Track market-moving stories before they get noisy

Posted: March 5, 2020

Bitcoin was the only cryptocurrency back in 2009. Today, there are a total of 5,164 cryptocurrencies. To say that the cryptocurrency market has grown is, therefore, an understatement.

With new coins being developed every day, two major exchanges based in South Korea namely, Bithumb and Upbit, have started delisting coins left, right, and center.

According to a recent report, Upbit has delisted or suspended about 17 coins already in 2020, with 7 tokens delisted by Bithumb as well.

One of the major reasons for such a mass delisting was the lack of communication between the exchange and the token developers. A representative from the Upbit team stated,

“Due to difficulties in communicating with the project’s tech team, there might be problems related to tech support. Liquidity is small, making the coin/token vulnerable to price manipulation. Therefore, to protect the investors, an investment warning has been issued.”

Bithumb released a similar statement after the exchange announced that it had flagged Populous and Cybermiles as “investment warning cryptocurrencies,” with regards to their own exchange policy.

Previously, Binance had also delisted several trading pairs, with the number rising to 30 in September 2019. The exchange had then argued that it was de-listing certain pairs to improve liquidity within the platform, while improving user trading experience. Hence, the act of removal or delisting isn’t new to the ecosystem.

Delisting of coins- necessary act amidst regulations?

According to the cases cited above, quality control has been a top priority for exchange platforms in 2020. The exchanges have developed and are now strictly adhering to policies meant to protect investors and the credibility of crypto-assets.

And, many of these policies actually make sense. Consider this – Exchanges like Upbit and Bithumb can review crypto-assets for potential delisting if there are questions to be raised about its exposure to the market or there are allegations of market manipulation. There are other reasons too, such as the lack of real demand and volume in the market.

These reasons make sense because they lend a degree of institutional credibility to these exchanges. I mean, would you trust an exchange that continues to list a questionable asset?

Many argue that this is a positive move as many of these crypto-assets are unlikely to raise collective demand. It is not important to have 1000 different assets, 1000 assets out of which half of them will be illiquid. Such a step, therefore, is crucial towards improving the general mindset of the people towards the cryptocurrency space.

In fact, such steps have been accelerated by the G20 adopting the Financial Action Task Force’s new crypto-asset guidelines, adoption meant to make sure that investors are not exposed to scam tokens which may affect the credibility of digital assets and exchanges as a whole.

With Hong Kong, Switzerland, and Japan already abiding by FATF’s guidelines, the filtration of coins by these exchanges is a move in the right direction. 5000 coins is already a number too big for such a niche financial sector, hence, rooting out the redundant tokens can be beneficial in the long-term.

A view of the Renzo Barbera Stadium redevelopment project in Italy.

Populous

Soccer has played on the grounds of Italy’s current Renzo Barbera Stadium since 1932. The historic site will get a complete remake thanks to the newly released designs from Populous, meant to turn the historic stadium into a multifunctional venue capable of hosting top-level international soccer and UEFA competitions along with major concerts and cultural events.

As the home for Palermo FC, the stadium was originally completed in 1948, designed by architect Giovan Battista Santangelo, and has undergone renovations in 1984—that included the construction of the second tier—and ahead of Italy hosting the World Cup in 1990. The next iteration will be a complete remake of a space currently seating just over 36,000 fans.

Populous said the seating bowl design will bring spectators closer to the pitch and include fully covered seating terraces. New hospitality and fan areas, expanded food and beverage offerings and dedicated event spaces will lead toward a higher standard of comfort and safety for a stadium design meant to function throughout the year. “New public spaces, services and amenities will strengthen the relationship between the stadium and its surrounding neighborhood,” according to the architect, “helping to generate social interaction, a safe activation and a renewed urban identity.”

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Still, the new design is meant to preserve the legacy of the site. The redevelopment of Renzo Barbera Stadium will look to maintain its relationship with Favorita Park and the views of Monte Pellegrino, while adding contemporary elements to the fan experiences and offering a fresh sight line for spectators inside the seating bowl.

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“The new stadium is a clear statement of the club’s ambition and its commitment to its fans and the people of Palermo,” says Silvia Prandelli, senior principal at Populous Italia. “The project will create a new destination for the city, fully integrated with local transport infrastructure, that will serve the community and benefit generations to come.”

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The unveiling of the first designs follows Palermo FC’s submission of the required documentation to the Sicilian Region, confirming the club’s commitment to the project as it moves through the regulatory process.

Palermo FC fans inside Renzo Barbera Stadium.

Populous

The redevelopment will feature integrated photovoltaic systems, resource-efficient technologies that include rainwater recovery, and improved pedestrian, cycling, public transport and electric vehicle access. The landscaping around the stadium will also get updated with permeable surfaces.

Along with the new venue, the project includes an adjacent facility serving as Palermo FC’s headquarters. This structure will house offices, a museum and dedicated spaces for supporters and guests.