Tagomi to Get BitLicense

Tagomi works on the “agency-only” model, providing clients with consulting services and looking for the best deals for them and among other brokers' orders
28 March 2019   578

The New York State Financial Services Authority (NYDFS) issued another BitLicense, this time to Tagomi, a cryptocurrency broker, allowing the company to operate in its jurisdiction.

Tagomi works on the “agency-only” model, providing clients with consulting services on how to execute their trading or investment strategies. The company is also looking for the best deals for its clients and among orders from other brokers.

The company began operations in December 2018, offering services to investors in Bitcoin, Ethereum and other digital assets. These include intermarket order execution, capital management, post-trading reporting, settlement and custodial services.

The press release says that in general, NYDFS approved 18 applications.

Earlier, the corresponding license was obtained by the operator of the cryptocurrency trade Robinhood

Fake Trading Share to Reach 68%, - FTX Global

This figure, however, is significantly lower than what Bitwise's report and the discrepancy is explained by the difference in methodology
04 July 2019   1186

The exchange of derivatives FTX Global and Alameda Research conducted a study that estimated the volumes of fictitious transactions (wash trades), presumably prevailing in many cryptocurrency exchanges.

The report says that 68.6% of trading volumes displayed by CoinMarketCap are fake. This figure, however, is significantly lower than what Bitwise Asset Management announced in March.

The discrepancy between the results in almost 30% of the authors of the new study is explained by the difference in methodology. So, FTX Global is sure that Bitwise used an too strict approach to data analysis, which is why a significant proportion of real trading volumes fell into the category of fake ones.

While our methods are not foolproof, we believe they paint the most accurate picture of the true nature of cryptocurrency trading volume that anyone has made publicly available as of yet.
 

FTX Global Team

The Alameda methodology involves verifying the authenticity of data on trading volumes on various exchanges based on six different parameters, including manual verification of information and comparison of order books.

FTX Global Website
FTX Global Website

In particular, the experts found out that some sites provided data on the volumes of foreign exchanges for their own, with a slight delay in time. Other platforms used more advanced techniques - for example, they introduced large fake volumes only against the background of many smaller orders, thus trying to hide the true state of affairs.

The main purpose of these tactics is to raise the platform higher in the CoinMarketCap rating, creating a false impression of its liquidity. It also sometimes allows for the ability to charge a higher listing fee.