BitGo Launches Full-Service Institutional Trading Platform, BitGo Prime

BitGo, a United States-based firm that handles about 20% of all Bitcoin (BTC) transactions, is introducing BitGo Prime, a new entity specifically for institutional trading services. On May 27, BitGo said that the new prime broker platform will incorporate multiple services targeting institutional investors. After launching an institutional-level crypto lending service in March 2020, the new full-service platform integrates institutional crypto lending, trading and custody services. BitGo focuses on institutional investors Apart from the recent launch of institutional crypto lending services, BitGo has been actively working with institutional traders. Nick…

Power Ledger Brings Peer-to-Peer Renewable Energy Trading to Thailand

Australian firm Power Ledger announced a partnership with Thai Digital Energy Development (TDED) on May 25 to create a blockchain-based digital energy platform in the country. The platform will enable environmental commodity and peer-to-peer (P2P) energy trading, in order to accelerate adoption of renewable energy sources. Thailand aims to generate 25% of its electricity from renewables by the year 2037. Public/private partnership to promote green energy use Power Ledger’s blockchain-based transactive energy solutions include peer-to-peer energy trading and virtual power plants, along with trading in carbon credits and renewable energy…

CME Bitcoin Trading Product Records Show Institutional Participation Uptick

Mainstream market exchange, the Chicago Mercantile Exchange, or CME, recently posted record numbers for its Bitcoin (BTC) trading products.  May 14 yielded open interest of 10,792 Bitcoin futures trading contracts at CME, totalling 53,960 BTC — an all-time high for the product, according to information a CME representative provided to Cointelegraph.   On May 4, CME also tallied 66 large open interest holders, or LOIHs — another record. These LOIH figures in particular indicate added involvement from institutions, the CME representative noted.  CME Bitcoin options have performed well since launch CME largely…

Former Bakkt CEO Hands Documents to DoJ Amid Insider Trading Controversy

The former chief executive officer of both Bakkt and the New York Stock Exchange’s parent company Intercontinental, U.S. Senator Kelly Loeffler, has handed over documentation concerning her trading activities to the U.S. Justice Department, or DoJ, the Securities and Exchange Commission (SEC), and the Senate Ethics Committee. Loeffler is seeking to quell widespread accusations of improper trading, after the third party managing Loeffler and her partner’s portfolio offloaded millions in shares shortly after the senator attended a closed-door senate hearing on coronavirus in January. In a statement issued on May…

Time for ETH to Rise and Shine as Futures Trading Now Available in US

Crypto exchange platform ErisX is bringing Ether (ETH) futures trading to the United States, becoming the second cryptocurrency derivatives product on offer in the country. The announcement came only a few days after the Chicago-based, TD Ameritrade-backed ErisX obtained a digital currency license from financial regulators in New York. Bitcoin (BTC) futures trading debuted back in 2017 with both the Chicago Mercantile Exchange and the Chicago Board Options Exchange launching cash-settled BTC futures trading. CBOE has since shuttered its Bitcoin futures contracts trading service. The news comes after a year…

Institutional Crypto Trading Platform Raises $17M Despite Economic Slowdown

Institution-facing liquidity aggregator, FalconX, has announced a $17 million fundraising round including participation from Coinbase Ventures, Accel, and a venture capital firm associated with FMR LLC — the parent company of Fidelity Investments. FalconX will use the funds to scale its infrastructure, introduce new products, and expand its trade execution engine. Institutional liquidity aggregator raises $17m FalconX trades as principal, offering institutions access to both lit pools — exchanges, and dark pools — including market makers, miners, and proprietary trading firms, through a single counterparty. Speaking to Cointelegraph a FalconX…

$3B Trading Platform Rebranded Amid High Profile Acquisition

European crypto asset manager, CoinShares, announced the launch of its new trading business, CoinShares Capital Markets, or CSCM, on May 7. The subsidiary comprises a rebranding of GABI Trading, with CoinShares now entering into the final stages of acquiring the firm.  In 2019, the firm processed more than $3 billion worth of trades while it was an active proprietary trading shop owned by Global Advisors Group. Trade activity has accelerated in 2020, with the firm reporting over $1.5 billion in notional volume for the first quarter. The company has operated…

Ripple (XRP) Trading Near Make-or-Break Levels: Can Bulls Save the Day?

Ripple is trading in a broad range above the $0.2100 support against the US Dollar. XRP declined below a key support versus bitcoin and it is now at a risk of a sharp decline vs USD. Ripple is facing hurdles near the $0.2200 and $0.2220 resistance levels against the US dollar. It seems like the price is preparing for a major break either above $0.2250 or below $0.2100. There is a short term rising channel forming with support near $0.2160 on the hourly chart of the XRP/USD pair (data source…

African Bitcoin Trading Volume Breaks 2017’s Record Ahead of Halving

Crypto investors in Sub-Saharan Africa appear to be accumulating ahead of Bitcoin’s (BTC) halving next week. According to data published by Useful Tulips, surging African demand has driven record peer-to-peer (P2P) Bitcoin trading volume across Localbitcoins and Paxful, surpassing the trade activity posted during the peak of the 2017 bull run. Nearly $10 million worth of trade took place across the P2P Bitcoin markets of Sub-Saharan Africa, comprising a new all-time high for the region. Africa’s largest crypto market, Nigeria, produced its third-strongest week of P2P trade with $7.2 million…

Silvergate Bank Reports 75% Increase in BTC Trading Volume

Bitcoin trading and transaction volumes surged at the pro-crypto Silvergate Bank in the first quarter of 2020. According to an April 29 transcript filed with the U.S. Securities and Exchange Commission (SEC) on its Q1 2020 earnings, Bitcoin (BTC) trading volume on the Silvergate Exchange Network (SEN) grew 75% over the previous quarter. SEN’s BTC transaction volume also increased 118%, with more than 31,000 transactions. As of April 2020, the bank is serving 850 digital currency-related clients including cryptocurrency exchanges and miners, custodians, and global investors. Though many holders saw…