Despite mixed market conditions, innovators with the cryptocurrency industry have pushed forward, releasing new products and services that could alter the way this space operates and performs.
LedgerX to add vehicles derived from etereum
Internal sources of the New York LedgerX have revealed that the launch of Crypto intends to offer derivatives of Ethereum in the near future, reports TheBlock exclusively. For those who do not know, LedgerX is a cryptocurrency investment platform that currently offers mainly products and solutions focused on Bitcoin, such as its ever-popular BTC option vehicle, which allows investors to speculate on the future price of the main digital asset.
Since LedgerX's launch of BTC's internal options and swaps in the past October, the New York-based crypto startup has allegedly promoted multi-million dollar hedge funds, family offices and a range of other institutional investors. Taking into consideration the success of the company, it is natural that the American startup feels inclined to look for opportunities in similar markets, which is just a jump, jump and jump in this scenario.
While the company has already fully developed its Ethereum option contract, it is still awaiting approval from members of the Commodity Futures Trading Commission (CFTC), whose representatives will meet on October 5 to discuss the new product of LedgerX. Due to the fact that CFTC representatives have praised the cryptosphere on several occasions, many hope that this product gets the go-ahead the first time.
This move comes just weeks after it was revealed that CBOE, the largest US-based options exchange in terms of market volume, is seeking CFTC approval for a similar product.
Coinbase adds a formal list application, Crypto Education Resource
Although it is obvious that San Francisco-based Coinbase has taken a leading role in the development of this space, the world-renowned startup has been slow in introducing its customer base into a wide variety of cryptographic resources. As many critics of Coinbase have spread, despite the wide range of products and services of the company, they support only a small list of cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic.
With an unexpected one ad On Wednesday, it is clear that the company intends to modify this problem through a new listing process, which will allow potential candidates to provide information on their project and on the crypt asset to ensure that it is in line with local regulations. As indicated by Coinbase itself, this new system should allow the "quick list of most digital resources".
Explaining how exactly this works, the startup explained that it will evaluate digital resources in a "jurisdiction by jurisdiction", which means that some goods will only be available to consumers within a given jurisdiction in accordance with local laws. Surprisingly, it has been explained that the pawns that get the approval from Coinbase will not initially be required to pay a registration fee, but Coinbase reserves the right to impose a commission if the need may arise in the future.
It goes without saying that Coinbase has long been seen as a gateway in the cryptocurrency sector, so taking into account the fact that the company's customers have asked for access to more digital resources over and over again has probably been the catalyst for this move. Speaking with the group of traders and analysts of CNBC Fast Money, the vice president of Coinbase Dan Romero confirmed this sentiment, noting:
"So when we talk to customers, their number one request is to add more resources to the platform … There are [still] thousands of cryptographic resources that we do not support, so what we are launching today – which I'm really excited to talk about – is list.coinbase.com, which will allow us to list all the assets enabled by local law. "
Ultimately, as touched by the company's VP, this move is reduced to pushing the Coinbase agenda to "create an open financial system for the world".
Together with the introduction of Coinbase Listing, the American cryptocurrency platform, which was recently named one of LinkedIn's top startups, surprised many by adding a thorough crypto education segment to its website. The company hopes that the introduction of this resource will allow consumers to better understand how this technology works, even though it may seem so abstract.
Coinbase has also implemented a so-called "bundle" function, which will allow investors to gain exposure to all the cryptographic resources offered on the platform in just a few clicks.
While Coinbase's move to offer cryptography and encryption was well received, its quotation process became the target of many of the best cryptic jokes, with many critics of the company stressing the fact that the application of listing is done via Google Forms.
Circle launches Stablecoin, aims to destroy the global economic system
Nearly five months after initially announcing the USDC, the Goldman Sachs Club finally revealed that it is launching its stablecoin product that will be tied to the US dollar (USD). As per a post on the official blog, the USDC, a "fully guaranteed dollar stablecoin", is an ERC-20 token that emphasizes "detailed financial and operational transparency", as Circle intends to allow consolidated banking and accounting partners to regularly monitor the reserves in support of this project.
For now, investors looking to get their hands on USDC can use the Circle issue service to deposit fiat and receive stablecoin with a 1: 1 ratio. Traders will now be able to take advantage of the relative stability offered by USDC on the Poloniex exchange, owned by Circle, as an alternative to traditional USD-encrypted encryption such as Tether (USDT). Although this announcement may seem trivial like the other announcements on stablecoin, which have undoubtedly made the rounds in recent weeks, the CEO of Circle, David Allaire, has revealed that this stablecoin means much more than initially thought.
Speaking with Business Insider, Allaire noted that the "token fiat models" are an integral part of the blockchain infrastructure, as the stablecoin will directly allow the use of decentralized technologies in everything from "tokenised debt and loan to securities and investment contracts ". reporter, the CEO of Circle added that the USDC and similar products could become a fundamental element for cryptography, which could help in the future reconstruction of the global economic system through cryptographic resources ", this is the reason why many we are here ".
SEC and CFTC Slam 1Broker, seizure of domain
As reported by NewsBTC on Friday, the most recognized government agencies of America, including the Securities and Exchange Commission (SEC), Commodities Futures Trade Commision (CFTC) and the Federal Bureau of Investigation (FBI), have taken a strong regulatory position vis-à-vis its own crypt. In a SEC press release, the regulatory agency highlighted the fact that 1Broker, a cryptocurrency platform based on the Marshall Islands, openly offered products and investment opportunities that were in direct violation of multiple laws.
What was noteworthy is that 1Broker should have issued Bitcoin-based security swaps without the appropriate license, which is obviously an act that any established and respected trading platform would not be unnoticed. As mentioned by Shamoil Shipchandler, the individual behind this specific case, 1Broker's actions directly endanger US investor security. Keeping this in mind, the foreign trading platform has been served with more charges, which is looking for 1Broker to be hit with "permanent injunctions, hangovers plus interests and penalties".
The CFTC, a de facto partner of the SEC in crime, also issued a similar order, while the FBI took possession of the domain on which the platform had offered its services.
It is unclear whether the SEC move against 1Broker was a drastic demonstration of strength, but many have begun to believe that this regulatory action indicates that government agencies want the crypts to fall in line.
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