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Paxtradings Crypto Minute: August 3, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: August 3, 2018
August 3

New York Stock Exchange Operator Announces Global Digital Assets Platform

As seen on Cointelegraph, the company behind the New York Stock Exchange (NYSE) and 22 other leading global exchanges, ICE (Intercontinental Exchange), has announced its plans for a “global ecosystem for digital assets”. Powered by Microsoft’s cloud platform, the new company called “Bakkt” will work in tandem with other large organizations like BSG, Microsoft, Starbucks and more to include “federally regulated markets and warehousing” and “merchant and consumer applications”. This global ecosystem will allow consumers, merchants and institutional clients to buy, sell, spend and store various digital assets (starting with Bitcoin). The Bakkt ecosystem has investors that include Microsoft, Galaxy Digital, Pantera Capital and more.

OKEx Makes Statement Regarding $416 Million Bitcoin Futures Contract

Earlier this week an unidentified trading account on the cryptocurrency exchange OKEx initiated a Bitcoin futures trade worth $416 million as a ‘long’ on the market. According to Cointelegraph, OKEx risk management alert system was immediately notified and the team lept into action requesting that the client slowly close out the position to avoid overall market risks. The client did not respond and the account was then frozen. OKEx applied insurance of $18.5 million on the contract, but the contract was liquidated after the price of Bitcoin declined shortly after the contract was initiated. Unfortunately the $18.5 million will not be sufficient to cover the losses experienced and so a “clawback” policy will likely go into effect, taking money from the counterparty traders associated with the contract. OKEx is actively working to prevent similar situations from occurring and outlined a futures roadmapearlier this month.

Massive German Stock Exchange To Launch ICO Platform

Stuttgart Borse, the 2nd largest stock exchange in Germany, has announced its plans to launch an ICO platform. As reported by Cointelegraph, the German stock exchange will launch this ICO platform alongside a “multi-lateral crypto-trading venue” allowing the exchange to issue and list ICO tokens on their new platform as well as support functionality for other top cryptocurrencies. The platform will provide “central services along the value chain for digital assets, all under one roof,” i.e. custodial solutions for emerging and established crypto-assets like Bitcoin and Ethereum. The new ICO platform will be called “Bison” and is being developed by a German company called Sowa Labs.

Pulled from Coinmarketcap at 1pm EST

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