18.01.2021

Kraken and Coinbase Among the Cleanest Crypto Exchanges

The report reveals that the cleanest exchanges since its latest report continue to be Kraken, Coinbase, Poloniex, and Upbit. OKEx and Bibox, on the other hand, are the exchanges with the highest rates of wash trading according to the report’s real ranking of the top-40 exchanges. 

The Blockchain Transparency Institute (BTI) has released its latest market surveillance report which states that Kraken and Coinbase are among the cleanest cryptocurrency exchanges in the industry.

BTI cleans wash trading from exchanges’ volumes

On Sept. 19, the Blockchain Transparency Institute published its 5th market surveillance report that verifies reporting of cryptocurrency exchange volumes. The BTI has been publishing reports since August 2018, and through its proprietary algorithm, BTI cleans all wash trading from exchanges’ volumes. The report states:

“Since the start of 2019, global wash trading has reduced by 35.7% among the real Top-40 exchanges. The process of sharing our data reports with many of these exchanges has resulted in enhanced mechanisms for detecting wash trading accounts and shutting them down.”

The BTI report further found that Japan and the United States lead the world in exchanges with accurate reporting. The reports adds:

“This can be due to several factors, the main of which is the legal and regulatory standards in these countries. However, stricter regulatory frameworks do not always produce the cleanest exchanges.”

95% of BTC trading volume fake?

Cointelegraph reported that In mid-March, Bitwise Asset Management also issued a report on Bitcoin (BTC) trading figures. The San Francisco-based index fund provider declared that up to 95 percent of Bitcoin trading volume as seen on CoinMarketCap (CMC) was due to wash trading.
Wash trading is a type of market manipulation where sell and buy orders are simultaneously placed on the same asset to artificially increase trading volume, while giving the impression that the asset is more in demand than it actually is. Wash trading is illegal in regulated exchange platforms.

Largest South Korean Telecom Company Issues Blockchain-Based Local Currency in Busan

The article also noted participants can use the “currency at any store in Busan with a credit card terminal,” although compatibility will reportedly be less common among larger retailers in an effort to encourage spending at smaller local businesses. 

South Korea’s biggest telecom company, KT, just announced the launch of a local blockchain-based currency for one of the country’s largest cities, which will reportedly go live on Dec. 30. 

Local news outlet dongA reported on Dec. 19:

“Dongbaekjeon is a blockchain-based card-type local currency issued by Busan City to revitalize Busan’s local economy and ease the management burden of small business.”

The media outlet listed multiple ways to access the currency, including a Dongbaekjeon mobile app, a bank named Hana and Busan Bank.

Busan’s government inked an agreement with telecom company KT earlier this year in February for the building of the blockchain-based asset set to hit South Korea’s second largest city, media outlet Decrypt detailed in a news report.

Yoo Yong-gyu, KT’s business center director for blockchain, told Decrypt:

“With our know-how of operating a regional currency and blockchain security, KT will work towards establishing Dongbaek Currency and contributing to the growth of Busan’s economy.”

Earlier in 2019, Cointelegraph detailed Busan’s interest in developing a crypto asset in a July article.

KPMG Survey: US Consumers Highly Willing to Use Blockchain Tokens

63% of American consumers perceive blockchain tokens to be an easy form of payment, according to a new survey from “Big Four” auditor KPMG.
VentureBeat reported the survey’s results on Sept. 25, citing an accompanying statement from KPMG’s United States blockchain leader Arun Gosh:

“Tokenization […] provides inspiring new ways to classify value, either by creating new assets or reimagining traditional ones […] Businesses that take advantage of tokenization can open the door to entirely new process improvements, revenue streams and customer engagement opportunities.”

82% would use blockchain tokens in existing loyalty programs

Based on the findings of its survey, KPMG has underscored its belief that blockchain infrastructure can bring significant strategic business value to commerce.

With transparency, immutability and reduced friction broadly recognized as being key advantages of blockchain, there appears to be a high level of consumer receptivity to its innovation, whether or not they are themselves familiar with the ins and outs of the technology.

While only 33% of consumers are “highly familiar” with these defining properties of blockchain-based tokens, 63% perceive them to be an easy form of payment and 55% believe they can facilitate better loyalty reward schemes.

82% of consumers are open to using blockchain tokens as part of an existing loyalty program, with 81% saying they would trust the use of such tokens more readily if they are already signed on to a firm’s loyalty program. 79% of surveyed respondents said they would be more willing to use blockchain tokens if they were proven to be simple – both intuitive and engaging – to use.

Eager acceptance

KPMG’s survey further indicated that for brands within industries where a high level of consumer loyalty already exists, the potential for tokenization to take off is extremely bullish.

These high-loyalty industries were identified as restaurants/fast food/coffee shops (86%), electronics companies (81%), banks and credit card companies (87%) and media/telecom companies (79%).

Cointelegraph has recently published an analysis of recent developments in tokenizing film financing and production, including a new $25 million movie fund from Hollywood actor, director, producer and martial artist Wesley Snipes.

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