Categories: Bitcoin Business

#CryptoCorner: SEC Delays 3 BTC Proposals, Bitfury Launches AI Unit, Bitex Partners with Bantotal for Latin American Payments and Crypto Derivatives Exchange Blade Raises $4.3 Million

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The U.S. Securities and Exchanges Commission (SEC) has delayed making a decision on three different Bitcoin (BTC) exchange-traded funds yesterday. Specifically, the SEC has postponed proposed rule changes by NYSE Arca and CBOE BZX Exchange for the asset managers VanEck SolidX, Bitwise Asset Management and Wilshire Phoenix. Unless further delays are instigated, Wilshire Phoenix will be the first decided upon on September 29, with Bitwise and VanEck following on October 13 and 19, respectively. For either proposal, the Commission stated:

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.

Reuters reports that blockchain firm Bitfury has launched an artificial intelligence (AI) division. In an interview with the publication, company co-founder and CEO Valery Vavilov explained that an increasing volume of data was the impetus for adding AI.

"Data is becoming the next oil. We have collected so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed."

"We also need to trust that data so that's where blockchain comes in."

Crypto exchange Bitex is partnering with banking technology provider Bantotal to allow cross-border payments in Latin America, according to a report from CoinDesk. Bantotal services over 60 different financial institutions across 14 different countries, with a reach of 20 million customers. Through the partnership, Bitex services will now be available to those customers directly with Bantotal, through the latter's BDevelopers program. The piece quotes Lisa Nestor, the Stellar Development Foundation's director of partnerships:

"We think this announcement further validates the value financial institutions are recognizing in digital assets and distributed ledger technology for executing core banking activities, like international payments. It's also no coincidence these product partnerships are being launched in the [Latin American] market where cross-border payments, even in neighboring nations, can be slow and expensive."

TechCrunch reports that crypto derivatives exchange Blade has raised $4.3 million USD in seed funding from various investors, including exchange giant Coinbase. Blade launches in three weeks and will focus on perpetual swaps. The article describes perpetuals as "a crypto-native trading instrument" that "allow traders to bet on the future values of cryptocurrencies in relation to another and the instruments have no expiration dates, unlike fixed maturity futures". Blade CEO Jeff Byun said:

"In the long term, we want to be the CME (Chicago Mercantile Exchange) of crypto. Coinbase and Binance are building this foundational structure for crypto, but I think we are too and in a sense that derivatives are at their core about risk transfer, we want to be building the foundational layer for risk transfer in the crypto markets."

Sam Mowers, Investorideas

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