Trader’s Journal #17

News
26/06/2019

1. Galaxy Digital offers cryptocurrency options to institutional investors

Galaxy Digital, a cryptocurrency merchant bank of billionaire Mike Novogratz, announced that it has begun offering cryptocurrency options to its institutional clients to hedge the risks associated with the volatility of digital assets.

Thus, mining farms, cryptocurrency lenders, and other major market players demonstrated the demand for such derivative instruments to ensure their capital.

Galaxy Digital considered that options are the best way to hedge risks if investors are not sure of the direction of quotations. At the same time, the details in the cryptobank have not yet been disclosed, noting only that interest in such tools is constantly growing.

Managing Partner of investment firm BlockTower Capital Ari Paul stressed that demand for options from traditional financial market players is noticeable, but such cryptocurrency giants as Polychain Capital or Pantera Capital, according to his information, do not interact with such tools at all.

2. Lightning Labs introduced a mobile wallet. During the day, it was downloaded more than two thousand times

Lightning Labs, a leading developer of solutions for the Lightning Network, introduced its first mobile application for Android and iOS (Testflight). In just one day, more than two thousand users downloaded it.

The Lightning App is a non-custodial wallet with which users can make instant payments in an amount not exceeding one-sixth of a bitcoin (over $ 1,500).

The service has a feature called Autopilot, which is based on Lightning Labs’ own cluster with three full nodes. Using the nodes of a startup, users cannot receive more funds than they sent.

The plan of the project team is to reduce the dependence of products from Lightning Labs. This is likely to happen when the support for the Neutrino protocol appears in the Bitcoin Core client, which will allow the application to connect to external nodes so as not to overload the mobile device.

3. France will create a working group on stable coin in the G7. It will also focus on Libra

France, who chairs the G-7 (G7), will set up a working group on stable coins.

For example, a group of G7 is headed by a member of the governing board of the ECB, Benoit Cure. In addition, to directly stable coin, it will be engaged in the study of the digital currency Libra, which has been presented on Facebook on June 18.

Note that French Finance Minister Bruno Le Maire was one of the first to criticize the social network initiative, stressing that Libra will never become a sovereign currency. He also urged G7 to carefully study the project before the meeting to be held next month.

Regulators around the world have already expressed their indignation at the launch of the project, in particular in the US Congress stated that Libra should not be allowed to compete with the US dollar.

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