New Crypto Exchange Aims to Become Leading Platform in Europe by 2020

An upcoming cryptocurrency exchange says it will keep exhaustive accounting records that are regularly audited — and make efforts to comply with the regulations in their jurisdiction, along with international laws.

An upcoming cryptocurrency exchange is aiming to become a leading player in Europe by 2020 — listing cryptocurrency altcoins as well as helping startups to get their Initial Coin Offerings off the ground.

Blockchain.io says it will keep exhaustive accounting records that are regularly audited — and give peace of mind to customers by making extensive efforts to comply with the regulations in their jurisdiction, along with international laws. In the long run, it hopes this will help prevent scenarios where customers’ assets are seized or frozen by government officials.

The exchange claims it offers “reliable infrastructure” that will be subject to minimal downtime for database migration, server maintenance or application upgrades, and says its system offers resilience at times of high volume, as well as during denial of service attacks (DDoS).

Unlike rival platforms, the company says its exchange will be free of something known as “technical debt.” This is where a system becomes susceptible to bugs and security weaknesses because new features or altcoins have been added without proper testing, due diligence or careful software design — something tantamount to taking a shortcut.

Currencies will only be listed on Blockchain.io once they have gone through a strict vetting process to ascertain their sustainability, with a team of experts performing a deep protocol review to help ensure they are technically sound.

The exchange says at least 98 percent of its reserves is held in cold storage. Access to cold wallets require multiple signatures with the private key split across vaults in several locations — helping keep the funds highly secure.

“An intuitive trading experience”

Blockchain.io plans to offer a large variety of trade order types to ensure that beginner and expert traders are catered for. Users would also benefit from a peer-to-peer lending feature, with the ability to borrow from a “centralized inventory of cryptocurrency funds” which is maintained and managed by Blockchain.io. All of these transactions would be subject to interest, with rates based on supply and demand.

In its white paper, the company states its exchange will also offer “advanced cryptographic protocols” that “combine the best of centralized trading with decentralized settlement” — eliminating the privacy, scalability and cost issues that have affected the original Bitcoin blockchain.

When it comes to ICOs, Blockchain.io aims to offer legal, marketing and financial expertise to assist with the planning and execution of campaigns. After vetting by the company’s team, these projects will be voted on and then approved by the exchange’s community.

Blockchain.io says it will have strict criteria for eligible projects. As well as being legally compliant, the team behind an ICO must be experienced — and their idea needs to be of  high quality, viable and full of potential. Once these requirements have been fulfilled, the company will structure the entire operation on their behalf — and charge a fee for the funds that are raised during the token sale.

“A gateway to the internet of value”

Blockchain.io is being launched by Paymium.com — a company which describes itself as “one of the oldest Bitcoin exchanges in the world.”

Paymium says more than 170,000 existing accounts will automatically be given a Blockchain.io account upon launch — and they will benefit from incentives should they decide to use the new crypto exchange.

Blockchain.io’s public sale begins on Sept. 27, 2018. The Blockchain.io platform will be ready-to-trade for investors as soon as the token sale concludes in November.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Continue Reading

Crypto Exchange Offering CFTC-Regulated Derivatives Raises $15 Million in Funding Round

Institutional crypto exchange Seed CX has raised $15 million in a funding round led by Bain Capital Ventures.

Boston-based alternative investment firm Bain Capital Ventures has led a $15 million funding round for an institutional cryptocurrency exchange Seed CX, according to an official announcement published September 12. Seed CX is a Bain Capital Ventures backed, licensed digital asset exchange for both spot market and U.S. Commodities and Futures Trading Commission (CFTC)-regulated derivatives.

Per the announcement, Seed CX’s total funding has reached more than $25 million following the latest $15 million Series B funding round. The exchange will use the recent investment to improve its physical trading infrastructure, expand its network of institutional trading groups, as well as create new job opportunities to increase personnel.

Edward Woodford, Seed CX’s co-founder and CEO, stressed the importance of institutional investors and professional traders in the further adoption of digital assets. Woodford also noted that the exchange is poised to bring “large institutional traders, who have so far sat on the sidelines, into the crypto space,” some “for the first time.”

Salil Deshpande, Managing Director at Bain Capital Ventures, accompanied the announcement with a statement:

“Today, trading venues are retail focused, limited to spot trading, often unregulated, and in foreign jurisdictions. The lack of institutional exchanges is the single largest barrier to crypto asset class growth. Seed CX is serving this unmet need of institutions and has assembled an outstanding team of executives to support this vision.”

In April, Bain Capital Ventures participated in a $133 million funding round of U.S.-based stablecoin project Basis, formerly known as Basecoin. Basis claimed that it would provide a non-volatile cryptocurrency by means of automated operations carried out by a blockchain-based “algorithmic central bank”.

Continue Reading

New Platform Allows Businesses to Launch Their Own Cryptocurrency Exchange

In addition to a desktop web platform, customers are provided with mobile — Android and iOS — native apps.

On Sept. 3, the Spotware company, which specializes in providing contract for difference (CFD) and forex technology services, released its new solution that allows customers to start their own cryptocurrency exchange, says the official press release. The platform is called cXchange and the company claims it is to be the most technologically advanced cryptocurrency exchange platform to date.

Out-of-the-box exchange

According to the Spotware statement, cXchange is a complete out-of-the-box solution that offers scalable architecture, an “ultra-fast” matching engine — which can support any asset — as well as a high level of security.

In addition to the platform itself, Spotware offers native mobile apps on Android and iOS for cXchange customers. Technical support is offered for all customers and provided 24/7 by Spotware.

One of the main advantages of the new solution is in its user-friendly logic and interface. “Many exchanges — even the most popular ones — can at times be complex and not very user-friendly. Exchanges created with our solution solve this issue,” emphasized Spotware CEO Alexander Shulman, in a comment to Cointelegraph.

Another perk of the cXchange is that a lot of transactions — from trading commissions to withdrawal security settings — can be customized. The new platform offers an exchange operator an account management back office with a variety of settings to tailor their own digital asset exchange, and it is also integrated with blockchains for deposits and withdrawals. The team says the platform supports the entire user-lifecycle, providing traders with rich functionality and a range of charting tools, technical analysis and order types.

Getting started from inside

In addition to the most popular cryptocurrencies, the platform allows users to list a range of different ERC-20 tokens and coins of completed ICO projects from the menu with minimal extra cost, as the official website states.

Aside from the tokens, cXchange supports fiat trading pairs, whether the pair is crypto vs. fiat or fiat vs. fiat. Deposits and withdrawals can be possible by integrating payment processors, e-wallets, crypto wallets or by accepting wire transfers.

The exchange operators can also set their own terms for getting liquidity and enabling market participants to integrate with the exchange via FIX API, a financial industry standard.

The platform-as-a-service (PaaS) business logics implies that further development, maintenance and support is taken and ensured by Spotware. “This should save a lot of time and efforts for those willing to start a crypto exchange business, and they get regular updates and ongoing support,” Shulman told Cointelegraph.

cXchange says it can be extended to accommodate unlimited users, trading accounts, assets and pairs. It also supports live chat, referral programs, dynamic fee discounts and its own white labels as add-on features.

Spotware has been operating on the online trading market since 2010, with its flagship product, cTrader: the CFD and forex trading platform.

“We used our expertise and proven technologies to create cXchange. There are only a few solutions available in the market resembling cXchange, but our platform is a high-quality product unlike other ones, as it was developed by a professional financial software development company,”  commented Shulman.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Continue Reading

Overstock CEO Sells 10% of His Stock, Saying ‘Don’t Worry, I’m Still in the Game’

Overstock CEO Patrick Byrne has offloaded 10 percent of his stock, telling shareholders not to worry about it.

The CEO of Overstock, the first major retail company to accept Bitcoin (BTC) as a payment method, has sold 10 percent of his shares, CNBC reported September 11.

According to a form 4 SEC filing, Patrick Byrne sold around $15.8 million worth of shares as of Thursday and Friday, and then $4.9 million worth on Monday, totalling more than $20 million. The company’s share price subsequently fell 12 percent.

In an open letter to investors, which Byrne reportedly signed “your humble servant,” he pointed out several reasons for shareholders not to be concerned about his decision, saying “don’t worry, I’m still in the game, and we’re going to bring this House to its knees.” Byrne also noted that he is going to reinvest most of sold shares “next to you [investors]:”

“Within a matter of days, I will reinvest most of this money into two co-investments with Overstock and Medici Ventures (thus I am eating a double dose of my own cooking, as months ago I promised you I would).”

Venture capital firm Medici Ventures was established within Overstock in 2014 to use the company’s money to invest in blockchain projects.

Byrne also insinuated that he sold off stock in order to meet tax obligations, saying that he needed to “pay Uncle Sam his cut,” stressing “remember, I didn’t build this. Washington built this.” The CEO continued:

“I needed to sell stock during this quarter to meet such other obligations. I am disappointed that I when the deadline arrived for my sales this quarter, the stock had dropped (I sadly note that over the last 180 days the correlation between OSTK’s and Bitcoin’s daily movements has been 85.5%, and again warn people: we don’t have significant holdings of Bitcoin).”

Byrne also asserted that, over the course of 18 years at Overstock, he has “only ever sold a tiny sliver” of his stake and for most of those years he did not draw a salary. Byrne noted that for the last several months he drew “$100,000 so as to avoid being one of those schmucks who does not draw a salary.”

As an early advocate advocate for Bitcoin and blockchain technology, Byrne is apparently regarded as a pioneer of crypto in business. In 2014, Overstock became the first large stock company to accept BTC via a partnership with crypto exchange Coinbase.

Continue Reading

Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App

The Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee smartphone crypto trading app, dubbed ‘Bison.’

Germany’s second largest stock exchange, the Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee cryptocurrency trading app, Thursday, May 17. The smartphone app, dubbed ‘Bison,’ will be free to use as of fall 2018, and has been developed together with fintech startup Sowa Labs.

Four cryptocurrencies – Bitcoin, Ethereum, Litecoin and Ripple – will be supported from the app’s launch, with additional digital assets promised “in the near future.” The interface and trading process aims at convenience, forgoing the need for crypto wallets or paperwork.

The platform also gives users an artificial intelligence (AI) data analysis tool, ‘Cryptoradar,’ which analyzes over 250,000 crypto-related tweets from the crypto sphere daily to give real-time insight into community sentiment. As of press time, Cryptoradar’s algorithm on the Bison website shows Bitcoin, Ethereum, Litecoin as neutral, with Ripple edging towards the positive spectrum.

A prototype of the app was presented today at the finance and investment trade fair Invest in Stuttgart, with Dr Ulli Spankowski, Managing Director at Sowa Labs, commenting that Bison “is the first crypto app in the world to have a traditional stock exchange behind it.’ Sowa Labs claims that their survey of over 1,000 participants showed that the majority of investors would like “easier” access to the crypto markets.

Last week, Cointelegraph reported on stock trading mobile app Robinhood raising $363 mln in funding in order to expand its crypto-specific platform US-wide, with plans to support 16 different cryptocurrencies, all zero-fee. With the recent funding, Robinhood became the second most valuable fintech startup in the US, with a current valuation of $5.6 bln, and an SEC-compliant broker-dealer status, unlike leading US crypto trading platform Coinbase.

Beyond convenient entry points into the crypto space for individuals, perhaps the most important precedent for Stuttgart Börse’s new crypto venture is the New York Stock Exchange owner’s recent announcement of its own plans to offer Bitcoin (BTC) swap contracts that would be settled in BTC, allowing its traditional Wall Street clients to both buy and hold the cryptocurrency.

Continue Reading

LedgerX Debuts First Bitcoin Savings Account Licensed By CFTC

LedgerX has launched the first BTC savings product licensed with both a CFTC derivatives clearing organization (DCO) license and a swap execution facility (SEF) license.

Trading and clearing platform LedgerX has launched a new Bitcoin (BTC) savings product that is licensed by the US Commodities Future Trading Commission (CFTC), Forbes reported May 15.

The savings product introduced by LedgerX is certified by a CFTC derivatives clearing organization (DCO) license and a swap execution facility (SEF) license. Juthica Chou, Chief Operating Officer at LedgerX said:

“Everything we do requires both the licenses. And a lot of that is intentional, because by making it a package deal we can offer a number of services to our customers in a really clear, vertically integrated way.”

The licenses permit users to earn a yield on their Bitcoin assets. Rather than just “hodling” and hoping that Bitcoin appreciates, investors can earn a fiat-based yield on their BTC by employing what is referred to as a call overwrite technique, wherein an investor deposits BTC into LedgerX, then sells a call option at a slightly longer date, with a higher strike call option.

The project is designed to simplify BTC option trading to a basic point-and-click format, so “less sophisticated” bull traders can potentially get a premium price on their holdings. The product’s interface allows users to choose the implied rate they’re anticipating to earn and the number of BTC they wish to earn the yield on. Chou said:

“This interface will definitely be skewed to the long Bitcoin holders, who will likely only deposit bitcoin and who will want to earn interest off of that Bitcoin.”

According to Forbes, during the past three months, 70 percent of the trade volume of LedgerX has come from options, with an average trade size of $60,000. The options contracts will reportedly be available for a three-month and a six-month duration, while LedgerX charges a transaction fee for each service.

Yesterday, the Chicago Mercantile Exchange launched an Ethereum reference rate and real time index to the US dollar. The rates are offered in partnership with Crypto-Facilities, a UK-based digital asset exchange, that debuted the “first regulated” Ethereum futures last week.

Continue Reading

CME Group Launches Ethereum Price Indexes In Partnership With Ethereum Futures Exchange

CME Group And Crypto Facilities have introduced Ethereum indexes, which “will provide a standardized reference rate and spot price index” to the market.

The Chicago Mercantile Exchange (CME Group) in partnership with Crypto Facilities, a UK-based digital asset exchange specializing in crypto futures, have launched the CME CF Ether-Dollar Reference Rate and Real Time Index, according to an announcement May 14. The indexes will provide users access to a real-time Ether (ETH) price in US dollars.

According to a press release, the CME CF Ether-Dollar rates will “provide a standardized reference rate and spot price index”. Both rates will reportedly be calculated by Crypto Facilities, and will be based on transactions and order book activity from crypto exchanges Bitstamp and Kraken. CME Group further states that “the oversight of the products is managed by an independent committee that sets forth a code of conduct and meet to review the practice standards.” According to CME:

“The products include a spot price index called the CME CF Ether Dollar Real Time Index, known as ETH_RTI_USD, and a reference rate called the CME CF Ether Dollar Reference Rate, known as ETH_RR_USD… ETH_RTI_USD is a real time index of the US dollar price of one Ether published once per second 24 hours a day 365 days per year. This index provides real time transparency to the US dollar price of Ether. ETH_RR_USD is a daily reference rate of the US dollar price of one Ether as of 4 p.m. London time…”

Tim McCourt, Managing Director and Global Head of Equity Products and Alternative Instruments at GME Group said:

“The Ether Reference Rate and Real Time Index are designed to meet the evolving needs of the marketplace. Providing price transparency and a credible price reference source is a key development for users of Ethereum.”

Bitcoin (BTC) futures trading was launched in December 2017 by the Chicago Board Options Exchange and Chicago Mercantile Exchange. Recently, Crypto Facilities, which is regulated by the Financial Conduct Authority in the UK, introduced the “first regulated” futures contracts for ETH. The products reportedly will enable investors to take a long or short position on the cryptocurrency.

Earlier in May, the Federal Reserve Bank of San Francisco released an Economic Letter, suggesting that the BTC price decline following its $20,000 peak was the result of the launch of BTC futures trading.

Continue Reading

Forex Platform Serving Goldman Sachs and Morgan Stanley Adds Crypto Trading

Kx Systems has recently launched crypto trading on its forex trading platform to “meet the ‎current and future needs of clients.”

Software developer Kx Systems has launched cryptocurrency trading on its white label forex (FX) trading platform Kx for Flow, the company reported in a blog post May 14. Starting today, Kx for Flow customers are able to conduct spot trading of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).

US-based Kx Systems is a high-performance software supplier with customers including global investment banking group Goldman Sachs, multinational investment bank Morgan Stanley, and GSA Capital Partners hedge fund. Kx Systems also commercialized the proprietary processing languages K and Q.

Kx for Flow, an HTML5 FX trading platform, allows customers to create liquidity pools and publish price information to markets and clients. The platform operates with such liquidity sources as banks, non-deliverable forwards, precious metals, contracts-for-difference, and now cryptocurrencies.

According to the Kx Head of FX Solutions Rich Kiel, the company’s move toward cryptocurrencies is mainly driven by customer acquisition purposes, since the company has been “inundated with ‎interest in crypto.”

“As with most ‎leading trading technology providers we have been inundated with ‎interest in crypto. When you sift through the noise the interest from ‎mainstream financial services firms to begin trading cryptocurrencies ‎has been growing and we are delivering this solution to meet the ‎current and future needs of our clients.”‎

Kiel’s comments echoed those of Goldman Sachs executive Rana Yared, who cited customer interest as a driving motive for the firm to introduce contracts with Bitcoin exposure earlier this month.  Yared said, “It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value.’”

Continue Reading