News on Exchanges in Crypto Industry
The price of Bitcoin dipped as low as $6,194 on Bitstamp and on BitMEX, it collapsed to $6,380. A lot of investors blamed BitMEX for the dump. BitMEX in its statement: “The BitMEX .BXBT Index tracks the Bitcoin price every minute. The Bitcoin price is calculated from the last price at BitMEX Index. The .BXBT index price is shown on many pages as the current Bitcoin price.”
OKEx (a young cryptoexchange from Hong Kong) has partnered with Caspian (a crypto risk management platform) to develop the infrastructure for the institutional adoption of cryptocurrency trading. The VP OKEx James Jiang elaborated, “There is huge potential for institutionalization of crypto in China and more broadly. We are delighted to have teamed up with Caspian to help facilitate our clients’ needs in this space.”
Coinbase (a San Francisco-based crypto exchange) has announced that it’s in a very close stage to buy Xapo (a crypto custody provider) to boost its custody business. It has also been revealed that Coinbase and Fidelity Digital Assets have been involved in a neck-and-neck race to seal this acquisition. Xapo’s expertise lies in providing safe storage for Bitcoin. The company’s main product is the cold storage vault for Bitcoin.
A cryptocurrency platform Uphold (previously Bitreserve) has revealed it plans to improve its security by integrating to Ledger (a security and infrastructure solutions company) Wallet’s technology. Uphold co-founder J.P. Thieriot said, “It’s always been our view that security’s been the most important issue with respect to mass adoption with cryptocurrencies. The only reason people would take a risk of moving their money away from the boring old bank on the corner is if they can derive benefits taking the plunge.”
Naga, a German based for fintech firm has launched its new exchange platform, Nagax which is well integrated into the social investing network Naga Trader. It has also its own crypto wallet which supports major crypto, all ERC-20 tokens and the Naga Coin (NGC). It is providing zero fees for the first three months of Nagax’s operation. When this period ends, an eight-tier fee system will be integrated.
In a tweet post, CZ noted that during a trading halt, they will update no less than 2 hours, as per usual. The post also states that once the upgrade is complete, they will make a further announcement and provide users with a 30-minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes. The Binance team have largely kept details of the light of their post-hack actions.
Cryptopia has announced on its Twitter account that it will go out of business and David Ruscoe and Russell More from Grant Thornton New Zealand were appointed as liquidators of Cryptopia Limited. David Ruscoe said they will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders.
The New York user of the Coinbase can now buy, sell, and free to store XRP (Ripple) via services offered in Coinbase.com. Earlier the access to XRP was restricted to users from United Kingdom and New York due to the specification of an XRP destination tag which is required to make XRP transfers.
The Intercontinental Exchange (ICE) which has been pitching hard for its bitcoin futures contracts platform: Bakkt, now waiting for approval from the United States Commodity Futures Trading Commission (CFTC). Adam White, COO of Bakkt explained, “DACC shares our security-first mindset and brings extensive experience offering secure, scalable custody solutions to institutional clients. The team’s experience integrating multiple blockchains and operating cutting-edge consensus mechanisms is a valuable addition to our team and future product line.”
Arthur Hayes, CEO of BitMEX, has just announced that the leading cryptocurrency derivative trading platform saw a record volume of over $10Bn. Because the exchange does not actually spot trade Bitcoin (BTC), it is generally excluded from volume calculations on the entire market, however, most cryptocurrency traders who margin trade frequent the platform. BitMEX, has been no exception to this explosive rise, because many cryptocurrency traders in 2018 were complaining traders were ‘over-shorting’.
