Tag: Exchange

Synthetix takes on counterparty risks with Infinex derivatives exchange

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Synthetix, a DeFi project in the crypto space, is preparing to expand its range of affiliated products. Kain Warwick, the founder, revealed intentions to introduce a new derivatives front-end called Infinex to the decentralized trading infrastructure of Synthetix. The upcoming exchange, Infinex, will cater to both novice and experienced traders by offering features similar to centralized exchanges (CEX), such as a non-custodial central limit order book. While Synthetix already operates Kwenta, a derivatives decentralized exchange (DEX) on Optimism, Warwick has highlighted three key issues with the current platform. For instance,…

Cryptocurrency Exchange Bitget Shatters Records with $1.44 Billion in Reserves

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Bitget, the popular cryptocurrency exchange, has made a groundbreaking announcement, revealing that its reserves have soared to an impressive $1.44 billion. What’s even more remarkable is that Bitget has achieved this milestone while becoming entirely debt-free. According to the exchange’s statement, Bitget’s reserve ratio currently stands at a staggering 223%, more than double the industry standard of 100% backing. This achievement reinforces Bitget’s commitment to providing a secure and trustworthy platform for its users. To break it down further, Bitget disclosed that it holds a reserve ratio of 454% for…

Indonesia Making Progress with National Cryptocurrency Exchange Scheduled to Be Launched This Month

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The Indonesian government is making progress in its plans to introduce a national cryptocurrency exchange and is expected to unveil the platform in the coming weeks, according to media reports. The country’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, is spearheading the launch, which is scheduled for July 2023. Didid Noordiatmoko, the head of Bappebti, disclosed that all cryptocurrency transactions would be exclusively conducted through the national exchange. He further stated that discussions have been held to establish stock exchange regulations, with a particular focus on implementing…

3AC co-founders’ OPNX exchange onboards FTX, Celsius bankruptcy claims

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OPNX, an exchange dedicated to the trading of bankruptcy claims against fallen crypto firms, has listed FTX and Celsius claims. According to the July 14 announcement, FTX claims specifically can be immediately onboarded and converted into collateral in the form of OPNX’s native reborn OX (reOX) tokens or oUSD, its credit currency. Users can then trade crypto futures using reOX as collateral. The claims are tokenized in partnership with Heimdall, which also handles onboarding and user verification. Developers wrote: “Claims will initially be converted into reOX tokens at a 100%…

Binance CEO reflects as exchange turns 6 — ‘It was never all smooth sailing’

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Binance CEO Changpeng Zhao wrote a letter addressing the exchange’s users, reflecting on past crypto winters and laying out key trends shaping up within the industry as the company celebrates its sixth anniversary.  Within the letter, Zhao highlighted some of the company’s challenges throughout its journey. The executive said that in January 2018, the firm saw new records for user registration. However, it was followed by a decline in the market. Despite this, the Binance executive noted that during this bear market, its team learned the importance of “prudent financial…

Indonesia to launch crypto exchange in July: Report

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The government of Indonesia is moving forward with its plans to launch a national cryptocurrency exchange, and expects to debut the platform in the coming weeks. Indonesia’s Commodity Futures Trading Supervisory Agency (CoFTRA), also known as Bappebti, is planning to launch the national crypto exchange in July 2023, the local news agency Tempo reported on July 14. Bappebti head Didid Noordiatmoko reportedly said all cryptocurrency transactions will be only allowed to take plac using the upcoming national exchange. “Yesterday we agreed on the stock exchange rules,” the official said, adding…

Monochrome revises filing for spot Bitcoin ETF at Aussie stock exchange

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Australian-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot Bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees. The ETF — Monochrome Bitcoin ETF (IBTC) will be able to offer retail Australian investors direct exposure to Bitcoin (BTC) and Ethereum (ETH), according to the firm’s July 14 announcement. Australia joins the #Bitcoin race.#spot #bitcoinetf @MonochromeAsset https://t.co/hqXb9RY5HL pic.twitter.com/KEEXHQ9Eo6 — Jeff (@jeffyew_) July 13, 2023 Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian…

US Authorities Charge Cybersecurity Engineer With Stealing $9,000,000 From Decentralized Crypto Exchange

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The United States Attorney for the Southern District of New York, Damian Williams, just announced the indictment of a former cybersecurity professional who allegedly hacked an international decentralized crypto exchange (DEX) and stole $9 million worth of crypto assets. According to the indictment, Shakeeb Ahmed carried out the attack sometime in July 2022 when he exploited a vulnerability of the Solana (SOL)-based DEX. The 34-year-old, a senior security engineer at an international technology company at the time of the attack, allegedly inserted fake pricing data that caused the platform’s smart…