Cryptocurrencies Finish Week Broadly Negative as Bitcoin (BTC) Maintains Support and Edges Higher
Apr 26, 2019
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Developments in Financial Services
- A new report by Bloomberg published on Thursday finds that more than 20 of the world’s biggest cryptocurrency traders met for talks in January to discuss implementing cryptocurrencies and other digital assets a part of the global financial architecture. Standard Chartered executive Hoe Lon Leng reportedly organized the meeting that featured representatives from giants like Galaxy Digital, Coinbase, and Binance. The meeting yielded plans to establish a clearinghouse for crypto derivatives in order to minimize trading costs and increase trading volumes.
- GSR, an algorithmic cryptocurrency trading firm based in Hong Kong, announced the launch of cryptocurrency variance swaps, a product designed to help traders against volatility. According to an official press release on Wednesday, the initial launch will only feature Bitcoin (BTC) and Ethereum (ETH) variance swaps. The variance swaps will allow crypto traders to trade and capitalize on the difference between an upfront value and the variance realized during the swap’s duration, accomplishing a similar hedging goal as options contracts do for equities.
- Genesis, a notable cryptocurrency lender, has reported that it processed more than $425 million in loans over the course of the first quarter of 2019. According to Genesis’ Q1 Digital Asset Lending Snapshot, Bitcoin (BTC) dominated demand for cryptocurrency loans with the benchmark coin making up 68% of Genesis’ loan portfolio. Ethereum’s (ETH) allocation in the portfolio halved from the prior quarter to just 3.6% while Ripple’s (XRP) allocation fell slightly to 6.7%.
- Wirex, a UK-based cryptocurrency payments processor, has announced a partnership with Stellar (XLM) and intentions to launch 26 stablecoins. According to an official press release, Wire will launch various stablecoins pegged to major fiat currencies like the US dollar, the euro, the pound, and more. Wirex is a crypto payments processor registered with the UK Financial Conduct Authority (FCA), which allows users to spend cryptocurrencies with a dedicate Visa card using nine different digital token offerings.
- The official Chinese currency, the renminbi (RMB), will become a cryptocurrency, according to Donald Tapscott, the Executive Chairman of the Blockchain Research Institute. According to comments made by Tapscott in an interview last week with Bloomberg, a recent meeting between himself and the Vice Chairman of the Communist Party in China revealed that Chinese President Xi believes that blockchain is one of the most critical technologies for the future of the country. Tapscott explained in the Bloomberg interview, “It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.”
- Nike, the popular US-based maker of athletic wear, has filed an official trademark application for the phrase, “Cryptokicks”, according to documents seen on the US Patent and Trademark Office. According to the patent application, Nike intends to offer crypto wallets and, “downloadable mobile applications for providing access to crypto collectibles, crypto art and application tokens.” Specifically, it appears Nike will attempt to develop a cryptocurrency to be used by members of an online community of some sort.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio