Investments: Crypto Industry Is Waiting For the Flood

Binance invests in Certik and TravelByBit, Ulysses Capital finances NULS, Swiss startup receives funding, FINMA gives license to Crypto Fund AG, Seoul Mayor plans to invest $108M in blockchain, $400M from Yale University, SKALE acquires $9.65M, Medici Ventures invests in VinX, TD Ameritrade has plans for ErisX

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ConsenSys’ Lubin Joins Wall Street Crypto Exchange ErisX: Ethereum Futures Inbound?

Crypto Veteran Lubin Joins ErisX Board On Thursday, amid a crypto market lull, ErisX, an up-and-coming Bitcoin services provider backed by Wall Street powerhouse TD Ameritrade, made a surprising, forward-thinking announcement. Per a company release, issued via BusinessWire, the American upstart announced the addition of two board members. Alongside Accel Partners ‘executive in residence’ Cris Conde, a fintech entrepreneur, Joseph Lubin, the founder of ConsenSys and one of the minds behind Ethereum, will be joining ErisX’s board as the platform purportedly nears its inaugural day online. Conde replaces Cliff Lewis on ErisX’s board of advisors, while crypto veteran Lubin has seemingly taken a new position. ErisX chief executive Tom Chippas, a Wall Street legend that has been on Citadel’s and Axoni’s C-suite and Barclays’, Citi’s, and Deutsche’s director list, expressed his excitement for these additions. Chippas, who has presumably put his copious financial expertise to work in the cryptosphere, claimed that ErisX will “benefit from the unique perspectives [the new additions] offer and the enthusiasm they bring.” In an official statement, Lubin, deemed one of the most powerful (and richest) players in the broader Bitcoin ecosystem, remarked that in his eyes, ErisX is in a “unique position” in the broader crypto market, with its company background, financier roster, and innovative products. The ConsenSys head, effectively the Ethereum development consortium’s de-facto chief executive, added that he’s pleased to provide his knowledge of “decentralized technologies and digital assets” to a “model that will further democratize access to digital assets.” Likely referencing his call that the cryptocurrency market would bottom during 2019, Lubin subsequently added that he expects for the next 12 months to be a “breakthrough” for this nascent sector, adding that he expects for ErisX to lead this pseudo-rebound. The ConsenSys founder didn’t specify whether said rebound would take the form of a market recovery or fundamental boom. But, considering his previous comments, it may be an amalgamation of both. Lubin’s new, potentially demanding stint comes amid tough times for ConsenSys, as the organization, headquartered in New York, recently had to lay off 12%~13% of its global staff (~150 out of 1,350). Rumor has it the group, known for products like Infura, MetaMask, among others, also has plans to “spin-off” upwards of half of its staffers, but this is just unconfirmed hearsay. Ethereum (ETH) Skepticism Remains  It isn’t clear what role Lubin will play, but many have assumed that the Ethereum co-founder, purportedly the biggest “HODLer” of the cryptocurrency in existence, is looking into aiding ErisX in its efforts to launch futures/derivatives products centered around leading digital assets, namely ETH. Yet, per previous reports from Ethereum World News, pundits, even those looking to provide Ether-backed derivatives themselves, have been skeptical of the asset’s prospects in the realm of alternative investment vehicles. Speaking to The BLock in an interview, Paul Chou, chief executive of crypto investment startup LedgerX, explained that there’s only a 50/50 chance that ETH vehicles go live in 2019. Backing his quip, Chou explained that many proposals for the aforementioned product type are “premature,” just as Bitcoin exchange-traded fund (ETF) applications were just two years ago. Former CFTC advisor Jeff Bandman, the head of a cryptocurrency consultant group, explained that Ethereum’s proposed plan to integrate Proof of Stake (PoS) may complicate regulations, specifically due to the potential security risks. Nelson Rosario, an attorney with hands in the proverbial crypto jars, also noted that staking may be seen as suspicious in regulators’ eyes. Likely referencing physically-held futures, Rosario explained that live staking with Ether may complicate products to high hell while confusing network developers in the process. So maybe Lubin’s role isn’t to push for Ether futures or products of similar caliber. Regardless, his addition will be appreciated nonetheless, especially in 2019, which will likely become the first year that Wall Street truly forays into this budding asset class. Wall Street Sign Title Image Courtesy of Chris Li Via Unsplash The post ConsenSys’ Lubin Joins Wall Street Crypto Exchange ErisX: Ethereum Futures Inbound? appeared first on Ethereum World News.
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Highly Anticipated ErisX Exchange Adds Ethereum Co-Founder Joe Lubin to Its Board

Satoshi Nakamoto might not be very happy right now, as Wall Street and the crypto world were never as closely linked as they are in 2019. Do you doubt that? If you do, you should know that Joe Lubin, the less famous co-founder of Ethereum Network and lead of ConsenSys, has decided to join a company backed by some Wall Street traders, ErisX. The story, which was first reported by The Block Crypto, affirms that Lubin has been appointed as one of the board directors of ErisX. During the same occasion, Cris Conde has joined ErisX as an adviser. ErisX’s CEO, Tom Chippas, which has worked in the Citigroup as the head of quantitative execution before going to the crypto world, affirmed on the official documents that he’s very pleased to welcome the new people to the team and that the company will be very benefited from having in its team so many important and decisive people from the industry. At the same time, Cliff Lewis was leaving the board of directors. He was responsible for helping to shape the company and Chippas thanked him for the guidance and support in the market. ErisX’s Future The Wall Street crypto company has big plans for 2019, as expected for a company that gets Joe Lubin as part of its board. The company intends to launch a derivatives market tied to the crypto industry this year. The market will start to be available during the second quarter of the year. Last year, the company confirmed that it wanted to support futures trading tied to ETH, BTC, BCH and LTC in the first half of 2019. However, at the moment it is not entirely clear if the regulators will allow the company to move forward with its plans. Surely, the company won’t lack the financial resources to do it. It is backed by many Wall Street companies like Susquehanna International Group, Virtu Financial, DRW and XR Trading. At its funding round, the company was able to raise over $27 million USD. During the announcement of his new position, Lubin has confirmed that he will use his experience with decentralized tech and digital assets to democratize the access for the market and that the year of 2019 will represent a huge breakthrough that will help the industry.
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