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Binance Futures launches ETC/USDT perpetual contracts as another fiat on-boarded

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The world’s leading crypto-exchange, Binance, has been making a series of announcements since the beginning of the new year. After adding support for numerous fiat currencies from around the world, Binance has now announced the addition of Turkish Lira [TRY] for users to bind their Visa cards in order to purchase Bitcoin [BTC], Ethereum [ETH], Binance coin [BNB], and XRP.

A blog published by Binance hinted at support for Mastercard and other currencies soon, on the platform.

“Support for Mastercard and additional currencies will be added in the near future.”

The exchange had previously announced support for purchasing crypto by binding Visa cards in December 2019 and it has since, added the Euro [EUR] and the Great British Pound [GBP]. Among the 31 countries covered, the United Kingdom, Germany, France, Spain, and Iceland are the few who made it to the list. As per the CEO of Binance, Changpeng Zhao [CZ], 2020 will see Binance support all 180 fiat currencies.

Apart from the addition of new fiat currencies, Binance has also announced the

launch of ETC/USDT perpetual contracts which will offer leverage up to 75x. The blog added,

“Binance Futures will launch ETC/USDT perpetual contract and open trading at 2020/01/16 08:00 AM (UTC). Users will be able to select between 1-75x leverage.”

In order to prevent market manipulation, the exchange will implement a pricing limit of ±1% on the market price within the first 15 minutes after trading starts. Recently, Binance had also launched XRP/USDT Futures Contracts with up to 75x. leverage, following which the announcement of ALGO/USDC, FTM/USDC, ONT/ USDC, XLM/ USDC, and USD/ USDC trading pairs were rolled out. The exchange had stated,

“To improve liquidity and user trading experience among our wide range of available assets, Binance will remove and cease trading on the [above] USDC trading pairs at 2020/01/07 8:00 AM (UTC) […] Please note that users can still trade the above assets in other trading pairs that are available on Binance.”

The exchange has been making headlines for launching high leverage contracts for its Futures platform for a while now, with Ethereum being one of the first contracts to be launched.

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THIS RIPPLE BACKED FIRM IS EYEING INDIAN MARKET DOMINANCE

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The Rundown

  • Ripple Backed MoneyGram Aims for Bigger Share of the Indian Remittances Market
  • India Boosts Crypto Usage, Electronic Wallets After War on Cash

MoneyGram, the cross-border payment system backed by Ripple, will aim to become a leader in carrying remittances for the Indian market.

RIPPLE BACKED MONEYGRAM AIMS FOR BIGGER SHARE OF THE INDIAN REMITTANCES MARKET

After forming a strategic partnership with EbixCash, MoneyGram will aim to grab the biggest market share in India, reported The Hindu Business Line. Cross-border payment systems help the Indian economy connect to worldwide services, and MoneyGram aims for a larger part of that market.

But so far MoneyGram has met problems spreading to the Indian market, commented Alex Holmes, chairman, and CEO of MoneyGram. The partnership with EbixCash will solve the “last mile” problem of money transfers. EbixCash is one of the vastest fintech networks, encompassing multiple preloaded, utility and general payment services. MoneyGram is one of its latest partners, and thus connects India’s payment ecosystem with Ripple, Inc.

The San-Francisco based firm, which invested $50 million MoneyGram in the summer of 2019, continuing its expansion to link the space of cryptocurrencies with regular payment systems. MoneyGram is still in the experimental stages of using RippleNet’s ecosystem and has announced plans to utilize the On-Demand Liquidity system. If this technological shift happens, MoneyGram will be the company best positioned to deliver

the Ripple protocol and show its benefits in real-world usage.

INDIA BOOSTS CRYPTO USAGE, ELECTRONIC WALLETS AFTER WAR ON CASH

For now, MoneyGram will capitalize on India’s increased usage of electronic wallets and fintech payment solutions. India has also become one of the markets readily adopting digital asset solutions, but those are competing with local usage of cash, as well as local payment systems.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

India has also rejected the usage of Facebook’s Libra, and the market may be open for competitors. For now, Libra is not a threat, as the asset has not been issued yet, and Ripple’s solution may be the first distributed solution to arrive on the market.

Despite the stagnant XRP prices, Ripple continues to position itself as a fintech solution provider, potentially also launching its own IPO in the near future. But MoneyGram remains its flagship business, as it grabs a large share of international remittances and capitalizes on the well-known brand.

The price of XRP has stabilized around $0.22, on relatively small trading volumes of $1.6 billion in 24 hours. XRP has awaited the verdict on its status as either a form of security or another type of asset. This has kept investor interest relatively low, despite previous expectations XRP usage would pick up as Ripple takes a share of the global remittances market.

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CME Bitcoin Futures remain more bullish than other derivatives platforms

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The new year has brought in increased demand for Bitcoin Futures, with the Chicago Mercantile Exchange [CME] reflecting increasing open interest. According to a recent report by Arcane, CME continued to stay more bullish than other platforms, with June premiums looking strong.

Source: Arcane Research

Source: Arcane Research

While the premium on March contracts appeared to align between the platforms this week, the gap in June contracts is increasing. The report added that the annualized premium rates on CME were equal for both March and June contracts.

Source: Arcane Research

Source: Arcane Research

According to data provider, Skew markets, Bitcoin options on CME doubled its trade volume within the first week of going live. 610 Bitcoin Options were traded on 17 January, amounting to

$5.27 million. Skew had tweeted,

“Market on aggregate has already filled the gap from the December expiry
Growing!”

Source: Skew

Source: Skew

The Open interest for BTC Futures on CME reported a 101% rise between 1 and 20 January, according to Skew.

Bakkt, a Bitcoin derivatives platform, also recorded a rise in BTC Futures’ open interest. It recorded an interest of $3.8 million on 1 January and this figure spiked to $7.8 million on 20 January.

Apart from the derivatives market, Bitcoin’s performance has been more closely associated with gold, than S&P. The digital asset has managed growth of 14.41% in 22 days and was trading at $8,314.76, at press time. With an increased correlation between ETH and BTC, the price of ETH has also been following Bitcoin’s momentary spurts and was valued at $161.34.

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Litecoin’s creator proposes new Foundation-funding method; community still skeptical

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Litecoin, today, is one of the market’s top crypto-assets, with the silver to Bitcoin’s gold holding a market cap of over $3.4 billion, at press time. However, the Litecoin Foundation has been struggling a lot since 2019, with the Foundation unable to find a constructive solution for its financial woes.

Litecoin is also often criticized for lacking behind on the technical developments front, with it struggling to compete with the likes of Bitcoin and Ethereum. These were the reasons behind Litecoin Foundation’s Co-founder, Xinxi Wang, initiating a “project-based community crowdfunding system” last year, an appeal through which the organization received 48 LTC for system development and maintenance.

Charlie Lee, creator of Litecoin, is the latest to join the fundraising bandwagon, with Lee releasing a series of tweets that proposed another way for the Foundation to generate funds.

In order to find a permanent solution for LTC’s financial hurdles, Lee suggested that a part of the

block rewards received by mining pools should be voluntarily deposited to fund development. He added,

“How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the @LTCFoundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!”

Lee further validated his proposal by stating that miners were making above 105% in terms of block rewards due to merged mining of Dogecoin and other Scrypt coins. Hence, a mere release of 1% towards the development fund would only be a contribution towards “public good,” at a small cost.

Moreover, Lee also put forward the idea that mining pools should be able to decide where their block rewards should be utilized, picking from various Litecoin projects.

The idea received a mixed reception from the community, however, as many people believe that miners may not comply with the idea. Twitter user, @WaleEater, said,

“Asking miners do donate and cut into their already low profits won’t fly with most miners. Unless it’s a forced fee in which case they don’t have a say but can come to an agreement on at least.”

Lee’s tweet comes just a day after Roger Ver highlighted that BTC miners pay 95% of the capital to fund BCH protocol developments.

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