A new crypto derivatives exchange that is soon to launch has raised $4.3 million from big names and major investors such as Coinbase as well as the investment firm SV Angel. As the latest cryptocurrency news show, the exchange Blade is scheduled to launch in three weeks’ time.
Right now, the funding and plans are coming by the way of a Tech Crunch report published on August 12. The report further notes that Blade is aiming to provide trading for cryptocurrency based perpetual swap contracts with three new and major improvements.
First, the crypto derivatives exchange will have the perpetuals contracts drawn up using standard and simple contracts. Second, these perpetuals will use Tether’s stablecoin (USDT) for settlement as well as margins. Last, the trades on the exchange can be leveraged up to 150 times their price for any cryptocurrency trading pairs.
As the report explains, crypto perpetuals allow traders to bet on the price of any cryptocurrency with respect to any other cryptocurrency. However, unlike its features, the perpetuals do not have expiration dates. The report further notes that Blade currently provides a listing of their cryptocurrency pairs. The crypto derivatives exchange, as reported, lists seven different trading pairs.
The CEO of Blade, Jeff Byun, was featured on many best cryptocurrency news sites for his statement following the launch. He said:
“In the long term, we want to be the CME of crypto […] Coinbase and Binance are building this foundational structure for crypto, but I think we are too and in a sense that derivatives are at their core about risk transfer, we want to be building the foundational layer for risk transfer in the crypto markets.”
As we previously reported, the major cryptocurrency exchange Bitfinex was in the altcoin news recently for hinting that they might be adding 100x leverage for derivatives trading. The CTO of the company, Paolo Ardoino, suggested this figure in a non-commital Twitter post featuring a simple image and accompanying emojis.
Meanwhile, the cryptocurrency market remains the same with minimal losses on the day. The total cryptocurrency market cap right now is at $294 billion where Bitcoin leads with a price of $11,295 and a 68.6% dominance.
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Lagarde Suggests ECB Has To Set Objectives For Digital Currencies
‘’Are we trying to reduce costs? Are we trying to cut out the middleman? Are we trying to have inclusive finance at no cost? There is a whole range of objectives that can be pursued.’’Lagarde admitted to the increased demand for stablecoins ignoring Bitcoin and referred to the interest shown by the Canadian and British counterparts as well:
‘’My personal conviction is that given developments we see, not so much in bitcoin but in stablecoins projects… we’d better be ahead of the curve because there is clearly demand out there that we have to respond to.’’Last month, the bank was thinking about launching a digital currency and the proposal was a part of the new draft that seeks to ban the high-risk crypto projects. At that time, a target for ECB was Libra and the global digital currency projects developed by some entities such as Facebook which have been repeatedly criticized by European leaders. With a digital currency that will be parallel to the euro, the consumers will have a cheaper means of payment option and this will also have a huge impact on the bank’s fiscal policy. The Central bank will also be able to inject funds into the economy to achieve inflation targets which the ECB left unchanged so far.
Square Crypto Gives Grant To A Talented Network Developer
“ZmnSCPxj has been a part-time contributor to Lightning and C-Lightning for two years. With this grant, he’ll be able to leave behind his day job of 14 years and go full-time on Lightning and bitcoin. This is the first financial support he’s received for his bitcoin work … ZmnSCPxj is well-known for his prolific posts on lightning-dev email lists, ability to analyze and respond to proposals in excruciating detail, and doing both while generating comprehensive proposals of his own.”This grant is another tangible step in the direction of helping the fledging Lighting Network mature. In that manner, 'ZmnSCPxj' will now be able to devote the entirety of their professional focus to contributing to the improvement of the experimental scaling tech.https://twitter.com/sqcrypto/status/1204815615678177280The grant to 'ZmnSCPxj' comes a few months after the Square Crypto team doled out $100,000 in a grant to the BTCPay Foundation, a non-profit organization backing the BTCPay Server project which has recently become something of a darling in the BTC community offering a permissionless Bitcoin payment rail.Square Crypto gives grants and remains a team that is lean, independent and fully open-source. Ran by the CEO of Twitter, Jack Dorsey, the team is determined to shine in the future. As Dorsey stated before:
"The world ultimately will have a single currency, the internet will have a single currency … I personally believe that it will be bitcoin."
BitMEX Exchange Enables Native SegWit Support
“The key advantage of Bech32 addresses is that transaction fees can be saved when spending Bitcoin, which was already sent to a Bech32 address. Therefore this upgrade will not directly result in fee savings when customers withdraw from BitMEX, however in the next transaction, when the bitcoin already withdrawn from BitMEX is spent again, our customers may benefit from lower transaction fees.”The exchange also explains that when spending from an address which is not in the Bech32 format, the user adds around 20 bytes of data to the transaction. The lack of data in the native SegWit transactions saves fees and allows the network to scale and expand more.As analysis shows, native SegWit spending saves about 37% when compared to traditional transactions as well as 17% when compared to non-native SegWit transactions. The next wallet upgrade planned by BitMEX is enabling non-native SegWit support on its P2SH addresses.
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