Cryptocurrency Exchanges With Derivatives in 2019: Exclusive Comments From 4 Industry Executives

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Cryptocurrency Exchanges With Derivatives in 2019: Exclusive Comments From 4 Industry Executives
Michael Budkov, marketing specialist, financier, and writer, shares exclusive comments from the representatives of four cryptocurrency exchanges that support derivative contracts and reflects on the market trends likely to develop in 2019.
Cryptocurrency Exchanges With Derivatives in 2019: Exclusive Comments From 4 Industry Executives

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Chinese Cryptocurrency Exchange Finds Reverse Merger as Route For IPO

Yet another crypto trading platform has joined the rally of the reverse merger – and it is the parent company of OKCoin Exchange, OKC Holdings Group. Following the acquisition of Hong Kong-listed firm, Leap Holding Group OKCoin seeks to enter the Hong Kong market. With ownership of 60.49 percent of its stock, the exchange is likely to enter Hong Kong Stock Exchange (HKEX) soon ahead of IPO request approval of major bitcoin mining rig makers.
The news first broke out when OKCoin founder, Mingxing “Star” Xu bought $60 million shareholders in HongKong listed ‘Lead Holding Group’. And technically, Xu holds 52.32 ownership in OKC Holdings via his two firms Star Xu Capital and OKC Service Company which have made him the largest shareholders of the public listed firm. Lead Holding Group is primarily a Caymans Island-incorporated construction engineering firm that is already listed under Hong Kong Stock Exchange.
Below is the screenshot of agreement deed – visit here for details

Regulations in Hong Kong have been hesitant towards the IPO, requested by major Bitcoin mining firms including Bitmain Technologies, Canaan Creative and Ebang International Holdings. Following the setbacks from the Hong Kong regulators, the ownership of this kind in already public-listed firm become the back door to enter the market and enjoy potentials.
The move comes in the midst of Bithumb’s initiative of a binding letter of intent (IoT) agreement with US-listed Blockchain Industries. Following the reverse merger, these exchanges are quick to enter the respective market ahead of IPO.

@BithumbOfficial Leading Crypto Exchange to Enter US Market following Reverse Merger Techniquehttps://t.co/bycIuifSGc#Bithumb #CryptoExchange #Crypto #Cryptocurrency #CryptoNews #USA #BTHMB #IPO
— CoinGape (@CoinGapeMedia) January 23, 2019

Beside Bithumb and OKCoin, the reverse merger has already been employed by other exchanges and known personalities of the crypto market. As such, during August 2018, a Singapore based Huobi acquired 66.26 percent in Pantronics Holding which is an HKEX-listed firm. Moreover, Michael Novogratz, a Bitcoin billionaire, and investor also applied the similar technique in July 2018. His move counted with the merger agreement to acquire Toronto-listed shell company Bradmer Pharmaceuticals by Galaxy Digital Crypto merchant bank to enter into the Canadian market.
What do you think on the reverse merger over IPO as a way to enter into market? share your opinion with us
The post Chinese Cryptocurrency Exchange Finds Reverse Merger as Route For IPO appeared first on Coingape.
Source: CoinGape

Chinese Crypto Exchanges Seek Backdoor Listings in Hong Kong

As the bear market continues with no signs of a change in trend crypto exchanges and mining giants in China seek ways to stay afloat. One method which has been increasing is a reverse merger in Hong Kong as IPO hopes fade.
Reverse Mergers Becoming The Easy Route
Hong Kong regulators are growing increasingly wary of Chinese crypto firms trying to get listed to avoid the digital blackout in their own country. According to the SCMP, citing ‘people familiar with the matter’, chief executive of the Hong Kong Exchanges and Clearing, Charles Li Xiaojia, said companies seeking to go public should show consistency in their business models. The comments are in direct reference to media comments on high profile IPO plans from Bitmain, Canaan and Ebang, though he did not mention them specifically.
It appears that reverse mergers are becoming a popular way to get listed without going through the IPO process which can be lengthy and arduous. As recently reported by NewsBTC Singapore’s Blockchain Exchange Alliance has attempted a similar technique for its majority owned Korean exchange Bithumb by buying out a US publicly listed blockchain company. If Bithumb, currently the top crypto exchange by reported volume at $1.3 billion, did get listed in the US it would be the first crypto exchange to do so. Mike Novogratz did something similar with Galaxy Digital on Canadian markets after a reverse merger with publicly listed shell company Bradmer Pharmaceuticals.
Last week OKC Holdings Corp, the parent company of OKCoin, bought a controlling share in Hong Kong-listed construction engineering firm Leap Holdings Group. The reverse merger allows the crypto exchange to get a ‘back door listing’ without going through the IPO procedure.
Chinese cryptocurrency exchange Huobi has made a similar move when it purchased a 66% stake in Hong Kong listed Pantronics Holdings in August last year. These reverse mergers have become the method of choice to get a relatively easy listing in the wake of tumbling profits as the bear market drags on. Cryptocurrency analyst with Beijing-based research firm Symbt, Xiao Lei, said;
“Hong Kong is one of the easiest markets for reverse IPOs, because there are many small-cap stocks,” before adding “It did not go well for hardware manufacturers like Bitmain to go public, what more for companies directly dealing with cryptocurrency trades,”
The year-long crypto bear market is showing no signs of abatement and if industry analysts are correct there is more pain to come for cryptocurrencies and blockchain companies.
Image from Shutterstock
The post Chinese Crypto Exchanges Seek Backdoor Listings in Hong Kong appeared first on NewsBTC.
Source: New feedNewsBTC.com

ABCC Exchange Partners with Tron Becoming the First Trading Platform to List TRC10 Tokens

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ABCC Exchange Partners with Tron Becoming the First Trading Platform to List TRC10 Tokens

Having entered in a partnership with Tron, ABCC crypto exchange has become the first exchange to list tokens based on TRC10 technical standard.

ABCC Exchange Partners with Tron Becoming the First Trading Platform to List TRC10 Tokens

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Source: CoinSpeaker

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

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Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

Ethereum is preparing for its next milestone – Constantinople hard fork. The launch is planned in four stages: Frontier (beta stage to develop and test dapps), Homestead (to stabilize the platform), Metropolis (ongoing) and Serenity (upcoming).

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

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Source: CoinSpeaker

OKCoin Launches in Latin America with Fiat-to-Crypto Trading for the Argentine Peso

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OKCoin Launches in Latin America with Fiat-to-Crypto Trading for the Argentine Peso

Licensed exchange now offers Argentine peso funding to trade with several major cryptocurrencies, other Latin American fiat currencies coming soon.

OKCoin Launches in Latin America with Fiat-to-Crypto Trading for the Argentine Peso

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Source: CoinSpeaker

OKCoin announces new trading pairs that include stablecoins, indicating growth

On 24th August, OKCoin announced that it had decided to include new trading pairs into its fold with the company releasing a report stating that the move will allow users to trade against Convertible Virtual Currencies, Fiat and Stablecoins such as Bitcoin [BTC], Fiat, Tether [USDT], and TrueUSD.
Tether and TrueUSD is the first set of stablecoins that has been introduced into the OKCoin. Stablecoins are basically assets that are pegged to an unchanging asset so that it does not fluctuate in the market.
Tether [USDT] is the most popular stable cryptocurrency which is always backed 1-to-1, by the traditional fiat currency. Basically, 1 USDT would always be equivalent to 1 USD. The Tether platform is developed on an open, secure, and transparent blockchain technology. At the time of writing, Tether was trading at $1.0 with a slight increase of 0.06%. Tether is currently at the 8th position with a total market capitalization of about $2.79 billion.
TrueUSD, as the name, suggests it can be a true equal to the US Dollar, but it is a relatively new coin in the market. TrueUSD is another market pegged decentralized cryptocurrency which is completely collateralized by US Dollar. The team explains that since it is legally protected, it can be used and redeemed against the USD in a number of stores and ATMs.
OKCoin was also in the news recently when a lawsuit was filed against it by a Chinese cryptocurrency investor who alleges that he has not received Bitcoin Cash [BCH] that was meant to be airdropped after the soft fork that occurred in August of 2017. This marks the first lawsuit related to a fork of Bitcoin in the court of Beijing.
The investor stated that the Bitcoin Cash that was entitled to him, which approximately comes up to 38.748 tokens, which were not deposited in his account. OKCoin said that this was because he did not claim the coins in time. This resulted in the investor suing the exchange to the tune of $25,000 or 169,969 Yuan.
The post OKCoin announces new trading pairs that include stablecoins, indicating growth appeared first on AMBCrypto.
Source: AMB Crypto

Tron ERC20 [TRX] token can now be deposited on Binance for conversion

On 23rd July, Justin Sun, the founder of Tron [TRX], made an official announcement on his Twitter post regarding the deposit of ERC20 TRX tokens on Binance.

It is said that Binance will automatically convert the ERC20 tokens to TRX20 tokens. Token holders are required to send their ERC20 TRX tokens to the previous Ethereum [ETH] platform deposit address.

Justin Sun in his Twitter post said:

“#TRON $TRX If you need to deposit ERC20 TRX tokens to @binance please send these tokens to your existing #ETH deposit address. @binance will automatically convert these ERC20 tokens to #TRX mainnet tokens for you.”

TRX token trading on Binance | Source: Binance website/Justin Sun

TRX token trading on Binance | Source: Binance website/Justin Sun

After the migration of Tron from ERC20 to TRX20, unlike Binance all the exchange platforms had listed the new token TRX20. On 10th July, Binance completed the swap of TRX tokens.

Post the migration of Tron [TRX] tokens from the Ethereum platform, Justin Sun announced the burn of 49 billion TRX ERC20 tokens in its third batch from June-July.

Fashion Bible, a Twitter user said:

“Thank you Justin for it) Love you)”

Another Twitter user, Titan, said:

“Price getting rediculously low on BTC pairing now. This has to improve now or it will be a mass exodus!”

Additionally, on 23rd July, OKCoin announced the completion of Tron’s [TRX] Mainnet swap. The token holders of TRX20 are asked not to deposit their tokens on ERC20 based TRX address as its existing address will be discarded. Users are required to make payments on the newly issued address.

Justin's tweet about Tron's Mainnet upgrade | Source: Twitter

Justin’s tweet about Tron’s Mainnet upgrade | Source: Twitter

The token holders need to be careful if the TRX token has switched to the Mainnet while withdrawing from other exchanges. Traders have also been warned that the token may be lost when transferring the password between the exchange where the Mainnet conversion has been completed.

A new TRON address will be issued after switching to the Mainnet. The TRX address starts with the letter ‘T’.

OKCoin on their official website said:

“Please be cautious about the transfer of the password between the exchange where the main net conversion has been completed and the non-convertible exchange, as this may cause loss of all assets, and OKCOIN is not responsible for the loss of your assets.”

Jayme Genz, a Twitter user said:

“Yet another day and your coin continues to go down in value. Great times ahead”

Brent Sprinkle, a crypto enthusiast said:

“I Want to buy TRX at 220 sats…come on TRX…move the price down !”

The post Tron ERC20 [TRX] token can now be deposited on Binance for conversion appeared first on AMBCrypto.

Source: AMB Crypto