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NASDAQ In Funding For New Cryptocurrency Exchange

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A recent article published earlier in the week suggests VC arms of Nasdaq and Fidelity Investments have funded a new cryptocurrency exchange named ErisX. Overall, the startup raised a total of $27.5 million during its Series B funding round.

ErisX will allegedly provide users with the opportunity to trade major cryptocurrencies like Litecoin, Ethereum and Bitcoin on futures and spot markets from the second quarter of next year.

The trading platform will begin its operations after it secures the right approval from regulatory bodies. Nasdaq has recently confirmed that its participation in the Series B funding round but it has declined to disclose the amount that was invested. In a similar light, Fidelities VC arm hasn’t replied on the matter either.

The CEO of ErisX, Thomas Chippas stated the funds received would be used to bring in new staff and develop the proper infrastructure to make sure that a transparent and efficient regulated market for digital assets.

The firm’s long-term plans involved offering clearinghouse services despite the company not registered for clearinghouse operations as well as becoming a fully-regulated futures market.

There are several high profile players from the digital currency space which have put themselves behind the project.

As reported by BTC Manager, the CEO of ConsenSys and one of the co-founders of Ethereum, Joseph Lubin has given his views on ErisX by saying that it is a crucial step in the long-term mission of convergence of traditional assets with the emerging class of digital assets. On top of this, he noted that ErisX could have sparked a significant demand from institutional investors in spot and futures crypto asset markets next year.

The co-founder, Jihan Wu has given his views on ErisX saying:

“Many of our customers have been seeking various hedging solutions and would be happy to see US regulatory compliant exchanges like ErisX provide spot and futures’ contracts in one platform. We are confident that our customers will find this strategic partnership beneficial.”

Even though the crypto market has seen gone up by over 30 percent in just the past month, startups in the space aren’t facing any issues in convincing VCs for funds.

It was reported in late November on how a startup by the name of Securitise aimed to create an appetite for digital tokens in the security backing from the giant crypto exchange, Coinbase while raising funds for its Series A round.

Source:cryptodaily

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Crypto Analyst Rips ‘Hysterical’ Calls for New Bitcoin Bottom – Plus Ethereum, Ripple and XRP, Bitcoin Cash, NEO, OmiseGo

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From the debate on how low Bitcoin can go to a new bank on RippleNet, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

A crypto analyst says “hysterical” calls claiming Bitcoin is on its way toward reaching new lows this cycle are way off base.

FlibFlib told his 20,000 followers on Twitter that BTC won’t touch its low of about $3,150 largely because he believes miners will hold the BTC they earn for powering the network as the next halving approaches.

The halving, which is set to happen in May of 2020, will lower the amount of Bitcoin miners receive by half. This new limit on the amount of BTC being created is a reminder that Bitcoin’s supply is limited, and the last time around, the price of BTC rose for about a year before the halving occurred.

Ethereum

A new Ethereum-based game just raised $3.75 million in seed money from Coinbase Ventures, Initialized Capital, Polychain Capital and other blockchain investment firms.

The game is called SkyWeaver and is designed to take on heavyweights like Magic: The Gathering and Hearthstone.

Ripple and XRP

Boubyan Bank, which is based in Kuwait, says it joined RippleNet. The bank will use Ripple’s suite of payment solutions to power remittances.

According to a press release on the bank’s website, the deal is pending approval of the Central Bank of Kuwait. So far, the bank has not specified whether it plans to use Ripple’s XRP-based cross-border payment product xRapid.

NEO

NEO’s investment arm is backing the blockchain-based hotel booking platform Travala.

“Aimed at propelling real-world use-cases, the NEO EcoFund investment will assist in the expansion of Travala.com with funds earmarked towards global growth, marketing, and talent acquisition, with an aim to double the developer team within the next six months.”

Travala allows users to pay for hotels in 210 countries around the world in 16 different cryptocurrencies.

Bitcoin Cash and OmiseGo

Liquid, the cryptocurrency exchange platform operated by Japanese startup Quoine, has listed OmiseGo, paired with Bitcoin and Ethereum. The exchange has also paired Bitcoin Cash with the stablecoin USDC.

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The rising concerns over cryptocurrency in US may be a deterrent

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US may be a falling behind in crypto innovation as regulators display concerns about Libra and Bitcoin. Countries like Venezuela and Cuba resort to cryptocurrency as they wish to cut down dependence on the US dollar.

Amidst the hatred comments that came from the top tier in US, it seems like crypto lovers are choosing other counties as their haven. Recently, crypto fund manager Brian Kelly pointed out on CNBC saying, ”The US may have already lost the race…It’s very concerning to me. Asia is eating the U.S.’ lunch. The U.S. is the center of finance. We should take the lead in it.”

Libra coin moved to Switzerland with lawmakers taking it longer than expected in the US to accept cryptocurrencies and regulating them with trust in head.

Studies also support that US adversaries could potentially be weaponzing the cryptoassets. According to Foundation of Defence of Democracies or FDD, a study titled ‘Crypto Rogues – US State Adversaries Seeking Blockchain Sanctions Resistance’, for decades those countries that the US put on its naughty list sought ways of evading these sanctions but were unable to conduct significant international commerce without moving through the pipes of the US-led global financial system.

Countries like Venezuela and Cuba are already seeking crypto-backed strategies to cut their dependence on the US Dollar. Venezuela adopted Petro-oil-backed national cryptocurrency, and also summoned banks to start accepting deposits in this crypto to sidestep the dependence on the US.

Cuba could follow a similar route and is looking into the potential use of cryptocurrency. 

Source: ambcrypto

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Japan planning to set up an international network for cryptocurrency payments

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Japan is at the forefront of the crypto-revolution, with the Asian giant taking the lead in bringing innovation to the field of cryptocurrencies and blockchain. This fact was further highlighted by a recent report by Reuters which said that Japan is planning to set up an international network for cryptocurrency payments, something very similar to the SWIFT network, in order to fight money laundering.

Although information about this network hasn’t been publicly announced, a source familiar to the plan revealed that Tokyo aims to get the network up and running in the next few years. The source added,

“A team related to the inter-governmental Financial Action Task Force (FATF) will monitor its development and Japan will cooperate with other countries, the source said. It remains unclear how the cryptocurrency network would work.”

The plan to set up this network was approved by Japan’s Ministry of Finance and the Financial Services Agency (FSA) regulators in June. However, additional details regarding the plan are yet to be received.

Japan has had a very pro-active approach to cryptos and blockchain over the years, something which was apparent in 2017 when it became the first country in the world to regulate cryptocurrency exchanges on a national level.

Japan’s SBI Group and SBI Holdings are also eager to launch crypto-related solutions to help propel Japan into the stratosphere of the payments sector. SBI Holdings’ Yoshitaka Kitao plans to disrupt the Japanese payment industry before Osaka Expo 2025.

Source: ambcrypto

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