UK Exchange Launches First FCA-Regulated Bitcoin Cash Futures Contracts

UK Exchange Launches First FCA-Regulated Bitcoin Cash Futures Contracts

News

The UK-based cryptocurrency futures exchange, Crypto Facilities, has announced the launch of the first Bitcoin Cash – Dollar (BCH/USD) futures. Crypto Facilities is regulated by the U.K. Financial Conduct Authority (FCA) and the new BCH futures products will join the firm’s other crypto-based contracts at 4 pm UK time on Friday, August 17th.

Also read: Handcash Launches Pop — A New BCH Point-of-Sale Companion Application

Crypto Facilities Bitcoin Cash Futures to Help Spur the Evolution of Cryptocurrency Markets

Bitcoin Cash proponents were excited to hear about a new futures market offered by the regulated UK firm Crypto Facilities. Bitcoin Cash – Dollar (BCH/USD) futures will be added to Crypto Facilities’ lineup of bitcoin core (BTC), ripple (XRP), litecoin (LTC), and ethereum (ETH) contracts.

“We are pleased to be expanding our cryptocurrency derivatives offering with the launch of Bitcoin Cash futures,” Timo Schlaefer, CEO of Crypto Facilities told news.Bitcoin.com.

BCH is a top five coin with a market capitalisation of around $10 billion and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class.  

UK Exchange Launches First FCA-Regulated Bitcoin Cash Futures Contracts

A Proper BCH Hedging Mechanism at an FCA-Registered Exchange

Crypto Facilities says the new products will allow individuals and institutions the ability to invest in BCH futures in a regulated, transparent and secure trading environment. The Bitcoin Cash-Dollar futures contracts will allow long and short positions giving investors the capability to manage risks and rewards in a different fashion. Bert Mouler, CEO of Profluent Group, says there’s been demand for a BCH derivatives product and is thrilled to see Crypto Facilities take the initiative.

“Profluent Japan welcomes the opportunity to make markets in BCH derivatives on the Crypto Facilities platform,” Mouler explains during the Crypto Facilities BCH product announcement.

The institutional trading community was in great need of a proper BCH hedging mechanism at an FCA-registered exchange with a first class management team.  Crypto Facilities is the first to provide such a service.  

In addition to the cryptocurrency derivatives offered, Crypto Facilities also provides CME Group with the Bitcoin Reference Rate alongside the Ether-Dollar Reference Rate and Real-Time Index. There is another exchange that offers BCH/USD futures but over the years there have been lots of discrepancies with the trading platform’s trade volumes and market data. The BCH futures product offered by Crypto Facilities will be the first bitcoin cash derivatives against the USD that’s regulated by the UK’s FCA.

What do you think about Crypto Facilities launching a Bitcoin Cash futures product? Let us know what you think in the comment section below.


Images via Shutterstock, and Crypto Facilities Logo. 


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The Daily: Binance Launches in Liechtenstein, ZB.com Opens Office in Malta

The Daily: Binance Launches in Liechtenstein, ZB.com Opens Office in Malta

The Daily

Crypto exchange Binance is launching a fiat-to-crypto trading platform in Liechtenstein and you can find the details about the joint venture with LCX in The Daily. We’ve also got reports about ZB.com opening a new office in Malta, Coinsilium investing in crypto trading platform Bundle, and the rebranding of the Toshi crypto wallet as Coinbase Wallet.  

Also read: McAfee’s “Unhackable” Wallet Is Doomed, Coinbase Wants to Be Your ID

Binance LCX Launches Fiat-to-Crypto Exchange in Liechtenstein

The Daily: Binance Launches in Liechtenstein, ZB.com Opens Office in MaltaBinance, the largest cryptocurrency exchange by volume, has announced it’s launching a fiat-to-crypto trading platform in Liechtenstein through a joint venture with LCX.

Binance LCX plans to build up a team of up to 15 professionals for its Liechtenstein office that will manage customer support, legal requirements, due diligence, KYC, AML and government communication, while the team at Binance will provide and maintain the platform.

According to a press release, the new exchange will offer trading for Swiss francs (CHF) and Euros (EUR) against major cryptocurrencies and add more trading pairs in the future. Commenting on the launch of the platform, Binance CEO and founder Changpeng Zhao said:

I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike. I hope Binance LCX will drive new standards for usability and compliance for the blockchain industry, and we are very excited to bring the relevant experience and best practices to grow our team in Liechtenstein.

Monty C. M. Metzger, CEO of LCX, added: “Professional investors need a reliable fiat channel to invest into crypto assets. We are excited to launch the joint venture with Binance to establish new standards for the blockchain industry.”

Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: “We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.” The tiny European nation is currently working on its Blockchain Act in order to implement a comprehensive legal framework for the crypto sector.

Crypto Exchange ZB.com to Open Office in Malta

The Daily: Binance Launches in Liechtenstein, ZB.com Opens Office in MaltaZB.com, the fifth largest crypto exchange by daily trading volume, is planning to set up operations in Malta, also hailed the Blockchain Island for its efforts to create favorable conditions for companies in the industry. During the Malta Blockchain Summit, the company announced it will open a new office in St Julian’s. The exchange wants to start with crypto-to-crypto trading and intends to eventually offer fiat-to-crypto options as well. Jimmy Zhao, co-founder of ZB.com, said:

Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto and Fintech, and we are very excited to be part of the Blockchain Island. We are confident we will be able to announce our live operations soon.

Maltese authorities have been trying hard to turn the island nation into a crypto-friendly jurisdiction. The parliament in Valletta recently adopted three bills designed to create a clear regulatory framework that will enable the establishment of crypto businesses on the island.

Chinese-run ZB.com is moving in the footsteps of other players in the field – Malta has already attracted crypto exchanges like Binance, which is exploring opportunities to launch a decentralized bank there, Okex, another Chinese exchange which announced in April it is setting foot on the island, and the Polish Bitbay which revealed its plans to move to Malta in May.

Coinsilium Invests in Crypto Trading Platform

The Daily: Binance Launches in Liechtenstein, ZB.com Opens Office in MaltaBlockchain venture builder Coinsilium Group Ltd has announced an investment of $125,000 USD in Bundle Network Ltd, a company developing an online platform to facilitate cryptocurrency trading. As part of the deal, the investor will also receive an entitlement to an undisclosed number of Bundle Network tokens and its chief executive will join Bundle’s board of directors, Proactive Investors reported. Earlier this year, news came out that Coinsilium had been engaged by Bundle to provide advisory services for a token generating event. The company notes that the investment in Bundle is part of a strategy to support “foundational services in the blockchain ecosystem such as the buying and selling of cryptocurrency and tokens.”

Coinbase Was Signing Up 50,000 Users a Day Last Year

The Daily: Binance Launches in Liechtenstein, ZB.com Opens Office in MaltaLeading U.S., California-based crypto exchange Coinbase was signing up 50,000 new customers daily in 2017, its CEO Brian Armstrong announced during a tech summit in San Francisco, organized by Bloomberg. The chief executive also said the platform helped users trade $150 billion worth of cryptocurrency over the past year but did not reveal this year’s rate of new registrations. According to Armstrong, only about 10 percent of cryptos are currently used in real life, including online purchases. “I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto,” he said. However, he is confident “it’s getting harder and harder to be a crypto skeptic.”

According to another announcement related to the San Francisco headquartered exchange, the crypto mobile wallet Toshi has recently been rebranded as Coinbase Wallet. The exchange posted on Twitter that “This is not just a new name, but part of a larger effort to invest in products that will define the future of the decentralized web and make that future accessible to anyone.” Users of Coinbase wallet can currently manage ethereum (ETH) and ERC20 tokens, with plans to add support for bitcoin core (BTC), bitcoin cash (BCH), and litecoin (LTC) already announced.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Malta Blockchain Summit, Coinsilium.


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Coinbase Continues To Add 50,000 Users a Day During Bear Market

While the cryptocurrency market has tanked in recent months, many cryptocurrency advocates remain unfazed, with some claiming that the adoption rates will only continue to swell. Critics may classify this sentiment as unwarranted optimism, but Coinbase CEO Brian Armstrong has recently disclosed figures that allude to the fact that the cryptocurrency market is set on growing.Coinbase Signs Up 50,000 Users A DayCoinbase has long been at the helm of the cryptocurrency market, holding the business of 25 million consumers to its name. But as this year’s correction hit crypto investors square in the gut, many pessimists began to speculate that it was the beginning of the end for exchanges. Bloomberg reports that this is far from the case, with Brian Armstrong, the CEO and co-founder of Coinbase, recently speaking at the Bloomberg Players Technology Summit to give an inside look into one of the most influential firms in this industry.Thank you @emilychangtv for talking all things crypto today 🙌 pic.twitter.com/sEK7P8kd6S— Coinbase (@coinbase) August 14, 2018During the interview, Bloomberg host Emily Chang asked the following pressing question — “is this the price of what Bitcoin should be?” Turning the question on its head, Armstrong responded, stating:“This technology is going through a series of bubbles and corrections. So we’ve been through four or five of them now where Bitcoin made this big runup in price and there was irrational exuberance, and then it corrected back 60 or 70 percent… It has kind of matched the growth of the company (Coinbase). If you go back to 2012/2013 when we started, we had 500 people a day signing up. After the next bubble and correction, we had 5,000 people a day sign up. And now its more like 50,000 a day signing up.”If these figures prove to be accurate, the Menlo Park-based platform will signup upwards of 350,000 users each week and 18.25 million a year, a breathtaking feat to say the least.  As reported by NewsBTC previously, Binance has also been seeing rampant growth in the face of a bearish market, with CEO Changpeng Zhao claiming that the exchange’s user base has quintupled from two million to ten million since the start of 2018.Adding a bit more fuel to this cautiously optimistic sentiment, Armstrong drew common connections between the cryptocurrency market to the early-stage Internet-centric market. In the Internet boom at the turn of the century, companies hoping to make it big were popping up left and right. While many would suggest that the most successful firms are established as prices rise, Armstrong noted that Facebook was founded after the Nasdaq’s 70% tumble, which was one of most dismal eras in Internet history.The Coinbase executive said its much of the same now, alluding to the countless crypto startups that have a shot at becoming the next ‘Facebook’ in the face of a bear market. Furthermore, Armstrong also noted that the adoption of cryptocurrencies is still on the rise, stating:“People’s expectations are all over the map, but the real world adoption and usage (of cryptocurrencies) are pretty steadily increasing each year.”If the cryptocurrency market lives up to its full potential, experts like Meltem Demirors expect these early-stage technologies could impact the lives of tens of millions, if not hundreds of millions of consumers worldwide. This factor, coupled with the ones aforementioned, are just some of the reasons why Coinbase’s CEO believes “that it’s getting harder and harder to become a crypto skeptic.”Featured Image from Shutterstock