The Daly: Poloniex Offers Institutional Accounts, Okex Launches ‘Perpetual Swap’

The Daly: Poloniex Offers Institutional Accounts, Okex Launches ‘Perpetual Swap’

Cryptocurrency exchange Poloniex is now offering institutional accounts and we’ve covered the announcement in The Daily. Also, Okex is launching a new derivative product, while crypto derivatives exchange Erisx has raised $27.5 million and Nasdaq has confirmed that it’s planning to launch bitcoin futures next year.  

Also read: Binance Shows DEX Preview, Ohio to Attract Blockchain Startups With Big Investment

Poloniex Announces Institutional Accounts

The announcement further notes that Poloniex is focused on meeting the advanced trading needs of financial institutions. It is the latest crypto trading platform to turn its attention to institutional clients, following the lead of exchanges such as Binance and Coinbase. It hopes to attract them with higher withdrawal limits and customer support provided by a team of professional account managers.

Okex Launches New Derivative Product

The new instrument resembles futures contracts, as it allows traders to take long or short positions to profit from or hedge against fluctuating asset prices. On the other hand, there is no expiry and settlement occurs on a daily basis, so traders can hold positions without time limits and withdraw their profits at any moment. According to the press release, they can leverage up to 100x.

Crypto Derivatives Exchange Erisx Raises $27.5M

The crypto startup is developing a single platform for regulated digital asset futures and spot contracts. It is already registered with the U.S. Commodity Futures Trading Commission (CFTC) as a regulated futures exchange and expects to secure a license to operate as a clearing organization.

Erisx wants to launch the spot and futures contracts in the second quarter of 2019. The exchange also plans to introduce support for deposits, withdrawals and trading of several leading cryptocurrencies — bitcoin core (BTC), bitcoin bash (BCH), ether (ETH) and litecoin (LTC).

Nasdaq Confirms Reports About Bitcoin Futures

“We’ve seen plenty of speculation and rumors about what we might be doing, but no one has thought to come to us and ask if we can confirm it, so, here you go — we’re doing this, and it’s happening,” Christinat added.

He also revealed that Nasdaq has been focusing on cryptocurrency and blockchain technology for some time, despite this year’s market losses.

“We’ve put a hell of a lot of money and energy into delivering the ability to do this and we’ve been all over it for a long time — way before the market went into turmoil, and that will not affect the timing of this in any way,” Christinat stressed.

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