#CryptoCorner: BTC Back Over $10K, VanEck SolidX to Offer Institutions Limited BTC ETF, Binance Acquires JEX and Bitcoin.com Announces Crypto Exchange
Point Roberts, WA, Delta BC September 3, 2019 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Coming out of the Labour Day weekend, the crypto market is looking very green with most of the top 100 coins listed by market cap posting growth in the last 24 hours, according to data from CoinMarketCap. Bitcoin (BTC) has taken the lead with eight percent growth, resulting in a trading price of about $10,700 at press time. Though most major altcoins have followed suit, Bitcoin’s more impressive growth positions it with a 70 percent market dominance.
CoinDesk reports that asset managers VanEck and SolidX, after having their proposed Bitcoin ETF postponed by the U.S. Securities and Exchanges Commission (SEC), will use an exemption to offer institutions a limited version of the ETF. An excerpt from a press release shared with CoinDesk reads:
“The shares will provide institutional investors access to a physically-backed bitcoin product that is tradeable through traditional and prime brokerage accounts. The Shares are the first institutional-quality, cleared product providing exposure to bitcoin and enabling a standard ETF creation-and-redemption process.”
Daniel H. Gallancy, CEO of SolidX, commented:
“As the first bitcoin product in the U.S. with standard ETF creation and redemption and established clearing and settlement processes, institutional investors can finally gain exposure to bitcoin within a familiar context. We view the product as an exciting next step for SolidX and VanEck in our partnership as we work to bring institutional-quality crypto asset products to the marketplace.”
Crypto exchange giant Binance has announced the acquisition of JEX, a crypto-trading platform that offers spot and derivatives trading. This will provide Binance users with professional services including futures contracts, options and other derivative products. An article from Finance Magnates quotes Binance co-founder Yi He on the acquisition:
“JEX has a seasoned developer team with proven experience in cryptoasset product development. JEX has developed solid derivatives product offerings including perpetual contracts and options, which are aligned with Binance’s product roadmaps [sic] in the cryptoasset derivatives market.
We hold an open mind and welcome more partners to join the Binance ecosystem. We look forward to delivering more innovative derivative products in the future as Binance JEX.”
Bitcoin.com has announced the launch of its own crypto exchange. The exchange already has 10,000 accounts signed up after pre-registration was opened last month. Bitcoin.com’s CEO Stefan Rust commented
“When you want to trade cryptocurrency, you look for an exchange which is trustworthy and which also offers you a wide range of digital assets. Bitcoin.com has been in the crypto space since the beginning and our new exchange, which supports many different coins and soon SLP [simple ledger protocol] tokens, will complement our existing trusted products in making money work for everyone.”
Sam Mowers, Investorideas
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