NEW YORK, December 5, 2017 /PRNewswire/ --
The price of bitcoin hit another all-time high on Sunday as investors' enthusiasm in cryptocurrency continued. According to Coindesk, bitcoin, the world's most popular cryptocurrency hit a high of $11,831 during Sunday's trading session. In addition, investors expect that the launch of bitcoin derivatives products could be a significant step for the cryptocurrency market. On Monday, The Chicago Board Options Exchange (CBOE) announced that it planned to begin offering bitcoin futures trading on December 10. Earlier on Friday, CME Group Inc. also announced that its planned bitcoin futures contracts will begin trading on December 18. The Crypto Company (OTC: CRCW), Xunlei Ltd (NASDAQ: XNET), International Business Machines Corp. (NYSE: IBM), CME Group Inc (NASDAQ: CME), Microsoft Corporation (NASDAQ: MSFT)
The total market value of the cryptocurrency market reached 340 billion, while bitcoin accounted for nearly 55 percent of the overall market. Ed Tilly, CBOE's chairman and CEO of Cboe Global Markets, said in a statement: "Given the unprecedented interest in bitcoin, it's vital we provide clients the trading tools to help them express their views and hedge their exposure. We are committed to encouraging fairness and liquidity in the bitcoin market. To promote this, we will initially offer XBT futures trading for free."
The Crypto Company (OTC: CRCW) announced yesterday that, "It has launched the first phase of its planned trading operations and platforms for digital currencies. Beginning this week, the Crypto Company's first group of traders will actively trade the most liquid cryptocurrencies using in-house capital. The Company's full plans call for the build-out of a full-scale trading floor with high capacity for experienced crypto traders. The company is in the process of spearheading the development of high frequency trading (HFT) and program trading software platforms specifically for the cryptocurrency markets. These future phases are under development and require complex technology due to regulatory and security concerns unique to the crypto markets."
"The launch of our trading operations and the development of their underlying technology further support The Crypto Company's value proposition as a proxy and medium for diversified exposure to the growing asset class of cryptocurrencies and blockchain technologies," said Mike Poutre, Chairman and Chief Executive Officer of The Crypto Company. "The successful rollout of institutional trading floors and platforms across the cryptocurrency landscape will help the industry mature and inspire responsible rules and regulations."
"The cryptocurrency markets are gaining greater liquidity every day and we believe that The Crypto Company is uniquely positioned to develop the platforms and establish the protocols required for how traders function in the 24/7/365 world of cryptocurrencies and blockchain. We look forward to rolling out additional phases of our proprietary technologies and trading operations as they are completed. We expect that the trading operations will be a positive contributor to achieving our goal of profitability in 2018," concluded Mr. Poutre.
Xunlei Ltd (NASDAQ: XNET) provided an update recently according to which it currently has 28.77% equity interest in Shenzhen Xunlei Big Data Information Services Company Ltd. ("Big Data") and has no management control over Big Data. In response to certain public statements made by Big Data recently, the board of directors of the Company ("Board") issued an open letter and firmly supported the Company's endeavor to utilize its many years of technical know-how in the field of distributed computing to explore commercial applications with the help of blockchain technology.
International Business Machines Corp. (NYSE: IBM) recently announced that it has partnered with blockchain startup Stellar to create a platform that could be the first ever public cryptocurrency foray. According to the IBM's official blog post from October 21st it has successfully run transactions via lumens, Stellar's custom cryptocurrency. At the moment, the platform is limited to cross-border payments with British pounds and Fijian dollars. However, it is aimed to expand exponentially and soon include as many as seven fiat currencies of the South Pacific, which includes the New Zealand and the Australian dollar. "When trading between multiple currencies, it helps to have a bridge currency to reduce the ledgers needed to maintain. Lumen provides that single ledger that can bridge currencies," says Jed McCaleb, the founder of Stellar.
CME Group Inc (NASDAQ: CME) announced recently that it intends to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods. The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME. "Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "As the world's largest regulated FX marketplace, CME Group is the natural home for this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities."
Microsoft Corporation (NASDAQ: MSFT) on an official blog post from November 20th reported that a growing number of customers and partners are experimenting with the technology as a secure and transparent way to digitally track ownership of assets, and are partnering with Microsoft to build a new class of distributed applications on Azure. "As financial institutions and fintechs move their blockchain projects from innovation labs to lines of business, they require a seamless integration between their preferred ledger stack and infrastructure, and a robust set of platform components and tooling to develop, manage, and optimize blockchain applications. To meet these growing needs, Microsoft is expanding its strategic partnership with R3 to more deeply integrate R3's distributed ledger platform, Corda and R3Net, with Azure," Microsoft wrote in the blog.
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