LedgerX to Launch Physical Bitcoin Futures

Additionally, LedgerX plans to make the new product available to retail investors
16 April 2019   276

Cryptocurrency derivatives provider LedgerX plans to become the first company in the United States to launch Bitcoin futures deliveries. It is reported by CoinDesk.

April 15, the company announced its intention to obtain a CFTC license, which will make LedgerX an authorized derivatives market (Designated Contract Markets). This, in particular, will provide an opportunity to launch deliverable futures. The latter differ from the calculated ones in that they are based on a physical cryptocurrency, and not its dollar equivalent.

In addition, LedgerX plans to make the new product available to retail investors.

We’ll be able to service customers of any size, we won’t be restricted to [institutional clients].
 

Juthica Chou

Chief risk and operating officer, LedgerX

After receiving approval from the regulator, LedgerX retail customers will be able to trade options and futures on the new platform called Omni. The latter is based on the existing infrastructure of the company, which includes trading and custodial services.

LedgerX applied for a CFTC license in November 2018. According to Chou, “constructive dialogue” has been ongoing since the regulator. For the time being, the company finds it difficult to designate approximate dates for launching new products.

However, according to Chou, there is every chance that the CFTC will approve the application LedgerX before its competitors in the face of Bakkt, Seed CX and supported by TD Ameritrade broker startup ErisX.

This is a natural evolution and it stems from the fact that we’ve been operating a physically settled market for more than a year and a half so it’s been a natural [extension]. We’re always excited to be the first.
 

Juthica Chou

Chief risk and operating officer, LedgerX

In February, LedgerX introduced a binary option for bitcoin halving.

Bitmain to Reduce BTC Mining Hashrate by 88%

Total hashrate of Bitmain equipment used for mining on the SHA-256 is 237.29 PH\s; month ago it was 2072 PH/s
08 May 2019   240

The leading manufacturer of mining equipment Bitmain in the past 30 days has reduced the hashrate of bitcoin mining by 88%. This is evidenced by data reporting, which the company publishes monthly.

As of May 7, the total hashrate of the equipment used by Bitmain for mining cryptocurrencies on the SHA-256 algorithm (Bitcoin and Bitcoin Cash) is 237.29 PH/s.

Bitmain's Hashrate on Different Algorithms
Bitmain's Hashrate on Different Algorithms

At the same time, just a month ago, the volume of the respective capacities was 2072 PH/s.

Based in Beijing, Bitmain not only manufactures equipment that is popular among miners, but also mines cryptocurrency using its own resources. The company began to publish reports on the available mining facilities in July last year. At that time, the hashrate of SHA-256 equipment was 1692 PH/s.

By October 2018, the hashrate had risen to 2339 PH/s, but by March it had already dropped to 1700 PH/s. Against this background, the share of Bitmain's computational power in the total bitcoin hashrate decreased from 4% to 0.4%.

After the April BTC price recovery, the amount of computing power of Bitmain began to grow again. At the same time, the total hashrate of the first cryptocurrency network, which has updated the six-month maximum by the beginning of May, began to recover with confidence.