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Libra White Paper reveals details, TP ICAP offers bitcoin futures. JPMorgan Chase has published a report on trading cryptocurrencies.
Predictably, the White Paper of the Libra Project by Facebook was published on June 18. It made several sensational statements. So, the company will issue two cryptocurrencies at once. In addition to Libra coin available for mass circulation, an investment token will appear. It is initially marketed as a security, and only accredited investors can buy it.
In addition, it was reported about the change of Facebook cryptocurrency name. Previously, the company called it GlobalCoin, and now it is Libra. According to Mark Zuckerberg, this will become a global unit of account that has no boundaries. It can be used not only on the Internet; the new asset will be applicable also as ordinary fiat money. In other words, users will be able to pay in shops, cafes, as we as pay utilities by means of cryptocurrency.
Whar to expect from Libra cryptocurrency
The world's largest interdealer broker announced a project to support BTC futures. The Bloomberg reports that TP ICAP will offer this service to customers from London, and then in Asian countries and the USA. Currently the company plans to provide access to cryptocurrency contracts on CME Chicago exchange.
Interdealer brokers provide intermediary services to banking institutions. However, the crisis of 2008 led to a downturn in this industry. Due to this, in 2018 TP ICAP shares fell immediately by 36% after the announcement of financial indicators. At present, the company is trying to find new niches for work, combining traditional proposals with innovative assets.
A report by one of JPMorgan Chase directors stated that bitcoin industry has undergone significant changes over the past two years. A document published by Bloomberg draws attention to the fact that currently institutional investors exert main influence on the market.
Nikolaos Panigirtzoglou, the author of the report, says that despite the smaller spot market volume, it is much more efficient. Nikolaos Panigirtzoglou believes that the reason is that cryptocurrency exchanges significantly exaggerate real trades’ turnover. According to the expert, in 2018 the turnover amounted to about $ 36 billion. At the same time, $ 500 million positions are already opened on CME exchange. However, nowadays it’s very difficult to establish the figures for real turnover of cryptocurrency platforms. In any case, an increase in the share of major market players is pretty much noticeable.