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Caspian weds Galaxy Digital – Aims to improve cryptocurrency trading, how?

Aakanksha Rana

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Caspian weds Galaxy Digital - Aims to improve cryptocurrency trading, how?
Source: Unsplash

On 13th June Caspian, a full-stack crypto trading platform announced on Twitter that they are joining hands with Michael Novogratz’s ‘Galaxy Digital’. This partnership aims to help ‘drive the institutionalization of cryptocurrency markets’.

Caspian's tweet | Source: Twitter

Caspian’s tweet | Source: Twitter

Michael Novogratz is the CEO of Galaxy Digital, a full-service digital assets merchant bank. The company raised about $250 million in a private placement for funding a round of securities that were then sold through a private offering. Digital Galaxy is joining the Caspian team as a ‘technology consultant’ and adviser in the future development of the platform.

Caspian is an asset management solution that covers the lifecycle of the trade by providing a single interface to all major crypto exchanges. The company has products like:

  • OEMs [Order Execution Management System]: This product helps users connect to all major crypto exchanges and manage crypto assets.
  • Portfolio Management Service [PMS]: This product focuses on tracking portfolio and collocating all user data under one platform.
  • Root Mean Square [RMS]: This product has features like ‘accurate reconciliations’ that ensures transactions have been correctly executed and real-time valuations.

Robert Dykes, CEO of Caspian, aims at building a community at Caspian that can enable sophisticated and experienced traders to operate efficiently and improve the performances.

Mike Novogrtaz, Digital Galaxy founder, said:

“We believe institutional investors will drive exponential growth in the cryptocurrency market. We are excited to partner with a firm like Caspian and look forward to working with them to further evolve and enhance the platform.”

Caspian’s platform facilitates to meet the requirements of the ‘institutional asset managers’ who execute trades and manage target allocations across multiple exchanges. The platform provides tracking down of real time and historical profit and loss exposure. Robert Dykes said:

“We’re offering institutional investors  frictionless, integrated ecosystem to trade on. Galaxy’s decision to become a user on the platform is yet another important step for Caspian in becoming the go- to trading platform for sophisticated investors. Mike and his trading and technology team’s guidance and partnership in the project will be invaluable.”

Among other features of Caspian, the Smart Order Router [SOR] is the one which stands out. SOR is an automated process of handling orders. By the end of this month Caspian aims to layer other features on top of SOR, the other features include:



  • Volume Weighted Average Price (VWAP)
  • Time Weighted Average Price (TWAP)
  • Percentage of Volume (POV)

Caspian is live with several large crypto asset management firms and is expecting to bring on board 50 firms within the next three months after the partnership with Digital Galaxy.

Sukrit Khatri, a twitter user and crypto enthusiast commented:

“Congratulations to @Caspian_Tech and @novogratz’s Galaxy Digital on a partnership that can truly institutionalise crypto markets. Super excited to see what the product looks like.”

Altcoins

76497|Tron-based USDT: Huobi Global, OKEx and Gate.io announce support for new TRC-20-based Tether

Febin Jose

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Source: Pixabay

Tron Foundation’s relentless push for mass adoption received a major boost recently when Justin Sun, the Foundation’s Chief Executive Officer, announced their partnership with Tether [USDT] to create new stablecoin. The partnership would essentially bring USDT on the Tron blockchain, making transactions faster and free-of-cost, while also improving the use-cases of the stablecoin.

Three major exchanges have now announced support for the Tron-based version of Tether, further bolstering its position in the market. Singapore-based exchange Huobi Global, Malta-based exchange OKEx, and Gate.io, a blockchain assets exchange platform, announced in separate press releases that they will be supporting the new version of Tether.

Source: Twitter

Source: Twitter

Source: Twitter

Source: Twitter

 

 

 

 

 

 

 

 

The TRX-USDT partnership was announced in early March in an effort to bring in a TRC-20-based USDT into the crypto-market. The ‘improved’ coin would stick to the technical token standards maintained by the Tron blockchain and would be interoperable with all Tron-based DApps and protocols.

In their respective press releases, Huobi Global and OKEx stated that the decision was fueled by strong user demand for inclusion of a full-spectrum of stablecoin trading. The exchanges also made it clear that there would now be three different protocol versions of USDT on their platforms: the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20, and the new USDT-Tron.

Though the exchanges are some of the world’s largest in terms of trading volume, Tron Foundation had earlier said that the TRX-USDT version was made primarily for Tron-powered Decentralized Exchanges [DEX].



Recently, Tron Foundation also announced an incentive scheme exclusively for TRX-USDT holders. The $20-million incentive plan included the addition of a 20% initial Annual Percentage Rate [APR] for holding the cryptocurrency, which was significantly higher than its prime competition, the USDT-Omni. The plan also announced a scheme spanning over 100 days where USDT-TRX holders would be rewarded more USDT-TRX.

Tron’s DApp program and BitTorrent Token [BTT] launch also saw huge success this year, leading to a temporary surge in the token’s price before a bearish market ensued. On March 17, TRX registered a transaction volume that was five times more than the cumulative transaction volume of its closest competitors ETH and EOS. The transaction volume during this move was recorded to be over $100 million.

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Altcoins

76476|DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum

Akash Anand

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DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum
Source:Pixabay

The cryptocurrency market was punctuated by several altcoin surges this week, with Tezos and Ontology leading the charge. The latest entrant to ride the bull wave was DigiByte, the 35th ranked cryptocurrency on CoinMarketCap. It climbed up the charts to become the biggest gainer in the top 50.

Source: CoinMarketCap

At press time, DigiByte [DGB] was trading at $0.015, and was rising by 9.72%. The cryptocurrency held a total market cap of $169.073 million with a 24-hour trade volume of $3.091 million. A majority of the trade volume was split between BiteBTC and Bittrex, two popular cryptocurrency exchanges. BiteBTC recorded DigiByte transactions worth $1.156 million, while Bittrex recorded $315,308 worth of DGB trade.

Source: CoinMarketCap

The 24-hour chart showed the cryptocurrency’s value shooting up, before settling into sideways movement. DGB’s value surged from $0.0126 to $0.0144, in under an hour. It was speculated by many online that the addition of DigiByte on Magnum Wallet, and its latest release, the Magnum Notifier Bot, was what sparked the DigiByte surge. The bot is a free-to-use Telegram bot which notifies the user when the connected wallet participates in any transactions. The bot also gives DGB holders all transaction related information.



DigiByte was also helped by its community starting a new online campaign requesting Coinbase CEO Brian Armstrong to add DGB to its fold. Frederik Bf67, a Twitter user, and a DigiByte fan tweeted:

“Hello Brian, i would love to see @coinbase adding @DigiByteCoin to it’s platform. You know #DGB has been around for a long time and has proven itself over time to be a highly secure and fast blockchain with exellent use cases suported by thousands of people on every continent.”

Another DigiByte fan, Mark Brown replied on the same thread saying,

“Tell that to @barrysilbert , he’s the one to talk to brother 😏

@brian_armstrong and @AsiffHirji can do so much. It’s out of their hands.

I’ve even helped pass along a petition and nothing. I’ve gotten over 10k signatures to have #dgb added to #coinbase and nothing.”

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