Category Archives: Exchange News

‘Japanese Amazon’ Rakuten Tries Hand on Crypto

A big Japanese e-commerce company, dubbed the Amazon of Japan, Rakuten, released a statement about their plans on making Bitcoin and other cryptocurrency as form of payment processor.

Rakuten Pay, the app platform, is expected to release a new version in the next 4 weeks, attached with a Cryptocurrency payment choice, alongside cash.

Rakuten’s foray into the world of Cryptocurrency paves the way for other e-commerce companies to follow suit.

Actually, it’s not the first time that Rakuten has gotten interested in offering Cryptocurrency as an option for payment. Last January, Rakuten has been reported to begin making changes to its corporate structure to create their own Cryptocurrency exchange called ‘Everybody’s Bitcoin’ to make it their new payment processing subsidiary.

Everybody’s Bitcoin has been bought by Rakuten for 2.4 Million USD, last August 2018.

New payment option

Additionally, this announcement also talked about updating Rakuten’s prepaid card service, the Rakuten Edy. Updates would comprise a QR code scanning integration for payments processing.

It also showed optimism for Cryptocurrency capitalists willing to know about the effect of Rakuten’s offering for Bitcoin as payment option. Based on a report released by Rakuten, its net income grew by almost 1-thirds of a percent in the last year, summing to a total of 1.3 Billion USD.

Regardless of the unstable traction of the Cryptocurrency due to the downward trend it showed last January, it’s starting to look like it’s going to be a really prosperous year for Bitcoin and Cryptocurrency and the acceptance of primary currencies.

Along with the development with e-commerce companies like Rakuten, expecting that its update this coming March, would integrate Cryptocurrency, the organic way of growth that a lot of industry old-timers have demanded is looking to be happening already.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

The post ‘Japanese Amazon’ Rakuten Tries Hand on Crypto appeared first on Live Bitcoin News.

Source: Bitcoin News

Huobi Invades North America With Launch of USD-Crypto Exchange

Beginning February this year, Huobi will accept US dollar with three dominant virtual currencies: Bitcoin (BTC), Etherium (ETH), and Tether, provided that the exchange will not go lower than $100 dollars.

Global reach

The US-based virtual currency trading market with main office in Singapore, Huobi.com, is opening an agreement with the three leading crypto trading market, thanks to its collaboration with Prime Trust, the financial institution that will assist the withdrawal and deposit services for the traders.

Frank Fu, Huobi’s top executive, expressed elation over the development, saying that when the partnerships have been solidified together with their traders, and standard regulations and policies have been established, they can give more ideal products and services to the public like exchange-traded funds (ETF) and the like.

Chinese clients

Huobi.com is also readying up for more tie-ups with other crypto trading markets while upgrading its systems for Chinese clients for them to find the platform that is more user friendly.

As Fu aptly said, the platform is eyed to be the bridge between the US and China.

With this, Huobi could be able to exchange Chinese clients’ yuans for virtual currency and then exchange it to US dollar, especially that it is estimated that Huobi’s Chinese clients that run companies based in other countries could reach to 200.

The platform then helps ease their Chinese clients’ problem in transferring money since the Chinese government disallows its people from taking $50,001 a year.

10 million customers

But more than anything, the platform also wants to be fully compliant with all monetary regulations worldwide for the benefit of its more or less 10 million users globally.

As Fu said, the starting point will be the US since there are many monetary features here that they would want to also offer to their clients worldwide.

Huobi is the 17th largest crypto trader based on the CoinMarketCap Index.

Will this development be advantageous to Huobi? Send us your thoughts.

The post Huobi Invades North America With Launch of USD-Crypto Exchange appeared first on Live Bitcoin News.

Source: Bitcoin News

Crypto Derivatives Rise in 2018, But Still in Need of Speedy Exchanges

Bitcoin’s price surge in 2017 certainly put all eyes on the cryptocurrency market. And while the prices have since tumbled, 2018 has been a year which saw a lot being done in this space. There are now thousands of cryptocurrencies, hundreds of projects, and numerous cryptocurrency trading platforms. Yet, the industry is still in its nascent stage and there is a long way ahead.

Expanding Cryptocurrency Derivatives Trading

As the market expands, so do the requirements of traders. While there are plenty of cryptocurrency exchanges out there, there is a shortage of platforms for trading cryptocurrency derivatives.

Touching on the matter is Jesse Wu, CEO of cryptocurrency derivatives trading platform BaseFEX, who noted:

“For the past two years, the Bitcoin and cryptocurrency market has seen ups and downs, but it eventually got into the sight of the mainstream and became a household name. There are now numerous exchanges for spot market where people simply buy and sell coins, and only a few exchanges for crypto derivatives where traders speculate coin prices with leverage. In the case of trading crypto derivatives, traders are obviously still in need of a fair place where they can successfully place orders anytime they want, under any market conditions. That’s why we built BaseFEX.”

BaseFEX will start with a leveraged swap product of BTCUSD perpetual – it is intended to be a lot like bitcoin futures but with no settlement at all. As such, it allows users to trade BTC/USD with a leverage of up to 100x.

BaseFEX

Despite starting with only one product, BaseFEX promises that it will soon add more derivatives to its product portfolio.

Solving Existing Issues

Besides allowing for a wider portfolio of trading products, BaseFEX is also on a mission to resolve another pressing issue – the lack of processing speed, which is experienced by many on platforms like BitMEX and others.

Cryptocurrency day trading, or any type of day trading which requires engaging highly volatile asset classes, is largely predicated on timely market enters and exits. However, a lot of the existing solutions are simply unable to cater to these requirements.

Tackling this issue in particular, BaseFEX tends to stand out with its high processing power.

The architecture of BaseFEX’s trading engine was designed with high processing power in mind in the very beginning. Also we took advantage of a set of cutting-edge technologies from the ever-evolving internet industry to further ensure fast processing and high throughput. – said Wu.

It’s also worth noting, though, that major institutional players are also eyeing expansion towards Bitcoin derivatives. It was recently reported that NASDAQ might launch Bitcoin futures in the first quarter of 2019 – a move dubbed a “game changer” by market analyst David Cheetham.

 

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Source: Bitcoin News