BP And Shell’s Blockchain-Based Oil Trading Platform Goes Live

Twitter Facebook LinkedIn CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. A blockchain-based trading platform that could assist oil majors and trading firms to drastically reduce costs is now operational. Known as Vakt, the platform which was created last year by a consortium consisting of Anglo-Dutch oil giant Shell and British Petroleum (BP), went live on Wednesday, according to Reuters. Other members of the consortium include global commodity trading firm Gunvor Group, Norwegian energy firm Equinor and energy…

Coinbase Adds Privacy-Centric Crypto Zcash to Pro Trading Exchange

Crypto exchange Coinbase Pro is adding privacy coin zcash to its listings. The platform announced Thursday that customers can transfer zcash into its professional trading platform, though as with previous additions, users can not yet purchase the token until the exchange has established enough liquidity. Deposits will be accepted for at least 12 hours after the announcement at 18:00 UTC. When trading is enabled, only Coinbase Pro users in most of the U.S., UK, European Union, Canada, Singapore and Australia will be able to access the coin. New York residents…

Coinbase Quietly Opened Its OTC Crypto Trading Desk This Month

U.S.-based cryptocurrency exchange Coinbase opened its over-the-counter (OTC) crypto trading desk earlier this month. In an interview with news source Cheddar on Tuesday, Coinbase head of sales Christine Sandler said that the firm launched the OTC desk as a complement to its exchange business because institutions are using OTC as an “on-ramp for crypto trading” In an OTC transaction, a trade takes place between two parties directly, unlike on an exchange where orders are matched between third-party buyers and sellers. “We felt this was a huge benefit to our clients…

Bitcoin Price Will Likely Bottom at $3,000: Genesis Trading CEO

Twitter Facebook LinkedIn Genesis Trading CEO Michael Moro has predicted that bitcoin will bottom out at about $3,000 after a week that has seen the leading cryptocurrency fall as low as $4,035. Speaking to CNBC, Moro stated that he does not expect the $4,000 support level to hold out much longer as selling pressure from pre-2017 bitcoin investors liquidating their holdings will continue to drive the price downward. Not The End of the Road for Bitcoin Responding to a question about how bad the current market rout could get, Moro…

Bitcoin Cash Price Sets New Yearly Low as Exchanges Open BCH Trading

Twitter Facebook LinkedIn It has been five days since the Bitcoin Cash fork began and crippled the stability of the BCH ecosystem, and the worst part is that it is not looking to recover anytime soon. The BCH/USD pair on Tuesday dropped another 40 percent — on paper, anyway (most exchanges paused BCH trading ahead of the fork and are consequently seeing all of the recent market losses realized at once) — setting new yearly lows at 237.14-fiat. There were no signs of upside recoveries that could stand for long.…

Hong Kong Exchange Prepares for Blockchain Trading Platform

Twitter Facebook LinkedIn Hong Kong Exchange and Clearing Limited (HKEX) has joined forces with Digital Asset to develop a blockchain platform for post-trade allocation and processing of trades. This alliance was created under the Stock Connect programme with China, based on a FinExtra report. HKEX had been working on a prototype system for Stock Connect using Digital Asset’s platform and smart contract modeling, as it attempts to speed up the post-trade process and reduce settlement risks among traders. This plan was made known by HKEX CEO Charles Li at a…

Coinbase Token Attracts Capital But PAX Leads Trading

Twitter Facebook LinkedIn It’s now been nearly two months since Winklevoss-led cryptocurrency exchange Gemini fired the first shot in the stablecoin wars through the launch of its USD-pegged crypto token, the eponymous Gemini Dollar. That same day, Paxos — like Gemini an NYDFS-regulated firm — made a similar announcement, and before long, crypto unicorns Circle and Coinbase revealed that they had partnered to co-issue a consortium-led, fiat-backed token, USD Coin. These three tokens, along with fellow “regulated” stablecoin TrueUSD (TUSD), which launched earlier in the year, have collectively attracted more…

Japan’s Financial Regulator Mulls Cap on Cryptocurrency Margin Trading

Japan’s Financial Services Agency (FSA) is planning to put a cap on the leverage available for crypto margin trading to curb speculation and risk. According to a news report from Nikkei Thursday, the financial market regulator is considering limiting crypto margin traders’ borrowing power to two to four times their deposits. Currently, there are no regulations specifically governing the cryptocurrency margin trading space in Japan, the report added, with exchanges offering as much as 25 times leverage. That means traders can effectively borrow cryptocurrencies worth up to 25 times the deposit with…

Bitcoin Futures Could Go Live on ICE’s Crypto Trading Platform in December

The Intercontinental Exchange’s upcoming cryptocurrency trading platform Bakkt will officially launch on December 12, pending regulatory approval. ICE announced Monday that Bakkt could begin offering physically settled bitcoin futures contracts in December, marking the first cryptocurrency-related offering provided through the new platform. Bakkt will hold the bitcoins backing the futures contract in the ICE Digital Asset Warehouse, according to the notice, provided the Commodity Futures Trading Commission (CFTC) signs off. These futures contracts will be cleared through ICE Clear US, another subsidiary of the exchange, which notably owns the New…

Bitcoin Futures Trading Rose 41 Percent in Q3: CME

Bitcoin futures trading volumes continued to rise in Q3, with derivatives exchange CME reporting a 41 percent quarter-over-quarter increase in average daily volume. Bitcoin Futures Volumes See Major Bump in Q3 During Q3, the exchange averaged 5,053 contracts — each equivalent to 5 BTC — traded during each daily trading session, representing 25,265 BTC in volume. Open interest in CME’s bitcoin futures market saw a significant bump as well, rising 19 percent quarter-over-quarter to an average of 2,873. In Q3, Bitcoin futures average daily volume rose 41% and open interest was…