Apollo Currency Surprises By Declining HitBTC Listing

Cryptocurrency exchange HitBTC has come under fire recently with various reports of unscrupulous dealings. In light of the exchange’s reputation, the currency, Apollo's leadership has declined a potentially lucrative listing on one of the world's top exchanges, announcing via a Tweet:

It has been confirmed that we will be listed shortly on @hitbtc, however, after much deliberation and for the security of our community we have decided to refuse this listing. Our decision is based on an overwhelming number of fraud allegations brought to us by users on HitBTC

Following the announcement, leader of the McAfee Alliance John McAfee, a cryptocurrency advocacy group working to unify players in the cryposphere,  sounded his approval and support for the decision on Twitter:

McAfee also urged his followers to join the boycott of the HitBTC exchange, posting a video statement encouraging more transparent exchanges to list Apollo Currency on their platforms.

It is commonplace for exchanges to charge newly-minted cryptocurrency projects an exorbitant amount of money to be listed, in some cases the exchanges don't even list the digital assets. HitBTC has in the past been reported by a number of currencies for what they claimed were extortionate practices. As a member of the McAfee Alliance, Apollo Currency, though approved for listing on the exchange opted to decline the listing in the process giving up their $400,000 deposit.

Apollo has reportedly also had difficulties with another cryptocurrency exchange, KuCoin.

With the current speculative climate in the digital assets market, the number of cryptocurrency exchanges an asset is available on the more exposure it enjoys, and by virtue of that, the higher the chance it has of it's value increasing. This paradigm puts many projects at the mercy of exchanges, which, in some cases, puts the project as risk of being squeezed for money.

Apollo Currency's decision to forego the listing undoubtedly sets a new precedent for the digital assests market and it remains to be seen the extent to which these developments will harm the exchange’s reputation.

Cardano (ADA) on Fire: Surges Above $0.10 to Get Into Top 6, Up 206% in 2020

At 16:00 UTC on Friday (July 3), shortly after IOHK, the company developing the Cardano (ADA) protocol, announced a custody agreement with Coinbase, the price of the ADA token went over $0.10 for the first time since October 2018, thereby making ADA the sixth most valuable cryptoasset by market cap.

Yesterday, on day two of the two-day "Cardano Virtual Summit: Shelley Edition", IOHK Co-Founder and CEO Charles Hoskinson announced that from Q4 of this year, Cardano blockchain users would be able to store their ADA holdings at Coinbase Custody "without losing the ability to delegate their stake."

On Tuesday (June 30), IOHK announced that the Shelley codebase had been released to Cardano’s mainnet (but note that the actual hard fork is not expected until around July 29):

Hoskinson had this to say about his company's agreement with Coinbase Custody, which "operates as a standalone, independently-capitalized business to Coinbase, Inc.":

"With Cardano, we believe we can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.

"This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ada holders, without sacrificing what makes Proof of Stake blockchains special - being able to participate in the network.

"We look forward to this partnership with Coinbase, and to continuing to bring cryptocurrencies closer and closer to mainstream adoption."

As for Sam McIngvale, Head of Product at Coinbase Custody, he said:

"We have been following the success of the Cardano incentivized testnet, with over a thousand registered stakepools during the testing period.

"We are pleased to have been selected as the custodian and we’re proud to be a full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.

"The ability to successfully operate within a regulatory framework is essential for the long-term survival of cryptocurrencies.

"We are overseen by the same regulators, and held to similar capital requirements and audit requirements as a traditional financial custodian, which removes many of the perceived barriers to global acceptance of crypto."

IOHK's announcement was made just before 14:00 UTC on Friday (July 3). By 16:00 UTC, the ADA price had broken through the $0.10 resistance level for the first time since October 2018.

Currently (as of 07:34 UTC on July 4), Cardano's token is trading at $0.1003 (up 6.94% in the past 24-hour period), which makes it the sixth most valuable cryptoasset by market cap:

24 Hour CC Chart for ADA-USD on 4 July 2020.png

So far in 2020, Cardano's ADA has gone up over 206% vs. the dollar.