25.06.2021

BitFlyer Announces New Cryptocurrency Offerings

One of the oldest crypto exchanges, bitFyler operates out of Japan. Recently it was recognized as a ‘Real-10’ exchange by a Bitwise report to the U.S. Securities and Exchange Commission.

New cryptocurrencies are coming to the European and American subsidiaries of BitFlyer.

According to a release from the exchange today, bitFlyer Europe is adding buy and sell trades for bitcoin cash (BCH), ethereum classic (ETC), litecoin (LTC), lisk (LSK) and monacoin (MONA). bitFlyer USA is adding bitcoin cash, ethereum classic, and litecoin to its trade offering as well.

In the spring report, Bitwise claimed only ten of the top cryptocurrency exchanges–equal to five percent of the market–displayed real trading volumes.

In a statement, co-head and COO of bitFlyer Europe Andy Bryant said bitFlyer is listing the alternative cryptocurrencies to widen the American and European market offerings.

“By adding new altcoins, we are expanding bitFlyer’s Buy/Sell offer significantly, giving our customers instant access to some of the largest and most exciting altcoins in the world”, Bryant said.

New offerings also point toward the exchange standardizing across its various markets, Bryant continued.

“Those currencies were previously only available to our Japanese customers, so we’re also consolidating our offer across regions, building a global platform for traders all over the world.”

For now, alternative cryptocurrencies lisk and monacoin will not be available for bitFlyer USA customers.

Bitfinex Says It Shouldn’t Have to Collect Documents for NYAG During Appeal

China-based RenrenBit, a peer-to-peer cryptocurrency lending and wallet startup, has disclosed it took $600,000 in net income from revenue of $2.3 million in 2019.

The startup, founded by well-known Chinese over-the-counter trader Zhao Dong, who’s also an investor in Bitfinex and Binance, published an unaudited income statement on Monday as part of its commitment to revealing financial data when it raised $21 million in a token sale last year.

In addition, the 35-member team posted an unaudited balance sheet that shows, as of Dec. 31, it was holding about $168 million of customer assets in its wallets, which accounted for 70 percent of its liability.

While the earning numbers may not appear to be significant, RenrenBit’s quarter-by-quarter growth rate is in line with the overall improved crypto market condition in 2019.

The firm reported revenue of $1.4 million in Q4 2019, which is more than four times that seen in Q1. Similarly, it brought home more than $640,000 in profit in the last quarter, after making a net loss of around $175,000 for the first three months of last year.

Founded by Zhao in November 2018, RenrenBit essentially brokers between lenders and borrowers seeking to borrow either Chinese yuan or crypto assets with other digital assets pledged as collateral. The firm makes money by charging around 15 percent of the profits on each loan.

Other than facilitating peer-to-peer lending, RenrenBit also lends from its own capital. As of Dec. 31, the company had about $64 million in outstanding loans on its books.

The startup also offers crypto-to-crypto and yuan-to-crypto spot trading in its mobile app. It emerged as part of the growing landscape of crypto lending businesses in China and worldwide.

In July, Renrenbit conducted a sale of its ERC20-based RRB token, raising $21 million in the US dollar-linked tether (USDT) stablecoin. RRB functions much like Binance’s BNB token, being tradable and also utilized to offset transaction fees on RenrenBit.

Earlier last year, the firm also raised $3 million in a Series A funding round with backing from investors such as Dragonfly Capital and crypto exchange Bitfinex.

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