Brendan Blumer, the CEO and Co-founder of Block.one, was in the news after he accused Bloomberg of violating an embargo and publishing an article about Voice, the social media platform, before the scheduled B1 June event.
Blumer tweeted that Bloomberg breached an embargo and verified the same in writing by one of the article’s co-authors, Alastair Marsh. However, Marsh, while acknowledging the breach, refused to take down the article.
In a recent tweet, Blumer shared a snapshot of the email shared between him and Alastair Marsh, where the Bloomberg writer agreed to the embargo.
According to Blumer, Bloomberg refused to rectify an acknowledged breach of the written agreement. He also accused the popular news portal of “causing material damage” to the company, community, and other journalists that were offered the story under the same terms.
Referring to an article that reported Bloomberg reporters’ net bonuses for publishing “market-moving” stories, the CEO clarified that he did not accuse them of market manipulation. He stated,
“.. just exploring the extent at which others may have been similarly wronged.”
Bloomberg responded to the entire fiasco and stated that the article was taken down from the homepage and their crypto-page, making it harder to be accessed.
Responding to the apology by the news outlet, Blumer tweeted,
“Honest mistakes are fine, but refusing to rectify it by simply removing the article while we prepare for our annual keynote is pure abuse of power. ‘I’m sorry it blighted your day,’ is intentionally aggravating and arrogant. Our industry needs to stand up to this behavior.”
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ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
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