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Cryptocurrency

OceanEx completes successful funding round

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Source: MagicFew

OceanEx, one of the fastest-growing and reputable cryptocurrency exchange in the world, today announced that it has raised millions of dollars in Series A funding. The round was led by Fenbushi Capital, with participation from several other investors.

Bo Shen, Founding Partner of Fenbushi Capital said,

Fenbushi Capital identifies with OceanEx’s development concept and core value of building an infrastructure that enables the freedom of value exchange globally and accelerates the inevitable future of blockchain economy. We are excited to work together with OceanEx to bring the highest quality exchange to the market.”

Xiaoning Nan, Founder & CEO of OceanEx stated,

“Our vision of providing global users a secure and transparent digital asset exchanging platform fully aligns with Fenbushi Capital and other investors. Joining hands, we seek to make a remarkable impact on industry growth. Moving forward, we will plow into achieving global compliance proactively, and our users can expect fiat-to-crypto trading very soon.”

While constantly improving its institutional service, OceanEx is sparing no efforts in delivering innovation into financial products, such as contract trading, perpetual contract, and upgraded CryptoFarm product. The next-generation asset management platform and fastest-growing cryptocurrency exchange will also be offering solid blockchain project IEO on OceanEx GO in the nearby future.

Founded in 2018, OceanEx has become one of the

fastest-growing cryptocurrency exchanges within six months. As of today, OceanEx is ranked at top 60 on CoinMarketCap’s Top Cryptocurrency Exchanges by Trading Volume.

Committed to achieving regulatory compliance globally, OceanEx has been deploying bank-level SSL secure technology and advanced machine learning algorithms to actively detect attacks and safeguard users’ assets and transactions. In May 2019, OceanEx was invited into CoinMarketCap’s Data Accountability & Transparency Alliance to provide “greater transparency, accountability, and disclosure from projects in the crypto space” alongside other top exchanges including Binance, OKEx, and Huobi.

About OceanEx

Launched by BitOcean Global in 2018, OceanEx is an AI-powered digital asset trading platform. The platform is fortified by deploying cutting-edge AI technologies, providing an actively protected and ultra-liquid cryptocurrency trading market, full-fledged quantitative trading capabilities, a rich set of investment tools and products that meet a wide spectrum of investment strategies from all types of investors. For more information, please visit the website.

About Fenbushi Capital

Founded in 2015, Fenbushi Capital is the first China-based venture capital firm that exclusively invests in Blockchain-ended companies. With a mission of accelerating the inevitable future of Blockchain economy by supporting as many companies as possible, Fenbushi strongly believes Blockchain technology will play an important role in bringing much more transparency, efficiency, and robustness into the global economy. For more information, please visit the website.

Source:ambcrypto

Cryptocurrency

ING to develop a cryptocurrency custodial platform

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  • The bank said that it sees “increasing opportunities” with regards to crypto.
  • The project is reportedly being controlled from its Amsterdam offices. 

According to a recent report by Reuters, major Dutch bank ING is currently working on a custodial platform that will enable their clients to store digital assets like cryptocurrencies. The firm stated that it sees “increasing opportunities” with regards to crypto – both asset-backed and security tokens.
 
ING bank aims at providing its users with a compliant way to access the sector. As per Reuters’ sources, the project is being controlled from its Amsterdam offices. However, it is still in its early stages. Additionally, the bank is also working on developing other blockchain initiatives. Not all banks are sharing ING’s enthusiasm. Another major Dutch institution,

ABN AMRO, has dropped its plan of creating a custodial cryptocurrency wallet, citing a lack of interest.  
 
 
 
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

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Cryptocurrency

US court dismisses case against FTX worth $150 million

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The U.S. court is said to have dismissed the case worth around USD 150 million against the cryptocurrency derivatives exchange FTX. It was said the suit was made due to market manipulation and unlicensed securities sales, but the court has not found any solid grounds to continue with the lawsuit.

The company called Bitcoin Manipulation Abatement LLC filed the suit for the sale of unlicensed securities in the U.S. and market manipulation. 

It was said in the report that:

Defendant Alameda Research LLC’s motion to dismiss Bitcoin Manipulation Abatement LLC’s Amended Complaint in the above-captioned action came on regularly for hearing before the Court on February 13th, 2020. After considering the papers submitted by the parties and the argument of counsel, the Court finds that plaintiff has failed to comply with the requirements of Fed. R. Civ. P. 9(b) or 8(a)(2), and that dismissal is warranted under Fed. R. Civ. P. 12(b)(1) and 12(b)(6). Accordingly, Alameda Research LLC’s motion to dismiss is granted, and the Amended Complaint is dismissed in its entirety with prejudice.

In a reaction to the news infamous CZ (the CEO of Binance) said:

A market maker from a smaller futures exchange tried to attack @binance futures platform. NO

ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that

It was clear that something went on but as always these things are hard to prove. This is not the first case of its kind but it is important that Binance had security measures in place to keep its customers safe.. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

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Cryptocurrency

Cryptocurrency Is Still the World’s Best Performing Asset Class This Year

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As the year and decade come to an end, cryptocurrencies once again outperform other major asset classes.

Despite trading significantly down from their record highs of late December 2017, large-cap cryptocurrencies had a phenomenal year and remain one of the greatest investment success stories of the decade.

Cementing themselves as the world’s leading asset class for yearly performance, cryptocurrencies have risen well above annualized returns of the U.S. equities, commodities and bond markets for 2019.

Ryan Alfred, President and co-founder of Digital Assets Data said large-cap crypto assets possess significantly higher returns versus traditional markets for this year.

“Looking back at the performance of the top ten large-caps (Bitwise 10) in comparison to other major asset classes, we can see their special signature,” Alfred said.

Crypto versus traditional assets

Credit: Digital Asset Data

As seen in the chart above, research provided by Digital Assets Data shows how this year’s performance of the top 10 cryptos by market capitalization fared against other major asset classes such as gold, oil and equities.

Of course, 2019 didn’t start out that way. Back in February, the top 10 crypto began a fairly dismal run, resting well below all other traditional asset classes when viewing their return on investment figures. However, sentiment began to pick up significantly in March and by mid-year, cryptocurrencies were far out ahead of other the other assets.

That gap has begun to narrow as stocks, bonds and commodities begin to increase their lead. Yet cryptocurrencies remain significantly ahead

of all other asset classes as the year comes to a close.

Much of this rally is courtesy of bitcoin (BTC). The world’s first cryptocurrency is currently up 100 percent since the year began. Meanwhile, Ether, the world’s second-largest crypto is up 35 percent year-to-date, though  XRP is down 25 percent from where it traded on Jan. 1.

The big picture: Crypto’s success story

In the year before the decade began, the world was in the throes of a financial crisis. Since then, stocks have rebounded. From its March 2009 market meltdown lows to now, the S&P 500 has gained a respectable 369 percent. Similarly, the Dow Jones Industrial Average has also had a good run, up 326 percent in that same time period.

Bitcoin Price Index

However, BTC has blasted those figures, rising well above a staggering 12 million percent (yes, you read that correctly) over a one-year-shorter time frame, beginning March 2010. That’s when the price of 1 BTC was around $0.05, data taken from Messari shows.

Crypto’s success can likely be attributed to its most defining characteristics: high volatility and liquidity, allowing market participants to quickly and easily trade between digital and fiat currencies.

Lorenzo Pellegrino, CEO of Skrill, a cross-border payments platform utilizing crypto, said digital assets resembled a nascent market. Prices bouncing around in a frantic manner enable the asset class to outperform all others based on irrational sentiment and low barriers to entry.

“As it (crypto) matures we should start to see increased stability and the core fundamentals will become more apparent,” Pellegrino said.

source:coindesk

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