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India’s proposed crypto ban is ‘corrupt’ says Tim Draper

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  • India’s proposed bill is “pathetic and corrupt,” Tim Draper.
  • Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies.

Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin support and investor in Tezos has come out to condemn the move. The outspoken investor has recently advocated Bitcoin to the government of Argentina. He refers to India’s proposed bill as being “pathetic and corrupt.”

He wrote on Twitter:

“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”

His comments have not been

received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only. Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies and does not support government involvement in terms of regulating the space.

As reported by FXStreet, a lawyer in India shared what he referred to as the evidence of a draft law that could be used to ban cryptocurrencies in India except for the ‘Digital Rupee,” a digital asset that will be issued and backed by the Reserve Bank of India.

More on India’s leaked draft bill: India’s battle with crypto ban continues: “Digital Rupee” to be only the digital currency

source:.fxstreet.

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Tyrone Ross on Why Financial Advisors Are Taking Notice of DeFi

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Financial advisor and crypto advocate Tyrone Ross joins The Breakdown for a discussion on financial advisors, DeFi and the most important company in crypto.

One man. Three piping hot takes. In this special interview episode of The Breakdown, financial advisor and crypto advocate

Tyrone Ross shares his thoughts on:

  • Why financial advisors are the key to bringing in the next wave of crypto investors
  • Why DeFi is an even bigger deal than you think – and not just to the hackers and entrepreneurs building on it
  • Why Square’s Cash App – not Binance, not Coinbase, not anyone else – is the most important company in crypto

Check out more episodes of The Breakdown on CoinDesk.

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Crypto Dealer SFOX Adds New Service for Fund Managers to Invest in Digital Assets

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San Francisco Open Exchange unveiled Thursday its new “Separately Managed Account Solution” to help investors create their own crypto trading strategies.

The service enables fund managers to manage individual securities in a single account for their clients in the traditional financial services industry. However, the company claimed the new service has not been available to those who invest in digital assets.

According to a blog post from SFOX, the new service will allow fund managers to design and administer personalized crypto trading strategies for their clients.

The company said crypto investors can also use its tax-reporting products to take taxes into consideration when making portfolio management decisions.

The

service caters to crypto hedge fund managers, traders and service providers as well as traditional asset managers who invest in crypto assets.

In May, the crypto dealer announced a partnership with New York-based M.Y. Safra Bank to provide its traders with deposit accounts backed by the Federal Deposit Insurance Corporation (FDIC).

Founded in 2014, SFOX says it now serves more than 175,000 traders across the world and has processed over $11 billion worth of transactions.

Separately managed accounts as a financial service have been widely used by asset managers who work for institutional investors such as high net worth individuals and mutual funds. It allows people to manage portfolios more efficiently by putting different investments in one account.

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Deribit Takes On New Trading Tools to Capture ‘Exploding’ Options Market

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Amid increasing activity within the crypto derivatives market, software maker Trading Technologies (TT) announced Wednesday it would provide trading tools to users of leading crypto exchange, Deribit.

Included in the suite are advanced order types, charting and analytics as well as access to a feature allowing users to create algorithms for bot trading.

TT users eligible to trade on Deribit will be able to access all listed products, including bitcoin (BTC) and ether (ETH) futures, perpetual and options contracts. Dutch-based (for another month) Deribit, founded in 2016, is now the fifth crypto-only exchange that TT supports, alongside BitMEX, CoinFLEX, Coinbase and Bakkt.

TT’s vice president of cryptocurrencies, Michael Unetich, said demand for crypto derivatives was strong in regions such as the U.S., Asia and Europe.

“We hope to provide trading access to the highest volume derivatives exchanges in the world. CME is one leading derivatives venue, while others are located in Asia.” Unetich said.

Trading Technologies creates professional trading software, infrastructure and data solutions for a wide variety of users, including proprietary traders, brokers, money managers, chartered tax advisors (CTAs), hedge funds, commercial hedgers and risk managers. Traditional financial institutions like Goldman Sachs; stock exchanges like the Johannesburg Stock Exchange; and Europe’s largest derivatives exchange Eurex also use the 25-year-old firm’s tools.

Exploding options market

Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based blockchain investment and trading firm said TT’s connection to Deribit was a “massive show of confidence” for the “exploding” options market. 

“TT’s long credible history and impressive user base combined with Deribit’s experience as one of the first crypto options platform is an exciting match that should significantly increase volumes over time,” Chu said.

Commenting on the Asia-Pacific region for retail investors, Chu also said the TT and Deribit partnership would “expand the options markets for Asian traders through a familiar and trusted platform.”

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