“After two delays and 13 months of questions, the Intercontinental Exchange-backed bitcoin warehouse and futures contract facilitator is launching Monday, opening the door for institutional investors to take positions on the cryptocurrency in a federally regulated venue.
It is unlikely that there will be an immediate surge in demand. Institutional adoption won’t occur with a single catalyst.
It will take time for these entities to become comfortable with the asset class, identify strategies that are best used to trade the space, understand crypto market liquidity, and also understand the different regulatory and tax obligations across jurisdictions they operate in.
The contract is “well-designed,” Sarumi added. ‘The basis to the cash market would be very tight. It’ll be interesting to see if it’s the lead or the follower. In theory the cash market should dictate the price of the derivatives [futures] market. In practice, it’s the other way around for a lot of commodities.'”
“BSDEX will open for German retail and institutional investors slowly followed by the entire EU. As of now, BSDEX is trading only one pair, the bitcoin-euro. The exchange said it plans on adding ethereum, litecoin, and XRP euro trading pairs this year and tokenized assets sometime in 2020.
BSDEX will give retail and institutional investors direct access to digital assets and provide flexible and relatively low-cost trading.”
“50 percent of the basket will be the U.S. dollar, while the remaining portion will consist of the euro, the yen, the British pound and the Singapore dollar, with 18 percent, 14 percent, 11 percent, and seven percent, respectively.
The basket will not include the Chinese yuan, the legal tender of the world’s second-largest economy.”
“Our clients are ready to work with [Facebook] and we’re ready to work with all of them to bring it together.
The company is looking to spur collaboration in the space, noting that ‘blockchain is a team sport.‘ Kelly did not say whether the firm was interested in joining the Libra Association.”
“uPort has entered a partnership with Onfido and PwC to develop blockchain-based identity management in the United Kingdom’s financial sector.
The Ethereum-based digital identity platform uPort said the three firms are exploring how portable identity verification can improve the sign-up process for customers and reduce compliance costs.
Our view is that consumers will eventually be able to build dynamic, robust financial identities based on data from all financial institutions they have accounts at, and be able to port their identities across service providers.“
“The number of initiatives dedicated to scaling the ethereum blockchain is manifold. Ethereum 2.0, Plasma, Raiden, zk-SNARKs – the list goes on.
We believe the on-chain data availability and … scaling solution the Matter Labs team is building will be the integral piece in accelerating the growth of [ethereum’s decentralized finance] space.
Matter Labs has built a prototype of its scalable payments platform and is working towards creating a new minimum viable product over the coming months.”
“Venture capitalists are becoming more interested in the concept of truly owning digital items. The latest evidence: Naspers Ventures led a $15 million round in Immutable Games, the maker of Gods Unchained.
Similarly, Dapper Labs, the firm behind the ERC-720 standard that spurred the boom in NFTs with its CrypoKitties game, just announced an $11 million round led by Andreessen Horowitz. These are significant bets by some of the biggest investors in crypto.
True ownership of digital objects reflects the next paradigm for interactive content by aligning the long-term incentives of publishers, developers, creators and players.”
“Networking giant Cisco Systems selected the blockchain-based platform developed by SingularityNET to host its decentralized AGI project.
SingularityNET’s platform democratizes AI by decentralizing its source, preventing any single force or player from hoarding computers’ capacity to learn. Cisco and SingularityNET see the potential in building AGI together, according to Goertzel.
To really build a global decentralized thinking machine we are going to need to put a lot of complicated ingredients together, and the collaboration between Cisco and SingularityNET has the potential to accelerate things tremendously.”
“According to the report, the IFRIC has ruled that cryptocurrencies are ‘not cash nor an equity instrument of another entity,‘ but rather “intangible assets” — defined as ‘identifiable non-monetary assets without physical substance.‘
The IFRIC’s position with regards to cryptocurrencies will enable governments to establish a legal basis for taxation and businesses to sketch out frameworks for corporate accounting. The report further argues, however, that the position represents a setback regarding cryptocurrencies’ prospective recognition or status as currencies.”
“The report reveals that the cleanest exchanges since its latest report continue to be Kraken, Coinbase, Poloniex, and Upbit. OKEx and Bibox, on the other hand, are the exchanges with the highest rates of wash trading.
Since the start of 2019, global wash trading has reduced by 35.7% among the real Top-40 exchanges.”