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There’s nothing like opening up a brand-new makeup kit and glamming it up—though that glamorous feeling may be lost if you find out you’re applying makeup someone else already used. That’s the gist of a complaint filed in Chicago last month by a California woman who says Ulta repackaged…
President Trump told some whoppers in this week’s State of the Union speech: His tax cuts were the biggest ever (they weren’t), he has added 2.4 million new jobs (only if you count former President Obama’s last few months in office), wages are finally rising (they’ve been slowly but steadily climbing…
The U.S. economy slowed at the end of last year, once again unable to sustain 3% growth for very long in a trend that has plagued the recovery from the Great Recession.
The 2.6% figure for the October-December period reported Friday by the Commerce Department — the first of three estimates in the…
First came their daughter’s escape from an alleged house of horrors. Now come the charges. David Turpin, 56, and Louise Turpin, 49, of Perris, Calif., were charged Thursday with multiple felony counts of torture, child abuse, abuse of dependent adults, and false imprisonment. David Turpin was hit with an additional…
The country’s new leader is moving rapidly to reshape France in his own image, revamping labor laws, co-opting opposition political parties and dividing union leaders. The question now is whether his free-market blitz will stick.
WSJ.com: What’s News Europe
New York City had 290 murders last year, the fewest on record in the modern era, the AP reports. There also were fewer shootings, 789, and fewer overall crimes reported in 2017—a total of 96,517. Arrests also were down by more than 30,000 from 2016. Police say…
At one time the Beijing-based digital currency exchange Huobi was once the largest bitcoin trading platform in China before the central bank stopped domestic exchanges from trading cryptocurrencies. This month Huobi has revealed its carved a deal with the Japanese financial institution SBI Group and will be launching two new cryptocurrency exchanges in Q1 of 2018.
The Company That Operated China’s Largest Bitcoin Exchange Sets Its Sights On Japan
Before the beginning of 2017, China’s top three exchanges swapped the most bitcoins worldwide, capturing the lion’s share of globes BTC trades. One of those exchanges was Huobi, a company headquartered in Beijing who held China’s top BTC trade volumes since 2013. However, in January of 2017, the People’s Bank of China (PBOC) started cracking down on domestic exchanges facilitating cryptocurrency trades within the country. At first, things just seemed like some harsher regulatory action would take place, but the central bank shut down all of the Chinese exchanges who enabled digital asset trades with the renminbi.
Now the trading platform’s parent company Huobi Group is partnering with the financial institution SBI formerly known as Softbank Investment Group. The two plan on launching two virtual currency exchanges one with a tentative name “SBI Virtual Currencies,” and the other “Huobi Japan.”
SBI Believes Huobi Group’s Track Record Is Enough to Fulfill The Basic Agreement
SBI also reveals the bank plans to use “Huobi’s technology, know-how and human resources” to establish top of the line cryptocurrency-related business in the Asian region. With the partnership and creation of the two new exchanges, SBI Group plans to acquire “30 percent of the equity in Huobi Group’s Japanese entity.” The organization also plans to take 10 percent of Huobi Group’s Korean entity and Huobi, in turn, will receive 30% of the equity in the SBI Virtual Currencies business. SBI explains that Huobi has a solid reputation in the digital currency space which has laid the foundation for the basic agreement:
SBI Holdings has reached a basic agreement with Huobi Group (1.65 million accounts, maximum daily transaction volume of over CNY 30 billion (approximately JPY 510 billion), which has a track record of stably operating a major cryptocurrency exchange in China, to explore the following alliances.
At the moment Huobi Group also operates a global cryptocurrency exchange called Huobi.pro which sees a lot of volume from regions like Singapore, Korea, Hong Kong. The company also still operates its China News and Research Platform and its Huobi Wallet Digital Asset Management service. The two exchanges in Japan will be the company’s next expansion into the Asian region.
What do you think about Huobi creating two new exchanges in Japan? Let us know in the comments below.
Images via Shutterstock, Huobi, and SBI Group.
The post The Bitcoin Exchange That Once Dominated China Is Heading to Japan appeared first on Bitcoin News.
Bulls are on parade as hedge funds pour money into bitcoin-related projects and products. Traditional hedges have been outperformed by cryptocurrency funds in 2017, and the phenomenon has turned into a full-fledged feeding frenzy. New indices are popping up to track it all. Ecosystem stalwarts Bitgo and Bitpay expect new rounds of funding, and well-over 100 such funds are now dedicated to cryptocurrency.
Crypto Hedge Funds Up 1,500% in 2017
Hedge funds as a whole are up a nice inflation-beating 7.5 percent as the year finishes. When placed against crypto-related industry products, legacy financial professionals are scrambling to up their game. Hedge Fund Research (HFR) President Kenneth Heins tells Lindsay Fortado: “Investor interest in funds offering exposure to blockchain technologies and cryptocurrencies has surged in recent months.”
Citing “the explosive growth in investor interest in blockchain technology and cryptocurrencies,” the company created “two new indices, the HFR Blockchain Composite Index and the HFR Cryptocurrency Index, the first family of indices designed to capture performance of hedge funds investing,” its website touted.
HFR’s Blockchain index shows “a meteoric surge of +1,522 percent in 2017 through November,” while its Cryptocurrency variation “has surged +1,641 percent in 2017 through November,” the company claims. “HFR began tracking the first cryptocurrency hedge fund in 2013, though interest and growth in this area has surged in 2017 as a result of stratospheric price increases and broad proliferation of new coins via ICOs, as well as launches of listed futures contracts,” the company notes.
Ahead of CME & Nasdaq Bitcoin Futures, Hedge Funds Clamor for Access
As cryptocurrencies hit another all-time-high, racking up a half trillion dollar market capitalization, interest is booming. With futures market makers CME (Monday) and Nasdaq (mid 2018) bringing ‘legitimacy’ to bitcoin and its family, once reticent hedge funds have stopped being coy.
“ED&F Man Capital Markets, a $ 14.2 billion company, has signed agreements with 35 hedge funds, family offices and proprietary-trading firms to help them buy and sell bitcoin futures and is in talks with at least a half dozen more,” reports Bloomberg.
For the better part of half of 2017, ED&F has been preparing with CME for Monday’s open, according to Sonali Basak. ED&F Man’s Brooks Dudley explains, “The prime brokerage relationship is an important one, people don’t hop around prime brokers. So to bring on a lot of new clients for one product is very unusual.”
The popular narrative of the press is bitcoin’s volatility and its bad actors. Valuations have broken through the noise. According to Mr. Dudley, “There were a couple of proprietary-trading firms that I didn’t expect to trade bitcoin, had never been really excited about it, and then Thursday, Friday they called and asked if we could prepare them for the open,” he noted.
Bitgo and Bitpay Feel the Love
Two weeks. That’s it. Bitgo gobbled over 40 million USD in a recent funding round. “This has been one of the easiest fundraising processes ever,” CEO Mike Belshe explained to Business Insider.
Bitgo greases entry for institutional investors such as The Royal Mint and CME, allowing access to cryptocurrencies through proprietary tech. It does appear this next year will see a rush of hedge fund bulls into the broader crypto market, especially if valuations continue to rise. Mr. Belshe predicts: “We need to be prepared for the $ 1 billion fund which needs our technology.”
Meanwhile, only three years after having raised 30 million USD in initial funding for payments processing solutions to companies such as Gyft, Microsoft, and Newegg, Bitpay disclosed its efforts to raise another 30 million.
According to its blog, Bitpay’s 2017 “achieved a record year for merchant payment processing on the Bitcoin blockchain, now approaching $ 2 billion in annualized payment volumes.” Its popular “prepaid Visa debit card, which lets bitcoin users turn bitcoin into dollars, pounds, or Euros for use with Visa merchants, has also seen significant year over year growth.”
What do you think about hedge funds investing in crypto? Let us know in the comments section below.
Images courtesy of Pixabay, AP.
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If you weren’t among the 9,000 people who pooled their funds to buy an 800-year-old castle in France, don’t fret: Other landmarks will surely come up for sale, just as they’ve done in the past. Here are seven of the most famous, according to ListVerse :
Robert Cohen, with his brother Joe, traveled an unusual path from flower selling to commercial real estate. Now Robert, 87, owns several hotels and other properties, including the Four Seasons Los Angeles at Beverly Hills.
L.A. Times – Business