Bithumb Futures is officially launched

Derivatives platforms record losses from the security fund

The extreme volatility of Bitcoin has created negative consequences for crypto derivatives platforms. For example, Deribit’s insurance fund was severely affected, and the company announced that it would cover losses of 500 BTC from its own funds.

An exchange of derivatives needs an insurance fund for when users who trade with leverage are affected by volatile prices.

One of the largest derivative platforms, BitMEX, has also been affected. Yesterday, its fund fell to 33,800 BTC, but returned to the normal value of 36,500 today.

BitMEX also experienced some technical problems yesterday, when the BTC dropped sharply to $ 3700. During today, the largest cryptocurrency fluctuated between $ 4,100 – $ 6,100 according to CoinmarketCap.

NYDFS is asking crypto companies for an emergency plan for the coronavirus outbreak

New York City Mayor Bill de Blasio declared a state of emergency yesterday in response to the coronavirus outbreak. “The only analogy is war,” he said – and the consequences for the economy are far-reaching.

The New York Department of Financial Services (NYDFS) sent a letter to all regulated institutions engaged in cryptocurrency related activities. They were asked to submit detailed “training plans” to address the risk within 30 days:

“COVID-19 has already had negative economic effects both internally and globally. It is essential that each regulated entity establishes plans to address how it will manage the effects of the epidemic and assess disruptions and other risks to its services and operations. ”

Crypto companies need to address nine key points, which relate to employee protection, quarantine capacity, communication with customers and security measures.

If companies are experiencing economic problems, they are required to notify NYDFS if their net positive value

“Falls below a certain threshold located near the minimum capitalization required”.

Bithumb officially launches the platform dedicated to futures contracts

Bithumb Futures is a global platform for trading crypto derivatives registered in Seychelles. The company has announced a Perpetual Bitcoin (BTC / USDT) contract with a leverage of up to 100x as an introductory product for its inaugural launch. The platform accepts registration for users worldwide (except countries where tools are prohibited).

The full trading functionality of Bithumb Futures will be officially launched this month before expanding further to other assets and product offerings.

Pornhub says 10% of models accept cryptocurrency payment

Pornhub first introduced cryptocurrency payments in April 2018 and now accepts a variety of tokens. These include Verge, Horizen, Tron, Tether, and PumaPay.

At the platform level, apparently only 1% of the subscription payments are made in cryptocurrencies. However, Vice President Pornhub said that around 10% of ModelHub model payments are made in cryptocurrencies.

“I recently added Tether, because it is stable and supported by traditional fiat currency. It is the first cryptocurrency of this type that we offer to our models, as part of a larger objective of offering numerous and flexible payment options ”,

said Vice President Corey Price.

Pornhub also plans to integrate more cryptocurrencies, including Bitcoin and ETH, to “provide its users with as many friendly and convenient payment options as possible.”

The company also recruited a new member in the business development team, which focuses entirely on new ways to integrate cryptocurrencies into PornHub activity.