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Chainlink to join Rapid Addition in building blockchain adapter for institutions

Chainlink Labs’ Vince Turcotte told Cointelegraph that they expect digitally-native institutions to be the first to adopt the integration.

Blockchain oracle project Chainlink has partnered with Financial Information eXchange (FIX) connectivity solutions provider Rapid Addition to develop a FIX-native adapter for institutional digital asset trading. 

In an announcement, Chainlink said the adapter would be powered by its Cross-Chain Interoperability Protocol (CCIP), an interoperability protocol with use cases across token transfers, gaming and decentralized finance (DeFi).

According to Chainlink, the collaboration will let banks and financial institutions send messages and engage with a “broad spectrum of tokenized assets.”

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Binance halts Bitcoin withdrawals for the second time in 12 hours

The crypto exchange said it temporarily closed BTC withdrawals due to a “large volume of pending transactions.”

Bitcoin (BTC) withdrawals on Binance have again been temporarily shuttered, with the crypto exchange claiming it was due to a large backlog of pending withdrawals.

Binance tweeted on May 8 that it closed off BTC withdrawals “temporarily” as there was a “large volume of pending transactions.”

It added the transactions are still pending, as its “set fees did not anticipate the recent surge in [Bitcoin] network gas fees.”

The exchange said it was “working on a fix,” and that withdrawals for Bitcoin would be back “as soon as possible." It added it was working to “accelerate the confirmation of all pending transactions.”

Earlier on May 7, Binance also had to temporarily suspend Bitcoin withdrawals, claiming there was an overflow of transactions on the blockchain. It reopened withdrawals over an hour and a half later.

At the time, the Bitcoin mempool had a backlog of around 400,000 transactions waiting to be processed. That's now swelled to nearly 485,000, according to data from mempool.space.

Bitcoin mempool at 2:30 am UTC on May 8. Source: Mempool Space

A mempool is an area where transactions on the Bitcoin network “wait” before being verified by each blockchain node.

Binance saw significant Bitcoin net negative outflows on May 7 with around 175,650 BTC worth around $4.95 billion flowing from the exchange on the day according to data from CryptoQuant.

The price of Bitcoin has also fallen around 3.5% from its weekly high of over $29,700 on May 6, as per Cointelegraph data.

A seven-day chart showing over 175,650 BTC ($4.95 billion) of net negative flows (red) to Binance on May 7 as the price of Bitcoin (black line) dropped. Source: CryptoQuant

Cointelegraph contacted Binance for comment but did not immediately receive a response.

Magazine: Joe Lubin — The truth about ETH founders split and ‘Crypto Google’

Update (May 8, 2:43 am UTC): This article has been updated with additional information from Binance on why it suspended withdrawals.

Update (May 8, 3:35 am UTC): This article has been updated with Bitcoin price data and net outflow data from CryptoQuant.

Prediction Markets Give Trump the Edge on Election Day

An In Depth Look at Bitcoin’s First Chain Split: Satoshi Helps Reverse the Creation of 184 Billion BTC

An In Depth Look at Bitcoin’s First Chain Split: Satoshi Helps Reverse the Creation of 184 Billion BTCSince January 3, 2009, the Bitcoin network has been functional for 99.98662952015% of the time. However, the protocol has had a few hiccups along the way and on a few occasions, the chain split into two. Most people are well aware of the Bitcoin Cash split that took place on August 1, 2017, but the […]

Prediction Markets Give Trump the Edge on Election Day