Cryptocurrency attracts a diverse crowd, from speculators to scammers, and from financiers to gamblers. These groups, and their often opposing aims, are what make the cryptoconomy such a strange yet compelling place. In today’s edition of The Daily, for instance, we’ve got stories pertaining to a Wall Street-funded futures exchange, another US platform ending its margin trading, a company that will trade your token to simulate demand for it, and an obligatory new stablecoin.
Also read: Six of the Best Cryptocurrency Calendars
Wall Street-Backed Crypto Exchange Erisx Announced
Having closed a fundraising round backed by DRW and Virtu Financial, in addition to TD Ameritrade, the venture has attracted attention, fueled by its intention to position itself as a direct rival to Bakkt, the forthcoming cryptocurrency platform from the NYSE’s parent company. Erisx will begin by offering spot trading for cryptocurrencies before venturing into derivatives, all going well. It should be noted, however, that the “new” exchange is in fact a revamp of Eris Exchange, a derivatives platform that has failed to achieve anything of note in its eight years of operation.
Circle Drops Margin Trading
Market Making as a Service
“What is the biggest trouble for every ICO?” asks Tokenboost. No, the answer isn’t creating a token that has genuine utility, developing a vibrant community, or devising a sound business strategy. The biggest problem, apparently, is getting listed on Coinmarketcap (CMC). That’s right: the holy grail for ICOs, apparently, is to have their token listed on a market tracker website. According to Tokenboost, CMC mandates at least $100k of daily trading volume before it will list a coin (though a quick check shows this claim to be inaccurate).
Tokenboost’s solution to this problem is to engage in market making on behalf of projects – or wash trading as some might call it. “We can take your token to the top,” they boast. “High volumes and listing on Coinmarketcap make your project more noticeable and trustworthy, attracting more partners, investors and traders. This will create a higher demand for the token and drive its price up.” At least they’re honest.
Ho Wah Genting Group Enters the Stablecoin Game
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
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