New Bakkt platform will not support margin trading
Kelly Loeffler, chief executive of the newly announced Bakkt platform, recently posted the founding principles of the platform to trade, store and spend cryptocurrencies. She emphasized the critical role of cryptocurrency physical delivery in setting trusted price information. “Specifically, with our solution, the buying and selling of bitcoin is fully collateralized or pre-funded. As such, our new daily bitcoin contract will not be traded on margin, use leverage or serve to create a paper claim on a real asset.”
Chinese bank issues securities on the blockchain
According to a Coindesk report, one of the largest privately held commercial banks in China has completed an issuance of securities worth $66 million using a proprietary blockchain platform. The platform was designed in-house by Zheshang Bank to allow registered companies to broadcast account receivable assets to potential investors and to enable settlement of peer-to-peer transactions.
Bitcoin Cash usage decreases in commerce
As reported by Bloomberg, Bitcoin Cash usage in commerce has dropped significantly in recent months. A review of payments received by the world’s 17 largest crypto exchanges has shown that BCH payments fell to $3.7 million in May from $10.5 million in March, according to blockchain analytics firm Chainanalysis.