges hold a legal license to run the business.
What do you think about the study’s findings? Let us know in the comments section below.
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