Tether’s popular USDt stablecoin is now live on the OMG Network, according to the firm. Plans to add USDt to the OMG Network were announced back in May, and the integration comes at a time in which fees on the Ethereum network have risen exponentially.

Japan has issued its first ever cryptocurrency seizure. Issued by the Tokyo District Court, the seizure consists of $46,000 worth of bitcoin expropriated in relation to a hack suffered by the Coincheck exchange in 2018.

Twelve cryptocurrency exchanges, including bitFlyer USA, Gemini, and ErisX, are now servicing Hawaii residents, as they were approved by the state’s regulatory sandbox, called the Digital Currency Innovation Lab.

Top stories in the Crypto Roundup today:

• Ethereum Network Congestion Pushes Tether to Launch on OMG Network
• Japanese Court Orders Country’s First Crypto Seizure
• Crypto Exchanges Can Now Operate in Hawaii via Regulatory Sandbox

At the time of writing, bitcoin (BTC) is trading at $11,721.02 (-0.63%) with a daily Top Tier volume of $3.42 bn. As for ether (ETH), it is trading at $405.90 (-1.65%) with a daily Top Tier volume of $1.95 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 4,610.30 (-0.65%).

Ethereum Network Congestion Pushes Tether to Launch on OMG Network

Tether’s popular USDt stablecoin is now live on the OMG Network, according to the firm. Plans to add USDt to the OMG Network were announced back in May, and the integration comes at a time in which fees on the Ethereum network have risen exponentially.

The OMG Network can reportedly handle thousands of transactions at a third of the cost of Ethereum, as a layer-two solution for ETH that batches transactions before settlement. In a blog post, Tether wrote:

“The integration [between Tether and OMG Network] will result in a reduction of confirmation times delivering faster payments while fees will be reduced without compromising on-chain security.”

Tether’s USDt is currently the third-largest cryptocurrency by market capitalization, with over $13 billion tokens currently in circulation. Most tokens are circulating on the Ethereum network, making it one of the top three Ethereum “gas guzzlers,” according to Ethergastation.

The OMG Network is also facilitating deposits and withdrawals of USDt on its blockchain via Bitfinex, allowing traders “to react faster to trading opportunities and take advantage of arbitrage more efficiently.”

Japanese Court Orders Country’s First Crypto Seizure

Japan has issued its first ever cryptocurrency seizure. Issued by the Tokyo District Court, the seizure consists of $46,000 worth of bitcoin expropriated in relation to a hack suffered by the Coincheck exchange in 2018.

Authorities have reportedly seized the BTC, which was held by a doctor from Hokkaido and an executive from the Osaka Prefecture, and arrested both individuals in connection with the hack. Both are accused of purchasing NEM tokens stolen from the cryptocurrency exchange in January 2018.

The tokens were stolen in a massive security breach that saw hackers steal $534 million worth of NEM from Coincheck’s wallets, and were then reportedly sold on a darknet market. The exchange’s security was breached after personal computers belonging to Coincheck employees were found to have been infected by a virus associated with Russian hackers.

Crypto Exchanges Can Now Operate in Hawaii via Regulatory Sandbox

Twelve cryptocurrency exchanges, including bitFlyer USA, Gemini, and ErisX, are now servicing Hawaii residents, as they were approved by the state’s regulatory sandbox, called the Digital Currency Innovation Lab.

The sandbox program was launched in March of this year and lets cryptocurrency businesses apply for approval to do business in Hawaii, without obtaining a state money transmitter license for two years.

The state had a rather restrictive cryptocurrency licensing regime compared to others. In 2017, its Division of Financial Institutions asked cryptocurrency exchanges to hold cash reserves equal to cryptocurrency funds held for their customers, a move that saw Coinbase stop serving the state.

Other popular exchanges, including Binance.US, also do not serve Hawaii.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.