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Crypto Exchange OKEx Launches XRP and Ethereum Classic Futures, Plans Rollout for Tron and Bitcoin SV

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Malta-based digital asset exchange OKEx is introducing XRP and Ethereum Classic (ETC) futures contracts today.

OKEx is currently the world’s largest cryptocurrency derivatives exchange by 24-hour trading volume, according to data from CoinGecko. Both the XRP and ETC futures are settled in the stablecoin Tether (USDT), and users can trade weekly, biweekly, and quarterly contracts.

OKEx also offers Bitcoin (BTC), Ethereum (ETH), EOS, Litecoin (LTC) and Bitcoin Cash (BCH) futures contracts. These are available for trading on the exchange’s USDT-margined futures market, which went live on November 14, 2019.

Following the launch, OKEx CEO Jay Hao said,

“The simulation of our USDT Futures Contract was very successful, and we received positive feedback from traders in the OKEx community…

We’ve developed a safe, reliable, and stable environment for cryptocurrency trading, and strive to offer new services based on our customers’ interests. We’re excited to add USDT linear contract to our Futures market and next on the Perpetual Swap market to meet the interests of our growing international user base.”

OKEx plans to support futures trading for Tron (TRX) and Bitcoin SV (BSV) in the future. The exchange says its mobile USDT-margined futures marketplace will go live soon.

OKEx futures lead in 24-hour trading volume with $3.66 billion, followed by Huobi, BitMEX and Binance.

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Crypto Exchange

Bitmax exchange accused of Pump and Dump schemes

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BitMax is considered as one of the favorite exchange of the crypto industry, and investors have been using it as their first choice. However, some investors have been the victim of liquidation in an illiquid market because of margin trading, and they doubt the way BitMax works.

BitMax is considered as one of the favorite exchange of the crypto industry, and investors have been using it as their first choice. However, some investors have been the victim of liquidation in an illiquid market because of margin trading, and they doubt the way BitMax works.

Flash crashes have been a part of the crypto market, and these are common in the market, but there are more severe and darker crimes that take place behind the scenes. Recently, the founder and CEO of crypto data analyst firm Lunar Digital Assets(LDA), Han Yoon accused BitMax and its team of manipulating many IEO projects through pump and dump schemes.

Han believes that the market makers manipulate BitMax’s market as instead of providing liquidity to IEO projects, they buy their tokens and pump up the price. They spend thousands and millions in liquidity funds and then buy the funds which cause the IEO token price to tumble. The victim of one of these scams can be the token of the blockchain-oriented project DeepCloud AI.

DeepCloud AI helps in building decentralized cloud computing infrastructures, and somehow, the projects and its team managed to survive the bearish market that happened recently. They raised funds through BitMax, but the market makers wasted these funds.

Who is responsible for BitMax’s wrongful practices?

Usually, IEO projects conduct the fundraising on a particular exchange and expand their business, and they pay a fee to the exchange that hosts the event and their token. Han has blamed Shane Molidor for the wrongful practices that are taking place on the exchange.

Shane is a senior executive at FBG Capital, and along with that, he is the head of business development at BitMax. Shane has worked with Gemini and IBM in the past. According to Han, Shane made misleading promises to DeepCloudAI’s team, and this affected the DEEP token as it witnessed the pump and dump move in its trend.

DeepCloud AI is not the only project that failed with BitMax. DOS Network, Ferrum Network, and DUO Network are some of the projects that failed as well. The project that has succeeded is UltrAlpha, and this is no surprise as it is a personal project of BitMax CEO, George Cao.

Disclaimer: Coinnounce’s views are not necessarily reflected in the articles published, and they are the sole representation of the author’s opinions. Article’s information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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1xBit

Cryptocurrencies and esports: reshaping modern gambling

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Over the course of many centuries, gambling has proven to be very versatile and adaptive to innovations. Presently, it is going through the phase of transition from being reliant on brick-and-mortar casinos, with their limited capacity, regulatory issues, and inability to reach a broad audience, to running the operations solely on online platforms. The emergence of blockchain only incentivized the process of digitization of this industry. 

Cryptocurrencies are the next evolutionary step for gambling

While Bitcoin, the first and the most influential cryptocurrency that still exerts total dominance over all other coins, wasn’t created to serve the needs of the gambling industry specifically, it paved the way for other representatives of this space.

Projects like TRON and EOS are fundamentally designed to disrupt the world of gambling by providing it with such tech solutions as provably fair algorithms for casino games, decentralized gambling applications, and, of course, cryptocurrencies to fuel these ecosystems.

But in order to apprehend the benefits of a symbiosis between cryptocurrencies and the industry of gambling, it is necessary to understand what is crypto, how it works, and what it can bring to the table.

A cryptocurrency is a type of digital asset with strong cryptography features at its core, designed to eliminate the need for a trusted third party, such as banks, to confirm and/or carry out the financial transactions. But what makes crypto and gambling go together like peanut butter and jelly is the nearly total anonymity of digital currencies, the promptness and cheapness of transactions, and the substantially enhanced security. While traditional casinos demand plenty of sensitive information from gamblers (i.e., banking details, real name, date of birth), the crypto enthusiasts have to reveal nothing but public keys when making a deposit/withdrawals. The transactions usually take no longer than a few minutes and are carried out at an almost negligent fee.

These are the primary reasons why the industry is currently witnessing the emergence of all-for-crypto gambling platforms, such as 1xBit which accepts more than 30 cryptocurrencies, assures total anonymity through the provision of the one-click registration, effortless and low-cost deposits/withdrawals, and, of course, an abundance of casino games and sports betting opportunities.

1xBit places a particular emphasis on esports since this up-and-coming phenomenon represents another disruptive factor for the gambling industry that moves in parallel with the adoption of cryptocurrencies.

Esports make the grand entrance

For decades, video games have been considered as nothing more than a form of recreation. However, the rapid development of Internet technologies and the overall sophistication of online games, along with the acquisition of the global audience, had turned this form of activity into a fully-fledged sport. 

Nowadays, world championships in such disciplines as Dota 2, Counter-Strike: Global Offensive, and League of Legends draw millions of spectators from around the globe. The recognition of esports has reached such a level that the International Olympic Committee considers introducing esports to the official program of the 2024 Olympics in Paris. 

Such an unprecedented surge in popularity made esports one of the main destinations for tech-savvy online sports bettors who are well aware of the benefits that cryptocurrencies will bring to this space. The crypto-oriented platforms, particularly 1xBit, took on the task of being a meeting point for cryptocurrencies, esports, and betting. There is no doubt that this combination will shape the future of the gambling industry. 

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Gemini Reveals New and Improved Custody Service

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Today, the cryptocurrency exchange Gemini revealed that it has launched an institutional-grade crypto custody service called Gemini Custody.

In a Medium article posted on Sept. 10, Gemini’s new custody solution will enable customers to store crypto offline, check balances, whitelist withdrawal addresses, download account statements, and supply auditors with access balances, transactions, and activity.

Assets held in custody can also be traded on the Gemini exchange without having to transfer the assets from the offline wallet as they will be using the credits supplied by the exchange.

Gemini Custody will be available for 18 cryptocurrencies including: Bitcoin, Bitcoin Cash, Ether, Litecoin, Zcash, and the following ERC-20 tokens: 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR), and OmiseGo (OMG). The post also stated that they will be expanding their list with new coins in the near future.

Gemini Trust Company, LLC is a company and Qualified Custodian which is regulated by the New York State Department of Financial Services under Section 100 of the New York Banking Law.

While Gemini has been providing custodial services since they established their platform in October of 2015, Gemini Custody incorporates more features for its customers.

Tyler Winklevoss, Gemini CEO, that the further development of crypto relies heavily on custodial security.

He added: “From day one, Gemini recognized the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world.”

Jeanine Hightower-Sellitto, managing director of operations of the company said that the custody is a solution that deals with the issue of regulatory and security issues:

“Institutional investors have demonstrated a clear and growing demand for crypto, but they’ve struggled to find a solution that fully meets their complex regulatory and security requirements.”

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