Gemini Launches Custody Product With 18 Cryptos Including Ethereum Tokens

The Gemini exchange is launching an institutional-grade crypto custody solution, according to an announcement Tuesday. Through the Gemini Trust Company, a regulated custodian overseen by the New York Department of Financial Services (NYDFS), the Winklevoss-backed exchange now offers “Gemini Custody,” a platform which would enable clients to trade assets instantly by offering them credits. Previously, clients would have to wait more than a day to access and trade assets. Gemini customers will be able to trade assets held offline without waiting to access them using the new system. According to…

Binance Launches Dollar-Backed Crypto Stablecoin With NYDFS Blessing

Crypto exchange Binance is launching a dollar-backed stablecoin in the U.S. Moreover, the new Binance USD (BUSD) has received the blessing of the New York Department of Financial Services (NYDFS). The exchange announced Thursday that NYDFS had approved the new offering, which Binance is launching in partnership with the Paxos Trust Company. The Binance stablecoin will be backed by U.S. dollars on a 1:1 ratio, according to a press release. The offering joins the Paxos Standard and the Gemini Dollar as an NYDFS-approved stablecoin. At launch, verified Paxos customers will be…

Binance Launches Two Crypto Futures Platforms for User Testing

Cryptocurrency exchange Binance has launched not one, but two test platforms for its planned crypto futures products. Dubbed Futures A and Futures B, the new testnets are now open for users to play with using dummy assets, with new competitions to encourage traders to get involved. On Monday, Binance announced on its website that users will be able to vote for their favorite futures testnet. As for the competitions, Binance said it will award prizes totaling 10,000 Binance coin (BNB) – worth around $215,700 at press time – for each platform.…

Crypto Exchange Launches ‘Shitcoin Futures Index,’ Offering New Way to Short Alts

Crypto derivatives platform FTX has perhaps the most speculative and oddly-named futures index fund on the market: SHIT-PERP, or the Shitcoin Index Perpetual Futures. An index of 58 low market cap coins, SHIT-PERP includes projects like Waves, Grin, and Nano. It is flanked by two other low-cap indexes on the site, MID-PERP and ALT-PERP. Image via FTX.com Following an incubation program under Alameda Research, the derivatives platform opened this past spring. FTX runs an over-the-counter desk, futures, indexes, and now spot trading. Based out of the Antigua and Barbuda, the…

Prime Trust Launches Instant Settlement Network for Crypto-Fiat Trades

The Nevada-based financial institution Prime Trust has launched a real-time settlement network for asset transfers among its clients, competing with similar services offered by crypto-friendly U.S. banks Silvergate and Signature. Announced Monday, the new service, known as PrimeX, gives Prime Trust’s clients immediate access to funds when they trade cryptocurrency or fiat with each other. The trust company will not charge for the new service, either. It is available 24/7 and has no limit on transfer amounts, according to the announcement. The network is already used by “industry-leading exchanges, OTC desks,…

US Firm Launches Hedge Fund With Holdings in Coinbase, Bakkt

The investment firm US Capital Global announced it will add a tokenized venture fund with holdings in Coinbase, Bakkt, Nomics, and Tagomi in its portfolio. Accredited investors will be able to place a $10 million equity stakes in the NYCQ Fund, designed by the venture capital firm CityBlock Capital, to increase their crypto leverage, according to a statement. The fund does not hold investments in cryptocurrencies, but stakes equity investments in the crypto startups. It is overseen and developed by former SoftBank Capital, Goldman Sachs, Wells Fargo, and Google employees.…

BitFlyer Launches ‘Simple’ Bitcoin Buying and Selling Service for EU Market

The European arm of Japan-based cryptocurrency exchange bitFlyer has launched a bitcoin buying and selling service aimed to be easier to use than spot trading exchanges. BitFlyer Europe announced the news on Tuesday, saying the new trading platform targets people wanting “a simple way to buy and sell bitcoin, from total beginners to experienced traders.” Until now, the firm offered only a pro-trader service, dubbed Lightning, as its euro-bitcoin marketplace. Available via the bitFlyer Europe website, the “bitFlyer Buy/Sell” service allows users to exchange bitcoin for euros, with a maximum…

Greek Billionaire Launches Hemp-Backed Token and Dedicated Exchange

Greek billionaire and television director Alki David and his Swiss consortium launched cannabis-backed token SWX Coin, according to a press release published on July 25. A cannabis-backed token on the BTC chain Per the release, the consortium also launched the Swissx Bank of Cannabis to operate the token. The exchange will be based in Gstaad, Switzerland, and with a Caribbean headquarters to be named soon. The token is reportedly based on Bitcoin (BTC)’s blockchain, and a single unit is pegged directly to the median global price of premium hemp flower.…

Binance Launches Platform ‘2.0’ as Margin Trading Goes Live

The top crypto exchange by trading volume, Binance, has launched version 2.0 of its platform – a move that officially adds margin trading for its customers. The firm revealed that margin trading was on the way in late May, and said that the service would feature up to 20x leverage soon after. In an announcement Thursday, Binance indicated that leverage (the amount that can be borrowed against a user’s crypto collateral) is just 3x, however. “Your Margin Wallet balance determines the amount of funds you can borrow, following a fixed…

CryptoCompare Launches Benchmark Rankings for Exchanges

Cryptocurrency data and indices provider CryptoCompare is working to make it easier to spot good, and bad, crypto exchanges. Announced Wednesday, the company has launched a benchmark ranking of over 100 active spot exchanges from across the globe, offering users a “comprehensive, granular and reliable source of information on the best trading venues.” CryptoCompare’s Exchange Benchmark was launched to address the need for reliable metrics to evaluate the large number of cryptocurrency exchanges now offering services around the world. The firm explains: “Employing both a qualitative (due diligence) and quantitative…