In line with a recent report published by ‘Bloomberg’, more than twenty of the ‘cryptocurrency‘ market’s major traders gathered earlier in January for discussion on making digital assets as well as tokens a part of the international financial architecture.
This meeting was reportedly organized by standard chartered executive named ‘Hoe Lon Leng’ – and representatives from Galaxy Digital, Coinbase and Binance were among those who attended the discussion at a luxury resort held in Singapore.
Bloomberg added that the meeting has resulted in plans for a clearinghouse for the cryptocurrency derivatives that would scale the trading prices whereas increasing the trading volumes. Reportedly, called as the Liquidity Offset Network, it might be live and managed by the Singapore Financial Authority as early as July.
While explaining further, Simon Nursey – who attended the meeting, added:
“We see this as obtaining the ‘cryptocurrency‘ market into a shape so as to absorb the entry of standard finance companies. We are witnessing the emergence of a new asset class.”
The gathering reportedly centered on OTC [Over-the-Counter] contracts instead of Bitcoin [BTC] futures, that are usually traded on the exchanges. Nursey added that he believes that an accepted guide of trading conventions might encourage even alot more Wall Street banks and institutional investors to start exploring digital assets related investments.
But Eoin O’Shea, Credit Suisse’s former compliance chief, said challenges still remain – telling Bloomberg that digital assets “are presently a pejorative” as a result of the well-documented cases of fraud seen within the trade. He added: “It will need to shake off this taint if it’s to travel the mainstream.”
Just earlier today, Genesis ‘published‘ its Q1 2019 report, showing that they processed around $425 Mln in loans, with Bitcoin [BTC] comprising over 68%. Ripple [XRP], also ‘published‘ its report showing that they sold over $169.42 Mln worth of XRP in Q1 2019, which is up over by 31% from the earlier quarter.