Binance Will Reportedly Expand Into U.S.
Binance, as the largest cryptocurrency exchange in the world and based on Malta, has ambitions to expand into the U.S. via a new unit, appropriately dubbed Binance US. Binance dominates trading in digital assets with a market share near 60%, according to data compiled by The Block.
Binance CEO Changpeng Zhao said the firm was partnering with BAM Trading Services for the launch. BAM will manage the unit, whereas Binance will offer BAM, its trading and matching engine technology. It’s still not known when the new platform will launch.
“Binance US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance,” Zhao said. (Positive)
Number of Blockchain Patent Filings Exceeds Other Technologies
The number of global blockchain patent filings significantly exceeds the patent filings for other technologies, according to research by the Swiss Federal Institute of Intellectual Property (IPI) and London-based law firm Withers & Rogers.
The report indicates that the number of blockchain-related patent filings has grown tremendously since 2014, with the largest amount of those having been filed in 2016 and 2017. As such, over the two-year period of 2016 and 2017, more than 2,600 blockchain patent families were reportedly filed worldwide, which is about 60% of total existing blockchain patent families.
The amount of blockchain patents is expected to grow further, while blockchain will continue to be the top technology for global tech patents for the next few years, Withers & Rogers’ patent attorney Philip Horler predicts.
The United States is the leading country in terms of number of blockchain patent applications with around 1,680 filings. China follows the U.S. with 1,590 filings, while the United Kingdom is ranked third with 270 applications. (Positive)
Bakkt Reveals Bitcoin Futures Contract Details Ahead of July Test
The Intercontinental Exchange’s pending bitcoin platform Bakkt plans to begin testing its two futures contracts on July 22 of this year.
Bakkt’s chief operating officer Adam White wrote in a blog post on Thursday that the platform will “initiate user acceptance testing” for its bitcoin futures contracts, which will be listed and traded by its parent company. Bakkt announced last month that it would begin testing in July, though it did not provide a specific date at the time.
In addition to the date, ICE provided new details for Bakkt’s monthly contract, as well as updated the contract specifications for its daily contract.
Both contracts will see a minimum price fluctuation of $2.50 per bitcoin (with each contract containing one bitcoin). Trades may be executed at $0.01 per bitcoin, with a listing cycle that can last for as long as 12 months (for the monthly contract) or 70 consecutive eligible contract dates (for the daily contract).
Stepping back, ICE announced last year that it would be launching physically-settled bitcoin futures contracts. Unlike cash-settled contracts, such as what CME Group offers, customers receive an actual bitcoin on the contract’s expiration, and not the fiat equivalent to bitcoin’s price.
The exchange initially announced potential launch dates last year and January of this year, though bothwere delayed due to a lack of regulatory approvals. The delay appears to stem in part from Bakkt’s plan to warehouse its own bitcoin and clear trades through the ICE clearinghouse. (Positive)