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Derivatives Marketplace IHS Markit Could Launch Crypto Index Product

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The world’s leading and the most diverse derivatives marketplace, IHS Markit, might launch a cryptocurrency index product. Currently, the plan isn’t in the pipeline yet but the intention came through a statement made by the company’s President of Financial Services, Adam Kansler, during its earnings calls on Jan. 13. The company executive also mentioned that the eagerness towards launching a crypto index has been sparked by the bullish wave of Bitcoin (BTC).

IHS Markit Could Launch Crypto Index Product

IHS Markit’s president, Adam Kansler said that the company has already made a strategic partnership with cryptocurrency firm Lukka. The leading derivatives marketplace is using Lukka for retrieving cryptocurrency pricing and referencing data.

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Kansler has mentioned that the firm uses Lukka to help in the valuation of their clients’ portfolios. That makes it enough for the derivatives marketplace to launch a crypto index with the help of Lukka. He adds:

“So it’s an area where we’ll continue to focus not just on the valuations side, but probably even moving into the index side in the near future as well.”

Meanwhile, Chairman and CEO of IHS Markit, Lance Uggla, revealed that millennial in his firm believe in launching cryptocurrency tools and products:

“Of course, we have every millennial that works for us thinks we should have a major pricing, data services, software, and participation around a marketplace that is really legitimizing itself. So we’ve got to take it seriously.”

IHS Markit Takes Notice Towards the Crypto Industry

Even though IHS Markit belongs from the world of the traditional financial sector, it has recently seemed to take notice of the cryptocurrency industry.

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In Nov. 2020, IHS Markit partnered with cryptocurrency firm Lukka for developing crypto data products for Wall Street. Meanwhile, a unit of S&P Global that has agreed to buy IHS Markit for $44 billion has already made plans to build a crypto index product with Lukka.

#Crypto data products #Crypto index product #Cryptocurrency data #Derivatives marketplace #IHS Markit #Lukka #S&P Global #Wall Street

Source: https://www.cryptoknowmics.com/news/derivatives-marketplace-ihs-markit-could-launch-crypto-index-product

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Traditional Banks get serious about enabling crypto-related services

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US Banks Can Now Provide Custody Services For Crypto Assets - Here's Why Bitcoin Hodlers Are Worried

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There has been an ongoing trend among traditional banks that are reportedly hunting for ways to offer digital currencies as services for their customers. The insider sources told media outlet The Telegraph UK that banks are asking for as much data as is needed to begin the integration process. Other financial institutions are also reportedly in the same boat as they consider adding Bitcoin to their list of assets.

Banks weigh in market risks

Meanwhile, banks are still weighing potential risk factors before they dive in. This is especially crucial for banks as their direct affiliations with the SEC require extra caution. Other than market volatility which has posed as major risk factors for institutions looking to invest in Bitcoin, money laundering is also a rising factor that new-comers have to analyze.

Sources from cryptocurrency start-up Elliptic told The Telegraph that asides from government agencies and cryptocurrency exchanges, the FBI is also amongst its customer’s list, hence the importance of thoroughly understanding the market enough to avoid breaching legal policies.

Financial Institutions join the race

The rising interest in the inclusion of digital currencies from financial institutions has surged dramatically over the years. Initially, many of these institutions were collectively bearish on cryptocurrencies due to their volatile state. But this year, the reception from these firms has evidently taken a more positive turn. PayPal, Mastercard, and Visa all announced plans to enable cryptocurrency payments for their customers.

Other payment platforms like Square have taken things a step further by partnering with crypto-groups to increase the number of millionaires, while also funding designers to make crypto wallets. While PayPal recently revealed that the company would most likely not purchase Bitcoin for itself, Square is already far deep in the game with a 10% profit from its $50 million Bitcoin investment.

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Gen Zs are the target audience

Crucially, banks will need permission from regulatory bodies to proceed with their intended strategy. More importantly, banks need to act fast in order to maintain interest from their target audience; generation Z.

Even though Gen Zs are behind on the Bitcoin ownership race, this generation of TikTok-lovers has shown an immense capability to increase adoption in the market. Banks who are reportedly looking to imitate the footsteps of exchanges in order to attract this generation could potentially bridge the gap between the fiat and crypto market. 


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/traditional-banks-get-serious-about-enabling-crypto-related-services/

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Blockchain

Global crypto population surpasses 100 million; Boomers and Gen X now ‘keen on Bitcoin’

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A survey from digital asset exchange Crypto.com estimated a 15.7% increase in the global crypto population, in January alone. Overall, there are 106 million global crypto users as of January 2021. 

Source: Crypto.com

According to researcher Kevin Wang, at Crypto.com, strong growth in Bitcoin adoption happened to be the main driver for the peak. Major events last year, such as PayPal’s decision to integrate crypto into its payment network and institutional adoption of cryptocurrencies fueled the surge. Other than BTC, the growth of DeFi allowed Ethereum to lead the crypto market’s growth in August 2020.

Source: Crypto.com

The months of June and August last year and January 2021 “were exceptionally strong months” in terms of a surge in crypto population. Wang noted that such periods of strong growth in adoption accompanied periods of strong price performance in Bitcoin.

Source: Crypto.com

To estimate the number of global crypto owners, the calculations were made through BTC and ETH on-chain data, separately, and combined with other parameters. Crypto.com stated that the findings were subject to some limitations and caveats.

The analysis is also built on Crypto.com’s own internal data, as well as on-chain data and survey analysis. But, this may not estimate OTC users and off-chain transactions effectively. The fact that sub-accounts in exchanges may not be reflected accurately was also noted. However, researchers assumed that all on-chain users still own crypto today, while others could have sold their holdings already. 

Meanwhile, another survey revealed that Baby boomers and Gen X are “piling” into Bitcoin and other cryptocurrencies. 

Nigel Green, CEO and founder of deVere Group said that the company’s global poll found that 70% of clients aged over 55 have already invested in cryptocurrencies or are planning to do so this year. 

Green explained that while the crypto rally captured the attention of ‘digital native’ younger generations; older generations such as Boomers and Gen X recognized that “digital, borderless money is the way forward.” 

“Social media hype and clickbait headlines” happened to be a catalyst for millennials and Gen Z to invest in Bitcoin. But respondents aged over 55 were interested in crypto due to a fear of currency devaluation – as central banks have historically printed more money to boost economies. Especially in wake of the pandemic. Green further commented:

They’re [older generations are] aware that if you are flooding the market with extra money, then in fact you are devaluing traditional currencies – and this, and the threat of inflation, are legitimate concerns, prompting them to seek out alternatives.


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Source: https://ambcrypto.com/global-crypto-population-surpasses-100-million-boomers-and-gen-x-now-keen-on-bitcoin

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‘Price corrections are part of Bitcoin’s DNA and history’

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Thomas Lee, Head of Research at Fundstrat Global Advisors is the latest Bitcoin bull to predict a surge in the asset’s price. In his latest tweet, Tom Lee added that Bitcoin is prone to corrections of 40 to 50%, which is apparently a part of the asset’s “DNA and history.” He stressed that such price corrections do not affect the asset’s fair value and that Bitcoin has the potential to reach the $100,000 mark on price charts.  

In addition, Lee suggested that at its current price, which is lower than its previous ATH of $58,000, it would be an ideal time to buy the asset. 

Regardless of the crypto’s massive sell-offs recently, maximalists remain bullish on Bitcoin. This includes CEO and Co-Founder of Real Vision Group, Raoul Pal who even welcomed Bitcoin’s recent price dip. In fact, he urged investors to take advantage of Bitcoin’s falling prices and switch into “buy the dip mode.” 

At the same time, CEO of MicroStrategy, Michael Saylor predicted that 7-8 billion people will invest their life savings into Bitcoin. He further compared the asset’s trillion-dollar market cap achievement, in 12 years, which outshines that of several tech companies that took decades’ longer. 

In December last year, when BTC first surged to $29,000, Lee expected the digital currency to hike by 300% in 2021. However, his latest prediction of the asset’s $100,000 target is similar to that of another Bitcoin maximalist. Morgan Creek Digital’s Anthony Pompliano once said that before the year ends, Bitcoin would surge to $100K, especially amid the US dollar’s weakness and growing institutional demand.

However, at press time, Bitcoin was trading at $49,715.35 with a 0.1% dip in price in the last one hour.

Source: https://eng.ambcrypto.com/price-corrections-are-part-of-bitcoins-dna-and-history

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