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Ethereum Blockchain Processes Over $23bn in Transactions Over the Past 24 Hours

Comparing different blockchain-based ecosystems usually makes no sense whatsoever. It feels like comparing apples to oranges and grapes. In the cryptocurrency world, however, there are some interesting metrics worth keeping an eye on. Over the past 24 hours, it seems the Ethereum blockchain helped transfer just over $23bn. This is almost as much as Bitcoin, BitcoinC ash, Litecoin, Dash, BTG, and ETC combined. An interesting development, although not all blockchains can be traded in this regard.

Every blockchain is capable of processing transactions and moving financial value from one user to the next. In the cryptocurrency world, that is a requirement to ensure the network has any value at all. Ethereum has suddenly become a very popular solution to transfer value. So much even that it processes almost as much value as six other top cryptocurrencies combined. Whereas many people assume Bitcoin is the king of the hill, that is not the case in this regard. An interesting development, although it’s important to put things into perspective.

Another Good day for the Ethereum Blockchain

More specifically, Ethereum’s value transfer doesn’t pertain just to ETH transactions. It also includes all of the ERC20 tokens issued on this blockchain. That means the numbers are skewed a bit, although not by all that much. The key factor is how this blockchain handles $24bn worth of volume over a 24-hour period without too many problems. Bitcoin, on the other hand, is still more expensive and a lot slower, even though it remains very popular. Ethereum’s value transferred in the past 24 hours is bigger than Bitcoin’s, which is not all that uncommon.

However, when adding the value transferred by other blockchains on top of Bitcoin’s, it’s not much higher than Ethereum’s throughput. For many people, this is a key indicator of how Ethereum will overtake Bitcoin at some point. Such a scenario is not entirely impossible, although it may not happen anytime soon either. Comparing the value transferred over individual blockchains is always a snapshot at an opportune time. These statistics can look very different a day or week from right now, for all we know.

As such, it is difficult to draw any conclusion based on this fortunate snapshot. The demand for Ethereum-based value transfer solutions is certainly there. It’s cheaper to use, works better, and is faster. At the same time, it also encompasses a lot of tokens rather than Ether itself. How all of this will play out in the future is impossible to predict right now. With proper scaling, this blockchain will certainly become even more popular in the coming years.

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Winklevoss’ Gemini Crypto Exchange Exploring The Lucrative UK Market

While it may not compete with Binance as the largest exchanges in the world, Gemini crypto exchange is certainly among the most renowned. Founded and led by Tyler and Cameron Winklevoss, the exchange has recently had its stablecoin approved and now, it’s eyeing the UK crypto market. According to sources familiar with the matter, Gemini has already hired consultants to advise on the move to the U.K. With London being the European financial capital, the move will give Gemini a great boost in its global expansion especially in the wake of aggressive European expansion by some of the largest crypto exchanges. Targeting The U.K Market Gemini Trust Company has already hired consultants to advise on its entry into the U.K market, the Financial Times reported today, September 24. Citing two sources familiar with the process, FT reported that the exchange, which was founded in 2014, intends to set up shop in the U.K as it seeks to get its piece of the European market. According to the sources, Gemini is also close to filing an application with the U.K financial markets regulators. In the U.K, the Financial Conduct Authority (FCA) has been the most involved in the crypto sector despite lacking the full legal mandate to properly police the industry. In moving to the U.K, Gemini will be competing with San Francisco-based giant Coinbase which has continued to stamp its authority in the European markets with several key moves. Just three weeks ago, Coinbase announced that it had launched support for four new British Pound-altcoin trading pairs. The new trading pairs are meant to consolidate its position as one of the most convenient platforms to purchase crypto with fiat in the U.K. Coinbase also announced last month that it would integrate GBP support into its platform, giving its clients the ability to make same-day deposits and withdrawals. Coinbase has also applied for and received an e-money license from the FCA for its fiat operations as well as partnered with Barclays bank to facilitate easier payment to U.K clients. The U.K crypto market has been largely loosely regulated, with the FCA being the only organization that has made steps to enforce order in the industry. However, this could all be changing soon with U.K MPs urging the government to stamp its authority in the sector to protect investors from fraud and to prevent money laundering. In a report submitted to parliament last week, the MPs urged the FCA to take the lead in regulating the industry “as a matter of urgency.” While most countries have sought to formulate new laws to encompass the new asset class, the MPs advised against it, stating that “bringing crypto-assets into the scope of existing regulation, rather than creating a new framework specifically for the assets, would be the quickest way of doing this.” The report further urged the government to crack down on crypto exchanges in line with new EU anti-money laundering regulations and impose greater KYC requirements. Gemini’s move into the U.K will give it a big boost and could push its daily traded volume significantly higher from the 61st position it currently holds in global rankings. The post Winklevoss’ Gemini Crypto Exchange Exploring The Lucrative UK Market appeared first on NullTX.

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