##US Tech Stocks Worth More Than European Stock Market

 

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Technology stocks in the US, which include some crypto and blockchain firms, are now valued higher than the entirety of the European equity market.

In brief

American tech stocks are now valued higher than the European stock market, including the UK.

Observers said investors rushed to tech investments as the sector was relatively sheltered from the financial impact of social distancing.

Prices of Bitcoin and other cryptocurrencies have grown in tandem as well.

US technology stocks now have a higher valuation than all of Europe’s equity markets, according to a report on markets outlet Business Insider. Cryptocurrencies and blockchain technology play a vital part in propping up the US tech stocks.  

Tech stocks' market cap totaled $9.1 trillion as of Thursday, Bank of America executives reportedly told clients. The figures meant the sector's stocks have, for the first time, eclipsed equity markets in all of Europe.

Investors largely shifted their capital into tech players at the start of the ongoing coronavirus pandemic in March 2020 based on the sector’s large cash piles and insulation from lockdowns, the report said.

Heading the list are the so-called FAANG tech darlings: Facebook, Amazon, Apple, Netflix, and Google (now restructured as Alphabet). They account for a collective $7.5 trillion of the tech sector’s total valuation; Apple alone is worth $2.1 trillion as of August 28, while Amazon is valued at over $1.7 trillion.

Many large companies in the US stock market also build on blockchain. Nvidia, which sells its graphics cards to crypto miners, has a market cap of $324 billion.  IBM, which builds blockchain products, among them a blockchain-based supply chain system used by Walmart, has a market cap of $111 billion. J.P. Morgan, which creates the Quorum blockchain network, has a market cap of $313.2 billion.

Companies exclusively devoted to crypto have, so far, remained a humble player in the broader US stock market.  As per equity data site Barcharts, these include mining companies like Riot Blockchain, and Hut 8 Mining, with market caps of $170 million and $104 million respectively, crypto advisory firms like Blockchain Inc, and the Grayscale Bitcoin Trust, which is currently worth $2.3 billion.

However, firms like Coinbase, a regulated crypto exchange based in San Francisco, aim to change that. The firm reportedly made plans for an initial public offering earlier this year. Insiders tout an $8 billion valuation for its business—based on the SEC’s approval, according to Reuters. 

However, while the blockchain, crypto mining, and tech firms are enjoying a moment in the US markets, the country’s financial giants have faced the ill-effects of an economic downturn. ForexSchoolOnline found that of all US banks, JP Morgan Chase decreased in value the most—the bank’s market capitalization plunged by $142.6 billion between December 2019 and July this year.

The rise in the valuation of tech stocks coincides with Bitcoin’s price increase this year. The pioneer crypto asset has risen over 60% since March 2020. It trades at $11,500 as of August 29. 

##Simple Strategy Can Turn Crypto Traders Into Whales, Says One of the Wealthiest Known Bitcoin Investors

 

                

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A Bitcoin whale known for making his opinions very public is promoting an investment strategy that he says most crypto traders overlook.

The pseudonymous trader known as Joe007 says smart traders monitor Bitcoin’s long-term price movements, selling their position when BTC has increased 10x and buying when Bitcoin has decreased 5x from its top. The trader, who is known for placing large bets on the exchange Bitfinex, calls the method a “simple and effective investment strategy that allows anyone to become a whale within reasonable timeframe.”

Although diminishing returns will eventually kick in and eliminate the viability of the strategy, Joe believes the 10x/5x rule will hold up for at least the next couple of cycles. The trader believes Bitcoin is currently too volatile to take the “buy and never sell” approach.

Joe says the repeating waves of highs and lows match the buzz on the street about BTC.

“Buy BTC when it’s way down and everyone and their dog barks about how it’s going to zero soon, and sell it when it’s way up and a boomer neighbor asks you for tips how to get into ‘the next bit coin'”.

Joe007 also says Bitcoin’s halvings will start to matter less cycle-to-cycle.

“Halvings may have served as major drivers of supply/demand imbalance in early cycles but over time changes in demand side will be playing a much bigger role, IMHO.”

In terms of his personal portfolio, the trader says that in addition to Bitcoin, he parks a “non-trivial” amount of his fiat in Tether (USDT) to hedge against “banking system failure”.

#Neo Joins Coinbase-led Blockchain Framework

 

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Rosetta is a framework to help blockchains speak to each other. Now, they can speak to Neo.

In brief

Neo has joined Rosetta.

Rosetta, a Coinbase-led project, is a framework that lets blockchains talk to each other.

Neo rose in price after the news.

Coinbase-led Rosetta, an open-source set of tools to help developers integrate other blockchains into their services, just got a new signup: Neo, a blockchain platform that is itself focused on interoperability.

Rosetta, which launched on June 17, is a standardization tool to make it easier for blockchains to speak to each other. Each blockchain is different, making it difficult and time-consuming for crypto project developers to integrate other blockchains.

“The process requires careful analysis of the unique aspects of each blockchain and extensive communication with its developers to understand the best strategies to deploy nodes, recognize deposits, and broadcast transactions,” wrote Neo in a blog post today. “Project developers spend countless hours answering similar support questions for each team integrating their blockchain, rather than spending time working on their blockchain.” 

It’s theoretically easier for crypto companies to integrate a blockchain that adheres to Rosetta’s framework, since they roughly know how such a blockchain works.

That’s good for everyone. It’s beneficial for the blockchain’s developers, who want to get their blockchain’s coin listed on exchanges and integrated with other services. And it’s also beneficial for those integrating another blockchain, since they can improve their own products with new services.

Today, then, things got a lot easier for Neo, a Chinese blockchain platform started by Da Hongfei and Erik Zhang in 2014. Neo focuses on crypto trading, digital identity and smart contracts—it’s a little like Ethereum. It’s also one of the founding members of PolyNetwork, a blockchain interoperability platform, and runs an interoperable DeFi platform, Flamingo. 

Despite the Rosetta integration, however, Coinbase has still not listed Neo’s coin as the exchange requires a coin to overcome several regulatory hurdles.

After today’s announcement, Neo’s price shot up 6%, though it likely wasn't related to the news; most top coins had similarly rosy days. Its current price is $18.23, according to data from metrics site CoinMarketCap.

#Top Investors Bet $7 Million that DeFi Will Move to Polkadot Network

 

                 

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Polkadot continues to attract DeFi developers and investors alike as the newly-launched network looks to take on Ethereum.

Acala, a DAO established on the newly-launched Polkadot network, has announced a successful series A funding from 15 high profile investors, such as Pantera Capital, Arrington XRP Capital, ParaFi Capital, CoinFund, DCG, Spartan Group, and others. 

Santiago Roel Santos, Partner at ParaFi Capital, says: 

“At ParaFi, we envision a constellation of DeFi ecosystems spanning multiple chains and believe that would be a win-win for the broader crypto industry. Acala is our first DeFi investment in Polkadot, and one of our first outside Ethereum. We are encouraged by the pace of development and innovation by Acala and are excited to join the team in their journey to become the primary DeFi hub of the Polkadot ecosystem.”

The investment is a simple agreement for future tokens (SAFT) deal and was led by Pantera Capital. According to Coindesk, the total amount raised is around $7 million.

Acala is a financial primitives platform that will provide an alternative infrastructure for DeFi on Polkadot’s multi-chain ecosystem. The Acala platform will feature a MakerDAO-like governance structure with split governance (ACA) and stablecoin (aUSD) tokens on the Polkadot network. 

However, it plans to go beyond MakerDAO’s current capabilities with a decentralized exchange (DEX) on top.

The need for a fast and cheap blockchain is rising, as Ethereum-based DeFi continues to be an unattainable investment for small retail investors. The rising gas fees are just one example of this, and may ultimately result in an investor migration from Ethereum to Polkadot. 

Regardless of the short term implications of Polkadot’s launch and Acala’s fundraising success, in the long run, Ethereum competition is extremely beneficial for everybody involved in crypto.

##US dollar is getting weaker while crypto gets stronger, says Ripple CEO

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People are losing confidence in fiat currencies and are looking for alternatives such as crypto, says Brad Garlinghouse.




In brief

Global populations continue to lose confidence in fiat currencies, said Brad Garlinghouse.


While the US dollar will remain the world's reserve currency in the near future, it's getting increasingly weaker, he added.


At the same time, cryptocurrencies are significantly outpacing the US dollar in terms of increasing their value.



While the US dollar won’t give up its position as the world’s reserve currency any time soon, it’s definitely getting weaker compared to alternatives such as Bitcoin, wrote Brad Garlinghouse, the CEO of Ripple (XRP), on Twitter today.


“A year ago, many decried crypto as a scam, and now a majority of govts are looking seriously at blockchain. It addresses frictions (i.e. settlement, transparency, etc) that were assumed VERY hard to solve before. Crypto is up 80% while USD is down 3% YTD,” Garlinghouse noted.



As Decrypt reported, many financial experts are currently concerned that the US government’s unprecedented fiscal stimulus efforts in the wake of the coronavirus pandemic could lead to the devaluation of the US dollar—and potential subsequent strengthening of other stores of value, including cryptocurrencies. 


Garlinghouse added that traditional monetary systems are usually as strong as people’s trust in them—and fiat currencies are increasingly losing it today.


“As [Fundstrat managing partner Tom Lee] said, it comes down to trust in the financial system at the end of the day,” wrote Garlinghous, adding that “As global populations continue to lose confidence in fiat currencies (as we’re seeing with USD), they will choose to diversify. Our future global financial system will do the same.”



The very same sentiment was expressed by several financial experts in Bloomberg’s article that Garlinghous cited. Its authors noted that while cryptocurrencies are notoriously volatile and prone to manipulation, the blockchain technology that underpins them already gained some very influential proponents.


“At the end of the day, trust is really getting broken in the traditional financial system—that’s the theme. The less trust you have in the dollar, the more you want alternatives,” Tom Lee, co-founder and head of research at Fundstrat Global Advisors, told Bloomberg. “More and more people are saying, ‘You know what? It’s not such a bad idea to be decentralized.’”

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##Big Four Accounting Firm KPMG Launches Tools To Help Institutional Cryptocurrency Investors

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KPMG Chain Fusion is set to help traditional financial companies and fintech startups provide well-managed crypto asset services.



Aiming At Institutional Clients

In a recent announcement, the company presented KPMG Chain Fusion. The project aims to help the management of crypto and traditional assets over public and private blockchain networks for institutional clients.




The new set of capabilities will be able to assist customers in managing and addressing global regulatory considerations for strong system controls and processes for crypto and digital assets. It will also help clients in solving a variety of complex foundational problems, facing organizations, which compete in the institutional market of crypto assets.




“Regulators and auditors expect fully implemented controls and processes within and across a crypto asset business – whether they are crypto assets or traditional systems or anything in between.  If you are a blockchain or digital asset-based business, you will have separate systems for everything,” said Sam Wyner, director, and co-lead of the KPMG Cryptoasset Services team.




How It Works



Chain Fusion’s basics consist of leveraging a structured information model to combine data, coming from both blockchain and traditional systems. Thus, it will support the necessary analytics for business, risk, and compliance objectives.



The capabilities and accelerators of Chain Fusion are built to support companies easily reach the adoption of fundamental crypto business capabilities. The core will also assist them in dealing with the challenges of cryptographic proof of assets under custody. It will help in the deployment and integration of core custody capabilities such as multi-party computational crypto asset wallets, and transaction monitoring for AML.


Leading cryptoasset technology solutions can address process and control requirements within their own systems, but the greater challenge is making sure systems can work together, with all the right processes and controls in place between those systems,” Wyner explains.



As stated, Chain Fusion will “bring such systems together with a required processes and controls under one roof.”



Several financial organizations and fintech companies are offering crypto asset services for their clients already. It’s absolutely no wonder that KPMG is stepping into the field as institutional interest is on the rise when it comes to cryptocurrencies. 





Most recently, the American multinational financial services corporation Fidelity Investments reported that 36% of institutional investors have exposure to Bitcoin or other types of cryptocurrencies.



Coinbase, the leading US-based cryptocurrency exchange also strengthened its institutional focus by recently acquiring leading crypto brokerage firm Tagomi.

##US Supreme Court Restricts Power of SEC to Seek Penalties Against ICOs

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Initial coin offerings (ICOs) indicted by the U.S. Securities and Exchange Commission (SEC) may see a significant reduction in fines owed following a recent Supreme Court ruling.


Apex Court Caps SEC Disgorgement Ability


According to Bloomberg, the U.S. Supreme Court issued a ruling on Monday (June 22, 2020), placing a cap on the disgorgement sought by the SEC in fraud cases. As part of the court’s decision which came by way of an 8-to-1 majority, the Commission can no longer seek disgorgement above the net profits of the indicted party.




Commission Unrelenting in ICO Enforcement Efforts


The botched Telegram token sale event is perhaps one of the biggest victories for the SEC in its ICO enforcement activities. Despite carrying out one of the highest-earning ICOs, Telegram has been unable to move forward with its planned TON blockchain launch.



As reported by CryptoPotato on several occasions, the SEC has brought charges against several 2017-era ICOs. Even celebrities and other public figures have not escaped the SEC ICO enforcement net with the likes of Grammy Award-winning music producer DJ Khaled and boxing champion Floyd Mayweather getting into trouble with the Commission.


The SEC’s characterization of ICO tokens as securities might change if Congress passes the Token Taxonomy Act. This piece of legislation seeks to protect cryptos from securities laws while establishing a ‘de minimis’ tax exemption for profits on cryptocurrency trading below a certain limit.



The Cryptocurrency Act of 2020, another crypto-related bill before Congress aims to provide a framework for classifying digital assets while delineating the responsibilities of Federal regulatory agencies regarding cryptocurrencies.







Apart from restricting disgorgement to the net profits, Justice Sonia Sotomayor writing for the apex court declared that the funds recouped by the Commission must be geared towards restitution of affected investors. For situations where such transfers to investors is not possible, the Supreme Court recommended that the funds be sent to the Treasury.




For the SEC, the Supreme Court’s decision is a win for the Commission despite the reduction in its disgorgement powers. Some pundits say the ruling is preferable to the total eradication of the SEC’s ability to seek such fines and penalties.

Ledger and Nomura launch institutional-grade Bitcoin custody service

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A large investment bank has launched a crypto custodian service for institutional investors.




Global investment bank Nomura, hardware wallet company Ledger and crypto investment fund CoinShares today launched a long-awaited crypto custodian service, called Komainu.


First announced in May 2018, Komainu will service institutional investors and support a range of cryptocurrencies. It is regulated by the Jersey Financial Services Commission.




Komainu is headed by Jean-Marie Mognetti, the co-founder and CEO of CoinShares. Andrew Morfill left his position at Santander, where he commanded its cyber defense unit, to join Komainu as Head of Operations.



Mognetti said in a statement that: "What this partnership has highlighted is the need for credible and solid service providers to support industry participants. Komainu bridges the gap by bringing financial expertise and capabilities for institutional clients to feel confident their assets are in safe hands.



Mognetti told Reuters that the platform has been trialed with a small number of clients for four to five months. Komainu’s advantages over other systems are, it claims, that it can integrate with the technology systems of large financial institutions.



The CEO of Ledger, Pascal Gauthier, said in a statement that “Institutions are looking for compliance and security when it comes to the custody of digital assets.” He added that, without the proper security, “institutions' digital assets are weaponised against them.”


Nomura is the latest large financial institution to offer custody services. Fidelity also offers a custodian, as does Bakkt, the custodian and Bitcoin futures platform owned by the Intercontinental Exchange, which also runs the New York Stock Exchange.



Nomura in January launched a crypto-asset benchmark for Japanese investors. Called the NRI/IU Crypto-Asset Index, the benchmark tracks top cryptocurrencies, among them Bitcoin and Ethereum. Nomura is also on the governing council of blockchain network Hedera Hashgraph, where it lords over the network alongside Google and Deutsche Telekom.



The institutional investors, it appears, are here to stay.

###Coinbase announces Rosetta toolkit for blockchain integration

   



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Crypto exchange Coinbase has announced the release of Rosetta, a set of tools designed to help exchanges and developers integrate any blockchain.





In brief


Coinbase released its blockchain integration tool, Rosetta.



It's aimed at exchanges as well as developers working on cross-blockchain applications.



Celo, Filecoin, and other teams have already contributed to the open-source software.


Popular San Francisco-based crypto exchange Coinbase has released Rosetta, a toolkit designed to make blockchain integration simpler and more effective, especially for exchanges working with new tokens.



In a blog post, Coinbase stated that Rosetta will be available starting today for digital currency exchanges and blockchain developers alike. 



With the number of blockchains increasing—and with each blockchain featuring unique specifications—exchanges have to take time and care when integrating with different blockchains. Coinbase saw the need for standardization. Therefore, it says, Rosetta is designed to keep funds secure and take care of compatibility issues that can slow developers down. 



In addition to exchanges, the company believes other cross-blockchain applications can benefit from Rosetta’s standard format, reducing the amount of code developers need to write.


Rosetta is open source, meaning anyone can contribute to its growth and development. Ventures such as Filecoin, Celo, Near, and Oasis have already added to its documentation.



“Rosetta is an exciting development in the cryptocurrency space that helps establish a standard API for integrating and building applications on blockchain networks,” explained Celo co-founder Marek Olszewski in a statement. “The cLabs team is excited to see applications use a common interface via Rosetta to build not only on Celo, but on other blockchains as well, opening up the potential for new developers and businesses to join our growing industry.”




Coinbase said that in the future, it’s aiming to support a full “ecosystem of Rosetta interfaces” for major blockchains like Bitcoin and Ethereum.



Today’s product news is already receiving plaudits from crypto audiences. That stands in contrast with a Coinbase move from earlier this month when the mega-exchange announced it was looking to issue its blockchain analytics software to government agencies such as the Drug Enforcement Agency (DEA) and the Internal Revenue Service (IRS).

Huobi launches bi-quarterly Bitcoin futures with 125x leverage

          

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Crypto exchange Huobi is among the largest players in the derivatives market.




Just a week after crypto exchange Binance started offering quarterly futures, rival exchange Huobi today introduced bi-quarterly futures. Touché!


A futures contract is a bet on whether the price of a cryptocurrency will rise or fall by a certain point, in Huobi’s case every six weeks. If the bet is correct, the person who made it wins. If not, they lose, and the money goes to the person they signed the contract with.



Huobi’s bi-quarterly futures product supports nine cryptocurrencies, among them Bitcoin, Ethereum and Litecoin, along with 36 trading pairs. Huobi’s futures platform already supports weekly, bi-weekly and quarterly futures contracts. 



Huobi’s offering goes live the day after Huobi Futures launched version 4.2.0 of its platform. It also adds a feature called “locked margin optimization,” which lets users make the most of their money by lowering trading costs and reducing lag.



Huobi offers 125x leverage



People can also leverage trades by up to 125 times—an extremely high number that comes with a considerable amount of risk. Huobi wants to “provide users with wider choices and lower principal cost to open a position.” 



“The higher the leverage multiples they apply, the less principal cost is required to open the position, so as to potentially earn greater profits,” it wrote. 



Huobi is one of the stalwarts in the crypto-derivatives industry. Last quarter, it traded $438 billion, according to coin metrics firm TokenInsight. In March, April and May, Huobi had the largest volumes for derivatives trading among top exchanges, followed by OKEx and Binance, according to crypto analytics firm CryptoCompare.


Binance, the newcomer that launched in late 2019, is hot on Huobi’s heels. Huobi has been solidifying its market share ever since it launched its derivatives platform in early 2018 (then called Huobi DM), but Binance is quickly gaining. Between April and May, Binance’s volume increased by 58%; Huobi increased by just 29%.

##Bitcoin is becoming more trustworthy than big banks, says survey

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The number of people who trust Bitcoin over big banks has shot up by 29% over the last three years, while millennials are flocking to Bitcoin.




In brief


A new survey shows that the number of people who trust Bitcoin over big banks has increased over the past three years.


Millennials are leading adoption of Bitcoin, with 44% expecting to buy some in the next five years.


Over 45% of respondents preferred Bitcoin over stocks, real estate and gold.



People around the world are increasingly trusting Bitcoin over big banks, according to a new survey conducted by fintech news site The Tokenist. The survey, which polled 4,852 participants across 17 countries, found that 47% of respondents trust Bitcoin over big banks, an increase of 29% in the past three years.



Millennials embrace Bitcoin


The survey also showed a striking generation gap when it comes to Bitcoin and the banks. While over half (51%) of millennials trust Bitcoin over big banks, an increase of 24% over 2017, over nine in ten (93%) of over-65s trust big banks over Bitcoin.



The over-65s are wary of Bitcoin in general, with half of those polled thinking that it’s a bubble, versus less than a quarter (24%) of millennials.



Millennials’ embrace of Bitcoin is partly down to increased familiarity; 78% of millennials are “somewhat” familiar with Bitcoin, versus 61% of total respondents, and 14% of them have owned Bitcoin. In the next five years, 44% of millennials expect to buy some Bitcoin




Not surprisingly, then, the survey also found that 59% of millennials are confident that Bitcoin will see mass adoption within the next 10 years, and that most people around the world will likely be using it by that time.



Confidence in Bitcoin up across the board
While millennials may be leading the way in Bitcoin adoption, the survey found “increased knowledge of, and growing confidence in, Bitcoin among all age and gender groups surveyed,” its writers stated.




Six in ten (60%) of those polled felt that Bitcoin is a positive innovation in financial technology, an increase of 27% in three years. And over 45% of respondents preferred Bitcoin over stocks, real estate and gold.



“Three years ago, many of the largest BTC brokers were relatively new and were therefore accorded a low level of trust,” said the report’s writers. “Now, there appears to be an appreciation of the maturity, and stability, of these providers.” 



With stocks and shares taking a beating in the wake of the coronavirus pandemic and subsequent lockdown, some Bitcoin advocates are arguing that this is the cryptocurrency’s moment. Though with Bitcoin’s price fluctuating in recent days, it clearly has some way to go yet.

##$22 billion fund manager says buy Gold, Bitcoin as bond markets fail as a hedge after U.S. Quant Easing

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The ongoing COVID-19-pandemic has served as a defining point of modern financial markets.



The U.S. and global indices are close to all-time highs, after an initial dip in March, even as virus casualties, global unrest, and unemployment linger on. To combat, some billionaire fund managers like Paul Tudor Jones have called out the instability in global markets and purchased Bitcoin futures as a hedge against possible hyperinflation.




Now, a $22 billion rated fund manager is starting to recommend cryptocurrencies as a hedge alongside gold, for numerous reasons apart from currency risk.



No government bonds, buy Bitcoin



Paul Britton, CEO of Capstone Advisors in New York, believes the decades-old strategy of holding government bonds to balance equity risk may have run its course. His main reason; the U.S. Federal Reserve lowered interest rates to zero, allowing many to access technically “free” money to eventually purchase equities and pump markets.



The change has huge implications. Fiat currencies like the U.S. dollar have been exposed to inflation and long-term risk. Reports also suggest equity markets are now dominated by retail traders instead of hedge funds and banks, causing dislocation in prices and a deviation from fundamentally-derived intrinsic value.



Some institutions have already started storing Bitcoin and Ether, presumably for risk protection:



The U.S. and global indices are close to all-time highs, after an initial dip in March, even as virus casualties, global unrest, and unemployment linger on. To combat, some billionaire fund managers like Paul Tudor Jones have called out the instability in global markets and purchased Bitcoin futures as a hedge against possible hyperinflation.



Now, a $22 billion rated fund manager is starting to recommend cryptocurrencies as a hedge alongside gold, for numerous reasons apart from currency risk.





No government bonds, buy Bitcoin



Paul Britton, CEO of Capstone Advisors in New York, believes the decades-old strategy of holding government bonds to balance equity risk may have run its course. His main reason; the U.S. Federal Reserve lowered interest rates to zero, allowing many to access technically “free” money to eventually purchase equities and pump markets.




The change has huge implications. Fiat currencies like the U.S. dollar have been exposed to inflation and long-term risk. Reports also suggest equity markets are now dominated by retail traders instead of hedge funds and banks, causing dislocation in prices and a deviation from fundamentally-derived intrinsic value.

Some institutions have already started storing Bitcoin and Ether, presumably for risk protection:





However, with no access to cutting-edge risk tools that institutional investors apply, retail traders have been left “defenseless,” having little apart from equity options on IB or Robinhood to protect against risk. Hedge funds are facing trouble as well — the lack of positive government bond yields has made prosperous environments a distant dream. 



Britton states the old 60/40 portfolio approach — one that includes treasury bonds to serve as insurance against equity risk — has plunged into “double jeopardy.” Dying or negative yield, has left equities as the only source of capital gains. And the latter is now under risk as well. 


Meanwhile, the volatility hasn’t put off all investors. Paul Tudor Jones II, the famed billionaire fund manager, invested over $70 million in Bitcoin futures last month. Others, like Jim Simons’ of the famed Renaissance Technologies, are also reportedly eyeing the crypto market to capture and profit from volatility. 

One part of the allure towards Bitcoin comes from reaping crazy, once-in-a-lifetime type returns. The other, however, is a bit more sinister. As Jones puts it, crypto provides a definite hedge against the “massively” inflated equity and currency market.

##Chinese state media takes aim at Binance while Huobi looks on

      


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China's state media frequently functions as bellwether for government policy, with its reporting prompting changes in policy from companies.



In brief


Reporting in Chinese state media has taken a markedly different tone on crypto exhanges Binance and Huobi.


Chinese state media often functions as a bellwether for the government's views, with its reporting prompting changes of policy by companies.


While Binance exited China in 2018, Huobi has opened a Communist Party of China branch within the company.






Two of the world’s biggest crypto exchanges are receiving markedly different coverage from Chinese state media. Binance, which exited the country in 2018, is facing negative reporting from local media outlets. By contrast, Huobi, which has opened a government relations branch, is being lauded.



State media outlet China National Radio (CNR) recently reported on Binance's accessibility in China, while also highlighting the China Internet Finance Association's recent "Risk Tips for Participating in Speculation of Overseas Virtual Currency Trading Platforms." CNR noted that the "risk tips" emphasized the dangers of virtual currency transactions and ICO trading—both illegal in China since 2017—while highlighting recent security breaches suffered by Binance. 




The "risk tips", CNR reported, emphasized that some virtual currency trading platforms have set up servers overseas to continue to engage in related activities, posing a risk to users.



Binance hasn’t had a corporate registration in China since 2018, when the company exited the country, citing a “hostile regulatory environment”. The location of Binance’s corporate domicile is currently unknown, with CEO Changpeng Zhao claiming that the company doesn't have an office.China's state media is a bellwether for government policy, with its reporting frequently prompting changes in policy from foreign companies. In 2013, state media targeted Apple, with the company eventually capitulating to government demands to open up a data center within the country (making user data accessible to local law enforcement).


Huobi's charm offensive


Earlier this week, Binance's rival exchange Huobi was also the subject of a report from Chinese state media—but China News took a markedly different tone to CNR's reporting on Binance. Huobi was highlighted as an important part of the tech cluster in the recently established Hainan free trade zone.




In its relations with the Chinese government, Huobi has taken a different approach to its rival Binance. In 2018 it opened a Communist Party of China branch (a government liaison and lobbying office) within the company, a move that many organizations undertake to signal regulatory compliance and build a sense of legitimacy.



The CPC’s charter says that any enterprise in China having at least three party members as employees must establish its own party branch; setting up a party branch in Huobi demonstrates the exchange's loyalty to the Party and willingness to work under its supervision.


Huobi is also a stakeholder in China’s national Blockchain Service Network as one of the 14 founding members of the platform, and has participated in China’s Belt and Road initiative. 

The question for exchanges in the region is: which approach will ultimately bear fruit?

##Microsoft builds identity system that runs on Bitcoin

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The tech corporation promised that its ION identity system’s users will always retain control over their own data.




In brief

Microsoft launched its decentralized identifiers network on Bitcoin's blockchain.


Dubbed ION, the network is a second-layer solution on top of Bitcoin's mainnet.


ION is using Bitcoin’s linear block chronology as its consensus mechanism.


IT giant Microsoft has announced the launch of its open-source decentralized identifiers (DIDs) network, dubbed ION, on Bitcoin’s blockchain.


The technology allows users to create decentralized digital credentials—such as driver’s licenses or university diplomas—that could 
be used to identify them online. Alternatively these credentials could be used to log them into websites and apps. Additionally, DIDs’ decentralized nature ensures that people have full control over their data.





“We’re thrilled to see ION make the leap to Bitcoin mainnet for its public beta. ION is an open, public, permissionless ‘Layer 2’ network built on open source code that anyone can review, run, and contribute to,” said Daniel Buchner, one of the developers of the Sidetree protocol, on June 10.



DIDs are a new type of identifier that enables verifiable, decentralized digital identity. For example, “a DID identifies any subject (e.g., a person, organization, thing, data model, abstract entity, etc.) that the controller of the DID decides that it identifies,” according to one of the drafts published on the World Wide Web Consortium’s website.



Buchner added that ION was designed from the start to “operate independently of centralized parties and trusted intermediaries,” including Microsoft. As such, the network doesn’t rely on special utility tokens, trusted validator nodes or additional consensus mechanisms since “Bitcoin’s linear block chronology is the only consensus” ION requires, he continued.


Since the keys for your DIDs never leave your hands, and all ION operations are signed locally on your device, you have the assurance that only you can modify the state of your DIDs, no matter how you choose to interact with the ION network,” he noted.


Currently, ION’s users can already create their own DIDs and use OpenID Self-Issued DIDs to authenticate with sites, apps and services that support the corresponding specification. Additionally, companies and other entities could use ION to issue digital verifiable credentials to their users.



In the coming months, ION developers plan to grow the network’s community and garner additional feedback and contributions, including new use cases and hackathons. Users can track the project’s progress in Sidetree’s and ION’s repositories on GitHub. This all leads up the launch of the final version, this fall.

##Binance goes live with quarterly Bitcoin futures

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Crypto exchange Binance has expanded its futures offering to support quarterly Bitcoin futures. But it warns, it could be risky.



In brief


Binance has launched quarterly futures contracts.


This marks its latest expansion into the derivatives market.


Binance has quickly gained market share.




Crypto exchange Binance today launched quarterly Bitcoin futures.  The addition marks Binance’s latest expansion into the crypto-derivatives market, an area in which the firm is quickly gaining market share. 


Futures trading allows traders to bet on the expected price of Bitcoin at a moment in the future. Traders can go "long," expecting the price to go up, or "short," for it to go down.



Binance has offered futures contracts since 2019, but these were perpetual contracts that can mature (end) at any point. By comparison, quarterly futures end on the last Friday of the corresponding three-month period.



Just like the perpetual contracts, the quarterly Bitcoin futures contracts offer leverage of up to 125x. This allows traders to amplify their trades—increasing their potential winnings and losses.



Binance gets into derivatives


“We are a late-comer to derivatives,” Binance CEO Changpeng Zhao told Decrypt. But the giant crypto exchange has quickly muscled its way to the front. A report by CryptoCompare last week showed that derivatives volumes on Binance are the third-largest in the industry, behind Huobi and OKEx. In the last 24 hours, $2.42 billion was traded on its futures exchange, also ranking third in the market, according to data from Skew Analytics.



In May, Binance’s derivatives share increased by 58% compared to the previous month, according to CryptoCompare, and Binance reports a 217% increase in institutional client volumes compared to the previous quarter. 



Zhao said that Binance offers institutional investors its big name brand, security and lower fees. “Binance is one of the strongest brands in the industry already, and also has the highest number of VIP and institutional investors in the market,” he said, adding, “We invested heavily in security to prevent risks of hacking and also have a SAFU fund to ensure funds are safe in Binance.” SAFU is one of Zhao’s favorite phrases. It means that funds are insured in case of a hack. 



Zhao also touted Binance’s stability, both “in terms of both system stability and available liquidity.” In "high volatility days where other platforms suffered from system stability and/or liquidity crunches, Binance performed with little issues," he said.


In February, Binance's spot exchange struggled with performance issues when Bitcoin's price rose, even though the exchange was "stress-tested...like crazy in our test environments,” Zhao said at the time. Binance suffered no such problems later in the year, even though peak trading volumes have surpassed levels observed at the time of the performance troubles.