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Will Ripple (XRP) Become the Next Crypto Futures Market?

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When Bitcoin Futures contract was first introduced during the close of 2017, it immediately made headlines. However, unlike Bitcoin futures contracts, which have attracted thousands of traders after the release, XRP futures contracts did not enjoy the same fate. Ripple futures contracts, which have been active for almost 18 months now, hardly made any impact on the market. In fact, if you look at the prices, it has been on a downward trend for the most part of 2018.

The first XRP derivatives were introduced by Crypto Facilities, a London based startup, in October 2016. Although the CEO of the company, Timo Schlaefer, has been silent on the matter, he anticipates that there will be widespread adoption of XRP futures in the coming months. “We’re in the process of working with some of the large market makers to draw that further”, Schlaefer affirmed.

With Ripple announcing a partnership with Crypto Facilities, Bitcoin was lagging far behind when it comes to getting its first CFTC regulated Bitcoin derivatives. By the time Bitcoin futures contracts were adopted by the Chicago based commodities companies CBOE and CME Group, Crypto Facilities’ XRP futures contracts were already trading $14.2 million in volume a month. When Cboe’s Bitcoin futures contract expired in January, the Crypto Facilities’ XRP futures had crossed $24.6 million.

Apparently, apart from a few internal investors, not many people knew about the Company’s XRP trading. But it has come a long way from its dark days; “The liquidity has been growing quite a lot”, reported Schlaefer.

Price Movements of Ripple (XRP) Futures

Schlaefer refused to comment on the biggies the company is working with, but his report to CoinDesk offers a crisp insight into the market shift. When closely observed, the data mirrors XRP’s price movements to a great extent. To begin with, the volumes of XRP futures, which have been introduced in October 2016, were on the downtrend until March 2017. However, the XRP futures volume increased exponentially in the following months. During this time, the value of XRP also hiked from $0.03 in April to $0.34 in May. A similar case was observed in January as well when the trading volume touched $24.6 million.

XRP futures, which have been concealed from media’s attention, for the most part, the last year, are indicating positive movements within the market. If you analyze the market trends, it is evident that the trading volume has gone up substantially after the release of Bitcoin futures. With XRP making its way into the mainstream market, it’s expected that the trading volumes will climb higher.

LedgerX and Ripple (XRP) Futures

The CEO of LedgerX, the CFTC-regulated Bitcoin derivatives provider, revealed his company’s plan of exploring XRP futures. It launched its first regulated Bitcoin derivatives last year, and so far traded $100 million in volume.  Paul Chou, the CEO, however, pointed out the limitations that can slow down its appropriation. He said, “Physical settlement avoids those issues because you are not beholden to some abstract price that might or might not be manipulated. You either want the crypto, or you don’t.”

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of David Pape via Flickr

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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