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February 2015

BitMEX Introduces XRP Swaps, Delists Two Ripple Derivatives Contracts

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BitMex

BitMex

When the crypto market was still at its infancy around half a decade ago, derivative trading in crypto seemed like a distant dream. However, crypto exchanges like BitMEX have made it possible, and in a new development, the exchange announced significant changes to its crypto derivative offerings. The company announced that it is going to launch a new XRP-US Dollar quanto swap, which is meant for the growing crypto derivatives market.

Key Features

It goes without saying that this is a significant development for this niche corner of the crypto space. In addition to that, it will be interesting to see whether it has any significant effect on the price of XRP. On the other hand, BitMEX UP and DOWN contracts have been delisted.

A quanto swap is a novel derivative trading instrument by way of which a trader pays the counterparty in the form of an overseas interest rate. Once the expiration date is reached, either of the two parties can settle their liabilities in cash. However, it is important to note that the interest rates are determined in advance.

The fact that BitMEX brought this instrument to its platform is a clear indication that the crypto space is maturing at a rapid rate. On top of that, it also proves that plenty of seasoned and skilled traders now ply their trade in the leading exchanges.

>> Bank of England is Planning to Adopt Digital Currency

In addition to that, this sort of a derivative instrument is used by traders who are looking for higher liquidity and results in the overall well-being of the market. Traders will also be able to post their margins in their local currencies, making it far more convenient.

In other words, traders do not need to worry about foreign exchange fluctuations when they are trading one of these XRP-US Dollar quanto swaps on BitMEX. It remains to be seen how the traders on the exchange react to the latest offering.

Featured image: DepositPhotos © Violka08

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uBUCK Technologies Announces Non-Brokered Private Placement of up to US$4 Million

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VANCOUVER, British Columbia, Sept. 23, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”)(CSE:LLT) (OTC:LLNKF)(FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that its wholly-owned subsidiary uBUCK Technologies SEZC (“uBUCK”), will conduct a non-brokered private placement of up to 8,000,000 preferred shares, at a price of US$0.50 per share for aggregate gross proceeds up to US$4,000,000 based on a pre-money valuation of US$25,000,000.

uBUCK intends to use the proceeds of the private placement to complete the development of the uBUCK and Streambucks digital wallets, accelerate growth and increase customer acquisitions.

The closing of the initial tranche of $400,000 of the offering is scheduled to occur on or about September 30, 2019. Under the terms of the offering, uBUCK expects an initial investment milestone of US$1,500,000 will be made in exchange for 3,000,000 preferred shares at a price of US$0.50 per share by June 30, 2020. Following the first milestone installment of US$1,500,000, the investor will have the option, until September 30, 2021, to invest an additional US$2,500,000 for a total of 8,000,000 preferred shares at a price of $0.50 per share.

The private placement is a non-dilutive transaction for LiteLink shareholders. The transaction will be subject to all necessary regulatory approvals and may close in one or more tranches. The first tranche is expected to close on or about September 30, 2019.

The initial investment of US$1.5 million would give the investor a 6% ownership in uBUCK. An additional US$2.5 million investment would result in a 16% ownership of the uBUCK. The preferred shares come with first rights to dividends of 6% (of the amount invested) and first claims to assets up to the investment in case of liquidation.

About uBUCK Technologies SEZC

Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in decentralized digital payments and wallets. uBUCK Pay, its online payments platform and pin voucher solution, offers consumers, businesses and merchants a fast, commission-free and highly secure alternative to traditional payments. Customers can purchase pin vouchers within the uBUCK Pay app or at participating resellers. For details about uBUCK Pay, please visit uBUCKpay.com. For details about Streambucks, please visit Streambucks.gg.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (“LiteLink”)(CSE:LLT) (OTC:LLNKF)(FRA:C0B) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries. Our flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.

Forward-looking Statement

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the nature of the business of LiteLink, and other factors or information. Such statements represent LiteLink’s current views with respect to future events and are necessarily based upon a number of assumptions and estimate that, while considered reasonable by LiteLink, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. LiteLink does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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South Africa Plans New Crypto Regulations: Key Factors to Watch

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crypto regulations

crypto regulations

Over the past few years, the popularity of cryptocurrencies has increased at an exponential rate, and due to that enormous growth, crypto regulations have become an important part of the discourse. In many countries across the world, cryptocurrencies are now legal, and millions of people trade in a wide range of assets every day.

All About New Regulations

It has now emerged that the South African Reserve Bank (SARB) is all set to introduce new regulations when it comes to the use of cryptocurrencies. The bank is trying to bring in new rules that will make sure that people in the country are not able to violate currency controls.

According to reports in the local media, discussions surrounding crypto regulations have been going on for around five years now. Kuben Naidoo, who is the deputy governor of the SARB, stated that it is believed that they are going to come into effect at some point in the first quarter of 2020.

Over the years, governments have often tried to steer clear of efforts to regulate the crypto sector. However, the number of users has grown rapidly within that time, and it is no wonder that the South African authorities are preparing to bring in some order into the sector.

>> Ethereum Dev Arrested After Speaking at North Korea Crypto Conference

That being said, the steps being taken in the country regarding crypto regulations are certainly going to be unpopular with the crypto industry and the wider crypto community. Prior to these statements from the SARB, the FirstRand Bank decided to no longer do business with digital currency exchanges.

The bank in question is one of the biggest in South Africa, so its decision is a disturbing one. A prominent voice in the crypto community in the country stated, “The implications of the Sarb clamping down on cryptocurrency use for the purpose of stricter capital controls are far-reaching and alarming.”

Featured image: DepositPhotos © michaeljung

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