Alibaba and Tencent Among the First to Receive China’s Cryptocurrency

After five years of research, China’s central bank gets ready to launch its own cryptocurrency and Forbes is reporting that seven institutions will be among the first to receive and interact with it. Included in the initial batch are Alibaba, Tencent, and Union Pay, an association of Chinese banks, the Industrial and Commercial Bank of China and Bank of China.

According to Forbes’, the institutions will be responsible for “dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the renminbi.” Furthermore, Forbes’ sources indicate that China’s central bank “hopes the currency will eventually be made available to spenders in the United States.” (Neutral)

Binance Launches Futures Trading Platform in September

On August 28, Changpeng Zhao, CEO of crypto exchange Binance, announced that the platform will launch futures trading in September.

According to Cointelegraph Japan, the company also “announced its focus on the staking business.”

On July 2, Zhao revealed the company plans to launch a futures trading platform with initial support for BTC/USDT contracts at a leverage of up to 20x. (Positive)

Crypto Exchange Gemini Joins Silvergate Bank’s 24/7 Payments Network

Cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, has just joined Silvergate Bank’s payments network, which provides 24/7 access to nearly instantaneous money transfers.

Gemini’s managing director of financial operations, Joshua Rawlins, announced the news in a blog post on Tuesday, saying that the Silvergate Exchange Network (SEN) allows its institutional customers to deposit and withdraw U.S. dollars to and from their Gemini account in real-time.

While cryptocurrencies operate 24/7/365, “fiat currencies have for the most part remained shackled to ‘banking hours’ or ‘business hours.’ SEN is an important step toward changing this,” Rawlins added.

Just earlier this month, it was reported that SEN usage by crypto firms has increased dramatically. The network’s trading volume experienced substantial growth to $8.6 billion in Q219, more than double the volume the bank witnessed in the previous quarter. (Positive)

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