It’s been a busy week in the foreign exchange (forex) and cryptocurrency industries – with developments and breaking news occurring across the globe. In case you missed any of the most interesting stories, here is a recap in our best of the week segment.
Put a name to a cryptocurrency
Facebook is a company renowned for selling personal information, manipulating its users, and destroying political discourse. But now the firm has other plans – launching its own cryptocurrency.
Rumors surrounding the tentative coin have been circulating for over a year now. On Friday, however, we got some real news.
The social media giant is going to be calling its cryptocurrency GlobalCoin, and it will be focused on money transfers and remittances. Western Union must be shaking in their boots.
Unlike many other financial institutions, SIX Group has put a lot of effort into developing a cryptocurrency business.
Earlier this month, Thomas Zeeb, the executive charged with leading the firm’s crypto efforts, said that SIX has spent over $20 million on its digital assets exchange, SDX.
At the same time, Zeeb also hinted that SIX would be launching its own coin.
This week that was confirmed, with the Swiss exchange operator saying that it will be releasing a stablecoin tied to the Swiss franc. Said coin is as of yet unnamed. We just hope they come up with something better than GlobalCoin.
Don’t bring your clients down under
After leverage-capping, marketing-restricting, and warning sign-imposing regulations were implemented in the European Union last August, many retail brokers began to ramp up their Australian operations.
But, in the past month, the Australian Securities and Investments Commission (ASIC) has begun clamping down on brokers.
And this week Vantage FX’s Australian subsidiary, Vantage Global Prime, sent an email to clients saying that it would no longer be serving clients from outside Australia.
Fear not, however, for the broker still has a Cayman Islands regulatory license so if you want high leverage, head to the Caribbean.
Tron in trouble?
Since its launch, Tron – like many cryptocurrency projects – has been mired in controversy. The company’s founder, Justin Sun, has come under particular scrutiny, with many questioning his ability to produce serious products.
Did COVID-19 Save the Forex Industry?Go to article >>
Earlier this month, Lucien Chen, the company’s chief technology officer, left in acrimonious circumstances. In a post published on Medium, the ex-CTO claimed that Tron’s technology is dodgy and that it is not honest with its users.
Tron fired back, saying that Chen had been fired in January for unscrupulous behavior.
Don’t know who to believe? Read Rachel McIntosh’s analysis to see which side you should pick.
Long the largest cryptocurrency exchange by trading volume, Binance has seen its standards dropping in the past couple of weeks.
On Wednesday, traders were unable to buy or sell after the exchange saw a massive lag in its systems.
Things were compounded by the exchange’s CEO, Changpeng Zhao, who said on Twitter that the lag was the result of high trading volumes and that this was “a good problem to have.”
Good if you are the owner of the exchange, not so much if you just lost a bunch of money because you couldn’t sell your bitcoin.
More pricing data, great transparency
Hoping to bring more openness to an often opaque retail trading industry, technology provider Integral announced the launch of a new data streaming service this week.
Called TrueFX, the firm will be providing clients with access to live prices in the institutional foreign exchange and cryptocurrency markets.
For the latter, the firm used data from 14 cryptocurrency exchanges and another eight market makers. Exciting times ahead!
A safe bet for Sagi
Teddy Sagi is a billionaire who has made a pile of cash dealing in several industries, including trading, ad-tech, and online gambling.
And this week Sagi is thought to have raked in a cool $600 million after SafeCharge, a payments company that he co-founded in 2007, was sold to Canadian technology firm Nuvei for $889 million.
David Avgi, the company’s current CEO, told Israeli outlet Globes that he is “very positive” about the deal and that it will enable SafeCharge to expand into new jurisdictions.