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Ideanomics’ MEG Secures First Order for Qingdao EV Hub

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Ideanomics

Ideanomics, Mobile Energy Global (MEG) division has today announced its Qingdao subsidiary Qingdao Chengyang Ainengju New Energy Sales and Service Co., Ltd has secured its first EV order from a Hangzhou-based customer for 130 EV units from SAIC’s Roewe brand.

The order value is approximately RMB 17.5 Million (approx. USD 2.5 Million), and is comprised of 80 units of Roewe’s 2019 model ei6 Honor 80 Deluxe Edition, 20 units of its 2020 EX5 vehicle, and 30 units of its ei5 2020 Deluxe Edition. The order is for immediate delivery and anticipated to be completed within the second quarter. Qingdao Chengyang Ainengju New Energy Sales and Service Co., Ltd assisted with financing and purchase activities on behalf of its customer.

“We are very pleased to have secured this first meaningful order for our Qingdao center, particularly as the customer required financing assistance with its EV orders,” said Alf Poor, CEO of Ideanomics. “Our MEG team was able to fulfill this quickly and efficiently, through our Qingdao subsidiary, getting the customer the terms they needed. This type of order is precisely why we developed our S2F2C model, and we’re delighted our Qingdao activities are underway.”

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Following HBTC, Huobi Global to launch the H-token series on Ethereum

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Smart contracts

Huobi Global announces today the H-token series – a suite of assets that are issued on Ethereum and backed by cryptocurrencies from other blockchains to bring more digital assets to the Ethereum DeFi ecosystem.

Simple Facts of H-Token Series 

In February 2020, Huobi Global launched HBTC, an Ethereum-based token that can be  1:1 exchanged for BTC. A design like HBTC, which aims to be the bridge between the centralized and decentralized finance, ensures that users do not lose the value of BTC while enjoying the flexibility of Ethereum.

Today, approximately 5,000 HBTC has been minted, and these tokens enable users to seamlessly access decentralized protocols such as Uniswap, Curve, Balancer, Nest, and ForTube. In the near future, HBTC will also be used as DAI collateral on MakerDAO. HBTC’s growing use cases prove that its value has been recognized by the market.

At today’s launch, Huobi Global will provide three H-tokens, including DOT, LTC, and BCH. The combined market cap of these assets has approximated $1.1 billion and they are welcomed by crypto enthusiasts around the world.

The issuance of the H-series assets will allow more users in the crypto world to benefit from DeFi, accelerate the development of the Ethereum DeFi ecosystem, and promote the growth of Ethereum-based assets. As a bridge between centralization and decentralization, Huobi aims to make assets freer and allow hundreds of millions of people around the world to truly benefit from the development of DeFi.

“Huobi, as a bridge between the centralized and decentralized world, aims to liberate the wealth of the world. We hope to grow together with the Ethereum community, empower community projects, and actively embrace an open ecosystem,” said Huobi CIO and head of Huobi DeFi Labs Sharlyn Wu. “Huobi’s mission in DeFi is to provide the community with more high-quality assets, to make DeFi more inclusive, to make the global financial system better, and to realize the vision of enabling hundreds of millions of people around the world to truly benefit from the development of DeFi.” Huobi DeFi Labs is an incubator backed by Huobi to support the DeFi ecosystem.

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Binance Joins Blockchain for Europe

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Binance

Binance, the global blockchain company behind the world’s largest cryptocurrency exchange, today announced it is joining Blockchain for Europe, the European membership association representing international blockchain industry participants at the EU-level. Teana Baker-Taylor, U.K. Director at Binance has also been appointed to the Board of Blockchain for Europe, alongside Fetch.ai, Ripple, Block.one, and Blockseed Ventures. Together this group of industry experts and stakeholders collaborate to advocate for balanced policy and regulatory governance for blockchain in Europe and contribute to educating and supporting European policymakers as they evaluate the future potential opportunities for this new technology.

“As a global leader in the digital asset industry, Binance is committed to working with policy makers to educate and support the development of informed and effective governance models which promote the overall growth of the blockchain ecosystem,” said Baker-Taylor. “We’re delighted to join Blockchain For Europe to collaborate with some of the industry’s top companies to advocate for blockchain technology and tokenisation innovation in Europe.”

“At Blockchain for Europe we are very excited to welcome Binance, the world’s largest cryptocurrency exchange, to join our global team of blockchain industry leaders. Together we will continue to support European regulators and policy-makers in their efforts to unlock the potential of blockchain technology and to ensure Europe remains at the forefront of the technological innovations that will shape our future.” said Maria Minaricova, Chairwoman of the Board for Blockchain for Europe.

“Welcoming Binance to the Blockchain For Europe family is another great step in our mission highlighting the opportunities Blockchain technology offers to Europe. We are looking forward to incorporating the expertise and experience this global leader in blockchain brings to the table. In this process we remain committed to help ensure an innovation and business-friendly regulatory framework that fully fosters the benefits this new technology offers to European companies and citizens” said Robert Kopitsch, Blockchain for Europe Secretary General.

Blockchain for Europe and its members are currently focused on responding to the EU Action Plan on AML public consultation, the Digital Services Act (DSA) consultation on Smart Contracts, and contributing to ongoing discussions on the proposed EU Framework for Markets in Crypto-assets consultation conducted in December 2019.

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Huobi Group CEO Leon Li Shared His Vision for Blockchain Industry and Its Outlook

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Huobi Group

Huobi University shared an opinion piece made by Leon Li, CEO of Huobi Group in a keynote speech titled “Blockchain Industry and Its Outlook” at the opening session of Global Blockchain Leadership Programme. Speaking at a lecture held by Huobi University, Huobi founder Leon Li outlined the current blockchain industry and shared his outlook.

“We sit at an important juncture in the growth and evolution of blockchain technology. Much has been accomplished since Bitcoin was created some 11 years ago, but the advancement of the technology has really ramped up in the last few years.

Not only has blockchain been purporting its potential and outlining the possibilities, it has started reaching some of those goals and proving its value in our modern, digital world. The outlook for the next few years is filled with even more promise and potential, but it all goes back to the original thoughts in the Satoshi Nakamoto white paper on Bitcoin.

The path that Bitcoin and blockchain has tried to get here is just as important as its outlook as the world has changed dramatically in the last 10 years and Blockchain technology has been offering solutions that were not even that well-conceived of back then, but still well needed today. ”

‘The industry is growing’

“The topic I am sharing today is “Blockchain Industry and Its Outlook”. This industry has been growing for 11 years, in this 11-year process, I have been involved for 7 years, the previous 4 years I did not participate, and I was clueless to this industry like everyone else,” Explained Li.

Huobi was founded in 2013 by Li, an alumnus of Tsinghua University. He was a computer engineer at Oracle before founding Huobi and entering into the blockchain space. Li’s belief in the technology is predicated around the fact that it is revolutionary and has the potential to change the world.

“I will lead you to review the actual development of the industry, about how this industry was originated from a paper, a sole personal idea to a business that has profound global impact,” he added.

“Secondly, I will give you a thought, the future of this industry, and Huobi’s role in the future. We can’t jump over Bitcoin to talk about blockchain.”

‘A new system’

“In Satoshi Nakamoto’s paper, he talk about to create a system, a new financial system with following features:

“To create a system that doesn’t require intermediaries. Traditional financial institutions have created a lot of problems with revenue through constant credit expansion.”

“To create something with great freedom, say that money made in Japan cannot be spent in the U.S. directly. We should create a free financial world for the people who can truly own the asset they own.”

“2013 is an important year. A European country called Cyprus went into credit bankruptcy. Due to the bad credit, we have seen many countries experiencing credit crises. The fiat can be devalued by half over one night. Bitcoin at that time was seen as a supranational and super sovereign currency.”

“Bitcoin achieved global attention due to the Cyprus credit crisis. People seemed to reach consensus. As a direct result of this event at the beginning of the first half of 2013, Bitcoin was suddenly and all of a sudden expected to be a major player. Everyone believed that Bitcoin would become a global currency in the future.”

“At the beginning of 2013, everyone took the case of the country of Cyprus, because it was a very big event. A lot of media reported that a lot of Cypriot nationals had exchanged their fiat currency to Bitcoin, saying that it was both freely convertible and fair and reasonably safe. The media reported it every day, so the public started to understand it.”

“It has also attracted people from the financial world, people from the media, etc. Huobi went alive under this background. We launched Huobi in September 2013. There were also some technology-based explorations, using Bitcoin technology to virtualize email, which is to protect the information in your email.”

“The most powerful push of the industry is that people realize how profitable it is to invest in Bitcoin. It was on November 19, 2013, I could never forget, I was sitting in front of my laptop and realized that Bitcoin has gained 10 folds over one month. A lot of well-known and successful companies were established in 2013.

“In 2013, people anticipate that Bitcoin will become the future world currency. However, only 10% of merchants were willing to accept it, that is, to make payments directly in Bitcoin, the other 90% were not accepting it. The vast majority of those 10% of merchants have high margins and can tolerate volatility.”

“Bitcoin didn’t find its way out for payments. So where would Bitcoin lead the industry? At the beginning of 2014, when Bitcoin was only around $600 USD, countries around the world have come up with their regulation policy on Bitcoin, including ChinaUnited States, and Japan. Mt.Gox went bankrupt in 2014. At this point Bitcoin was under very great pressure, being challenged about asset security.”

“The global acceleration is now divided into several major categories, countries and regions like Hong KongSingaporeSouth KoreaJapanThailand, and in fact the United States, have recently proposed some regulatory frameworks.”

“As of now, it’s been two years since the countries around the world have made it official to consider crypto legislation. We’ve seen the crypto law proposals in Russia. Countries that are open to foreign exchange are more welcoming, countries that are regulated are less welcoming. Probably that’s the pattern.

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Borderless Capital Invests in and Partners with StakerDAO to Accelerate Access to DeFi Across Algorand Ecosystem

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Blockchain

Borderless Capital announced that they have invested in and partnered with StakerDAO to accelerate access to decentralized financial products throughout the Algorand Ecosystem. StakerDAO’s first financial product, Blend (BLND), will launch on Algorand, with plans for additional DeFi products in coming months.

BLND, which is available today via CoinList as a synthetic ERC20 token and shortly as an Algorand ASA token, tracks a governed basket of Proof-of-Stake (PoS) tokens and offers the easiest way to go long on the best PoS networks. With a single BLND ASA (Algorand Standard Asset) token, qualified individuals can now instantly participate in Algorand, Tezos, and Cosmos. BLND provides both price exposure to these blockchain projects, as well as exposure to the staking rewards these networks generate. More information is available at www.blendtoken.com for qualified participants.

“With its fully collateralized basket that includes the ALGO, we are excited to welcome users of Blend as they support the growth and utility of the token and blockchain platform,” said Sean Lee, CEO of the Algorand Foundation. “BLND is part of accelerated momentum for DeFi on Algorand with its unique primitive that provides a liquid instrument for DeFi. We are also excited to announce that StakerDao is the first project to be accepted into the Algorand Asia Accelerator, a Finance 3.0 focused blockchain launchpad helping projects to establish and deepening their strategic presence in Asia.”

“We welcome StakerDAO to the Borderless Capital portfolio. We are very excited to collaborate together developing new innovative financial products leveraging the superiority of Algorand’s technology and platform,” said Arul Murugan, Founding Managing Partner of Borderless Capital.

Borderless Capital and StakerDAO will partner to launch a growing number of products for the DeFi and Algorand ecosystems, creating gateways to both stake and secure the Algorand network while participating in DeFi. The goal is to enable the release of liquidity locked in staking, while maintaining the number of tokens securely validating the network.

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Huobi Announces the Establishment of Huobi DeFi Labs

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Huobi Group

Huobi Group, the world leading Blockchain Company, has announced the establishment of Huobi DeFi Labs. Huobi DeFi Labs is the platform for DeFi (Decentralized Finance) research, investment, and incubation and eco system building in DeFi space. It aims to build a better financial system in collaborations with the global crypto and DeFi community for the future.

“Huobi as the leading crypto financial services provider in Asia and worldwide, our mission is to provide the best crypto financial products and services to our users regardless it is CeFi or DeFi,” said Leon Li, founder and CEO of Huobi Group. “We are excited to join as a part of the global DeFi ecosystem and will be very honoured to work with the global community to provide the best support possible.”

The DeFi initiatives will be led by Huobi’s Chief Investment Officer Sharlyn Wu, who was a Wall Street veteran, ex UBS and also have been leading blockchain investment at China Merchant Bank International.

“Over the past two years, we have witnessed the birth and exponential growth of DeFi. The width, depth and speed of innovations are unparalleled in human history. It is exciting to see the power of permissionless economy unleashed at global scale. However, there are still many problems to be solved at theoretical and technical level,” said Sharyn Wu, Huobi’s Chief Investment Officer. “There is also a lot of investor education to do in order to bring crypto and DeFi to mainstream users. As DeFi is still in its infancy, it needs collective efforts from the global community to build and grow the space together.”

Huobi Group will allocate tens of millions of dollars to an initial investment fund, which will be managed by Huobi DeFi Labs. The team consists of 4 research and investment professionals initially.

The DeFi Labs will be focused on the following three areas:

  • Research of underlying financial theories and technology
  • Investment and incubation of DeFi projects
  • Work with the best DeFi projects to service the entire ecosystem

DeFi and CeFi to Collectively Change the Landscapes of Traditional Finance

Sharyn Wu explains why Huobi group invests in the DeFi space and Huobi DeFi Labs’ mission:

  • DeFi brings many benefits including transparency and composability, which will improve the efficiency and governance of finance to the next level. More importantly, for the first time ever, it is possible to create a finance system without credit risk and principal agency risk.
  • This system can provide people with trust, safety and certainty, which are not present in our society today. When financial institutions, which are professional at pricing risks come in, they look at the risk parameters, they will tell that this trust-less model deserves better pricing because it removes the risks and uncertainties caused by human behaviors.
  • This will also benefit average users in the ecosystem hugely as every user regardless where they are can tap into the global liquidity pool and all the financial products worldwide through their mobile.
  • Crypto is a perfect system for finance. As blockchain technology optimizes over time, DeFi and CeFi to collective change the landscapes of traditional finance and serve the use cases they are best suited for. Huobi strives to work with the entire crypto and DeFi ecosystem to reshape the global financial systems.
  • Crypto will disrupt finance as the internet has managed to change many other industries. Today is a world that every business operates with their ledger. Society is operating at huge costs for account reconciliations and monopolies ruling out long tail. The power of millions of ledgers merging into one will enable that every user, asset and data is accessible to the entire ecosystem at literally zero costs.
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Celsius is Closing its Funding Round With Over $18.8M

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Litecoin

Celsius Network, the interest-earning platform, has today announced that it will be closing its equity funding round with over $18.8M in investments. This raise was a unique equity offering for both qualified U.S. & non-U.S. investors, and has been now successfully raised through BnkToTheFuture, the largest online investment platform for investing in FinTech & crypto companies, and other investors.

Celsius Network had recently announced the extension of their fundraising goal of $17M through BnkToTheFuture, and have well exceeded their expectations from their community participation in this raise. Celsius has previously announced that it has raised $10m from www.Tether.to at a $120m pre money valuation and further decided to give its community access to Celsius’ equity via BnkToTheFuture. Qualified investors were able to participate in their equity round with as little as $1,000.

BnkToTheFuture has a network of over 85,000 qualified investors and has enabled compliant equity funding rounds for a variety of established crypto firms, such as BitFinex and Kraken, BitStamp and portfolio companies Coinbase, Blockchain.com, and Circle, having now facilitated almost $850m of investments in the sector.

“We are thrilled at the response we have gotten from our community during this fundraise,” says CEO Alex Mashinsky, “it is our goal to continue to work for our community, and we saw this as an opportunity to have them participate directly in a way that aligns with our mission of giving back up to 80% to our community.”

Celsius is continuing its dedication to seeing their goals from the whitepaper to fruition. They believe this raise is proof of the mutual commitment they share with their community in this mission.

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eToro Quarterly Report: Q2 2020, stablecoins find a mainstream use case

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In areas where unrest and inflation run rampant, individuals and businesses are increasingly turning to stablecoins to hedge against depreciation and send funds abroad quickly and cost effectively. This is just one of the findings in new research released today by social investment platform eToro and The Tie, which examines the main themes and drivers within the crypto market.

Countries like Venezuela (where inflation exceeds 15,000 percent), and Iran (where inflation is over 34 percent) are seeing significant adoption of digital assets including Tether (USDT), which has more than doubled in overall value to around $10 billion since the start of the year, our research has found.

“While media coverage in Q2 continued to focus on bitcoin, the real story emerging from the data is centered around stablecoins,” said Guy Hirsch, US Managing Director for eToro. “Fiat inflows into stablecoins exceeded $5B in only six months. We might be on the cusp of a systemic change, where developing countries that are searching for a way to ‘exit’ fiat-controlled government systems.”

Additional key findings include:

  • Investor sentiment around bitcoin and gold became increasingly correlated as directional price movement remains disconnected. In June, the price of bitcoin and gold futures only moved in the same direction 50 percent of the time, while bitcoin and S&P 500 futures price moved in the same direction 62 percent of the time.
  • Many altcoins continue to outperform bitcoin intra-quarter. This past quarter, Cardano’s ADA and Ether saw the largest jumps in price, up 175 percent and 70 percent, respectively. This came as bitcoin performed in the middle of the pack in Q2, as the 8th best performing of the 15 assets available on eToro US.
  • DeFi has become a major part of the cryptocurrency narrative, with more media mentions of DeFi in Q2 than bitcoin’s halving. However, media mentions of DeFi remain exclusively within crypto native publications, and despite the hype the market is still extremely small, likely in the low thousands of users.
  • Tezos was the only crypto which saw an increase in the percentage of eToro users investing in it. All other cryptoassets saw decreases as eToro users globally increasingly invested in stocks.

The report also includes interviews with some of the best performing investors on eToro, sharing their unique perspectives on where they see the best opportunities. Additionally, insights are also included from Arca’s vice president of research, Katie Talati; and Tron founder Justin Sun.

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PayPal to be available on Pundi X’s blockchain-based POS devices

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PayPal

Singapore-based blockchain developer Pundi X has recently announced that its blockchain-based point-of-sale device, the XPOS®, is now capable of supporting PayPal. Deployed in over 30+ countries all over the world from Japan to Brazil, the XPOS® has been providing scores of brick-and-mortar stores with an alternative payment method to cash by allowing them to securely and efficiently transact on the blockchain.

The idea for the new development came about after Pundi X ran an official Twitter poll asking their followers which mobile payment app they’d like to see first supported on the XPOS. Among the choices were other platforms like WeChat Pay/Alipay, GoPay and PayTM but PayPal received an overwhelming majority of the vote, with nearly 70% of all respondents choosing the California-based service.

Since 1998, PayPal has provided millions around the world with a way to transfer funds online and has provided an efficient alternative to traditional paper methods for online vendors, auction sites and countless more. Its inclusion on XPOS machines will make it easier for both merchants and customers to streamline their transactions.

“This is definitely exciting for us,” revealed Pundi X CEO and co-founder Zac Cheah. “To be able to support a leading online payment provider in our XPOS devices can give people more confidence in using them, and can move usage of blockchain technology closer to the mainstream.”

PayPal on XPOS® devices will work in pretty much the same way as anywhere else. The online finance platform’s basic features will be functional on XPOS® devices, including accepting payments. This feature will include payments made via email or mobile phone number. In the US, merchants will only have to show a certain QR code for their customers to pay. PayPal Here, on the other hand, offers features for merchants to accept credit card payment.

PayPal’s inclusion to XPOS® devices brings more than just streamlined transactions. It also means that users can easily purchase cryptocurrencies such as BTC, ETH, BNB, NPXS, etc. at any XPOS® merchant who has activated the device’s “Crypto Sale” feature. These coins can then be securely stored in an XPASS Card, which makes dealing with cryptocurrency as simple as using the card to complete a transaction. For better management, the use of the XPASS can also be paired with Pundi X’s XWallet app.

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HerdX And UPS Deliver Blockchain Verified Beef

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beef 27

On Tuesday, June 9th HerdX and UPS showcased a blockchain tracked and verified beef shipment. The shipment started at Dean and Peeler Premium Beef in South Texas and shipped via UPS to an event held at The Richter Tavern in Boerne, Texas. Romaine Seguin, UPS President Global Freight Forwarding, and Jeff McCorstin, UPS President Global Customs Brokerage & North America Supply Chain Solutions, attended on behalf of UPS.

McCorstin said, “Seeing the integration of the domestic UPS shipment with HerdX’s blockchain technology in action, here in a local Texas restaurant, puts in perspective the need for this solution in supply chains across the globe. With sustainability and food safety as important differentiators, this is the future companies will choose in their supply chains.”

Others in attendance also included Former United States Representative Lamar Smith, State Representative Kyle Biedermann, and Amy Story, President and CEO of the Boerne Kendall County Economic Development Council.

“It is so exciting to see a company with the global impact of HerdX headquartered in Boerne, Texas,” Story said. “Their commitment to promoting technology and opportunities for quality jobs in rural communities make HerdX a unique example of the possibilities that exist in rural America. HerdX’s ability to provide better livestock management for the ranchers and transparency and trust for the consumers creates a level of trust and information that can be utilized around the world. Story continued, “The event held at Richter Tavern allowed them to showcase their innovation with a fabulous dinner that demonstrated the beauty of the service they provide. We couldn’t be more excited to watch HerdX’s impact on the global food industry.”

HerdX supports Story’s mission to bring economic growth and sustainability to Kendall County.

Guy Sanders, Owner of the Richter Tavern said, “I am delighted that Richter can showcase HerdX blockchain meats as part of our efforts to supply customers with fresh, safe, and delicious foods. Hosting the HerdX group was a lot of fun for my team and we look forward to growing our relationship together, Sanders said.”

About HerdX
HerdX, an agri-tech and data company, created the first end-to-end solution from farm to table for beef and lamb products. Starting at the farm, the HerdViewTM system tracks animal movement providing insights and herd management tools for farmers. A select piece of that data is uploaded to blockchain and travels through the entire supply chain where then the meat is presented to the customer at a restaurant or grocery store. The customer is able to scan a QR code on the menu to view verified health and provenance data of the meat they are eating.

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Crypto Derivatives Exchange OKEx Launches Options on Ether

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OKEx

Malta-based cryptocurrency exchange OKEx rolled out option contracts on Ethereum’s ether (ETH) token on Thursday, ending the Panama-based Deribit’s virtual monopoly in the space.

“OKEx ETH Options Contracts will be settled in ETH. Each contract’s face value of ETH/USD options is 1 ETH,” Jay Hao, CEO of OKEx, told CoinDesk.

Options are derivative contracts, which give the buyer the right, but not obligation to buy or sell the underlying asset at a predetermined price on or before a specific date. While a call option represents a right to buy, a put option gives the holder the right to sell.

The mark prices of exchange’s options are determined by the Black-Scholes model on a real-time basis, and the final settlement price will be generated via a time-weighted average of the underlying price over a period of time ahead of expiry.

To avoid what OKEx calls a “societal clawback”, the exchange has already established an ETH/USD options insurance fund of 1,000 ETH, worth about $240,000 as of Friday. Clawbacks occur when the exchange’s insurance fund lacks sufficient reserves to cover investors’ total margin call losses. Exchanges face such shortages and socialize losses by clawing back a portion of the gains of profitable traders when the market unexpectedly sees a big bullish or bearish move, leading to forced unwinding of long/short positions.

“Options would give traders more versatility and a great way to hedge their risk,” said Hao. Ether’s fortunes are closely tied with the use of Ethereum in decentralized applications (dApps). Hence, one may argue ether options are hedging instruments for dApps.

As of Thursday, OKEx was the largest ether futures exchange by open interest, accounting for 26% ($179 million) of the global tally of $672 million. Further, the exchange recently surpassed BitMEX to become the largest bitcoin (BTC) futures exchange by open interest.

“Adding ETH options is a logical next step for us, and also a market demand particularly as we pride ourselves on the wide variety of products and features that we offer traders, allowing them to keep their pricing strategies more flexible,” said Hao.

While OKEx dominates the futures product, the options segment is ruled by Deribit exchange. As of Thursday, Deribit accounted for more than 75% of the total open interest of $1.3 billion in BTC options and contributed almost the entire open interest of $144.35 million in ether options. Meanwhile, OKEx contributed only 4% of the total open interest in BTC options.

OKEx, therefore, has plenty of ground to cover before threatening Deribit’s number one position in the options market. The exchange has traded $1 million worth of ether option contracts since inception and has $342,000 worth of open positions at press time.

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