TD Ameritrade, giant online brokerage firm along with several Wall Street firms, is ready to back a new cryptocurrency market. The brokerage giant is investing in Eris Exchange’s new cryptocurrency market called ErisX as a part of the cryptocurrency initiative. Well-known trading firms like DRW Holdings and Virtu Financial have stakes in Eris Exchange.
ErisX is a platform that will allow individuals to trade cryptocurrencies and other derivatives associated with virtual assets. According to The Block, the cryptocurrency market will be headed by Thomas Chippas, a well-known veteran in the trading sector.
Thomas Chippas said:
“In our opinion, there is no lack of interest in building out markets for people wishing to trade digital assets and there is plenty of space for people to come in with a regulated exchange and clearing house”
Speaking to Bloomberg media, spokeswoman Jessica Darmoni stated that the platform will allow trading in Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH] and Litecoin [LTC]. Along with this, investors will also be able to trade the futures contract in cryptocurrencies. She further said that the contracts will be “physically delivered.”
Physically delivered contracts refers to customers being paid in the underlying cryptocurrency instead of fiat when the futures contract expires.
Darmoni stated that ErisX is seeking approval to self-certify new contracts with the U.S Commodity Futures Trading Commission [CFTC]. The firm is expecting cash trading to begin in Q2 of the coming year after receiving a green signal from the CFTC.
A clearing-house owned by Eris is also under review by the CFTC. Post the approval, the derivatives will be cleared by the clearing-house. Assuming the grant of approvals she stated that derivatives will begin in the second half of 2019.
TD Ameritrade’s Managing Director of Forex and Futures, JB Mackenzie said:
“We expect we will have customers interested in participating. The digital asset economy has been developing so much over the last nine months and investors are crying for a regulated, transparent platform.”
Recently, Bakkt a cryptocurrency platform announced by the New York Stock Exchange’s Intercontinental Exchange [ICE] also announced a physically delivered Bitcoin futures contract. Bakkt is set to be launched in November 2018, which, at present, is the most awaited launch in the cryptocurrency market.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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