Nigerian authorities have made progressive plans to regulate cryptocurrency activities in the country, a decade after it was launched.
Late last year, the Nigerian Securities and Exchange Commission (SEC) set up the Fintech Roadmap Committee to develop a framework for the regulation of Virtual Financial Assets (VFAs) and their exchanges in Nigeria among other things.
Huobi has been servicing Nigerian customers for the past 3 years, they are one of the fastest growing global blockchain companies serving millions of users in over 130 countries.
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Huobi Launches Brokerage Platform Targeted at Institutional Clients
Huobi Group, parent company of Huobi cryptocurrency exchange has launched a cryptocurrency brokerage platform, Huobi Brokerage. The brokerage platforms aims to attract institutional investors, especially those with great appetite for crypto products.
The announcement came at me World Economic Forum #WEF at Davos on Tuesday, 21st January, 2020. The platform named Huobi Brokerage is currently available in major jurisdictions where the exchange is currently present with exception to the People’s Republic of China.
Global Institutional Business (GIB)
The new service from Huobi is a part of Huobi’s Global Institution Business (GIB), an arm of Huobi with special interest to control its institutional-oriented businesses. It was established in November, 2019.
Huobi in a statement stating the function of the GIB said “The initiative, named Global Institutional Business (GIB), will see the creation of a team to offer and support services including contracts, exclusive benefits for VIP traders, and a dedicated fiat desks for institutional clients, as well as additional plans for custody services.”
According to Huobi, the firm since the third quarter of 2019 has seen an increase of up-to 400% growth in institutional clients with about 1,700 investors onboarded already.
With offices across a couple of continents, the Huobi GIB aims to be at a top priority for Huobi as it continues to grow globally.
According to Huobi Group vice president Ciara Sun, “2019 brought the first wave of institutional interest but 2020 is when we expect to see the industry mature with growing demand. As we enter the next phase of crypto, Huobi staking an active role in setting new standards for institutional and retail clients alike,”
The race for institutional clients continues to grow increasingly stronger as the industry grows in maturity. Coinbase is also expanding its custody business across the world.
However, as Huobi plans to initiate its custody business in the coming months, it hopes to through its venture aims to set new standards for institutional clients in the industry.
Binance to Support IOTX MainNet Token Swap
The IOTX mainnet token swap to be supported by leading cryptocurrency exchange, Binance. The crypto ecosystem giant made this known via its blog.
Withdrawals will be suspended from the 15th of January, 2020 by 0:00 AM (UTC) pending till the token swap is completed.
IoTeX describes itself as an open source platform, building the Internet of Trusted Things, where all physical and virtual ‘things’ — humans, machines, businesses, and DApps — can exchange information and value at global scale. It was founded in 2017.
Binance also revealed it will handle all technical requirements involved in the swap process for all users holding the IOTX token in their Binance accounts.
Whenever even after the mainnet migration a user sends ERC-20 IOTX tokens to Binance, Binance guarantees the tokens will be converted to the mainnet IOTX and the user will not be able to withdraw the ERC-20 IOTX Tokens after the swap.
We will make a separate announcement after the mainnet swap is complete to notify users when withdrawals for IOTX (native coin) will open, Binance concluded.
In November 2019, IOTX revealed via a blog post the roadmap it intended to follow in ultimately bringing staking/voting using the IOTX token to its mainnet.
In the post, it gave a summary of schedule for staking/voting using the IOTX token.
Mainnet Alpha (Apr 2019 – Oct 2019): staking on Ethereum using IOTX-E (ERC20) only
Mainnet Beta (Nov 2019 – Q1/Q2 2020): staking on both Ethereum and IoTeX using IOTX-E (ERC20) and IOTX (Native), respectively
Mainnet GA (Q1/Q1 2020 and on): staking on IoTeX using IOTX (Native) only. Note: all existing votes/tokens on Ethereum will be automatically converted to IoTeX
IoTex also stated that exchanges with IOTX-E currently listed will at their own different time perform official token swaps to IOTX (native) currency throughout Q4 2019 & Q1 2020.
The Internet of Trust Things platforms also stated that the final cutoff to swap IOTX-E to Native IOTX will be announced in Q1 2020.
Binance Futures to Launch LTC/USDT Perpetual Contract with 75x Leverage, To Add Most Top 20 Cryptocurrency Soon
Binance has revealed it will launch a perpetual contract on the LTC/USDT trading pairs.
The contract will offer traders up-to 75x leverage and it’s expected to be open for trading by the 9th of January, 2020 at 08:00 AM (UTC).
In order to avoid market manipulations, the platform will implement a pricing limit of ±1% on the mark price within the first 15 minutes of trade commencement.
Hours ago, the fifth perpetual futures contract was also launched with the EOS/USDT pair. This commenced trading with between 1-75% leverage and also set a pricing limit of ±1% on the mark price within the first 30 minutes post trading commencement.
CEO of Binance also made it known via twitter that it will soon add on the Futures platform most of the top 20 cryptocurrency on coinmarketcap.
FUD. 1 Contracts are added to the API ahead of time, Anyone can see it. 2 These are top 10 crypto traded on many exchanges, with high liquidity.
— CZ Binance (@cz_binance) January 8, 2020
Binance Futures was launched and went live in September, 2019 after a beta test. The platform allows traders to take future contracts on various cryptocurrency listed on the platform.
Speaking on the technology powering the platform, Binance said “Binance Futures leverage trading is powered by a sophisticated risk engine and liquidation model that delivers fast results to users, including many safety features that serve to protect them as much as possible.”
According to Binance, within the first two months of launch, the Binance Futures platform had reached an all-time high (ATH) daily trading volume of more than 370,000 BTC an equivalent in USD of $3 billion as at today.
The ecosystem giant has reiterated its priority to protect its customers from losses. To this effect it offers stop-loss orders, take-profit-limit orders and several other options to close a position before the point of liquidation.
“Binance Futures aims to bring sustainable crypto-based futures trading to the industry so that users feel safe even when dealing with potentially high risks.” – Binance
Binance Acquires Decentralized Application Platform DAppReview
Binance through the acquisition of DappReview will support DappReview to further develop the dapps ecosystem and foster greater blockchain adoption.
Founded in February 2018, DappReview has become a platform for decentralized applications exploration and guidance with over 300,000 active users monthly spread across 9 dozen countries. Over its short time since inception, it has become the platform of choice for Dapp developers helping them to introduce their dapps to its global userbase.
According to Binance, DappReview will maintain its independence in technical development and operation, and Binance will offer support in non-technical fields including marketing and business development. DappReview will release a new suite of products in Q1 of 2020.
Speaking on the acquisition, Binance CFO Wei Zhou was quoted saying “On-chain applications are still the missing piece for mass blockchain adoption. The DappReview team has shown its commitment to dapps and strong execution in building a leading global dapps platform within a year of establishment. Binance and DappReview share a mutual goal of driving blockchain applications,”
The acquisition is part of Binance’s consistent efforts in building a robust global blockchain ecosystem. This isn’t the first acquisition in recent time. Less than a month ago, Binance in November acquired India based cryptocurrency exchange platform WazirX.
The acquisition of DappReview according to Wei Zhou , “ marks a significant step into the dapps ecosystem, and we will have more exciting developments in the near future.”
“The mission of DappReview is to build a vibrant dapps ecosystem and boost mass adoption of blockchain. Apart from dapps analytics services, we also provide full packages of support for dapps developers from fund-raising, product development to marketing and promotion,” said Vincent Niu, Founder and CEO of DappReview.
The acquisition according to DappReview will empower it with more resources to accelerate its business growth while it aims to partner with more blockchain protocols and developers on dapp data integration, and push for the adoption of decentralized applications on a global scale.
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