CoinFLEX- the Hong Kong-based crypto exchange announced that as of February 2019 it will provide crypto futures contracts to Asian investors so we are gladly reading more about it in the following crypto news.
The exchange was launched last year (2018) in February and the company has also announced to be separating from its parent company Coinfloor which is the oldest British Bitcoin exchange.
CoinFLEX will initiate futures contracts for Ethereum, Bitcoin, and Bitcoin Cash with a 20x leverage possibility.
The futures contracts have plenty of advantages giving the owners of the contract an option before expiration to be offered the asset as opposed to being paid in fiat currency. The other advantage that the exchange has to offer is a compensation mechanism that is built on transparency and security.
The CEO of CoinFLEX Mark Lamb said:
“Crypto derivatives could become an order of magnitude larger than spot markets and the main thing that’s holding back that growth is the lack of physical delivery. Volumes are reduced because of a problem of trust when it comes to cash-settled trades.”
He added that the daily trading volume on the market is pegged at $3 million but there is certainly room for more growth.
Other crypto exchanges such as Bakkt which is backed by Intercontinental Exchange and a parent company of NYSE announced to also launch its own physically delivered futures contracts but for investors in the United States. Bakkt has successfully raised about $180 million on New Year’s Eve from plenty of high profile investors and it is now even closer to launching its Bitcoin futures market in 2019.
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“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
Bitfury Enters Music Industry With Blockchain-Based Open Source Platform Launch
“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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