There have been a lot of developments on the cryptocurrency and foreign exchange (forex) markets this past week. Finance Magnates joined BloxLive TV to discuss some of the key developments that took place for our segment The Weekly Show.
For those not aware, we have teamed up with the crypto and blockchain news network BloxLive TV to provide further analysis on some of the most interesting stories, as well as give our readers the option to consume news in a video format.
As the name suggests, each week, we meet with BloxLive TV to discuss some of the top stories that have taken place over the past week. We aim to provide a more in-depth insight into these issues as well as offer new perspectives, with the help of the BloxLive TV team.
Here’s what we discussed.
Bithumb Goes Global
After a slew of negative news from the crypto space, one piece of good news to be announced during the week was from Bithumb, which launched Bithumb Global, a digital asset trading exchange that is now in the open beta version.
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It is now available in 15 jurisdictions including the UK, Canada, Australia, and Japan. The platform integrates multiple fiat currency trading pairs and also offers perpetual futures trading.
QuadrigaCX & Parent Companies Owe $359 Million
Ernst & Young, the court-appointed third-party auditor of QuadrigaCX, discovered a “material discrepancy” between Quadriga’s reported fiat and cryptocurrency holdings. Australian news source Miky reports that Ernst & Young have found out that the exchange has $21 million in assets while owing creditors $160 million
In other words, the exchange appears to have been in financial trouble even before its Chief Executive Officer passed away, taking access to clients’ funds with him to the grave.
BitLeague Launches Bitcoin Term Deposit
BitLeague announced this week that it has launched a Bitcoin term deposit product. The motivation of the product launch is to bring mainstream-like services in the crypto economy.
As announced at Consensus 2019, the term deposit will offer 9 percent annual interest with a lock-in period of 3 to 36 months.
Feel like you’re falling behind on the latest crypto and FX news? Never fear, you can watch the first edition of The Weekly Show here, where we discussed wash trading on Binance, SIX Exchange considering launching a token and CFTC mulling ETH futures.