San Francisco-based cryptocurrency exchange Coinbase has revealed it saved its customers 75% in transaction fees by batching bitcoin transactions since early 2020. The exchange’s announcement comes five months after it rolled out bitcoin transaction batching for both Coinbase and Coinbase Pro.

Bitcoiners and other cryptocurrency enthusiasts have mobilized to raise relief funds for Lebanon following a massive explosion In Beirut that took the lives of over 200 people and is estimated to have caused over property damages of over $15 billion.

The billion-dollar business intelligence software firm MicroStrategy has made a massive $250 billion bet on bitcoin, investing in the cryptocurrency as part of its capital allocation strategy.

Sponsored: On the 10th of August, Binance launched Perpetual Futures contracts margined with Bitcoin and with leverage of up to 125x. The contracts are listed on Binance Futures, one of the leading crypto-derivative exchange, and offers users greater diversification.

 

Top stories in the Crypto Roundup today:

• Coinbase Saved Its Clients 75% in Fees by Batching Bitcoin Transactions
• Bitcoiners Launch Crypto Relief Fund for Lebanon Following Massive Explosion
• MicroStrategy Makes Massive $250 Million Bet on Bitcoin
• Sponsored: Binance Launches Perpetual Futures Margined and Priced with Bitcoin

At the time of writing, bitcoin (BTC) is trading at $11,454.56 (-2.27%) with a daily Top Tier volume of $5.35 bn. As for ether (ETH), it is trading at $380.23 (-2.39%) with a daily Top Tier volume of $1.71 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 4,392.34 (-0.80%).

Coinbase Saved Its Clients 75% in Fees by Batching Bitcoin Transactions

San Francisco-based cryptocurrency exchange Coinbase has revealed it saved its customers 75% in transaction fees by batching bitcoin transactions since early 2020. The exchange’s announcement comes five months after it rolled out bitcoin transaction batching for both Coinbase and Coinbase Pro.

Transaction batching reduces the load on the Bitcoin blockchain by packaging multiple customer requests into a single transaction, instead of creating a new transaction for every single request. Reducing the load on the network reduces transaction fees and confirmation times, and Coinbase claims the savings went directly to its clients.

In total, Coinbase claims it managed to reduce its number of daily transactions by 95%. The announcement reads:

"This transaction count reduction is beneficial for the network as a whole, and should help lower fees for all Bitcoin users.”

The firm also saw a 78% reduction in internal alerts. The post concludes transaction batching “is an incredibly successful feature.”

Bitcoiners Launch Crypto Relief Fund for Lebanon Following Massive Explosion

Bitcoiners and other cryptocurrency enthusiasts have mobilized to raise relief funds for Lebanon following a massive explosion In Beirut that took the lives of over 200 people and is estimated to have caused over property damages of over $15 billion.

A group of Lebanese expats in Europe created the Crypto Disaster Relief for Beirut Explosion fund, and have been spreading the word on social media. The fund has the help of over-the-counter traders in the region, who help fund local non-profit organizations that help people displaced by the blast find food and shelter.

Saifedean Ammous, a Palestinian professor and author who lived in Lebanon for years, is also raising funds for Beit el Baraka, a local non-profit, and for the Lebanese red cross. He reportedly raised “several thousand dollars” worth of BTC so far.

Another local non-profit organization, Kilna Ya3ne Kilna, which means “All for All,” is also crowdfunding using BTC for relief efforts, in a bid to deliver food and hygiene kits to families.

MicroStrategy Makes Massive $250 Million Bet on Bitcoin

The billion-dollar business intelligence software firm MicroStrategy has made a massive $250 billion bet on bitcoin, investing in the cryptocurrency as part of its capital allocation strategy.

The firm announced it bought a total of 21,454 BTC at an aggregated price of $250 million including fees and expenses, shortly after revealing it was considering using the funds to invest in either bitcoin, gold, or silver.

The move is part of its two-pronged capital allocation strategy, which also included the launch of a cash tender off of up to $250 million worth of its class A common stock in a modified Dutch Auction offer. The firm detailed it made the decision to go with BTC over factors affecting the current economic landscape, which it believes are creating long-term risks for its treasury program.

Michael J. Saylor, MicroStrategy’s CEO, said:

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

Saylor added BTC has “emerged as a significant addition to the global financial system, and that the firm recognizes it as a legitimate investment asset that can be superior to cash.

Binance Launches Perpetual Futures Margined and Priced with Bitcoin

On the 10th of August, Binance launched Perpetual Futures contracts margined with Bitcoin and with leverage of up to 125x. The contracts are listed on Binance Futures, one of the leading crypto-derivative exchange, and offers users greater diversification.

The new Bitcoin-margined perpetual product is also the second futures line to be margined and priced using a cryptocurrency, following Binance’s recent categorization to highlight if the contract is margined with a cryptocurrency like Bitcoin or with USDT:

COIN-margined futures contracts

Quarterly Futures: quarterly expiration and settlement, with leverage of up to 125x

Perpetual Futures: perpetual swaps with no expiration, with leverage of up to 125x

USDT-margined futures contracts

Perpetual Futures: perpetual swaps with no expiration, with leverage of up to 125x

Users can improve their margin efficiencies in their trading portfolio by using both COIN-margined quarterly and perpetual futures, as Binance Futures allows users to offset their margin for these two product lines.

Together with a competitive leverage of up to 125x, these customizations provide users greater innovation and diversification in how they trade, backed by Binance Futures’ matching engine which processes over 100,000 transactions per second.

“As Binance Futures approaches its one-year anniversary, we are encouraged by our users’ response to our platform and products. Shortly after hitting an all-time-high of $13 billion in daily futures volume last month, we crossed the $1 billion mark in open interest last week. Our growth has been steady no matter the market conditions, and that is testament to our users’ trust in us. We will continue to return their trust by building the ecosystem’s most innovative and user-centric products,” said Changpeng Zhao (CZ), Founder and CEO of Binance.

 

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