Deribit and Paradigm Launch Crypto Derivatives Block Trading

Deribit and Paradigm Launch Crypto Derivatives Block Trading

Dutch crypto derivatives exchange Deribit launched a block trading solution in partnership with American trading communication platform Paradigm. World’s first block trading tool for crypto derivatives The institutional block trading solution is reportedly the first one of its kind offered by a crypto-derivatives exchange, the firms said in a press release shared with Cointelegraph on Aug. 22. The new block trading solution intends to enable institutions to directly negotiate crypto-derivative trades via chat on Paradigm, while agreed information is automatically directed to Deribit for execution and clearing.  What are block trades? Block trades are privately negotiated transactions in futures or options, or spreads and combinations of the two, that exceed certain minimum quantity thresholds. Once traders agree on a price, these transactions are submitted to the exchange for execution and clearing. By introducing the new tool, Deribit and Paradigm want to eliminate any execution risk associated with the order book when institutional traders privately negotiated large trades via Telegram or Skype and then manually coordinated execution on Deribit. John Jansen, co-founder and CEO of Deribit, pointed out that benefits for institutions are further emphasized when trading options. According to Jansen, options traders can now create a portfolio of put and call options in different variations and trade them by blocks, adding futures at the same time, instead of negotiating and trading options one at a time. He added: “The ability to negotiate deals privately and execute them automatically on Deribit platform but outside of the order book is a crucial step in onboarding institutional traders. You remove the risk of front running and offer institutions the ability to trade significant amounts without moving the markets and with a counterparty of their choosing.” Traders will have access to block trades in Bitcoin (BTC) or Ether (ETH)-backed futures and options, including spreads and combinations of the two products.

Major Banks Back $7.4 Million Funding Round for Korean Blockchain Firm

Major Banks Back $7.4 Million Funding Round for Korean Blockchain Firm

Blocko, a South Korean blockchain firm working on enterprise applications of the tech, says it’s raised 9 billion Korean won (around $7.44 million) in an Series B+ round. According an announcement on Thursday, Blocko said Korea’s oldest bank, Shinhan, as well as KEB Hana Bank, LB Investment and Dadam Investment took part in the round. The investment brings the firm’s total funding to date to over $20 million, according to CoinDesk Korea. Blocko is working to build business-focused blockchain services, and has been working in conjunction with several national institutions such as the nation’s stock exchange, the Bank of Korea, Hyundai and the Korea Electronics and Telecommunications Research Institute. In May, the firm launched a blockchain platform dubbed Argo Enterprise, aiming to address the “growing need for data sharing between industries and companies in areas such as identity verification, document management, and the Internet of Things,” the firm told told CoinDesk Korea at the time. Argo Enterprise has since been deployed by more than 10 companies and institutions at home and abroad. In the latest update, Blocko CEO Won-beom Kim said that aside from its enterprise work, the firm aims to “showcase various blockchain-based solutions that can be used in areas that have been difficult to implement, such as smart grids and dark data.” Korean won image via Shutterstock

In Palestine, Civilians Are Using Bitcoin More Than Terrorists

In Palestine, Civilians Are Using Bitcoin More Than Terrorists

The Takeaway: Experts say Hamas is now using bitcoin for cross-border fundraising at an unprecedented rate. Still, even the largest estimates of terror financing in the region are apparently dwarfed by civilian bitcoin usage in the Gaza Strip, local experts tell CoinDesk. General awareness in Palestine of bitcoin and ethereum has increased since 2018. Freelance payments and remittances are reportedly the leading use-cases for bitcoin transactions in the Palestinian territories. Ethical uses of bitcoin are more popular than ever among civilians in Palestine, sources have told CoinDesk. “There are some offices that now do $5 million to $6 million a month,” freelance web developer and Gaza-based bitcoiner Ismael Al-Safadi told CoinDesk about local money changers. “I’ve seen an office send 100 BTC in one [transaction]. … There are also a lot of small clients. They send $200 or $1,000.” The $5 million figure dwarves the “tens of thousands of dollars” in illicit transactions reported earlier this week by the New York Times. Last year, CoinDesk reported that one such cryptocurrency dealer served roughly 50 clients a month purchasing or liquidating an average of $500 each. He has since relocated to Europe, having earned enough to emigrate. Yet two sources with knowledge of the matter estimated there are up to 20 bitcoin dealers now operating in Gaza. Since PayPal and other online services exclude the Palestinian territories, this is one of the only ways for freelancers to easily receive international payments. For example, Al-Safadi takes more than 70 percent of his monthly earnings in bitcoin. Based on the social media groups he participates in, Al-Safadi estimates there are around 10,000 occasional bitcoin users in Gaza. Indeed, an anonymous source in Gaza who taught seminars about cryptocurrency to roughly 300 Palestinians since 2017, told CoinDesk just one such Facebook group focused on bitcoin has 5,000 members. The teacher said there is a nascent interest in ethereum applications among Palestinians as well, both at home and abroad. Another Palestinian based in the United Arab Emirates (who wished to remain anonymous) is developing an ethereum-based charity platform. He told CoinDesk the first pilots will distribute crypto donations to schools in both Gaza and the West Bank. A test experiment began last week. He told CoinDesk: “People there [in Palestine] are starting…

Bitcoin Selloff Stalls at Historical Price Support Near $10K

Bitcoin Selloff Stalls at Historical Price Support Near $10K

View Bitcoin’s defense of the 100-day moving average and a bullish divergence of an hourly chart indicator suggest scope for a minor price bounce to $10,300 Bitcoin will remain in the hunt for a drop to $9,467 (Aug. 13 low), as long as the rising wedge breakdown seen on the 4-hour chart remains valid. A UTC close above $10,956 would shift risk in favor of a rally to $11,850-$12,000. A weekly close above $12,000 is needed to confirm bullish revival. Bitcoin (BTC) sellers are again struggling to force a sustained break below a widely-followed support level, but the outlook would turn bullish only above $10,956. The premier cryptocurrency by market value fell by $600 in the Asian trading hours on Wednesday, confirming a rising wedge breakdown on the intraday charts. The bearish reversal pattern opened the doors for a retest of the Aug. 15 low of $9,467, as discussed yesterday. So far, however, that target has remained elusive and the dips below the 100-day moving average (MA), currently at $9,900, have been short-lived. It’s worth noting that the long-term MA worked as strong support earlier this month. The cryptocurrency ran into bids below the 100-day MA on Aug. 15 and closed (UTC) that day with gains above $10,300. The average was again defended on the following day and the subsequent price bounce ended up hitting highs above $10,950 on Aug. 20. So, if the 100-day MA continues to hold ground over the next few hours, chart-driven buying could lead to a price bounce. As of writing, BTC is changing hands at $9,970 on Bitstamp, representing a 1.7-percent loss on the day. Daily and hourly charts The lower wick attached to today’s candle (above left) represents a failure on the part of the bears to keep the cryptocurrency below the 100-day MA. The average also proved a tough nut to crack on Wednesday. The repeated defense of the key MA, coupled with the bullish divergence (higher lows) of the hourly chart relative strength index (above right) indicates scope for a rise to $10,300 over the next few hours. The path of least resistance, however, will remain to the downside as long as prices are held below $10,956 – the bearish lower high created on Aug. 20.…

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse

A group of hardcore bitcoin maximalists have heroically overcome their hatred for Ethereum after receiving ERC20 shares in crypto exchange INX worth hundreds of thousands of dollars. The staunch BTC loyalists, led by Blockstream CTO Samson Mow, have agreed to support a project built on Ethereum, despite all the mean things they’ve said about it. The news has provoked intense debate within the crypto space, however, with some cynics arguing that the maximalists are only in it for the money. Also read: The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt Mow Money, Mo’ Problems As CTO of Bitcoin development company Blockstream, Samson Mow’s primary duty is to keep block sizes small to peddle his firm’s scaling solutions to the problem it engineered. High fees don’t generally concern bitcoin maximalists such as Mow, who have no interest in using BTC for its intended purpose, instead preferring to lock it away in a vault and never look at it again. It’s a policy that, for all its flaws, has helped to make Mow and his cronies extremely wealthy, and Blockstream an extremely influential Bitcoin company. The significant success of Mow’s primary business, however, has caused a paradox: to launch one of his secondary ventures, a crypto exchange in which he has invested $100K, it will be necessary to utilize a network with low fees. Bitcoin is out of the question for the aforementioned reasons, while Ethereum should also be a non-starter due to a number of immutable statements Mow has made about the rival network, calling it “the most impractical thing in existence,” a “science fair project” and “centralized AF.” The Blockstream bigshot also wrote “I wish ill on Ethereum” which “has no future.” Samson Mow, at the same time as he was investing in a financial-based Ethereum platform.On the surface, these damning remarks would appear to preclude Mow from accepting 100,000 ERC20 tokens to serve on the advisory board of INX Limited. To do so would be at odds with everything he has ever fought for, and could be interpreted as the actions of a man with no spine or standards. On closer inspection, however, it becomes evident that Samson Mow is not the flip-flopping fool that many have taken him…

Bitcoin Price ‘Not at the Top’ of New Bull Cycle Yet, New Data Shows

Bitcoin Price ‘Not at the Top’ of New Bull Cycle Yet, New Data Shows

Bitcoin (BTC) price has far higher to go during its current market cycle if crowd sentiment takes charge, according to analysis of the Bitcoin Days Destroyed (BDD) technical metric. In social media posts Aug. 22, Hans Hauge, senior qualitative researcher at crypto investment fund Ikigai, identified Bitcoin sentiment as being similar to early 2017. That was just months before the cryptocurrency reached its all-time high of $20,000. “Bitcoin bubble tops are clearly identified with a dark red cluster of Adjusted Binary BDD,” he summarized tweeting a corresponding chart.  He added: “Until that happens, we’re not at the top. Public opinion is key here because that red cluster is caused by the assumption of the crowd and is self-fulfilling (reflexivity).” What’s BDD? BDD refers to the amount of time between movements of an amount of Bitcoin. Higher prices tend to coincide with coins moving more often; at present, the opposite trend is apparent, says Hauge.  Coupled to this, as Cointelegraph recently reported, the Bitcoin Fear & Greed Index, which also measures market sentiment, remains near the bottom of its possible range.  “That’s the exact thing you should be looking for if you’re buying the dip for the long-term,” Hauge advised. Bitcoin accumulation phase due for timeout BTC/USD has languished in an uninspiring sideways pattern for much of this month, leading to warnings a downturn is on the way.  Next in line could be a trip to the $7,000 range, says another trader, arguing that such a pullback remains historically plausible and would not suggest a bear market. Zooming out, however, other market analysts predict just the opposite, fresh gains to be characterized by next year’s block size reward halving due in May. PlanB, the Twitter account championing the stock-to-flow method of predicting Bitcoin price, likewise suggested current behavior mimics that of early 2017. “Bitcoin’s 3 month struggle to break the magical $10k feels like begin 2017 struggle to break $1k … we all know what comes next,” he tweeted last week.

Miller Lite Teams With Blockchain Firm for Customer Engagement Game

Miller Lite Teams With Blockchain Firm for Customer Engagement Game

Miller Lite, the popular beer brand from U.S. brewer MillerCoors, has teamed up with a blockchain marketing company for the latest iteration of its “Know Your Beer” program. For the ongoing campaign, launched July 1, Vatom Labs built what it calls a mobile”edutainment game,” called Great Taste Trivia, that served a 12-question quiz to cellphones, geo-targeting customers in over 230,000 bars and restaurants across the U.S. Players answering all 12 questions correctly get to win a $5 prize that can be used to purchase Miller Lite. Ten thousand prizes will be paid out over PayPal in the campaign that runs until September. Vatom Labs said Wednesday that the game was provided on its own platform that is built on blockchain tech. The game leverages NFTs (non-fungible tokens) to provide the quiz, social badges, rewards for social media sharing and to ensure that the $5 prize token “cannot be counterfeited.” Using NFTs also allows Vatom to track game activations, engagements and engagement platform, and assign the reward based on that data. Tyler Moebius, Co-founder and CEO of Vatom Labs, said: “We have built a powerful brand activation platform that leverages a new blockchain enabled SmartMedia object that is highly-programmable and able to deliver real tangible value from the brand to the consumer– like $5 to their PayPal account—that remains a simple mobile experience. Giving companies the ability to create “digital promotions and activation experiences” using blockchain is the “next major upgrade required to usher in the new era of brand innovation,” Moebius added. Miller brewery image via Shutterstock    

PR: Cross Exchange Launches IEO

PR: Cross Exchange Launches IEO

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. CROSS is a project aiming to develop an exchange platform that trades various digital assets globally including CROSS exchange for the coming digital asset and digital money society. The value of CROSS (XCR) is to “provide a platform for exchanging all kinds of digital assets.” The purpose of this IEO implementation, is to improve the value of XEX issued by XCR and CROSS exchange. CROSS is designed to use transaction fees for the XCR buyback & burning (burning of of XCR tokens). XCR’s value can increase through the buyback and burning of XCR by transaction fees through the various services provided by CROSS. The buyback and burning of XCR will most recently be made through the following services: Transaction fees for cryptocurrency prepaid cards using XCR, which launch in September RMT (Real Money Exchange) transaction fees, which will start in September Transaction fees for a blockchain-based point issuance system scheduled to start around October~November CROSS exchange, which initially opened as the CROSS project on 11/25/2018, quickly became a world-class cryptocurrency exchange expanding its name of CROSS exchange and CROSS (XCR) to many users globally. CROSS (XCR) ended its private sale early 2018, gained more than 30,000 token holders, and there were many requests for additional sales. To date, we have promoted the XCR value premium without any additional token sales. As a result of investigating the timing of listing for XCR, the value of this token will be improved through: 1. Reducing the total number of tokens issued by approximately 700 million2. Long-Term lock-up of about 21% for Super Nodes of XCR circulating in the market These two points are reflected in the token design.* Recalculation at the end of the IEO and reflection of the number of tokens In terms of technology, the Xwallet (expected release during Q4) and the CROSS network have three international papers and patents (accepted) for autonomous distributed technology. Based on this technology, our “autonomous distributed wallet” and Xwallet are connected by autonomous distributed technology to form the CROSS network. This autonomous distributed…

Swiss Private Bank Says 400 New Clients Demanding Crypto Products

Swiss Private Bank Says 400 New Clients Demanding Crypto Products

Swiss private bank Maerki Baumann has had a deluge of over 400 new clients wanting to tap its future blockchain offerings since it revealed its interest in the sector. Swiss Info reported on Aug. 22 that the Zurich-based institution — which has $8.2 billion AUM but faces stiff market competition and an erosion of its margins — has opted to embrace blockchain to rejuvenate its business.  Bid to be “the go-to private bank” in Swiss crypto In an interview with Swiss Info, Maerki Baumann CEO Stephen Zwahlen said that the bank’s revelation it would be launching a crypto business already signals a dramatic reversal in fortunes: “In our traditional business, we usually have to run after each client. It’s […] rather rare for clients to just knock on our door. We suddenly had 400 people wanting to talk with us. And they were exactly the kind people we had been struggling to access for 10 years […] they were typically between 30 to 40 years old, very well educated and with an entrepreneurial mindset.” Zwahlen said that Maerki Baumann has “the ambition to be the go-to private bank in the Swiss crypto arena,” underscoring that banking support for the nascent industry remains a fraught issue in the country.  “It cannot be that innovative Swiss companies have to go to Liechtenstein for corporate banking services,” he said. “Many of them represent a great opportunity to further develop our financial centre.” Maerki Baumann’s initial focus — approved by its board this March — will be to offer business accounts and advice for start-ups launching Security Token Offerings.  By early 2020, it aims to establish partnerships with crypto specialists to roll out outsourced storage and trading services for Bitcoin (BTC) and other digital assets. Crypto expected to outstrip traditional business The third stage of Maerki Baumann’s planned crypto business will be to provide advisory and asset management services for private banking clients who want to invest in new crypto assets such as tokenized shares. Anticipating great demand and pay-offs for this new area, Zwahlen said: “I would expect over time that digital assets such as crypto/blockchain might even take on a greater significance than our traditional private banking business, particularly in terms of asset growth.”  Maerki Baumann won’t…

Bitcoin Price ‘Will Never Hit $50K’ Gold Bug Peter Schiff Tells Tom Lee

Bitcoin Price ‘Will Never Hit $50K’ Gold Bug Peter Schiff Tells Tom Lee

Bitcoin (BTC)price  will never make it to $50,000, gold bug and crypto skeptic Peter Schiff has claimed in the latest attack on the largest cryptocurrency. ‘This is hysterical’ In a social media debate on Aug. 20, Schiff, who is well known for his distaste for Bitcoin, said that gold would definitely reach $5,000 in the future.  Schiff was debating with Joe Kernen, the CNBC host who recently interviewed Bitcoin proponent and regular Schiff troll, Anthony Pompliano. “Prior the 2008 financial crisis, when I was still invited on CNBC, Joe was critical of my advice to buy gold. Joe was wrong to be bearish on gold then, and he’s wrong to be bullish on Bitcoin now!” he summarized. Kernen subsequently reminded Schiff about his $5,000 gold prediction, which has yet to come true. Tom Lee, co-founder of Fundstrat Global Advisors and another CNBC regular, chimed. “This is hysterical,” he summarized about the gold prediction. “Gold will eventually hit $5K. Bitcoin will never hit 50K” This emboldened the already outspoken Schiff, who then went on record to announce that BTC/USD would fail to attain levels predicted by Lee. “My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k,” he wrote. Twitter reactions pointed out the relative irony of Schiff’s bearishness, given the fact he both owns Bitcoin himself and accepts it for payments through his gold business.