The largest players in the market for trading digital assets have reached an agreement in principle.
The news agency Bloomberg told about the event, which happened back in January of this year, but it became known only recently. It turns out that in the first month of the year at least 20 major traders of the digital assets market gathered at a resort in Singapore, where in an informal atmosphere they agreed to create an important brick for the foundation of cryptocurrency infrastructure.
Representatives of Binance , Coinbase , and also Galaxy Digital, among others, attended the meeting, which was initiated by the Standard Bank's top manager. The main result is that in July, the launch of a global center for the processing of transactions with derivatives for cryptocurrency in Singapore will be announced.
According to the assessments of the audience, this will lead to such a reduction in the costs of investors to work with these financial instruments, that the demand for them will rise sharply – this, in turn, may become the basis for a new “bullish” market.
The new system, which has the name Liquidity Offset Network, has already received preliminary approval from the main financial regulator of Singapore, the Office of Monetary Policy, which also serves as the central bank.
One of the participants of the meeting allegedly stated that there is a clear understanding that classical financial companies that have not dealt with cryptocurrencies are ready to enter the digital assets market, as they have finally begun to perceive such tools as a positively proven class objects. And the main focus will be on increasing the trade in bitcoin futures .
It is also worth noting that the closest “bullish” market is associated with an increase in the turnover of purchase and sale of such derivatives also in the company LedgerX.
Publication date 27/04/2019
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