Even though India is not known for their ease of using crypto, it is making progress when it comes to implementation of blockchain technologies. The southern state of Andhra Pradesh now wants to use blockchain along with other new age technologies.
The Andhra Pradesh Innovation Society (APIS) have said that they are partnering with Elevon01 Foundation which is a local provider of native blockchain protocols.
Eleven01 is a blockchain protocol that is designed from the ground up to be use-case agnostic, topology-agnostic blockchain ledger. Its core software can be used to implement a public chain, offering a cryptocurrency that anyone can join and transact with. It can also be configured as a private, permission blockchain that can be used to build consortiums. The goal is to provide a foundation that can be built upon and tailored to each application.
The foundation’s president & chief product officer, Ramachandran Iyer, said:
“We visualize India to be a blockchain-hub and the support from the state here brings us a step closer to achieving that. Together, we will contribute towards the development of the best blockchain-ready talent pool and innovations in the state.”
J A Chowdary, IT Advisor and Special Chief Secretary to the Chief Minister of the Government of Andhra Pradesh, had similar views and added:
“We truly appreciate what the Eleven01 team is trying to do and we are happy to associate with them to bring advanced development and innovations with regard to the blockchain realm in the state.”
Andhra Pradesh Leading Indian FinTech
In the past one year, Visakhapatnam, the state’s capital, has been developed as a hub for Fintech companies. They aim to create a global Fintech ecosystem in collaboration with multiple stakeholders such as corporates, universities, financial institutions, technology service providers, startups and accelerators.
Under the able leadership of their Chief Minister, Fintech Valley Vizag has become a global brand in a short span of time and has been garnering interest from various countries looking for market access in India, in the domains of Fintech cutting across the verticals of cybersecurity, machine learning/artificial intelligence, analytics, and blockchain.
They have also created India’s largest Fintech use case repository with its 20 leading BFSI corporate partners such as IDFC Bank, Aditya Birla, TATA financial services, Kotak bank etc. with 100 use cases identified. This repository aims to open market access opportunity for startups from across the world to run a proof of concepts as well as project implementation with our partners.
Roubini on BitMex: “95 percent of all bitcoin transactions are fake”
Anti-crypto personality Nouriel Roubini has lashed out at BitMex exchange following the recent announcement that the exchange had achieved US$1 Billion open interest on the Bitcoin perpetual swap contract, for the first time.
Roubini, who always has a lot of negative things to say about the cryptocurrency industry, took to Twitter to express his discontent about the recent record set by BitMex.
BitMex announced that the exchange had achieved US$1 Billion open interest on the Bitcoin perpetual swap contract, for the first time. Roubini commented saying “How can one believe ANY of these figures when 95 percent of all bitcoin transactions on a typical exchange are fake? Fake-coins, shit-coins, fake-transactions, fake-pricing. The only true thing in crypto space is manipulation, pump n dump, front-running, wash trading, etc…”
The two will be meeting in Taipei on July 3 at the Asia Blockchain Summit 2019, where they will have an open debate.View image on Twitter
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.
Bitcoin’s fantastic run contributes to a new milestone for BitMEX
The cryptocurrency market has been rife with news about Bitcoin, the world’s largest cryptocurrency, and its massive bullish movement. In a matter of just 3 months, Bitcoin has recovered from the bearish zone near the $4000 market, to currently trade near the $12,000 zone.
This price rise has prompted popular figures in the cryptocurrency industry to voice their opinions about the king coin and where it could go from its current market situation. Alex Kruger, a popular economist and analyst, is one of them and he tweeted,
“The hourly bar that marked tonight’s bitcoin $12,972 top had the highest hourly volume in Bitmex’s history. When such high volume prints come after an extended run, they often mark a local top. One could appreciate an intra-day blow-off top on the 5 minute as well.”
Kruger’s tweet comes in the wake of information that suggests that Bitcoin’s trading volume on the popular cryptocurrency exchange had skyrocketed over the course of the past few months. It was spotted in January of this year, when the trading volume found it difficult to breach the $1 billion mark. However, the present price hike has contributed to the volume spiking by a factor of 9 to amass a trading volume of more than $9 billion.
Kruger’s tweet also had comments from other Bitcoin enthusiasts, with @rufus666, saying,
“Gonna wait for Friday when these CME shorters gonna dump the corns they had to buy on spot after weekend rallies to hedge their positions.”
BitMEX had touched another milestone recently after the exchange clocked in a trading volume of a whopping $10 billion. This feat was also marked with requests from the community, asking BitMEX to include margin trading to its fold like the Changpeng Zhao-led Binance.
At press time, Bitcoin was trading at $12,595, on the back of a significant 11.19 percent growth over 24 hours. The cryptocurrency held a market cap of $223.96 billion, and a 24 hour trading volume of 32.23 billion.