A Major Whale Chose Coinbase For Institutional Brokerage Service

The U.S. Largest Cryptocurrency exchange has scored a major win with its new institutional brokerage service.

An insider who has knowledge about the subject reveals that a major hedge fund has begun using Coinbase’s institutional brokerage platform.

The said $20 billion hedge fund was not divulged by the source.

This might be a clear indication that cryptocurrency is preparing to emerge as a new mainstream asset or at least an alternative investment.

Coinbase earlier this year expanded their operations in Chicago which has the reputation of being a regional hub for professional trading firms.

With this expansion, it enabled them to more effectively offer hedge funds and institutional clients in-person services that will help them develop personal relationships with traders.

Circle Co-Founder Sees Ethereum Adoption Similar To The Internet

Jeremy Allaire, Circle co-founder, says in an interview with CNBC that cryptocurrencies and blockchain technology might as well be broadly adopted as the internet is today.

He further states that digital currencies are really the fertile space in terms of the fundamental, technical and infrastructure.

Initial Coin Offering raised $3.8 billion in 2017 and have reached about three times more this year at $12.4 billion.

This was partly due to Ethereum smart contract features which started the whole funds raising mechanism.

Ethereum was also mentioned by another prominent personality, Steve Wozniak, co-founder of Apple, which sees Ethereum could be one day as influential as Apple and the blockchain would be the next step to IT revolution.

Bitcoin Futures Average Daily Volume Up 93% Says CME Report

The Chicago Mercantile Exchange (CME) on a report reveals the Bitcoin futures average daily volume is up by 93% for the second quarter of this year compared to the first quarter.

In addition to this the company reveals that there is an increase of about 51% of open contracts on Bitcoin futures which is said to have exceeded 2,400.

The Bitcoin futures trading was launched by one of the largest global exchanges in the world, CME group in December 17, 2017 following the move of Chicago Board Option Exchange (CBOE) the largest U.S. options exchange .

SBS Of New Zealand Looking At Blockchain and Crypto

SBS chief executive, Shaun Drylie said that there is real merit in blockchain but remains skeptical on cryptocurrencies.

He said that blockchain can be leveraged by the banking sector to decrease cost of transactions and increase its efficiency.

However, he reveals that the same cannot be said with cryptocurrencies, which he sees as too volatile which indicates that the market is not sure of its futures.

Despite this statement he also added that they are keeping a close eye on it but it is difficult to determine where it will go in the long term as well as regulatory situation is still unclear.

New Zealand banks has taken up a hostile stance against cryptocurrencies but has more positive outlook for blockchain.

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