Huobi Is Launching A Cryptocurrency Exchange Traded Fund

Cryptocurrency trading platform Huobi is launching a crypto-based exchange traded fund (ETF), an investment option that will allow retail investors to gain exposure to a basket of assets instead of just one at a time. The company said in an announcement on Friday that the investment instrument – called HB10 – is now open for subscriptions but only accepts purchases using cryptos instead of fiat currencies. According to the announcement, the new product will replicate the Huobi 10 index, which was recently launched to track 10 different assets on Huobi Pro…

IDG Backs Crypto Wallet imToken with $10 Million Investment

China-based cryptocurrency wallet imToken announced Thursday that it has closed a $10 million Series A round fully funded by venture capital firm IDG Capital. Founded in 2016, imToken first entered the industry as a dedicated ethereum wallet service, but has since expanded to support a claimed 30,000-plus tokens, including “airdrops” and ICO issuances. The company said in a release that the new equity financing will be used to expand its overseas businesses and to hire more technical staff for product development. ImToken’s CEO, Ben He, told CoinDesk that the company…

The Future of Crypto Exchanges: Decentralization Is Coming

Tom Goldenberg is a senior engineer at BCG Platinion | MAYA Design and founder of Blockchain Panel NYC. The views expressed here are his own. Cryptocurrency exchanges operate in a fluctuating industry that is bracing for change.With changes in regulation and customer sentiment rapidly shifting, it is anybody’s guess what will happen in the next two to five years.Notably, a few big players – both centralized and custodial in nature – handle the bulk of trading volume for the $381 billion-worth of the world’s crypto assets. Source: Coinhills.com In general, we…

Crypto Exchange Huobi Confirms Move Into Brazilian Market

Huobi, a major cryptocurrency exchange originally from China, has told CoinDesk that it’s setting up shop in Brazil. The news first broke Tuesday when a Brazilian cryptocurrency news source reported that executives from Huobi were seen distributing name cards at a local industry event and talking to well-known figures. The report further suggested that Huobi has set up an office in a co-working space in the country’s capital São Paulo and is also seeking to hire local staff via LinkedIn, posting staff positions such as chief compliance officer and digital market manager.…

Revolut App Adds XRP, Bitcoin Cash to Crypto Options

Mobile banking app Revolut now lets users buy, sell and hold Ripple’s XRP and bitcoin cash. Following the firm’s addition of litecoin and ether trading in December 2017, and bitcoin last July, the firm says in a blog post that “after months of debate and hard work,” users are able to exchange any of 25 supported fiat currencies for its now five crypto offerings from today. In the post, Revolut explained the reason for choosing XRP and BCH in particular, saying they were the “two most popular cryptocurrencies our community wanted.” However,…

Coinbase Is Rebranding Its Flagship Exchange Service

Coinbase announced Wednesday that it is launching a new version of its GDAX platform called Coinbase Pro and acquiring crypto trading relay platform Paradex. The new platform seeks to “make the trading experience easier and more intuitive,” according to the startup. Other features include a new chart system which provides streamlined access to historical data and a consolidated portfolio view. While GDAX will continue to operate under its current systems through June 29, Coinbase Pro is already accessible. Beyond simply trading assets, Coinbase Pro aims to provide a host of new…

Singapore Proposes Regulatory Boost for Decentralized Exchanges

The Monetary Authority of Singapore (MAS), the city-state’s de facto central bank, is proposing changes to existing regulations that would ease market entry for blockchain-based and decentralized exchanges. According to a consultation paper published on Tuesday, MAS states that the current single-tier “recognized market operators” (RMO) regulatory framework is not able to meet demand for new business models based on such emerging technologies. To address the issue, the authority proposes to introduce a three-tier structure in an attempt to ease market access for small-scale exchange platforms. “MAS has observed the emergence…

Huobi Pro Launches New Crypto Market Index

Cryptocurrency exchange Huobi Pro is launching a new market index for its customers, the company announced Wednesday. The Huobi main force index will track ten different digital assets traded against USDT on its platform in real time, according to a press release. The index will “reflect the overall performance of Huobi Pro market,” allowing investors to see a single aggregated feed rather than having to check on individual assets one at a time. The index will use weighted samples, according to the press release, which explained: “Huobi main force has…

Former OKEx Chief Joins Rival Cryptocurrency Exchange Huobi

Chris Lee, the former CEO of Hong Kong-based crypto exchange OKEx, has announced he is joining rival platform Huobi as its vice president of global business development. According to an announcement by Singapore-based Huobi on Monday, Lee will head the group’s global mergers and acquisitions strategy and supervise international development as the exchange moves towards global expansion. “I am a big believer in blockchain technology and view exchanges as the heart of the industry,” Lee said in the announcement. The new appointment comes just a week after Lee announced his resignation…

Tel-Aviv Stock Exchange Turns to Blockchain for New Lending Platform

The Tel Aviv Stock Exchange (TASE) is teaming up with Accenture and The Floor, an Israeli fintech hub, to build a blockchain securities lending (BSL) platform aimed to allow direct lending of all financial instruments. The BSL will act as a “one-stop-shop for all securities lending activities, permitting access to larger securities volumes within shorter time-frames, even operating in shorter-term positions,” a press release states. With the use of distributed ledger technology from blockchain consortium Hyperledger, the platform is designed to reduce costs, increase security and provide more flexible lending…