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April 2012

Binance Acquires Crypto Derivatives Platform JEX



Even a couple of years ago, the crypto derivatives market was regarded as some form of novelty by most people across the world, except those who were actually involved in it. However, things have changed dramatically since that time as Bitcoin went on its remarkable run back in 2017 and many other developments made it abundantly clear that the crypto space was here to stay.

Key Acquisition for Binance

In a new development, crypto exchange giant Binance has announced that it has decided to acquire crypto derivatives platform JEX. Since 2017, several cryptocurrency exchanges have sprung up, and a range of new investments instruments have also been introduced so that investors have lots of options.

Crypto derivatives are gaining in popularity in the crypto space, and now there are companies that offer it. JEX offers crypto derivates like perpetual contracts, options, and futures, and this signifies a major coup for Binance. In order to integrate JEX with the wider Binance ecosystem, it is going to be rebranded as JEX Binance and customers will soon be allowed to trade on the platform. According to Binance’s press release, the customer will get to trade crypto derivatives on JEX within a few weeks.

That being said, it is also important to keep in mind that Binance has been working on its own products as well, and hence, this acquisition could be a way of speeding up the entire process. The company will eventually choose between the JEX platform and its own platform in the end. A spokesperson for Binance spoke about the way in which the company is going to go about choosing the platform.

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He said, “We think open competition is a great way to test out the products’ usability. Through the competition, we hope to fully review the two products in terms of market feedback, scalability, and liquidation model design.” The entire JEX team working in crypto derivatives will be absorbed by Binance, and the JEX token is also going to come into its control.

Featured image: DepositPhotos © kongvector

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Ripple’s Xpring Acquires Logos Network to Build XRP DeFi Products



San Francisco-based crypto startup Ripple has acquired Logos Network, a payment platform, to help in developing decentralized financial products. Ripple is the firm behind XRP, which is the third-largest cryptocurrency.

Xpring Growing Its Team

The investment arm of the company, Xpring initiative, has already brought on board the Logos Network. Logos Network is a blockchain-based payment platform focused on scalability and speed. With the acquisition of the platform, Xpring will now have an additional nine engineers on its team. Xpring will now have a team of 32 members, quite the leap from its two in May. The CEO and founder of Logos Network, Michael Zochowski, will be the Head of DeFi products at Xpring.

Logos was previously working on the building of a payment network motivated by the Bitcoin blockchain before joining with Xpring. With the combination, the team will now explore avenues of creating a DeFi system that will leverage XRP.

Development of DeFi Products

While speaking on the initiative, Zochowski indicated that he expects his team to focus on various projects at different levels on the Xpring platform. The focus will be to enable a broad range of DeFi applications. He added that they strongly feel that the future of finance and payments lie in distributed ledgers as well as decentralization.

Xpring Senior Vice President Ethan Beard stated that the Logos team would be vital in helping Ripple develop XRP derivatives, futures, and loans. He said that they are in the initial stages of figuring it out. He added that they made investments in the past in DeFi companies.

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Last month, Xpring announced a 1 billion XRP grant to Coil, a web money monetization platform. Coil will use the grant to create an ecosystem of developers, creators, non-profits, and companies that use XRP via the Web Monetization standard.

In April, Bain Capital Ventures and Xpring invested in Robot ventures with the target being product strategy and fintech disruptors. Robot Venture invested in cryptocurrency mining company Coinmine and Point, which is creating new debit card solutions.

Featured image: DepositPhotos © adriantoday

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Chipmixer Used to Launder BTC from Recent Binance Hack



On May 8, major crypto exchange Binance was the victim of its second major hacking. On this occasion, the thief/thieves made off with 7,000 Bitcoin, which valued at approximately $40 million USD at the time. (That same amount of BTC is worth almost double that at current rates.) Now, several months on, it has been discovered that at least 4,836 Bitcoin of that stolen loot was laundered through crypto mixing service Chipmixer.

Stolen BTC Laundered through Chipmixer

After Binance was hacked, the stolen coins were moved to seven addresses. Then, according to research published by Luxembourg-based crypto capital flow firm, Clain, a month later—on June 12—the culprits began laundering the loot.

Clain described how it made the discovery. According to its publication, because it is “practically impossible to launder big volume of coins in a relatively short period of time,” it could detect the hacker’s addresses. An investigation into those addresses led them to “recognize subsequent alteration to ownership of stolen funds by using a neural network.”

Chipmixer Sees Historical Highs

At the same time as the thieves laundered the money, Chipmixer reported a historical high of fund inflows. It wasn’t simply a coincidence. As such, the assumption now is that any outflow coming from Chipmixer in recent weeks has likely come from the same loot.

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Chipmixer is a crypto mixing service that is also known as a crypto tumbler. It is an anonymity tool that transforms transactions of non-private coins into private ones. It does this by mixing crypto funds with others, making it difficult to trace the funds’ original source.

Crypto tumblers are often frowned upon in the crypto sphere, precisely because of their role in several money-laundering operations unbeknownst to the service. Recently, in mid-May, Europol shut down after Dutch and Luxembourg authorities found that a large number of mixed coins came from criminal activity and money laundering.

Featured Image: DepositPhotos © yulchikg

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OkCoin Opens Up Euro Pairs to Traders



It’s a big week for OkCoin, with the crypto exchange launching in the EU.

Here’s everything we know about the launch.

OKCoin Launches in EU: The Details

On Tuesday, June 4, OKCoin posted a blog post that said it is opening up euro pairs to traders. For non-United States users, starting yesterday, the crypto exchange’s new spot trading offerings cover euro pairs with the following: Ether, Bitcoin Cash, and, of course, Bitcoin. The exchange plans to add more pairs soon; euros can be withdrawn with no fees until September 4.

“OKCoin users outside of the U.S. can now deposit and withdraw euros. Starting at 8:00 pm PT, June 4th, all OKCoin users can participate in euro spot trading for leading digital assets, such as Bitcoin, Ethereum, and Bitcoin Cash,” the blog post said.

Of course, this news is noteworthy for two reasons.

First, it means OKCoin is expanding its business. And as we know, growth is how companies stay afloat in industries that are constantly changing, seeing new players.

Secondly, Europe, according to Jovan Gavrilovic, General Manager of Europe at the crypto exchange, “is essential to the evolution of the cryptocurrency markets.” Gavrilovic added that Europe “is home to many progressive ideas for innovating and disrupting the status quo of the global financial system while maintaining a balanced regulatory approach.”

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OkCoin had more to say Wednesday, as well. In the same blog post, the crypto exchange said it is opening a new office in Malta.


Obviously, this is a big week for the crypto exchange. Not only is Europe an important player in the crypto space that OkCoin has acquired, but it’s also offering traders with more options, which is likely to benefit the firm.

What do you think, though? Do you think OkCoin should have launched in Europe? Let us know what you think in the comments below!

Featured image: DepositPhotos © BiancoBlue

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