The institutional interest in crypto is increasing as we speak – but the situation is the same among the Bitcoin derivatives market. As the latest cryptocurrency news show, another US company has plans to offer Bitcoin for US investors.
As they said in a press release published on Friday, trueDigital Holdings wants to offer BTC for US investors. The company noted that they already “reached an agreement in principle” to acquire designated contract market (DCM) and swaps execution facility (SEF) registration with the US Commodity Futures Trading Commission (CFTC) from a firm called trueEX.
The deal is pending approval from the CFTC as the firm noted. If the bid is successful, the main aim will be launching a “fully regulated” cryptocurrency derivatives product. As a reminder, trueDigital is another US company with plans for Bitcoin swaps. The firm said that these “have been self-certified with the CFTC.”
Moving forward, the company plans to add additional crypto derivatives. As CEO Thomas Kim noted:
“A trueDigital owned and operated regulated exchange is the natural step in our evolution toward achieving our goals. Adding the exchange to our ecosystem delivers a complete end-to-end offering, currently unavailable today, that encompasses tokenization, payments, market data and settlement for the benefit of our clients and partners.”
With this move, trueDigital would become one of the very few entities and another US company offering regulated crypto derivatives in the US. If this deal goes through, the main rival they would face would be LedgerFX, which launched a Bitcoin derivatives product in October 2017.
TrueDigital has previously launched an OTC reference rate for Bitcoin and Ether – something that went viral on many best cryptocurrency news sites. Aside from this, the company has also teamed up with Signature Bank to launch a blockchain based digital payments platform. That effort received approval from the New York State Department of Financial Services to offer services within the state last December.
Bitcoin derivatives are very popular on the market – and their popularity will likely increase if the price of the dominant cryptocurrency goes up. Seeing that BTC was part of Trump’s latest tweetstorm, the free publicity is now here – and the price of Bitcoin is apparently setting a positive traction
E-Commerce Giant Rakuten Launched Its Own Crypto Exchange
“The app also features many useful functions that allow customers to effectively manage their crypto assets, such as confirmation of assets deposited in Rakuten Wallet, the purchase and sale of crypto assets, and real-time chart rate confirmation.”According to the company, all of the wallets will be separating the crypto assets from the investors and from the company itself via trust accounts provided by the Rakuten Trust. With the crypto industry hack overload in Japan, this represents a good move to satisfy the financial services agency of the country. Rakuten Wallet is expected to make a boom on the market and according to the analyst Joseph Young, the company has a customer base of more than 1.2 billion individuals making it among the most important companies. The Rakuten Wallet is only expected to operate in Japan with a population of more than 130 million. The Japanese Yen accounts for more than 10% of all global bitcoin trading volume so as according to Young, the actual share that the Yen has of the crypto market is much larger because the Japanese exchanges are known for not inflating their volumes. As noted in the latest cryptocurrency news, the country’s companies have long been known as adopters of new technologies and Rakuten wallet will only boost the adoption of cryptocurrency in the country.
Silvergate Bank Will Expand Services Including Cryptocurrency Lending
Telegram Open Network Will Finally Launch On October 31st
“Telegram was the first big project that legally prohibited investors from selling their allocation. Investors usually just share their allocations with friends, without signing documents.’’The purchase agreement which was written for Telegram by the US legal powerhouse Skadden, Slate, Meagher, and Glom LLP according to one investor stipulates that the buyers of grams may not offer pledge, swap, sell and encumber or dispose of their tokens directly and indirectly. The investors may sell any securities convertible into or exercisable or exchangeable for the investment contract between an investor and the company. The issuance of the tokens is conditional upon the investors’ compliance with the rule. One investor stated for the latest cryptocurrency news:
The future issuance of tokens is conditional upon the investor’s compliance with this rule. If Telegram learns the investor broke the agreement, it can cancel the allocation.
Blockchain CEOs Tired Of The South Korean Regulation: Report
‘’Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges’’If we don’t include the nation’s four largest exchanges, some of the 200 smaller exchanges cannot even open real-name virtual accounts and this is one of the reasons why crypto investors cannot benefit from the protection systems. The international players such as China’s BW.com, Bitholic and Binance Labs sense the demand from South Korea hence they are either opening Korean won markets or in this case, Binance Labs is only sponsoring the blockchain efforts. Only this week, Japan as one of the governments that openly claim to foster crypto exchange innovation while still has a strict licensing scheme added another platform to its domestic economy in the form of Rakuten Wallet. These moves are also impacting other exchanges and market players' share of the market. As a result the South Korean exchanges are less appealing in 2019 because of the low volume and out of the top one hundred in the world, there are only a few exchanges that are located under the jurisdiction in Seoul. Other issues faced by the local include added responsibility for loss or theft of the customers’ funds. Earlier this month, the commentators warned that the existing restrictions on cryptocurrency by the regulators will throttle attempts to foster blockchain innovation as read in the latest cryptocurrency news:
“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions’’
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