Binance’s futures platform is increasing maximum leverage and margin on Bitcoin /Tether contracts to 125x.
Binance’s futures platform is increasing maximum leverage and margin on Bitcoin (BTC)/Tether (USDT) contracts to 125x, according to a press release shared with Cointelegraph on Oct. 18.
Support for the contracts went live at 9:00 am UTC, with traders able to select 1x-125x leverage, with large positions adjusting to lower leverage allowed. As the press release notes:
“At 125x leverage, a 100 USDT collateral deposit on Binance Futures will allow users to hold 12,500 USDT in BTC.”
Balancing risk with efficiency
According to BInance, highly leveraged trading is being introduced using a “sophisticated risk engine and liquidation model,” a fast matching engine that “enables continuous margin without any jumps, and ‘mark prices’ for preventing unnecessary liquidations and combatting market manipulation.”
Changpeng Zhao (CZ), Binance’s CEO, said that the platform has seen increased institutional participation in trading, with professional traders driving the need to introduce cost and performance efficiencies ways to support very fast trades.
Alongside a risk management system, Binance offers traders an ‘insurance fund’ that can reportedly help to limit the chances of auto-deleverage.
Aaron Gong, Director of Binance Futures, said the platform was seeing rising numbers of traders transferring “in and out from spot to futures during volatile periods.”
Earlier this week, Cointelegraph reported that Binance’s Bitcoin futures product was the only strong performer in a lackluster market this week, as trading volume on the cryptocurrency markets hit local lows.
As analyst Skew Markets noted on Twitter, the product set a new daily trading volume record on Oct. 15, at over $700 million. By comparison, Bakkt managed 10 BTC ($81,000 at the time).
Yesterday, CZ professed he was confused by the price decline of native exchange token Binance Coin (BNB) in recent months, which was trading over 50% lower than its all-time high in June.
Nonetheless, fresh data published on Oct. 17 indicates that Binance earned roughly $185 million in Q3 2019 — its second-best quarter ever.
Ripple’s investment arm and tech incubator Xpring has invested in Swedish crypto self-custody startup Towo Labs to build hardware wallet firmware supporting XRP.
Ripple’s investment arm and tech incubator Xpring has invested in Swedish cryptocurrency self-custody startup Towo Labs to build hardware wallet firmware.
Xpring announced the news in a blog post on Oct. 16, stating that the startup plans to develop a new version of the XRP Toolkit and hardware wallet firmware supporting all XRP Ledger transaction types, as well as a noncustodial web interface.
In a parallel announcement, Towo Labs said that the firmware will support signing cross-currency payments, escrows, orders, and trust lines, among other things. It will also enable users to prepare transactions from untrusted devices prior to auditing and signing them in a hardware wallet.
Xpring widens support for XRP
Earlier in October, Xpring invested in cryptocurrency wallet BRD to enable users to hold, purchase, sell and spend XRP tokens through the wallet. The announcement suggested that this could result in new kinds of decentralized financial services, including banking, lending and peer-to-peer transactions that require no intermediaries.
Also this month, major cryptocurrency payment processor BitPay entered a partnership with Xpring to support payments with XRP. Xpring said that global companies are now able to accept XRP through BitPay without the need for integration and enhancements.
Ripple recently announced an expansion into Iceland with its acqui-hire of crypto trading firm Algrim. With the acquisition, Iceland will now serve as one of the company’s engineering hubs, joining London as another European base.
A now-viral post by a Chinese cryptocurrency trader has highlighted the stark drop in the price of American sneaker-backed tokens in the wake of the NBA-China fallout.
A now-viral post by a Chinese cryptocurrency trader has highlighted the stark drop in the price of American sneaker-backed tokens in the wake of the fallout between the NBA and China.
As Reuters reports on Oct. 16, the anonymous trader’s Weibo post from earlier this month had shone a spotlight on an apparent 10% crash in the price of crypto tokens backed by Nike’s Air Jordan sneakers on a United States-based exchange.
“It’s clear sneaker speculators were pulling money out of the market,” the trader told Reuters.
He interpreted the market response in the context of Chinese netizens’ anger over a now-notorious tweet from Houston Rockets general manager Daryl Morey, in which he declared solidarity with anti-government, anti-Beijing protesters in Hong Kong.
NBA’s $4 bln Chinese market
As the report notes, Morey — who swiftly deleted the controversial tweet — was accused of endorsing violence and touting a “secessionist pipe dream” by Chinese state media.
Reuters has calculated that the price of tokens backed by Air Jordan 1 Retro High Satin Black Toe sneakers — the latest in a line-up of exclusive and iconic sneakers sported by NBA stars — had fallen 34% since the Morey incident.
Reuters’ analysis is based on data from global digital asset exchange 55.com, which the report notes is used by Chinese traders, who — while being banned from trading on domestic platforms — exchange their yuan for Tether (USDT) via Alipay or WeChat to purchase tokens.
George Gao — reportedly as a sneaker brand influencer in China with over 38,000 YouTube followers — told Reuters that the anger of basketball fans in mainland China over the Morey controversy had been unprecedented.
The NBA’s Chinese market is reportedly estimated to be worth over $4 billion.
“Political factors do affect my choice,” Chen Luwei — a Chinese sneaker fan studying in Australia — told reporters.
Hong Kong protesters gathered in support of Daryl Morey, according to an update on Oct. 16 from the Hong Kong Free Press.
Cryptocurrencies and the protest movement
As reported this summer, Hong Kong’s pro-democracy, anti-government protest movement has allegedly been spurring the wider adoption of cryptocurrencies such as Bitcoin (BTC), with some retailers in the city moving to introduce support for cryptocurrency payments.
Morgan Creek Digital co-founder Anthony Pomplianoproposed that in the aftermath of the hardline response to Hongkongers’ protests on the Chinese state’s anniversary — Bitcoin’s non-seizability has become “very attractive” for those whose civil liberties are under threat.
Digital asset management giant Grayscale registered over $254 million in total investments into its products in the third quarter of 2019.
Digital asset management giant Grayscale registered over $254 million in total investment into its products in the third quarter of 2019.
In its Digital Asset Investment Report for Q3 2019, Grayscale provided details on the inflows into its products for the period from July 1, 2019 through Sept. 30, 2019.
The third quarter of the year marked the highest demand for the company’s offerings since its establishment, resulting in $254.9 million of inflows. The figure shows a threefold quarter-on-quarter increase, from $84.8 million last quarter.
The quarterly inflows into Grayscale Bitcoin Trust amounted to $171.1 million, wherein July was the month with the highest level of inflows during Q3. As reported in July, Grayscale Bitcoin trust outperformed indices in the first half of 2019, up almost 300% on the year at the time.
Domination of institutional investors
Institutional investors were the major contributors to the company’s products both in Q3 and year-to-date, with 84% and 83% respectively. Worth noting, total investments into Grayscale products from Jan. 1, 2019 through Sept. 30, 2019 amounted to $382.3 million, while the figure over the past 12 months is $412.3 million.
Previously, Grayscale’s director of sales and business development Rayhaneh Sharif-Askary stated that institutional investors are constantly piling into the space in 2019. Sharif-Askary said:
“You know, it’s really funny, I get asked this a lot — there’s this rhetoric in the media about when are institutional investors going to get involved, when are they going to start investing, and it’s so funny because it’s ironic. We see institutional investors invest with us all the time and that’s been the case for a long time now.”
Ahead of conquering the market
On Oct. 14, Grayscale Investments was approved by the United States Financial Industry Regulatory Authority (FINRA) to publicly quote its Grayscale Digital Large Cap Fund on over-the-counter markets. This purportedly enables the first publicly quoted security based on a selection of digital currencies in the U.S.
In August, Cointelegraph reported that Grayscale was going to move almost $3 billion worth of its digital currency holdings to American major crypto wallet provider and exchange Coinbase. Coinbase Custody would then serve as custodian of the underlying assets for the company’s products.
“Clearly, a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves. That underscores a lot of interest that’s been there over time. It’s the digital gold thesis, and I think a lot of both institutional accumulators of bitcoin, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there. That’s an underlying thesis that I think has had an impact on it for the last eight years.”
Bitcoin price surge over $10K causing volatility
According to Allaire, recent market volatility might have been caused by people trying to make a profit following the month of growth. He notes that the “last week was a significant risk-off week for equities,” whereas before there were a lot of holders of digital assets whose broader portfolios were taking a hit.
Meanwhile, some profit taking is expected given Bitcoin’s impressive year thus far, according to Allaire, who notes:
“Obviously, Bitcoin is up over 100%, almost 200% over the past 9 months or so, that’s a place to take some gains as well. Depending on the type of holder, so to speak, you’re going to see slightly different behaviors during these market moves.”
Cryptos continue to draw the world’s attention
The Circle CEO also noted that “crypto as an agenda item is absolutely on the docket.” According to him, digital assets are becoming a major global topic, and not only because of the continued growth of major coins like Bitcoin “but also the growth in stablecoins like USD Coin and Libra.”
As reported previously, senior analyst at market strategy and sector research company Fundstrat Global Advisors, Tom Lee, is also confident that BTC already became a genuine safe haven for investors.
On Aug. 8, Cointelergaph published a report about the three main reasons why investors are increasingly considering taking shelter in Bitcoin.
A Canadian judge has dismissed a motion to set aside an asset freeze in a civil forfeiture case involving the purported FUEL token.
A Supreme Court judge in British Columbia (BC), Canada, has denied a motion to set aside an asset freeze, which was requested by the defendants in a multimillion dollar cryptocurrency fraud case.
The defendants had filed to set aside an interim preservation order that was issued by the British Columbia Civil Forfeiture Office in order to prevent case-related assets from being sold or accumulating debt.
Vancouver news daily The Province reported the ruling on Aug. 19. According to the report, the defendants, Lisa Angela Cheng and Kevin Patrick Hobbs, stand accused of committing fraud, tax evasion and money laundering.
Alleged $22.5 million fraud via FUEL tokens
The Forfeiture Office alleges that the defendants’ companies, Vanbex Group Inc. and Etherparty SmartContracts Inc., launched and ran an investment offering with a token called FUEL, but only ever intended to pocket the proceeds for themselves.
Additionally, the Forfeiture Office alleged that the defendants received $22.5 million in crypto fraud, and were attempting to liquidate their assets in response to an investigation by the Royal Canadian Mounted Police.
The BC Civil Forfeiture Office previously seized the defendants’ Coal Harbour luxury townhouse, their two Range Rover SUVs and funds in Bank of Montreal accounts alleged to be the proceeds of the crime.
The townhouse was recently listed for sale at $5.9 million and the SUVs are worth as much as $67,500 each, per the report. BC Supreme Court judge Elliot M. Myer ruled:
“Looking at the matter overall, I do not think the defendants have demonstrated that the seizure is clearly not within the interests of justice.”
U.S. Securities and Exchange Commission wins asset freeze
As previously reported by Cointelegraph, the United States Securities and Exchange Commission recently won an asset freeze requested from a U.S. District Court. The court subsequently ordered a temporary freeze of $8 million, which were raised by the defendants Reginald Middleton and his companies Veritaseum, Inc. and Veritaseum, LLC. The defendants stand accused of violating U.S. federal securities laws and performing manipulative trading via activities involving their Ether (ETH)-backed VERI token.
Three crypto ETF proposals are in limbo as the SEC delays again. Let’s take a look at the history of the SEC’s dealings with the applications…
The long and uncertain road toward crypto exchange-traded funds (ETFs) being approved by the United States Securities and Exchange Commission (SEC) took its latest turn on Aug. 12, when the regulatory body once again delayed its decision on three ETF proposals.
Below is a timeline of all the past and ongoing Bitcoin ETF proposals:
What are ETFs?
Similar to stocks in that they are traded on exchanges, ETFs are baskets of securities. ETFs track an index or basket that are proportionately represented in the fund’s share. The development and regulation of crypto ETFs are closely followed by a range of investors for two reasons. The first is that ETFs are tools for passive investment, which many believe will benefit the unregulated world of crypto exchanges.
A Bitcoin (BTC) ETF would be traded during the working hours of the stock exchange that it is listed on, a development that could make investing in crypto both easier and less risky. The second reason is that the introduction of ETFs will be a significant stepping stone toward mainstream adoption, with SEC approval theoretically broadening the range of investors investing in cryptocurrencies.
As per the release published by the commission on Aug. 12, the SEC announced that it will delay its decision on three proposed rules changes by the Chicago Board Options Exchange’s (CBOE) BZX Exchange and New York Stock Exchange (NYSE) Arca for three Bitcoin ETFs. The crypto ETFs hail from asset managers VanEck SolidX, Wilshire Phoenix and Bitwise Asset Management.
According to the documents, the commission will delay Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust to Sept. 20. Bitwise’s listing on NYSE Arca and VanEck’s listing will have to wait until Oct. 13 and Oct. 18 respectively. Regulators in the U.S. have historically taken an extremely cautious approach to cryptocurrencies, so this latest delay is hardly a surprise to many in the crypto community. The commission stated for each rule change proposal that:
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”
SEC delays again and again
Given that the adoption of ETFs would represent a landmark decision on behalf of U.S. regulators and a huge bound toward mainstream adoption, the SEC has exercised extreme caution when processing applications.
Not even the crypto industry’s biggest players are immune to the whims of the regulator, with an appeal to list and trade shares of the Winklevoss Bitcoin Trust by crypto titans the Winklevoss twins rejected on March 10, 2017. The SEC cited the lack of regulation in Bitcoin markets:
“When the spot market is unregulated — there must be significant, regulated derivatives markets related to the underlying asset with which the Exchange can enter into a surveillance-sharing agreement.”
The current version of the VanEck proposal was announced by the firm’s digital asset strategy director, Gabor Gurbacs, on Jan. 30, 2019. In tandem with the CBOE, the firm had initially withdrawn its previous submission for a rule change on Jan. 23 due to the 2019 U.S. government shutdown as the Feb. 27 deadline for the review loomed. According to legal experts, the SEC was operating on restricted basis due to the shutdown over funding for the proposed U.S.-Mexico border wall.
Although its current application has only been in existence since late January, VanEck has been in limbo since June 6, 2018, when the asset management company filed its initial request with the commission. SolidX CEO Daniel H. Gallancy was initially bullish on prospects for the request, though he recognized the SEC’s hesitancy regarding crypto ETFs, saying: “Regulators are concerned right now about having an ETF that is available to retail investors, but right now a good place to start is with a product geared purely toward institutional investors.”
Gallancy’s mention of regulatory concern turned out to be accurate, as the SEC consequently delayed its decision until Sept. 30. The notice published by the commission on Aug. 7, 2018 revealed that the SEC received more than 1,300 comments on the proposed rule change list. The document states that the SEC had up to 90 days to come to a decision.
Come December, the SEC then requested additional comments before it could publish a decision on the VanEck/SolidX ETF proposal. The notice stated that the SEC was soliciting responses on 18 key issues, including BZX’s claim that BTC is “less susceptible to manipulation than other commodities that underlie exchange-traded products (ETPs).”
Although many in the crypto community had hoped for a resurrection of momentum for the ETF proposals over Easter, it was not to be, as the SEC issued a further delay on May 20. The notice also outlined the SEC’s intention to scrutinize every aspect of the proposed rule change by the letter:
“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest.’”
The May 20 notice revealed that the commission still needed convincing over the safety of the Bitcoin market, especially regarding share manipulation, a worry that has been consistent throughout the crypto ETF saga. Even at this relatively late stage of the deliberation process, the SEC still sought comments about the actual size of the Bitcoin spot market and how Bitcoin price formation occurs.
Gradual change in governmental mentality
Although the numerous delays from the SEC may seem like consistent stonewalling, other areas of the U.S. government are demonstrating a more accepting approach to cryptocurrencies.
Mainstream interest in the crypto world skyrocketed when Facebook announced its intention to launch its own digital token, Libra. The renewed curiosity in cryptocurrency was not confined to investors alone, as on July 30, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a regulatory hearing on cryptocurrencies.
Although the hearing largely focused on Libra, Republican Sen. Mike Crapo from Idaho gave several encouraging comments about prospects for cryptocurrencies in the U.S. In his opening statement, Crapo emphasized the importance of technological innovation and the need for America to be ahead of the curve, saying: “It seems to me that digital technology innovations are inevitable, could be beneficial, and I believe that the U.S. should lead in developing these innovations and what the rules of the road should be.” Crapo also implied that an outright ban on cryptocurrency by the U.S. could be impossible:
“If the United States were to decide — and I’m not saying that it should — if the United States were to decide we didn’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed.”
SEC Chairman says old issues still need fixing
SEC Chairman Jay Clayton gave a rare insight into the thought process of the regulatory body in a June 6 interview with CNBC, in which he expressed that the regulator needs both to accustom itself to dealing with cryptocurrency and to assuage concerns over market manipulation.
When pressed on ETFs, Clayton mentioned that the commission was working on making them a possibility for investors in the U.S. Despite his initially promising comments, Clayton underlined the need for security in regulated markets and the need to make sure crypto ETFs will not compromise the strictly regulated environment:
“We’re engaging on this, but there are a couple of things about it that we need to feel comfortable with. The first is custody: custody is a long-standing requirement in our markets, and if you say you have something you really have it.”
Building on the need for a robust, safe and regulated investment environment, Clayton said that the commission would take no risks on opportunities for market manipulation:
“The other thing that is important is […] we have sophisticated rules and surveillance to ensure that people are not manipulating the stock market, those cryptocurrency markets by large do not have that; And we’re working hard to see if we can get there, but I’m not just going to flip a switch and say this is just like stocks and bonds, because it’s not.”
Although he is the chairman of the commission, Clayton’s views are not indicative of the SEC board as a whole. Hester Pierce, an SEC commissioner dubbed “Crypto Mom” due to her open-minded approach to digital currencies, advocated for a less hesitant approach toward ETFs just three days before Clayton’s own comments in early June.
Not known for mincing her words, Pierce said that regulatory caution was standing in the way of a product that could be of use to investors, stating that the SEC is “still smothering ETFs with personalised attention as if they were infants.”
Pierce is also renowned for her criticism of the decision to reject the Winklevoss twins’ 2016 Bitcoin-based ETF application, arguing that an ETF would encourage institutional investment in the cryptocurrency market.
Despite her criticism regarding the sluggish decision-making of the SEC, Pierce told investors in December 2018 that ETF approval could potentially be a long time coming: “Definitely possible could be 20 years from now or it could be tomorrow. Don’t hold your breath. The SEC took a long time to establish Finhub.”
ETF asset management speaks out
Despite the uncertainty surrounding regulatory approval, heads of both VanEck and Bitwise Asset Management are enthusiastic about the prospects for their respective applications. Speaking to Cointelegraph in May 2019, VanEck’s Gabor Gurbacs said that Bitcoin volatility was unlikely to have any impact on the outcome of the SEC’s decision. According to Gurbacs, Bitcoin is already held by millions of U.S. citizens and a regulated ETF would only serve to better protect those investors:
“The current rise and decline in Bitcoin price have no barring on the prospects of an ETF. Millions of Americans hold Bitcoin on an exchange, in OTC products and other forms. Bitcoin is already mainstream. An ETF would add extra customer protections and liquidity as highlighted earlier.”
Gurbacs further emphasized his belief that ETFs would be an improvement for investor protection over existing investment vehicles:
“ETFs offer: daily proof of reserves (NAV), transparent holdings, transparent prices, high liquidity, proper tax documents, and investor protections. Bitcoin and crypto need transparent, liquid and regulated ETFs. Investors deserve fair and orderly markets and better protections.”
Bitwise CEO Hunter Horsley said he expected the SEC to approve crypto ETFs. Speaking to Bloomberg on Aug. 15, Horsley commented that the relative openness of the SEC in explaining the justifications for its delays — along with the details comments surrounding its concerns — indicated that the commission was taking the application seriously.
Speaking together with Horsley, Bitwise’s head of research, Matt Hougan, commented that there has been a great deal of progress across the crypto sector as a whole. Hougan cited the entrance of trading firm Susquehanna, along with improved arbitrage and new spreads.
Hougan also commented that the watershed moment for ETFs is a green light from U.S. regulators. The director also speculated that an approval could open up cryptocurrency to a greater segment of U.S. wealth, saying: “A key aspect to a Bitcoin ETF in the U.S. is that it unlocks the financial advisor marketplace. So far crypto has focused mostly on retail investors […] or institutional investors.”
Nexo paid out $2,409,574.87 to token holders and reported an annualized dividend yield of 12.73%.
Crypto lending firm Nexo has paid its token holders a total of $2,409,574.87 in dividends. Nexo reportedly has reached an annualized dividend yield of 12.73%.
Nexo announced the completion of its dividend payments in a press release on Aug. 16. According to the press release, Nexo has a user base of over 250,000. Moreover, Nexo’s dividend yield is purportedly higher than every dividend-paying stock listed on the S&P 500 market index.
Nexo apparently pays out its total dividend in two parts — 50% comes from the Nexo Base Dividend and the other 50% from the Nexo Loyalty Dividend. Nexo claims that its model is designed to reward long-term investor confidence and decrease market volatility following dividend payouts.
The Nexo MasterCard
As noted in the press release, Nexo unveiled a MasterCard-branded credit card for crypto on Aug. 2. In its announcement, Nexo claimed its Nexo Card was the first in the world to let users pay in cryptocurrency without actually spending it. Nexo elaborated:
“When using the Nexo Card to purchase goods and services, you actually pay using your Nexo flexible open-ended revolving credit line that is backed with your crypto holdings and thus not selling any of them, which is giving you the freedom to spend today and sell your holdings whenever you want in the future to pay back the loan.”
Dividend payments through tZERO
Earlier this week, tZERO, the blockchain-based subsidiary of the retailer Overstock, announced the opening of the company’s preferred equity security tokens to non-accredited investors. This allows non-accredited token holders to earn money through company dividends. Per the announcement, tZERO said it might distribute a quarterly dividend of 10% of the company’s adjusted gross revenue. Moreover, the company said it was considering paying out dividends in more than just the United States dollar, with Bitcoin (BTC), Ether (ETH) and other security tokens being possible modes of payment.
Cryptocurrency mining company CoinMine has completed a $2.5 million round of seed funding, earmarked for developing the all-in-one mining machine, Coinmine One.
Cryptocurrency mining company CoinMine has received a fresh injection of funds from a $2.5 million seed round led by the investment company M13.
Coinmine announced the successful fundraiser in an official blog post on Aug. 15. As part of the announcement, Coinmine said it will continue to support more cryptocurrencies and ship out “over-the-air” updates.
The company offers a product called Coinmine One, which is an all-purpose cryptocurrency mining computer that costs $700.
The announcement also included a shoutout to previous investors, who include familiar names such as Coinbase Ventures and Anthony Pompliano. As previously reported by Cointelegraph, Robot Ventures also invested in Coinmine in Q1 2019. Robot Ventures, for its part, is a blockchain-focused Venture Capital firm which has in turn received funding from Ripple’s Xpring, which funds Ripple-related development initiatives.
Additionally, Coinmine says its mission is to support Bitcoin and other decentralized information protocols. As per the announcement, Coinmine believes that decentralizing computation will lead to a corresponding decentralization of information and value, as related to the ideology behind Bitcoin.
Promoting decentralized computing
As reported by Cointelegraph yesterday, the Icon Foundation launched an incentives initiative to encourage users to participate in voting and staking for its blockchain network. Icon’s idea here was to distribute control of their network via election, as well as to give users more influence over how this network computation gets distributed via voting. As its rewards incentive, the foundation is purportedly dedicating 3 million of its native ICX tokens, worth approximately $570,000, to hand out to users who vote on the network controllers.
Binance’s fiat-to-crypto service for European currencies has partnered with a fast-execution crypto platform.
Binance’s fiat-to-crypto conversion branch for euros and British pounds, Binance Jersey, has entered into a partnership with the crypto investment service Caspian, which provides trading, portfolio and risk management on its platform.
Caspian shared news of the partnership with Cointelegraph on Aug. 14. The partnership will purportedly result in improved security for crypto investors, as well as a lower barrier to entry for the crypto market. The managing director of Caspian Chris Jenkins elaborated:
“I am delighted for us to partner with Binance Jersey, a substantial step forward in helping move the wide adoption of cryptocurrency trading forward for the institutional market in Europe […] As increasing numbers of institutions engage in this emerging sector, there is an increasing need for a reliable fiat-to-crypto exchange.”
Binance Jersey CEO Jon Day also remarked that he believes Caspian’s technical system for order and execution will speed up trading on their end:
“Our clients can now benefit from faster order execution and additional features including a larger suite of customizable market data and parent-and-child order slicing, to name but a few.”
As previously reported by Cointelegraph, Binance created Binance Jersey at the beginning of 2019. At the outset, Binance Jersey planned to launch fiat-to-crypto support for euros and pounds with major cryptos Bitcoin (BTC) and Ether (ETH).
Later in June, Binance Jersey announced that it had issued a proprietary stablecoin backed by the pound. According to Binance chief financial officer Wei Zhou, there has been an increasing awareness of the utility that stablecoins offer, as well as growing use cases for this type of token. These reportedly motivated Binance Jersey to add the stablecoin, as well as to pursue more fiat-pegged stablecoins.