Category Archives: CoinFLEX

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Winklevoss Twins Reaffirm Commitment to Bitcoin ETF

Winklevoss Twins Reaffirms Commitment to Making Bitcoin ETF a Reality

The Winklevoss twins have renewed their commitment to bring about the first Bitcoin exchange-traded fund (ETF) in the US. This happened during an Ask Me Anything (AMA) event on Reddit yesterday, the first organized by them since 2015 – around the same time their Gemini crypto trading platform was launched.

In the past year, many investors were overwhelmed by the downtrend in the cryptocurrency markets and focused more on price measures to determine success. However, in the midst of misrepresentation of valued propositions, companies were making progress in their development timeline. One such company was Gemini.

According to Cameron, 2018 was a banner year, as the company was able to hit major milestones and considered it a successful growth period for the industry.

Though Bitcoin – the flagship cryptocurrency and the largest cryptocurrency by market capitalization – had suffered a hit and dropped by approximately 81.98% during 2018, the twins are still confident that the cryptocurrency is “most likely the winner in the long term… Bitcoin is certainly the OG crypto”.

During the AMA session, a Reddit user asked the twins about their previous bullish speculation price of USD 40,000 for Bitcoin in the last AMA, to which Tyler responded saying:

“Our thesis around Bitcoin’s upside remains unchanged. We believe Bitcoin is better at being gold than gold. If we’re right, then over time the market cap of Bitcoin will surpass the [approximate] 7 trillion-dollar market cap of gold.”

For the take-home, the twins did leave the attendees a hint of what cryptocurrency in the future should look like: “Success is a future where the internet looks dramatically different than it does today (i.e., decentralized and open) and your money does things that your current money cannot do (i.e., it works like your email).”

In another response, Cameron said: “I can see a future where everything (including fiat) is crypto (e.g., Gemini dollar).”

With respect to derivative markets like the ETF, the twins said they understand the regulator’s concerns as related to “increased marketplace surveillance”, and are currently taking steps to address those concerns through inclusive surveillance on their platform.

Moreover, they said that efforts are geared towards making cryptocurrency safe and clear of all stigma: “Marketplace Surveillance is commonplace in equities and derivatives markets — so we aren’t re-inventing the wheel here, just bringing best practices into crypto.” They further reassured that they were “committed as ever to making an ETF a reality”.

The Winklevoss twins are not the only ones motivated by crypto adoption. During the past weeks, institutional investment portals have been making appearances, with the likes of Coinfloor’s CoinFLEX, Overstock’s securities trading platform tZERO’s patent, Japan’s Bitcoin ETF, and imminent Bakkt all hitting the headlines.

 

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Coinfloor to Launch Derivative Crypto Futures Amid Tough Market

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Top UK cryptocurrency exchange Coinfloor has told Bloomberg, that it is venturing into the derivatives market despite the seemingly poor market outlook and fierce competition in the futures market, with physically-delivered Bitcoin futures the new emerging derivatives for the asset class.

The CoinfloorEX spinoff of the Coinfloor cryptocurrency exchange will be offering the new physical Bitcoin futures services to sophisticated Asian traders. Meanwhile, it has been renamed to Coin Futures and Lending Exchange (CoinFLEX) for this purpose.

According to the CEO of CoinFLEX Mark Lamb, who is also a co-founder of Coinfloor, “bear cycles in crypto can go on a long time, but ultimately it’s an asset class which is one of the most fascinating, volatile, which is great for traders”. Lamb also downplayed the current market condition, confident that crypto will someday become globally accepted, saying that “it has the potential to be one of the major currencies in the world”.

CoinFLEX will have its base in Hong Kong. The proposed derivatives will include physical futures for Bitcoin, Bitcoin Cash, and Ethereum with leveraging of up to 20 times. Comparatively, top cryptocurrency exchange BitMex, also having a sizeable market in Hong Kong, will be a competitor as it also offers leverage of up to 100 times on some of its contracts. However, CoinFLEX has the advantage of physical delivery as against cash settlements that are prone to manipulation.

Prominent crypto movers have been named as members of a consortium owning the project, including Roger Ver, Mike Komaransky and Trading Technologies International Inc. Meanwhile, Coinfloor is also reported to be retaining an equity stake in the new venture.

It would seem that the market for institutional investors is constantly being expanded with multiple derivative options. “Crypto derivatives could become an order of magnitude larger than spot markets and the main thing that’s holding back that growth is the lack of physical delivery,” said Lamb.

Last year, talks about the proposed Bakkt platform – an Intercontinental Exchange (ICE) project – constantly drove up the expectations of cryptocurrency holders and investors. Its recent announcement included a successful seed round funding of over USD 182 million, and a scheduled launch early this year, however, the date “will be amended pursuant to the CFTC’s process and timeline”.

Another derivative platform, ErisX, recently reeled in USD 27.5 million from Fidelity Investments, Nasdaq Ventures, and other investors during a seed funding round. It is also waiting for approval from financial regulators before launching this year.

Recently, the Japanese financial regulator hinted on the possibility of the launch of exchange-traded funds (ETF) that will be based on the new asset class.

 

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