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November 2012

Bitcoin.com to Launch a Bitcoin Cash Supported Futures Contract

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Bitcoin Cash

Bitcoin Cash

Cryptocurrency investor Roger Ver’s Bitcoin.com is in talks with Bitcoin Cash (BCH) to launch a futures contract. David Shin, the company’s head of the exchange division, dropped the revelations regarding the prospect. The company is also working on different plans to enhance its interest in Bitcoin Cash together with the futures contract.

Futures Contract to Make the Cryptocurrency Third Largest

The introduction of the futures contract will have the goal of increasing the company’s market capitalization of cryptocurrency. This will make it the second-biggest crypto behind Bitcoin. Shin confirmed that within a year they want to create the second- or third-largest crypto by market cap. He added that to move from fourth to third or second, the company would need to see more volume.

Currently, talks are ongoing to list BCH derivate products on the Commodity Futures Trading Commission. With no CFTC-regulated exchange offering Bitcoin Cash futures, this push will enhance trading volumes as well as liquidity, which will then boost the market cap of BCH.

Bitcoin Cash is currently the world’s fourth-largest cryptocurrency in terms of CoinMarketCap. To move even one place the crypto will have to double its market cap, as XRP, which is the third-largest crypto, currently sits at a $10.9 billion market capitalization. According to Coindesk data, on Thursday, BCH was trading at $300 per coin with an estimated market cap of around $5.4 billion.

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Bitcoin.com to Approach CME Group to List a BCH Futures Instrument

Shin also indicated that the company had begun discussions with a US-regulated crypto futures exchange. There are also plans to approach the Chicago Mercantile Exchange Group (CME) with a proposal to list a BCH-backed futures tool. Crypto futures are a new phenomenon to US investors, and CME is the main distributor of Bitcoin futures in the US. It is already planning to unveil another Bitcoin derivative product.

Shin said that the company will try and list Bitcoin Cash futures on one of the exchanges that are CFTC-regulated.  This will enhance the company’s reach, which means it will have more users and trading, which will boost volumes.

Featured image: DepositPhotos © merznatalia

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Liquid Reveals Blockchain Wallet Holding GRAM Tokens

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GRAM Tokens

GRAM Tokens

Japanese cryptocurrency exchange Liquid has revealed that proceeds from its resale of GRAM tokens are being held in escrow in a digital wallet.

GRAM tokens, the eagerly awaited cryptocurrency by Telegram, were initially available through two highly secretive and selective ICOs carried out in February and March of 2018. A secondary market for these tokens sprung up and saw resale markups of up to 400%. Telegram is yet to officially confirm any details of the Telegram Open Network (TON), its proposed blockchain, but one of the clauses in the ICO was that GRAM tokens may not be resold to a third party.

However, Liquid revealed in an announcement on August 30 that it was holding $4,123,116.76 worth of USDC stablecoin in escrow in a blockchain wallet that it had raised through a secondary sale of GRAM tokens in July. Grams initially sold for $0.37 USD and $1.33 USD in the two original ICOs by Telegram; however, Liquid’s price in July was $4.00 per token.

“Following completion of the Gram Token Sale, we are pleased to announce that all participating customer funds from the sale on Liquid are stored in a publicly verifiable, segregated blockchain wallet, where funds will remain in cold storage until Gram tokens are released and delivered by the seller, Gram Asia,” an excerpt from Liquid’s statement read.

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Gram Asia was reportedly a major investor in Telegram’s ICOs, which saw the messaging app company raise $1.7 billion USD to fund its blockchain project. While the resale of GRAM tokens was prohibited, Seth Melamed, global head of business development and sales at Liquid’s parent company Quoine, told CoinDesk that Liquid had an agreement in place with Gram Asia and an anonymous third party to guarantee the funds.

Meanwhile, it was reported last week that Telegram would release the code on which its TON blockchain will operate on September 1; however, this failed to materialize. It adds further pressure on Telegram, which must release the blockchain by October 31 or else refund all sales from last year’s ICOs.

Featured image: DepositPhotos © prykhodov

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Ethereum (ETH) Struggles to Hold $300 Mark

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ethereum

ethereum

Ethereum (ETH) is the second biggest cryptocurrency in the world in terms of market cap, and during the course of the Bitcoin rally, it has had its ups and down as well. Bitcoin has seen wild price swings this year; its price has risen over 220% since January. Well, Ethereum has also witnessed crazy price movements.

Wild Moves

Ethereum has seen plenty of action in the past month, when it hit a monthly low of $226 and a high of $360. Right now, it is trading at $294.

Talking about resistance level, ETH is at $296.10. Some believe that we will see it rise to $300, which is the next resistance level.

ETH is currently holding support at $285.9. Once it is cleared, the sell-off may be extended to $278, which is the lowest level of July 2. The next barrier comes at $271.6, which is the lowest level of July 3.

Fundamental Change

There is some good news for Ethereum holders, which has to do with a fundamental change to the entire ecosystem. According to reports, the Ethereum network is apparently going to switch to a staking consensus system from the current proof of work one, and although it has had its share of brickbats from critics, this is going to be the start of the next generation of the cryptocurrency, as it were.

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To reduce the whole thing to much simpler language, this is a natural progression of the Ethereum project and one that has been wanted by the developers for quite some time. It is believed that there had been some form of agreement among developers that Ethereum 2.0 was going to go live around this time, and it seems that it is going ahead on schedule.

The network switch will also help the blockchain in managing more transactions with far more ease, and in this regard, it is important to note that the transaction value managed to cross the one million thresholds back on June 28. This is a significant development, and it remains to be seen what effect it will have on Ethereum’s price.

Featured image: DepositPhotos © Violka08

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