Crypto Exchange IDEX Integrates With Polkadot And Binance Smart Chain To Expand Trading – BlockTribune
Decentralized cryptocurrency exchange IDEX has announced a multi-chain initiative that brings its trading experience to new blockchains.
IDEX combines the speed and features of a centralized exchange with the security of a decentralized exchange (DEX). The company launched earlier this year a revamped version of their trading platform, featuring an all-new UI/UX and scaling up to hundreds of thousands of transactions per second, making it the only non-custodial platform to match the throughput and performance of centralized exchanges.
IDEX’s new multi-chain initiative, dubbed Multiverse, will bring its trading platform to new blockchains, starting with Polkadot and Binance Smart Chain, and become a one-stop application for multi-chain trading. Polkadot and Binance Smart Chain have both gained in popularity by offering unique alternatives to Ethereum, which has experienced network congestion and high fees in the wake of the recent DeFi boom. After building one of the most successful Ethereum DApps, IDEX aims to bring its technology to emerging smart contract platforms.
“In the past year we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets,” said IDEX co-founder and CEO Alex Wearn. “As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.”
All of the IDEX infrastructure, including the high-performance matching engine and layer-2 system, will be deployed to each layer-1 network. To support IDEX’s new layer-2 crypto-economic model, independent assets will be issued on every additional chain. The first multi-chain IDEX tokens for Polkadot and Binance Smart Chain are IDEXP and IDEXB respectively.
IDEXP and IDEXB will be distributed 1-1 to existing IDEX token holders over two years via a staking model, set to launch on December 7th at 12:00 UTC. To incentivize early participation, IDEX will accelerate the token issuance rate by 2x prior to the launch of each platform.
Author: By: David Pimentel
Galatasaray deepens fan engagement with cryptocurrency exchange
Galatasaray has elevated its fan engagement, announcing that its $GAL Fan Token will become the first to be listed on Turkish cryptocurrency exchange Paribu.
The expansion marks the growth of the club’s currency, as it heightens engagement opportunities for owners on fan voting and rewards app Socios.com. $GAL Fan Token holders will receive many benefits, including the right to vote in Galatasaray polls.
Fan Token owners can also connect with other fans in Socios Chat, look forward to VIP rewards, compete in leaderboards to be crowned the number one fan in their region/country and enjoy exclusive club and sponsor promotions including up to 20% cashback in $CHZ on official club merchandise.
Dorukhan Acar, Board member of Galatasaray stated: “The fact that Galatasaray owns its own cryptocurrency was a very important milestone for the club’s digital transformation strategy and its plan to evolve into a global sports brand.
“The launch of the $GAL Fan Token, with the support of our business partner Socios.com last season, the first fan poll we organized, and the rewarding of Socios.com users who own the $GAL Fan Token in various ways were major steps towards making our cryptocurrency functional.”
Acar continued: “In the Socios.com ecosystem, which includes many giant world clubs, the $GAL Fan Token was one of the most popular club tokens at the global level. In the summer, we added our basketball and esports branches to the Socios.com ecosystem in addition to our football team, making our cooperation with Socios.com more functional and more comprehensive.
“With the listing of the $GAL Fan Token on Paribu, we believe that our club’s cryptocurrency, $GAL, will quickly become a mainstream digital asset and Galatasaray will lead a digital revolution that will make a big impact in the sports world.”
Yasin Oral, CEO of Paribu also emphasised that the collaborated that move will allow Galatasaray fans will be able to both support their clubs and have a say in some club decisions.
Alexandre Dreyfus, CEO and Founder of Socios.com and Chiliz added: “The Paribu listing is a really significant move, bringing $GAL directly to a massive audience of crypto enthusiasts within the country while increasing awareness and accessibility.
“Awareness of $GAL is growing all the time, with branding visible across multiple club touch points — including the first-team kit and bus. Exciting new polls and other engagement activity on the Socios.com app will continue to increase the appeal of $GAL for supporters.
“Galatasaray are actively laying down the foundations to make sure their Fan Token achieves its huge potential.”
Author: Joe Streeter
Crypto derivatives exchange Bybit launches quarterly Bitcoin futures
Bybit announced Thursday that it will roll out a BTC/USD quarterly futures contract on Nov. 30. Two contracts will be offered at launch — BTCUSD1225, settling on Dec. 25, 2020, and BTCUSD0326, which is settled on March 26, 2021.
Bybit says the new futures contracts have no funding fee, which means traders can hold the position without charge as long as the contracts are still in effect.
Like traditional futures contracts, Bitcoin futures allow traders to buy and sell the digital currency at a predetermined price at a specific future date.
Bybit isn’t the first crypto trading platform to offer quarterly Bitcoin futures. Binance, a Malta-based exchange with the highest daily volume, launched its quarterly BTC futures contracts in January.
Demand for crypto derivatives is on the rise as more institutional investors come into the fold. Recent data from Wilshire Phoenix suggest that CME Bitcoin futures are having a significant impact on the digital currency’s price.
The report claimed:
“CME Bitcoin futures have grown to become significant, this is not only demonstrated through trading volume and open interest, but also by influence on spot price formation.”
Launched in Dec 2017, CME Bitcoin futures are now the second-largest BTC futures exchange by open interest. The top spot belongs to OKEx, according to data analytics firm Skew.
Institutions are increasingly viewing Bitcoin as a long-term investment opportunity. The likes of Paul Tudor Jones and Stanley Druckenmiller have also thrown their weight behind the flagship digital currency, potentially signaling a shift in institutional thinking.
Crypto exchanges bet big on India
Amid bitcoin touching a record high, crypto exchanges continue to bet big on India, and are working out expansion plans and strategies to increase awareness among investors.
“Binance has been pretty active in India. We believe that India has a very unique opportunity to grow. It is already a tech centre, and it is an ideal opportunity to transform it from a tech hub to a fintech hub. There is a high degree of understanding of Indian users and relatively high adoption rate in India,” said Changpeng Zhao, CEO, Binance.
Zhao says this time around bitcoin valuation is not a bubble. “Over the last three years, we have seen the industry grow tremendously, many new applications. DeFI, offering real services to users, we have seen a lot of innovation in the space this time. There was a previous instance already, the second time is not a bubble,” he told BusinessLine.
Crypto mustn’t have currency
The globally leading cryptocurrency exchange had acquired Mumbai-based bitcoin exchange WazirX in November last year. Since then, WazirX has recorded over 1,500 per cent growth in its daily trading volumes.
“WazirX is leading most of our efforts in India. Given the large tech talent in India, we have launched a number of hackathons,” said Zhao.
It also launched Binance P2P platform for India, and it has seen healthy growth over the past two quarters.
Similarly, Zebpay, which relaunched operations in India in January this year, is also optimistic about the Indian market and has been working on advocacy as well as expanding its operations.
“We wanted to be within the law. When cryptocurrency trading was banned, we realised that if we can’t operate then there is no point in having a store without any shelves. But India is really important, it’s in our DNA. We should be in the country in some way,” saidRahul Pagidipati, CEO, ZebPay, explaining the decision to return.
It re-started crypto-to-crypto trading in January, and resumed operations in March soon after the Supreme Court ruling to lift the ban.
The company has a lot of growth plans and has been increasing the quality of servers and decreasing transaction costs. It also plans to launch a non-fungible token.
Amidst Covid lockdown, cryptocurrency trading sees a boom
The talk of another ban on cryptocurrencies is a concern for players, but they said cryptocurrency will eventually have to be accepted.
“Bitcoin is a global currency, it is not affected by any one country,” said Pagidipati.
Zhao said that going back and forth on regulations is quite normal for early-stage industries where there are many different opinions. “We want to help if we can lend our opinion or expertise and faster clear regulations that protect users and also encourage innovations,”he said.
Significantly, both Binance and Zebpay decided to work in India before the Supreme Court ruling lifted the ban on trading.
“We think this is the industry of the future, you can’t ban it, sooner or later, it will have to be adopted,” said Zhao.