While Tether Withdraws Claim of USD Backing, Rival Stablecoins Provide Monthly Attestations

Tether Withdraws Claim of USD-Backing While Rival Stablecoins Provide Monthly Attestations

The controversy surrounding the backing of Tether’s USDT tokens has resurfaced following a recent alteration to the company’s terms of service that now state the reserves backing USDT comprise “traditional currency and cash equivalents and … other assets and receivables from loans made by Tether to third parties.” Despite tether’s dominance among stablecoins by market share and capitalization, Tether is facing increasing competition from newer stablecoin projects that have been able to provide regular attestations evidencing U.S. dollar backing since launch.

Also Read: Bitcoin Cash Developers Launch Privacy-Preserving Light Client Neutrino

New Tether Terms of Service State Stablecoins are not Exclusively Backed by USD

Tether has updated its terms of service regarding the backing of its USDT token, apparently reversing previous assertions that all USDT tokens are backed one-to-one with USD reserves.

Tether’s homepage now states that “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.”

While Tether Withdraws Claim of USD Backing, Rival Stablecoins Provide Monthly Attestations

The company’s legal page also states that “the composition of the Reserves to back Tether Tokens is within the sole control and at the sole … discretion of Tether,” adding that “Tether reserves the right to delay the redemption or withdrawal of Tether Tokens if such delay is necessitated by the illiquidity or unavailability or loss of any Reserves held by Tether to back the Tether Tokens, and Tether reserves the right to redeem Tether Tokens by in-kind redemptions of securities and other assets held in the Reserves.”

Rival Stablecoins Evidence USD Backing Through Monthly Attestation Reports

While Tether appears to have backed down on its previous claim that all outstanding USDT are tokens are backed by USD, many of its rivals have provided regular attestation reports demonstrating fiat backing.

Trueusd has provided between one and three attestation reports per month since launching during March 2018, with top 40 accounting firm Cohen & Company producing the reports. As of Trueusd’s most recent report, which refers to accounts examined as of Feb. 28, 2019, the company’s 201,727,658 outstanding TUSD tokens were then backed by $202,621,765 dollars that were held in Trueusd’s bank accounts.

While Tether Withdraws Claim of USD Backing, Rival Stablecoins Provide Monthly Attestations

On Feb. 15, 2019, Circle published its fourth monthly attestation report pertaining to the USD reserve for its USDC token. The report states that as of January 31, 2019, the outstanding 307,7903,924 USDC tokens were backed by $307,848,312 held in custody accounts.

Since launching in Sep. 2018, Paxos has provided monthly attestation reports provided by Withum for its Paxos Standard Token Stablecoin. Paxos’ most recent report asserts that as of Feb. 28, 2019, the 109,543,189.7 PAX tokens were backed by USD reserve “at least equal to or greater than “$109,543,189.70.”

What is your response to the changes recently made to USDT’s terms of service? Share your thoughts in the comments section below!


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In the Daily: UAE Needs to Keep up With Crypto, Australia to Support Local Blockchain Industry

In the Daily: UAE Needs to Keep up With Crypto, Australia to Support Local Industry

In this edition of The Daily we feature two countries that want to promote their positions in the cryptocurrency and blockchain world. In the UAE a top banker has stated that keeping up with crypto is crucial to become an international financial hub and in Australia the government is investing in the local industry. Additionally, Coinbase Pro is set to implement changes to trading and fees.

Also Read: Tel Aviv Court Rules Bank Can’t Close Crypto Miner’s Account

Keeping up With Crypto Is Crucial for UAE

The United Arab Emirates (UAE) Banks Federation has hosted a forum on fintech and crypto assets with the Abu Dhabi Global Market, the institution which launched a regulatory framework for cryptocurrency activities in June 2018. The forum discussed, among other related subjects, how financial regulators and banks can handle regulatory risks in working with crypto businesses.

In the Daily: UAE Needs to Keep up With Crypto, Australia to Support Local Blockchain Industry

Abdul Aziz Al-Ghurair, Chairman of the UAE Banks Federation, stated: “Given the rapid emergence of new FinTech such as cryptocurrencies and other crypto assets, it is essential that we develop frameworks and regulations that govern these technologies and developments. With aspirations to become one of the foremost international hubs for finance, we must keep up with the rapid technological changes taking place across the sector. Ensuring a robust monetary and financial market environment is critical to this, and can only be achieved by protecting consumer rights and safeguarding market integrity.”

Australian Government to Support Local Industry

The Australian government has announced the development of a national blockchain roadmap as well as $100,000 in funding to help the country’s blockchain industry become a global leader. The promised roadmap is said to focus on a number of policy areas including regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration. The $100,000 in funding will help Australian companies to showcase their service at an industry event in New York in May.

In the Daily: UAE Needs to Keep up With Crypto, Australia to Support Local Blockchain Industry

Minister for Industry, Science and Technology Karen Andrews commented: “The national strategy puts us on the front foot in exploring how government and industry can enhance the long-term development of blockchain and its uses. We will work closely with blockchain and technology experts from industry and academia to develop the strategy, as well as with CSIRO’s Data61 [the digital innovation arm of Australia’s national science agency] to incorporate findings from their forthcoming future scenarios report on blockchain.”

Coinbase Pro to Implement Trading Changes

Coinbase Pro will implement a set of changes on Friday, March 22 designed to optimize the “market health” of the platform. The changes include a new fee structure, updated order maximums, smaller order increment (‘tick’) sizes, turning off stop market orders and adding market order protection points. Both Coinbase Pro and Prime will introduce a 10 percent market protection point so any market orders that move the price in excess of that will stop executing and return a partial fill, thus helping to prevent large orders from causing more than 10 percent slippage. The company explained that these changes are designed to increase liquidity, enable better price discovery for trades, and to make price movements smoother, leading to a more efficient market.

In the Daily: UAE Needs to Keep up With Crypto, Australia to Support Local Blockchain Industry
New Coinbase Pro fees based on trailing 30-day volume

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


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Tel Aviv Court Rules Bank Can’t Close Crypto Miner’s Account

Tel Aviv Court Rules Bank Can’t Close Crypto Miner’s Account

A court in Israel has once again ruled against a local bank which tried to close the account of a cryptocurrency related business without any due cause. This time a Tel Aviv court has determined that a bank can’t refuse to operate an account on behalf of a crypto miner.

Also Read: Tel Aviv Court Gives Moshe Hogeg 30 Days to Settle $4M Lawsuit

Court Rules on Israminers vs Union Bank

Union Bank of Israel, Ltd. (TASE: UNON), the sixth largest Israeli bank, will not be allowed to close the account of local cryptocurrency mining company Israminers Ltd. Tel Aviv District Court Judge Limor Bibi has ruled that the bank’s sweeping policy of prohibiting the opening of an account for any customer working with digital currencies is unreasonable. However, the bank could still refuse the company’s requests to deposit fiat money if it is coming from anonymous exchanges in order to remain in compliance with the banking system’s AML (anti-money laundering) and KYC (know your customer) legal requirements.

Tel Aviv Court Rules Bank Can’t Close Crypto Miner’s Account

The judge ruled: “I believe that the sweeping policy, which does not distinguish between different types of activity, scope of activity and different types of customers – in the field of digital currencies – is unreasonable.” However, she added that “In these circumstances, I find the bank’s argument that, given that the ‘money trail’, as defined, in terms of sales in a trading arena to an unknown factor which knowledge of it haven’t been proven, creates risks of money laundering. As a result, I find the bank’s refusal to provide service with regard to the receipt of the money deposited in the account as reasonable.”

Repeated Precedence

The Israeli banking system has repeatedly had to be told by the courts not to block crypto businesses and users without justifiable reasons. In May 2018, for example, Bank Hapoalim, Israel’s largest bank, was forced by the same Tel Aviv District Court judge to accept a transfer of funds resulting from the sale of bitcoin to a client who had documents tracking the trade from beginning to end.

Tel Aviv Court Rules Bank Can’t Close Crypto Miner’s Account

In February 2018, the Supreme Court of Israel issued an injunction order forbidding Bank Leumi from sweepingly halting the account activity of the Bits of Gold bitcoin exchange.

What do you think about this court’s ruling? Share your thoughts in the comments section below.


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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Bank of Mexico’s Attempt to Regulate Crypto ‘Is a Disaster,’ Exchange CEO Explains

Bank of Mexico's Attempt to Regulate Crypto 'Is a Disaster,' Exchange CEO Explains

The long-awaited rules on crypto assets recently published by the central bank of Mexico have caused quite a stir. A local cryptocurrency exchange’s CEO explains to news.Bitcoin.com that “the impact goes beyond the crypto industry.” Calling it “a disaster,” he asserts that the people within the central bank “have really shown their ignorance” about cryptocurrency.

Also read: Mexico’s Central Bank Publishes ‘Catch-22’ Rules Impacting Crypto Exchanges

Central Bank Showing Ignorance

Much discussion has transpired after the Bank of Mexico (Banxico), the country’s central bank, published a circular detailing crypto-related provisions for the regulation of financial technology institutions (FTIs).

Sebastian Acosta Checa, CEO of local crypto exchange Isbit, shared with news.Bitcoin.com that the circular “says FTIs have to prevent consumers from being ‘exposed’ to the terrible ‘dangerous’ nature of virtual assets on the grounds of their ‘volatility’ and ‘complexity.’” Overall, noting that “In a way, it [Banxico’s circular] is preventing institutions from offering virtual assets to end consumers,” he remarked:

This is a disaster. The people within Banxico have really shown their ignorance about the subject they are trying to regulate.

Bank of Mexico's Attempt to Regulate Crypto Is a Disaster, Exchange CEO Explains

Mexico’s congress passed a law to regulate fintech companies in March last year, putting Banxico in charge of determining which cryptocurrencies would be authorized to offer to the public by regulated entities. At the time, the crypto community and stakeholders were hopeful that the central bank would introduce positive regulations to foster the fintech sector and the country’s economy as a whole.

However, when Banxico finally published the circular, it “essentially stipulated that they wouldn’t authorize any cryptocurrency to be offered by regulated financial companies,” Tomas Alvarez, CEO of local crypto exchange Volabit, recently told news.Bitcoin.com.

Restriction But Not Prohibition

Mexican crypto exchange Bitso described in a blog post that “the circular is directed at banks and fintech [companies] regarding their operations with cryptocurrencies.” The exchange noted that “Banxico mentions that it seeks to take advantage of the use of the technology of these cryptocurrencies as long as they are used for internal operations of financial institutions,” emphasizing:

This does not mean that operations with cryptocurrencies are prohibited.

Bank of Mexico's Attempt to Regulate Crypto Is a Disaster, Exchange CEO Explains

Alvarez calls it a catch-22 situation since the law requires crypto exchanges to become regulated financial institutions. “However, once you obtain this license you would not have the authorization to list any cryptocurrencies, making it legally impossible to operate an exchange in Mexico with the fintech law in place,” he noted.

Interpretation of ‘Consumer’

Some of the rules Banxico imposes are not clear, however. Acosta Checa told news.Bitcoin.com:

Since the circular seems to have been written in a rush and without careful analysis and basic competence, it leaves to the interpretation of certain important things.

For example, in his interpretation, “financial institutions and foreign trade companies are not a ‘consumer’ and thus can operate freely” with his exchange. Isbit has already “shifted gears to serving businesses, corporations and institutions (which are allowed to hold virtual assets in their balance sheets according to the previous bill published March 9, 2018). Thus we will not shut down or lose our most valuable customers,” the CEO emphasized.

Bank of Mexico's Attempt to Regulate Crypto Is a Disaster, Exchange CEO Explains

Nonetheless, Acosta Checa understands that, under the new rules, if his exchange wants to “continue serving final ‘consumers/the public’ we will need to appeal to the Amparo Law and ask a court to suspend the application of the circular published by the Bank of Mexico (not the entire bill passed by the previous government administration on March 9, 2018).” He clarified:

According to the March 9th bill passed by the [Mexican] congress, we have permission to operate with ‘consumers’ till September.

Damaging the Economy

The CEO of Isbit believes that the new crypto asset rules will negatively impact the country’s economy as a whole. He explained that “Mexico is the endpoint to the biggest remittance corridor in the world (second largest population of migrants), the 6th most visited country by tourists and [is the] country with the largest number of free trade agreements.” Therefore, the country “has a lot to gain from the industrial application of virtual assets (activos virtuales) to facilitate free trade, tourism and financial inclusion,” Acosta Checa detailed, concluding:

The impact goes beyond the crypto industry. I believe it damages the economy as a whole.

What do you think of the rules set by the central bank of Mexico? Let us know in the comments section below.


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Stablecoins Are Threatened by These Two Major Issues

On the heels of recent commentary from the published correspondence between Securities and Exchange Commission (SEC) chairman Jay Clayton and representative Ted Budd, SEC senior advisor Valerie Szczepanik explained at Austin’s SXSW conference that stablecoins may be violating current securities laws.

Also read: Payglobal Provides Cryptocurrency to Fiat Transfers With Existing Bank Cards

Stablecoins May Live in the Land of Securities

Over the last two years, stablecoins have become an extremely hot topic while becoming popular vehicles for hedging against the volatility tied to cryptocurrency markets. Tether (USDT) has been king of the stablecoins for a while, and recently made headlines for a revision to the company’s website. The change caused uproar within the cryptocurrency community because instead of confirming that each Tether is backed by one USD, the terms were substantially revised.

“Every tether is always 100 percent backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities,” the website now reads.

Stablecoins Are Threatened by These Two Major Issues

Following Tether’s recent website update, on March 15, SEC senior advisor Valerie Szczepanik explained that due to the inherent nature of stablecoins, the tokens could “raise issues under securities laws.” Szczepanik explained that stablecoins are broken down into categories which include tethering the tokens to “some real asset, like real estate or gold and oil — Coins tied to a fiat currency held in reserve, and a third category that could become problematic under the law.” The SEC advisor added while on stage at SXSW: “I’ve seen stablecoins that purport to control price through some kind of pricing mechanism, whether it’s tied to the issuance, creation or redemption of another type of digital asset tied to it, or whether it is controlled through supply and demand in some way to keep the price within a certain band.”

Szczepanik continued:

It’s these kinds of projects where there is one central party controlling the price fluctuation over time that might be getting into the land of securities.

The recent statements from the SEC senior advisor and chairman Jay Clayton’s statements last week could mean that stablecoins fall into the security category. Stablecoins, no matter whether they are backed by reserves held in a bank, or use the over-collateralization method favored by the Maker network, are essentially promises. Skeptics take issue with claimed tether (USDT) reserves because they believe the company has failed to prove its backing. Tether’s recent website change provoked popular finance author Frances Coppola to write: “Tether’s U.S. dollar peg is no longer credible,” in a seething critique.

Coppola’s assessment continued:

Perhaps crypto enthusiasts should read up on the fate of Reserve Primary Fund in 2008. Or perhaps Venezuela — After all, an exchange rate peg only holds until the reserves run out.

Stablecoins Are Threatened by These Two Major Issues

A Crypto Flash Crash Scenario Could Put a Heavy Strain on Stablecoins

Other stablecoins are based on promises as well and some have the stamp of U.S. regulators in order to make the pledge more robust. Trusttoken (TUSD) has tried to tackle transparency by allowing TUSD owners a “real-time view” of the company’s reserves. According to the Trusttoken team, accounting firm Armanino has developed a platform that allows users to verify the TUSD dollar collateral. Dai has over-collateralization, so there’s some safety net there, but critics believe that if the price of ethereum (ETH) plummeted in a flash, the stablecoin would have issues unless the team sold the collateral quickly.

A flash drop in overall fiat value within the cryptoconomy really puts a strain on stablecoins and when bitcoin and a few other digital assets dropped significantly in value last October this was quite noticeable. The belief that stablecoins can hold their stability would truly be put to the test if there was a flash crash throughout the crypto markets.

Stablecoins Are Threatened by These Two Major Issues

Just like their fiat cousins, all stablecoins are only as good as their promises and a flash crash and severe lack of liquidity could ultimately wreak havoc on digital promissory notes. On October 15, when the cryptoconomy shuddered with another price crash, tether (USDT) dipped below the $1 mark. However, despite concerns over coins like tether, Szczepanik asserted at SXSW that “algorithmic stablecoins” raise the most issues because there is a lack of any real collateral.

“You’re talking about folks who are buying into that ecosystem, or are buying this coin, with the expectation that somebody else is going to be holding a profit, or guaranteeing a profit or holding the price at a certain level. Again, that could raise issues under securities laws.”

Stablecoins Are Threatened by These Two Major Issues

Stablecoins Face a Future That Falls Under Securities Laws

At the moment, stablecoins face some significant hurdles and two major issues. One is the promise to hold to constant stability and liquidity especially during a big market crash. The other issue is whether stablecoins, whose legal status is currently being questioned, will pass the scrutiny of regulators. Stablecoin startup Basis knows these dangers only too well as the company was forced to close operations in December due to fears its product would be deemed a security.

“Folks like to put labels on things, but we’ll always look behind the label to see exactly what’s happening,” Szczepanik said. “So you can call it a utility coin, call it a stablecoin, call it a consumptive coin or some other coin — We’re [SEC] going to look at the characteristics.”

What do you think about the issues that stablecoins face in the future? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. Bitcoin.com does not endorse or support any stablecoin and its affiliated companies. Readers should do their own due diligence before taking any actions related to the mentioned companies, creators, associates, or any of its affiliates or services. Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Bitcoin Cash Developers Launch Privacy-Preserving Light Client Neutrino

Bitcoin Cash Developers Launch Neutrino a Privacy-Preserving Light Client

The developers behind the Bitcoin Cash (BCH) full node Bchd have announced the beta release of the lightweight client Neutrino which is now available for Android phones. The Neutrino protocol is not only exceptionally fast, but the client is considered a privacy-preserving light wallet because it uses a concept called client-side filtering.

Also read: New Tasking Platform Lazyfox.io Rewards Users With Bitcoin Cash

Bchd Light Client Neutrino Launches Beta App for Android Users

On March 16, Chris Pacia and the Bchd full node developers announced the launch of Neutrino. The light client is now available for download in the Google Play store but the wallet is still in beta. BCH fans knew the wallet was coming, because on Feb. 29 Pacia gave his Twitter followers a sneak preview of it in action. The programmer also discussed the initial development prior to the video demo in a blog post on Nov. 19. Neutrino uses the Simplified Payment Verification (SPV) and allows users to store coins in a noncustodial fashion.

Bitcoin Cash Developers Launch Privacy-Preserving Light Client Neutrino

“Neutrino is the most technologically advanced cryptocurrency wallet to date,” reads the Neutrino description on the Google Play store. “Whereas all other wallets leak information about your transactions to third parties, Neutrino uses a new technique called client-side filtering to obfuscate your transaction downloads to better preserve your privacy.”

SPV wallets have been around for a long time (BIP0037) and not all of them are the same. Clients like BRD and Electron Cash call specific servers that validate transactions and they also allow users to connect to a custom node. BTC developers Jim Posen and Laolu “Roasbeef” Osuntokun introduced BIPs 157/158 which established the concept of client-side filtering for the Lightning Network.

Bitcoin Cash Developers Launch Privacy-Preserving Light Client Neutrino
Neutrino wallet.

‘Better Preserve Your Privacy’

The developers of the full node Bchd client written in Golang decided to utilize the client-side Neutrino wallet which is completely unrelated to Lightning. Moreover, other wallets can utilize the Neutrino protocol if they desire in order to bolster the SPV experience.

“The way [client-side filtering] works is full nodes create a filter for each block in the chain — You can think of a filter as an ultra-compact representation of all of the transactions in the block — The nodes store these filters on disk along with the block,” the Bchd developers expounded while introducing the Neutrino development.

The programmers further enumerated:

SPV wallets using Neutrino sync the full chain of headers like a normal SPV wallet, but they also download the filter for each block.

At the moment on the Google Play store, the application’s specifications state that the wallet is still in beta development and “may be unstable.” Users should probably test and experiment with Neutrino with a small fraction of funds and wait for a stable version release to use the wallet regularly. BCH supporters seem pleased with the Neutrino launch and have expressed this sentiment on social media and forums after the launch. BCH supporter “Wecx” downloaded the software and tweeted that he appreciated the client-side filtering aspects of the wallet.

“I download the bitcoin cash advanced SPV Neutrino wallet on my phone and connected it to my Bchd node — The default is advanced SPV mode — Neutrino uses a new technique called client-side filtering to obfuscate your transaction downloads to better preserve your privacy,” Wecx remarked on March 16.

What do you think about the Neutrino light client and the client-side filtering technique? Let us know what you think about this subject in the comments below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial is for informational purposes only.


Image credits: Shutterstock, Pixabay, Google Play, and Neutrino


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In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

In this edition of The Daily we cover a planned U.S. regulated cryptocurrency exchange from Riot Blockchain, the arrest of a hacker in Japan who allegedly stole 15 million yen of monacoin, and a couple of new investors in Coinflex.

Also Read: US Sanctions Moscow’s Evrofinance Bank Over Involvement With Petro

Riotx Exchange Details

Riot Blockchain, Inc. (NASDAQ: RIOT) has filed with the Securities and Exchange Commission (SEC) regarding its planned U.S.-based digital currency exchange, Riotx. The document shows that the company intends to launch trading on the exchange with bitcoin core (BTC), bitcoin cash (BCH), litecoin (LTC), and ethereum (ETH), paired with one another and also for U.S. dollars. Riot Blockchain explained it has selected these coins based on internal and external reviews, and will only include currencies for which it has full regulatory and legal authorization to list.

The upcoming exchange will be comprised of three core services and Riot intends to acquire each of these by engaging third party vendors. Banking services will be provided by Synapse Financial Technologies, Inc. (Synapsefi); a trading engine will be provided by Shift Markets; and a provider of digital wallet services is still unannounced. The company anticipates launching its Riotx digital currency exchange by the end of the second quarter of 2019.

In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

Before October 2017, Riot was a biotechnology company known as Bioptix, Inc. that specialized in the development of veterinary diagnostic tools. On October 4, 2017 Bioptix announced it was changing its name to Riot Blockchain and shifting its business focus to investing in blockchain technologies. In February 2018 it was hit with a class action lawsuit in the Southern District of Florida related to the move.

Monacoin Hacker Arrested

According to media reports from Japan, police forces have caught an 18-year-old man who allegedly stole a total of 15 million yen (about $134.5K) worth of monacoin. The young hacker is accused of committing fraud using computers, among other allegations. He reportedly took advantage of vulnerabilities in an online wallet called Monappy to steal the funds of about 7,700 people. Mona is a cryptocurrency based on a cat meme popular in Japan that was created as a fork of litecoin.

In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

According to Japanese police, this is the first time a crypto hacker has been exposed in the country. This is despite the fact that he used Tor to hide his online identity and stored the stolen coins in an anonymous exchange abroad. The police claims to have identified him by analyzing blockchain transaction records.

New Coinflex Investors

Coinflex, a physically delivered crypto futures exchange, has announced the addition of investment firm Digital Currency Group and blockchain investment company Polychain Capital to its lineup of investors. Olaf Carson-Wee, CEO of Polychain, commented, “As a physically-settled futures exchange, Coinflex will be well positioned to capture significant order flow from speculators, institutional traders and Proof of Work miners seeking to hedge against crypto price volatility and hash rate volatility.”

The exchange also announced the creation of its own token, called flex coin, to encourage liquidity and reward members who trade on the platform. This is a practice that has spread among exchanges, with the seventh most valuable crypto asset by market cap in the world today – Binance coin – one such exchange token.

In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

Based in Hong Kong and incorporated in the Republic of Seychelles, Coinflex is owned by a consortium that includes Trading Technologies International Inc., crypto trader Mike Komaransky, and Dragonfly Capital Partners. Market markers B2C2, Global Advisors, Alameda Research, Amber AI, Grapefruit Trading, Coinfloor and its subsidiary companies also have partial ownership of Coinflex.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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PR: CoinAll Lists Fetch.AI and Offers a 350,000 FET Giveaway

CoinAll Lists Fetch.AI and Offers a 350 000 FET Giveaway

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

On March 2019, CoinAll, the famous cryptocurrency exchange, announced the listing of Fetch.AI and will hold a 7-day celebration to give away 350,000 FET tokens. Fetch.AI has gathered a lot of attention of crypto world since their $6 million token sale in 22 seconds on Binance Launchpad.

Fetch.AI is a digital infrastructure provider and data trading platform. The Fetch project is revolutionary with its idea of bringing together machine learning, artificial intelligence, multi-agent systems and decentralized ledger technology to create an economic internet.

Among members of Fetch.AI’s leadership team, many were previously involved in DeepMind, a UK-based company focused on artificial intelligence (AI) that was later acquired by Google in 2014.

Katherine Deng, the CoinAll general manager said that the Fetch.AI project has pioneering technology and forward-looking vision, leading in the synchronous promotion of AI and blockchain. CoinAll is proud to cooperate with Fetch.AI and list FET tokens.

The 7-day FET listing celebration includes an individual depositing competition, individual trading competition, team competition, and invitation competition. Mega prizes are awaiting in each game, and the celebration will last from March 13th, 2019 to March 20th.

Crypto’s world’s eyes are on Fetch.AI because Binance successfully conducted a crowdsale for the Fetch.AI tokens on the Binance Launchpad raising $6 million in 22 seconds. CoinAll, as an emerging exchange star, has also reached an in-depth cooperation with Fetch.AI. In addition to the listing of FET tokens, CoinAll will provide a 350,000 FET giveaway for users.

“Technologies like Fetch.AI are disruptive: they act as disintermediation agents in the economy, break down the barriers between centralized entities and opens access to a world powered by decentralized AI,” Humayun Sheikh, CEO and co-founder of Fetch.AI said in an email response to Forbes.

CoinAll is committed to excavating global projects with high quality and potential, with a particular focus on Fetch.AI, Bitex and other eco-friendly infrastructure builders. As a deep strategic partner of OKEx, the world’s top exchange, CoinAll shares OKEx’s world-leading security system, 24-hour global customer service, and transaction liquidity, and is devoted to bringing better projects and trading experience to their 20 million user community.

For more details, please visit: https://www.coinall.com/activity/voteCoin?activeId=409

Contact Email Address
xinghe.wen@okcoin.com

Supporting Link
https://www.coinall.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

Officially, Cosmos atoms have yet to reach a cryptocurrency exchange, and until the Cosmos network votes to approve their listing, atoms aren’t tradable anywhere. Unofficially, you can buy and sell Cosmos tokens on half a dozen exchanges already, where the spot prices differ wildly. Welcome to the world of cryptocurrency derivatives, where futures markets can be found for scores of unreleased tokens.

Also read: New Tasking Platform Lazyfox.io Rewards Users With Bitcoin Cash

Monfex Launches Telegram Crypto Derivatives

Monfex is the latest platform to offer leveraged futures on Telegram’s tokens, known as grams. The trading platform, founded in 2018 by Alexander Nekritin, follows on the heels of Xena in offering leveraged Telegram futures. Up to 50x leverage is available on Monfex (2x in the case of grams), which has latched onto the significant interest in the Telegram Open Network (TON). With 200 million users to tap into, expectations are high for widespread adoption of gram tokens from day one.

These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

Regardless of how Telegram’s token fares, both in terms of price and in user adoption, Monfex and its ilk offer exposure to the asset for those who weren’t able to get into the private token sale, and enable price discovery before the tokens become officially tradable. There are a number of benefits to traders interested in speculating on futures markets for tokens like gram and Cosmos’ atom:

  • Futures contracts can provide high liquidity, resulting in low spreads and fast execution.
  • Leveraged futures require a smaller margin to enter a trade.
  • Futures provide the option to sell short, giving traders the ability to go each way.
  • There is no obligation to own the token to enter a trade.

These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

Trade Any Token You Like on These Exchanges

There are strong incentives to dabble in futures markets, including an early shot at speculating on assets that are widely predicted to moon. There are, however, risks and downsides that must also be considered. For one thing, many of the exchanges that offer futures markets are relative unknowns that fall outside the top 20 platforms by trading volume. In addition, the spot prices for futures can differ wildly. At the time of publication, for example, Bitforex is quoting $20 per atom, while Gdac and Coinone are quoting a more reasonable $5.50. Other platforms offering futures for a variety of as-yet unlocked tokens include Bitbox, Crypto.com, Bitmesh, Hotbit, Xena, and Monfex.

These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

Due to the largely unregulated nature of the crypto industry, exchanges in many jurisdictions are free to create their own derivatives and futures markets on a whim. Provided platforms have structured these markets so as to cover their liabilities whatever the outcome, there should be no problems. However, it is sometimes unclear to traders precisely what they are speculating on, and whether futures markets will be converted into regular markets once tokens are unlocked and deposits and withdrawals enabled. In January, for example, a handful of exchanges were caught offering Grin markets before the first coins had even been mined.

With just 80 investors believed to have gotten into the Telegram token sale, interest in acquiring grams has been high. Tokens are expected to be unlocked later this month, but in the interim, there is no shortage of exchanges willing to allow traders to speculate on the value these assets will reach. On Lbank, gram tokens are already changing hands for $0.89 apiece.

What are your thoughts on platforms that offer futures markets for ICO tokens? Let us know in the comments section below.


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