Crypto Lending Boom, JustLink vs. Chainlink, USD 1m DeFi Bounty + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Crypto adoption news

• Full-service crypto prime broker Genesis said that its lending business added over USD 5.2bn in new originations in Q3, “marking its largest quarter ever by a landslide.” Cumulative originations increased 61.5% from the prior quarter, marking a tenth consecutive quarter of growth and bringing total originations to USD 13.6bn since they launched the lending business in March 2018.
• South Korean commercial bank Shinhan is in talks ahead of a cooperation deal with Korbit, one of the country’s biggest crypto exchanges, as part of plans to roll out crypto custody services. Per DDaily, the deal would see the exchange and the bank work with an unnamed group of tech company partners to create a joint-venture firm to handle crypto custody, with Korbit set to hold 30% of the shares in the new firm, Shinhan 25% and the remaining 45% to be distributed among the other partners.

Blockchain news

• Tron (TRX) Founder Justin Sun announced that JustLink, “the oracle answer for Chainlink on Tron,” is now live. It can feed feed smart contracts with real-world data, including but not limited to lending prices, stablecoin exchange rates, derivative prices, market estimations, according to the announcement.
• Beijing city authorities have unveiled a new blockchain-powered food traceability platform that they said will go live this weekend. Per a report from China Email, the Beijing Municipal Administration’s markets supervisor has led the construction of the new platform, which will make use of blockchain and Big Data technology to boost the traceability of imported refrigerated and frozen meat and seafood products that pass through or are sold in the Chinese capital.

DeFi news

• Recently attacked DeFi project, Harvest Finance said it has increased its bounty for tracking down the attacker and returning the funds to USD 1m. The team said that during the attack they lost USD 33.8m, which had corresponded to approximately 3.2% of the total value locked in the protocol at the time before the attack.

Regulation news

• Yoshitaka Kitao, the CEO of the Japanese financial group SBI, has claimed that Japan is the “most promising candidate” nation for Ripple’s new headquarters if the American company follows through with its threat to exit the USA. Ripple has warned it may leave due to its home nation’s “woefully lacking” crypto regulation policies. Kitao was speaking in a video address to press representatives this week, which was broadcasted on SBI’s official YouTube page. Kitao is a Ripple board member and SBI co-runs the joint SBI-Ripple Asia network. He has remained bullish on all things XRP-related, and has even handed out XRP tokens as part of benefits packages for shareholders and new account holders. Ripple has recently suggested it could relocate either to Japan or another location such as the UK or Singapore.