- New liquidity solution unveiled to reduce the discrepancies and inefficiencies in the crypto trading market.
- Former trading gurus at NASDAQ, Visa and Morgan Stanley, are developing a similar product to the ‘best bid and offer’ in traditional markets.
On Wednesday this week, XRP perpetual contracts on BitMEX experienced a flash crash causing an outrage from users, some complaining that their whole account was wiped out. For a relatively big exchange like BitMEX flash crashes should be rare but happens all the time due to liquidity issues as the crypto market continues to mature.
Well, Apifiny, a trading tech development firm, announced a possible solution to the increasing market inefficiencies in the market leading with a liquidity solution, ExOne. According to the official website, the back-end tool introduces traditional market solutions in non-traditional markets such as digital assets trading offering a wide range of advantages.
According to the former vice chair of NASDAQ and Co-Chairman at Apifiny, the fragmented market in the crypto industry and inefficiencies are the main issues ExOne will be trying to solve in the coming days. He said,
“These marketplaces are highly fragmented and remarkably inefficient. If an investor goes to one marketplace the bid that he sees in that one marketplace may be wildly different than it is in another venue.”
The team consists of a number of former professional traders including Ashu Swami, former VP of Program trading at Morgan Stanley; Head of Product Connie Wong, former Design Lead at Kraken, and CEO of Retail Product Ben Rab, formerly Visa’s head of Global Network Product Support.
A “Best Bid and Offer” solution
Traders in traditional markets are used to a stable quote rate as the data is consolidated before it’s broadcasted on trading platforms. However in the crypto world, the markets are fragmented hence the need for a similar best bid and offer as traditional markets to secure the most optimal bid for retail clients.
The product is still in development with official launch dates set to be released soon. Co-Chairman David Wield, a former vice chair of NASDAQ said,
“This is what we’re looking to do in the digital asset space, broadly defined and globally.”
Author: Lujan Odera
Wong supermarket has unveiled a pilot project that will enable their consumers to scrutinize and scan the origin of meat products. Wong supermarket is a Peruvian chain that is owned by the giant retail store in Chile, Cencosud.
The app is developed following a great partnership between the subsidiary for Citizens Reserve, SUKU, and Cencosud. SUKU is a supply chain company that is based in Silicon Valley, and the pioneers come from the Lab for Deloitte Blockchain.
This consumer-facing app is going to include Quorum. Quorum is a back-end enterprise-level blockchain for J.P. Morgan.
The new platform is expected to be availed in 20 distinct Wong stores, and it will also put into consideration all meat products that bear the SUKU logo. And just as the K emblem tells the Jewish customers that the product was inspected by a rabbi is the same way any commodity carrying the SUKU logo will imply that it has been tracked from its origin to the shelf.
With Wong’s technology, you can visit the supply blockchain history and have comprehensive coverage of the history of the meat. Jonathan Lapchik, the SUKU CEO, unveiled to CoinDesk that their technology has a huge potential in applications for the consumer goods market globally.
“You have a large group of consumers that want to buy sustainability, and want to buy transparent products from brands. But they don’t do it today – they don’t trust what the brands are saying. There’s a $1 trillion market sitting there for companies and brands to take if they can speak the same language as those consumers do.”
The animal’s health from where the meat comes from is tracked and stored in the new system, and anyone can have access to that information.
Many customers trusted Wong, according to Lima Chamber of Commerce, but things seemed to change after Chile’s Cencosud in 2007 bought the chain. The introduction of this new system is seen as a way to bring back the initial trust of the consumers.
Author: Daniel W
Nasdaq, the second-largest stock exchange in the world, has unveiled a new index related to the crypto world. The AI-powered crypto index is called CIX100 and was created by Cryptoindex.
According to the official press release, this is a new crypto market benchmark that uses algorithms to analyze the data from the top cryptos. With its neutral network algorithms, the program is able to take into account over 200 factors.
One of the highlights of the tool is to completely “human-free” and to detect fake volumes, which helps to avoid using them. All the data is taken from the largest crypto exchanges in the market and only tokens that are able to remain in the top 200 for at least three months consecutively are counted.
The CIX100 index is also set to be listed at other sites such as Reuters, TradingView and Bloomberg and its AI-based predictions have an accuracy of 82%, which can be considered a good number.
Indexes are certainly gaining space in the market. Nasdaq recently teamed up with CryptoCompare, for instance, to release a new aggregate index dataset that would help institutional customers. CryptoCompare also partnered with other platforms such as BitMEX to provide information about the crypto derivatives market.
Another similar project comes from Sina Finance, a major financial site owned by Sina Corp, a technology company in China. This crypto index has been included in the mobile app of the company a few months ago.
Author: Gabriel Machado
Breez, a new payment startup, has recently unveiled the latest feature of its project, which is set to allow lightning-based BTC purchases directly from its app. These purchases are only possible because of a recent partnership that the company started with MoonPay.
The services will initially be available in a total of 35 different countries and have the goal of simplifying lightning payments.
In case you do not know, the Lightning Network is a layer 2 scaling solution for the BTC network. It was launched at the beginning of 2018 and it has gone quite a long way so far in fixing these problems despite a rocky launch. The technology is still experimental, but it is starting to shape up as a great solution.
According to the CEO of Breez, Roy Sheinfeld, this may even look like a somewhat simple achievement, but nobody has done it before.
Since the start, Breez was always about being more than a simple wallet, the service was meant to be a “holistic experience”, Sheinfeld affirmed. It needs to be UX focused and to provide solutions that no one has been able to provide before in order to make its clients happy.
Before now, the users needed to buy BTC before they could enter the Lightning Network and then move the BTC from its normal wallet to an LN wallet. This new option cuts time and allows the users to enjoy a more streamlined experience.
According to Sheinfeld, users will not need to verify any information if they want to buy less than 150 EUR worth of BTC. To buy more than that, they would need to pass a Know Your Customer (KYC) verification first.
Author: Gabriel Machado
A privacy-focused crypto company called Nym Technologies has recently unveiled its newest piece of code. According to the company, the testnet of its decentralized identity system will be ready for its official launch in the upcoming months.
The CEO of the company, Harry Halpin, affirmed at the latest Web3 Summit, which was held in Berlin, that this technology will become a milestone for the next generation of privacy software. He’s ambitious, affirming that not only they will use it for the blockchain world but that the solution also will be used in the whole web.
Halpin affirmed that the project is open-source and that it is based on the Ethereum technology. Part of the idea is that the company wants to allow particular tokens on the ETH platform to be transformed into NYM. This, the CEO believes, would bring the privacy solutions to basically all crypto platforms.
The program was built using the programming language Go and the Coconut cryptographic scheme. According to the CEO, Coconut is currently the best privacy signature scheme in the market, which is mainly why it was chosen to be the backbone of the project.
Another part of the reason is because Coconut was created by Chainspace and several employees from there have migrated to the company.
Nym Technologies Wants To Rival Facebook
It is not an exaggeration to affirm that this is a massively ambitious project. The CEO wants his software to match Facebook Connect, the single login app developed by Facebook. He believes that the users should have their data on their hands, so facing Facebook and taking its place in the market is a must.
Author: Lorraine Mburu