CME Head: BTC futures will decrease the coin's volatility

Terry Duffy, Head of CME Group, believes that he launch of bitcoin futures on the traditional financial will help reduce the volatility of the BTC
17 November 2017   867

According to the head of CME Group, Terry Duffy, the launch of bitcoin futures on the traditional financial will help reduce the volatility of the first crypto currency. This is reported by the Business Insider.

Listen, it’s no mystery, this is a different product. We want to get out something that’s safe. 
 

Terry Duffy

Head, CME Group

According to mr. Duffy, BTC volatility will be reduced due to these factors:

  1. Bitcoin futures will not be able to trade 20% below or above the price of settlement the previous day.
  2. Bitcoin futures traders will have to put up approximately 30% collateral in the event they lose the bet.

Also, he belives that Bitcoin futures most likely, will attract to the market a younger generation of traders.

There’s a lot of young people that will like this type of marketplace, and they don’t even know what futures are today.
 

Terry Duffy

Head, CME Group

 

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   108

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.