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Kin Foundation launches ‘DefendCrypto’ campaign, Peter Brandt questions Kraken and more

Jibin M George

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Crypto News – 29 May

John McAfee on Bitcoin, Gold comparisons: Software pioneer McAfee made news after he stated that comparing Bitcoin and Gold was madness, a day after he shared features of his upcoming crypto-debit card

Read more at https://bit.ly/2JJEkrp

EOS overtakes Litecoin: EOS overtook Litecoin [LTC] on the cryptocurrency charts after the former surged on the back of the upcoming Block.One announcement

Read more at https://bit.ly/2YVwNJy

Bitcoin’s market volatility: In a recent report, Bloomberg reported that Bitcoin’s present-day market volatility was mirroring its volatility from December 2018

Read more at https://bit.ly/2Xf19pM

Michael Arrington on Binance: According to Michael Arrington, Binance today is significantly more important for altcoins that all the other exchanged combined

Read more at https://bit.ly/2MuuD2j

Relay protocol Erlay released: A Bitcoin developer released Erlay, a relay protocol that is expected to reduce a node’s consumed bandwidth by half

Read more at https://bit.ly/2X8p4XY

Edmund Moy on cryptocurrency: Former U.S Mint Director, Edmund Moy, made headlines after he said that cryptocurrency’s potential can be preserved by ‘wise regulations.’

Read more at https://bit.ly/2wqE3Rp





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ErisX goes all hands on deck to launch a Bitcoin Futures market

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ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

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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