There are tons of news that surround cryptocurrency every day. Most of the information is about Bitcoin; however, other crypto assets are mentioned as well. Here, we will present to you, the most important crypto news that occurred this week. Keep reading to find out more information on the subject.
There are a lot of crypto related events that happen daily in the world. This article will cover the most intriguing ones that happened during the past couple of days. First we are going to mention the new services that Blockchain.com offers to their customers. Next, we have to share our thoughts on the fact that Youtube are holding their ground when it comes to the Crypto Ban. Last but not least, we are going to speak about Bitcoin and whether it will join the DeFi revolution at some point. As always, more information about crypto can always be found on this website.
Blockchain.com Offers Crypto Lending Services to All Clients
Amid the ongoing growth of the cryptocurrency lending industry, major crypto wallet service Blockchain.com launches a new lending product for all users, not just institutions. The new lending product from Blockchain.com is called Borrow. It gives clients a way to borrow Paxos Standard stablecoins for Bitcoin directly from the platform’s native cryptocurrency wallet. Once the service is launched, it will support only PAX loans against Bitcoin. However, Blockchain is planning to expand the service further in the near future. PAX is one of the major US dollar-pegged stablecoins. As a matter of fact, it’s only second to the biggest one known as Tether. As of press time, PAX is ranked the 33rd-largest cryptocurrency by market capitalization, which amounts to around $266 million
Based on the information above, it’s clear why Blockchain picked this crypto asset and paired it against the Bitcoin. Allowing a lending service between two widely popular crypto coins (with Bitcoin still at the top) will increase it’s popularity. Peter Smith, the CEO and co-founder of Blockchain.com had some thoughts to share. He outlined that the new development significantly expands the set of services offered to the firm’s users. According to him, this new service will increase the amount of USD on both sides of the crypto market. Among other things, he said:
“Institutional and retail investors have the same financial goals — grow wealth and manage risks — but the tools at their disposal are vastly different […] Now, with our suite of trading products and Borrow, retail users can trade like the big guys without selling the crypto they’ve stockpiled or leaving their Wallet.”
YouTube continues Crypto Ban
Several months ago, YouTube wrongfully deleted a crypto based video. Their action led to a major reaction from all crypto users. Eventually, YouTube were so worried about the bad press, that they retracted their decision. At the end of the day, they apologized for “being wrong” and the video was returned. However, YouTube also claimed that they will start to ease off with the crypto bans. During the past couple of days, we saw that their statement was far from the truth. Ivan on Tech, a crypto programmer, tweeted that YouTube deleted one of his videos on March 9. The Moon, a technical analyst and news reporter, said the content platform deleted one of his compositions on March 10.
Numerous crypto YouTubers suffered bans and strikes near the end of 2019, including Chris Dunn, Crypto Beadles and Altcoin Daily. Chris Dunn noted that YouTube banned his channel for “harmful or dangerous content” and the “sale of regulated goods.” Ivan on Tech was actually the person who got YouTube to retract their action back in 2019. His video was deleted and then returned as YouTube claimed they made a mistake. However, as we can see, their crypto purge is still active. “The crypto purge is STILL HAPPENING, & this is the second time I have to deal with this,” The Moon said in a tweet. Additionally, YouTube is not the only place where these crypto bans occur. In a different category, BNP Paribas bank also put out a crypto-related ban recently, blocking its customers from transferring crypto to Coinbase.
Will Bitcoin Join the DeFi Revolution?
As of early February, more than $1 billion U.S. dollars of assets reside in decentralized finance protocols called DeFi protocols. They offer crypto holders sophisticated financial tools that were unavailable to them in the past. However, the rapid evolution and speedy adoption of DeFi has left some observers wondering about the ecosystem’s future. The reason for the skepticism is the fact that Bitcoin is still not a part of DeFi. Bitcoin is the first and most popular crypto asset. At the moment, it has no DeFi support at all. It’s hard to believe that this revolution can be successful without Bitcoin. However, there are several good reasons why this hasn’t happened yet.
The Bitcoin blockchain suffers limitations in terms of speed and transaction fees. This is quite normal though, because it was based on older technology. Nevertheless, people are trying to improve this blockchain as much as possible. However, Bitcoin is not agreeing with a lot of these changes. They opt to create the safest cryptocurrency out there. How speedy the transactions are is not their priority. For that reason, people started working on cross-chain solutions. One such protocol, Wrapped Bitcoin, has many strengths, but still requires third-party-intervention and Know Your Customer checks for its users. While some may accept these tradeoffs as necessary for doing business, others will conclude that such concessions are overly centralizing and contrary to the spirit of crypto.
Is a Bitcoin DeFi possible?
The advent of Bitcoin DeFi requires would-be users and supporters to face some difficult truths. The first truth is that, although some technologies are more robust and less compromised than others, it’s likely that any technological solution to the impasse will require trade-offs. Basically, having a Bitcoin DeFi will make the service more centralized. The whole purpose of Bitcoin is to decentralize the financial system around the world. For that reason, a Bitcoin DeFi is not possible at the moment. However, it’s being worked on and it will definitely become reality at some point in the future.
Tune in Next Week!
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