Social Network as a Financial Tool: Startup Plans to Change Traditional Investment Models

The startup aims to start a “financial revolution” by creating its own social network, where users can earn tokens and spend them by hiring top investment professionals and investing in the products and services they choose. The idea of the Huddl project is to break the traditional investment model, in which the company says that premium products are available only for wealthy people or for institutional investors.

The Huddl team says the main reason that motivated them to build the platform was the loss of trust in traditional financial services and social networks, and the lack of utility in current blockchain and decentralized application structures.

Investment network

Huddl wants to give regular users access to such premium investment opportunities like commercial real estate, private banking, hedge funds, pre-IPO stocks, investment management and wealth planning. Normally these high-risk asset classes are not available for the general public, and mainstream investors have to pay much higher fees than institutional ones.

The Huddl team offers a way to gain access to these premium investment services and products by becoming a member of Huddl’s own network. The members share their investment preferences and examine the different strategies that are offered within the platform. They can invite friends, relatives and people they know to form an online community or a dynamic investment pool, which Huddl calls a  “pod.” Together, the pool members define the purpose of the investment, agree on the rules, choose the investment strategy, invest their capital and spend their tokens for the goal that they choose. For example, a family can jointly invest for retirement or smaller things, such as a friends vacation. The pod can also invite highly skilled financial professionals to manage their investment program.

The pools vary according to their size: from pods (the smallest unit in Huddl network) to “clusters,” which can include multiple pods with shared interests in strategies and investments. According to the company, this system allows Huddl users to pool their money together and increase their collective buying power for gaining access to premium investment opportunities while fully controlling how their capital is managed.

Within the Huddl network, users can share their ideas and ask for help from advisors and managers. “Through social clusters and collaborative idea sharing, individuals are empowered to form their own investment vehicles and have them managed by top private wealth advisors,” says Huddl Founder and CEO Stephen Corliss.

“Deep discounts”

The Huddl network is based on blockchain technology. The users can earn their first tokens by joining Huddl — they get rewarded for bringing new users and adding value to the network, as well as for inviting friends and family to become members. The startup also notes that there is a special social program embedded in the system, which allows every community member to benefit from the growth of the platform.

Additionally, the users can earn Huddl tokens by interacting, contributing to the teams as a manager or a coordinator, and by investing. The digital currency can be spent on unlocking investment services at “deep discounts,” which Huddl promises to arrange.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Influential Politicians Are Advocating Crypto Around the Globe

Mineable and tradable from anywhere, cryptocurrency is borderless. Its adoption nevertheless hinges in part upon the stance taken by nation states. Politicians have the power to integrate, legitimize and push crypto to the next stage of mainstream adoption. A number of influential politicians around the globe have expressed varying levels of support for digital currencies and blockchain technology. 

Also Read: The Next Generation of Politicians Will Be Crypto’s Biggest Advocates 

Cryptocurrencies Are Essentially Borderless

Influential Politicians Are Advocating Crypto Around the Globe

Pressure has been building on regulators to increase oversight of cryptocurrencies, whose stateless nature makes them difficult to restrict. There has been an expansion of economic activity on a global scale geared around quantifying and regulating crypto assets.

In 2019, politicians and regulators will play a pivotal role in pushing cryptocurrencies into the realm of mainstream finance. Cryptocurrency investing remains a high risk pursuit, but greater regulatory clarity may help to legitimize this nascent asset class, and grant investors greater protection. A number of politicians have been instrumental in bringing bitcoin and other cryptocurrencies into the spotlight, with some openly advocating crypto’s many benefits.

Who Are the Politicians Advocating Crypto?

The following list of countries, arranged alphabetically, details notable politicians who support the adoption of cryptocurrencies and blockchain technology. Influential Politicians Are Advocating Crypto Around the Globe

Australian politician Nick Dametto, a recently elected MP for Katter’s Australian Party, a right-leaning minority party that seeks to serve Queensland, has openly discussed his bitcoin holdings. Dametto first purchased BTC in October 2017. In recent years, a reform of Australia’s tax regime surrounding cryptocurrency has also helped propel bitcoin toward the mainstream.

China has a love-hate relationship with blockchain and cryptocurrency. Most recently, Wang Pengjie, а member of the Chinese People’s Political Consultative Conference (CPPCC), has been actively pushing for a digital asset management “approval system” and raised the possibility of establishing a crypto asset trading platform at a national level.

Dubai ruler Sheikh Hamdan bin Mohammed Al Maktoum is the current executive authority of the government and has launched a blockchain strategy. The prince has been actively pushing Dubai for the highly-sought position to be at the forefront of this technological revolution. 

Gibraltar’s finance minister Albert Isola has been busy rolling out the red carpet for crypto companies, with the country currently in the final stages of voting on regulations that would allow companies to issue and trade digital tokens. 

Israel’s Netanyahu Gets It Influential Politicians Are Advocating Crypto Around the Globe

Israel’s prime minister Benjamin Netanyahu, currently a member of the Knesset and the chairman of the Likud party, has spoken positively of cryptocurrencies and has warned that banks will eventually disappear, potentially because of Bitcoin. According to a recent report released by Bezeq, one of the largest telecom companies in Israel, 5 percent of people in the country have invested in or used BTC and other digital coins. 

In Japan, Takeshi Fujimaki of the country’s Nippon Ishin no Kai political party has proposed a number of changes to the current taxation system for cryptocurrencies. Fujimaki was formerly an adviser to billionaire investor George Soros. 

Putin: Crypto Goes Beyond National Borders

Influential Politicians Are Advocating Crypto Around the Globe
Vladimir Putin

Russia’s president Vladimir Putin has mentioned blockchain, intimating that lawmakers stop hindering the development of these technologies. Putin has noted the potential of the cryptoruble, and recently commenting, “If we talk about cryptocurrency – this is something that goes beyond national borders.” 

South Korea’s minister of science and IT, Yoo Young-min, is a huge blockchain supporter. Young-min has been pushing blockchain integration and to have cryptocurrencies and blockchain technology regarded as separate entities for regulatory purposes.

In Sweden, Mathias Sundin became a member of the country’s parliament after funding his election campaign solely in bitcoin. Sundin then made the transition from the political arena to the position of chairman of the board of Swedish crypto exchange BTCX. 

Following very closely behind Sundin is Switzerland’s lawmaker Cédric Wermuth who is vice president of the Social Democratic Party. He called for a formal government study into the possibility of launching a state cryptocurrency. The government has asked legislators commission a study on the pros and cons of a Swiss “e-franc.”

First State-Issued Cryptocurrency Is the Petro Influential Politicians Are Advocating Crypto Around the Globe

In the United Kingdom, member of Parliament from the Conservative party Eddie Hughes says that he is a “crypto enthusiast with amateur knowledge,” and has urged fellow parliamentarians to get a better understanding of blockchain and cryptocurrencies.

In the United States, during the 2018 midterm elections a number of crypto-friendly lawmakers have secured governorships. Bitcoin advocate and pro-tech candidate Jared Polis was elected as governor. The tech advocate and gamer earned a fond place in bitcoiners’ hearts in 2014 when he vowed to fight any attempt by the government to restrict the cryptocurrency’s growth. Early BTC adopter Gavin Newsom was also elected governor of California.

Venezuela’s president Nicolás Maduro, while a controversial figure, is also a crypto-friendly politician who is behind the oil-backed Venezuelan coin, the petro. Maduro has been tirelessly promoting the petro ever since his administration announced the creation of what is now considered the first state-issued cryptocurrency.

Will we see more politicians endorse cryptocurrencies in 2019? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Newsflash: Bitcoin Jumps Back to $3,900 Erasing Recent Losses

Bitcoin, the flagship cryptocurrency, has recently seen its price jump from a low of little under $3,700 to nearly $4,000 in about 30 minutes. What’s behind the cryptocurrency’s surge is currently unclear, but it is now at a high it hadn’t seen since December 25.

According to CryptoCompare data, in the last 30 minutes the cryptocurrency has seen massive green candles that helped it recover from what was so far being a negative day to a day in which it’s already by 3%.

Bitcoin's price jumped to $3,900 out of the blue

The cryptocurrency started off by dropping from the $3,800 to about $3,650 in the last 24-hour period, but has since recovered to test the $4,000 mark, before its price came back down to the $3,900 mark.

While it’s unclear why the sudden jump, it’s worth noting development and adoption have been growing. As CryptoGlobe covered, its layer-two scaling solution, the Lightning Network (LN), has seen its mainnet capacity hit a 500 BTC capacity less than one year after being launched.

The number of cryptocurrency ATMs has also doubled to over 4,000 this year. According to available data, an average of 6 machines were installed per day, most of them in the United States.

On social media users are still trying to wrap their heads around the surge. Some, on the other hand, appear to be focusing on the cryptocurrency’s fundamentals.

As expected, most other top cryptocurrencies have also seen their trends reverse and have started surging. Notably most are currently outperforming bitcoin, as EOS, XRP, and TRX are all up nearly 4% in the last 24-hour period.

Ethereum’s ether, which has been recovering from a low of little over $80, is now trading at $134.4, after rising 7.3%. Bitcoin Cash, which earlier today was down by nearly 10%, has made a significant recovery and is currently up 5.4% to $171.8.

Litecoin, a cryptocurrency created as the silver to bitcoin’s gold, rose 7.8% to $32, while privacy-centric cryptocurrencies Zcash and monero rose 4.7% and 8.6% to trade at $62.7 and $51.3 respectively.

TIME Magazine: Bitcoin Development Should Be World Priority

Time Magazine News

TIME Magazine: Bitcoin Development Should Be World Priority


TIME Magazine has produced a surprisingly complimentary appraisal of Bitcoin, saying the cryptocurrency “matters for freedom” and is a “way out” of authoritarianism.


TIME: Can’t Trust Your Ruler? Go Bitcoin

As 2018 draws to a close, TIME appeared to cap a year of mixed reviews of Bitcoin with an acknowledgment of at least some of its fundamental use cases.

Tamper-proof transactions, lack of government control and inclusion, the publication says, mean the world should spend more time developing Bitcoin, author Alex Gladstein explains.

“If we invest the time and resources to develop user-friendly wallets, more exchanges, and better educational materials for Bitcoin, it has the potential to make a real difference for the 4 billion people who can’t trust their rulers or who can’t access the banking system,” it wrote December 28.

For them, Bitcoin can be a way out.

what is bitcoin

As Bitcoinist has frequently reported throughout this year, citizens under regimes such as Venezuela have turned to Bitcoin in increasing numbers to circumvent fiat currency, political oppression and even a “scam” cryptocurrency launched by the government.

Taking Aim At PayPal ‘Surveillance’

Such real-world usage is often ignored by naysayers, with figures including economist Nouriel Roubini and even prominent banking figures continuing to claim cryptocurrency is a ponzi scheme which “belongs” at zero.

TIME has also not always treated crypto so favorably. As recently as October, it claimed Bitcoin was “only making it worse” specifically for women to access banking services. It has also delivered controversial statements about the sector, including describing blockchain as crypto’s “more respectable cousin.”

In addition to the Venezuelan issue, meanwhile, the latest article also points the finger at a lack of privacy, which has become inherent with decreasing cash usage. Supposedly ‘innovative’ options such as PayPal’s Venmo, in fact, come with a host of caveats.

“It’s essential that we explore electronic money that can preserve the peer-to-peer quality of cash for future generations,” it continued.

When you pay someone with software like Venmo, you might use three or four financial intermediaries, even though the recipient might be standing in front of you. Each intermediary can potentially censor, surveil, and profit.

In terms of bringing Bitcoin to the masses, TIME showed a preference for the Lightning Network’s scaling solution. That innovation passed a record 500 BTC ($1.8 million) capacity this week.

What do you think about TIME’s latest perspective on Bitcoin? Let us know in the comments below!


Images courtesy of Shutterstock

Bitcoin Price Suddenly Spikes $300 to Avoid Retest of 2018 Low

The price of bitcoin is up over $300 from today’s low and now has its sight set on a key technical hurdle that, if surpassed, could spark a stronger rally, analysis suggests.

At 15:00 UTC, bitcoin’s price began its ascent, invalidating what was a narrow trading range between $3,580 and $3,630. The move occurred just above previous resistance from Dec. 18 near $3,550 – a level that now appears to have successfully flipped to support as a result of the latest boost.

It now looks like bitcoin bulls want to revive and extend their rally from just eight days ago when prices were pushed above $4,000 but ultimately failed thanks to a holiday sell-off from a peak of $4,236 on Dec. 24.

At press time, the leading cryptocurrency is trading at an average price of $3,842 according to CoinDesk pricing data.

Daily chart

The daily chart shows price reacting positively to multiple technical hurdles. 

As can be seen, the price bounced on a confluence of support including the likes of the daily Bollinger band basis line, 61.8% Fibonacci retracement, as well as the prior support and resistance area near $3,500 (green zone). 

In order for bulls to now extend the rally towards $5,000, bitcoin’s price must scale the neckline of the widely observed inverse head and shoulders pattern – an indicator of bullish reversal.

The pattern can be described as three successive troughs, the middle or “head” of which is the deepest.

If bitcoin can find acceptance above the neckline, the reversal pattern should take effect, potentially sending the price towards $5,200 which is measured by adding the depth of inverse head and shoulders “head” to the anticipated breakout point.

Hourly chart

The hourly chart further depicts the most recent bullish development. We can see that a bear flag (a bearish continuation pattern) had formed inside of a falling wedge, a bullish reversal pattern. 

It’s safe to say bitcoin’s latest boost has invalidated the bear flag and price now has different resistances in its immediate path in the form of moving averages (MA’s).

As can be seen, price was able to close the last hour above the 100 hour MA – an encouraging sign for the short term bulls, but the stronger 200 hour MA has yet to be conquered. 

The relative strength index on the hourly chart is now considerably overbought, so consolidation or a minor pullback in the near term may be the most likely course of action.

View

  • The daily chart depicts an inverse head and shoulders pattern that could yield a rally to $5,000 and perhaps beyond if its neckline is successfully scaled. 
  • The hourly bear flag has been invalidated, further easing the bearish concerns for now.
  • Acceptance below the most recent higher low of $3,567 will invalidate the bullish reversal set up and likely bring the most recent lows of $3,130 into play – prices as per Coinbase. 

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

Single Global Currency Like BTC Faces Insurmountable Obstacles, Argues Payments Firm CEO

Scott Galit, CEO of New York-headquartered payments processing firm Payoneer, says a single global, non-fiat currency such as Bitcoin (BTC) is unrealistic. Galit made his remarks during an interview with CNBC published on Dec. 28.

Payoneer is a financial services company that provides cross-border money digital payment support for businesses and professionals across 200 countries, and was named CNBC’s thirteenth most disruptive company of 2018.

Galit built his argument against frictionless commerce, money and avoiding fiat currencies becoming a reality on two main points — the opposition of national governments and the concerns of central banks, with a focus primarily on the United States context.

In regard to the former, he argued that governments’ reliance on taxation for their revenue means that they will resist allowing residents to meet their tax obligations in a highly volatile currency such as Bitcoin.

He claimed that if fiat currency experienced the same degree of volatility as crypto, no government would be able to meet their financial obligations and ultimately be able to fund services for their residents.

As CNBC notes, in the U.S. context, some state governments have become less reluctant to interact with the world of cryptocurrencies of late — Ohio became the U.S.’s first to allow its residents to pay certain taxes in Bitcoin. Nonetheless, the bottom line of this interaction is that the Bitcoin is first converted into fiat currency via the state’s OhioCrypto.com portal before it reaches government pockets.

In regard to central banks, Galit went on to argue that:

“Central bankers are there to actually help manage economies and provide a kind of stewardship for for those economies […] Part of that is actually managing currency in the interest rates [for lending] and in exchange rates. If you don’t actually have any control over a currency you’ve lost one of the major policy tools that you have, so what do you do?”

As previously reported, major innovators worldwide have dissented from Galit’s view. This May, Jack Dorsey — the CEO of stalwart social media platform Twitter as well as Bitcoin-supporting payments firm firm Square — stated his view that “the internet deserves a native currency,” placing virtual currencies at the centre of his vision of a future, frictionless means of global payment. Dorsey’s view was later explicitly affirmed by Apple’s co-founder Steve Wozniak.

“Poof Goes Your Crypto”: New Demonstration Shows How Hardware Wallets Can be Broken Into

/latest/2018/12/poof-goes-your-crypto-new-demonstration-shows-how-hardware-wallets-can-be-broken-into/

“Poof Goes Your Crypto”: New Demonstration Shows How Hardware Wallets Can be Broken Into

poof-goes-your-crypto-new-demonstration-shows-how-hardware-wallets-can-be-broken-into

Cryptocurrency hardware wallets such as Trezor and Ledger are not completely safe and have numerous exploits, as three hardware experts – Thomas Roth, Dmitry Nedospasov, and Josh Datko – showed during an hourlong demonstration at the 35th annual Chaos Communication Congress (35C3) in Leipzig, Germany.

The three broke into the most popular commercial cryptoasset storage devices using both hardware and software methods. Most of the methods employed during the demonstration required physical possession of the devices. After obtaining possession of a device, the possibility of installing corrupt and compromised software is very real and, as the trio proved, not even very difficult.

For this reason, one of the focuses of the talk was the possibility for so-called supply chain attacks, when a device is compromised after it has been shipped from the factory but before it is bought and used by a customer. Josh Datko showed the ease of spoofing the supposedly tamper-proof packaging of the Trezor wallet using only a hairdryer and some steady hands.

Hardware Wallets Are Vulnerable in the Wrong Hands

Demonstrating what can happen after packaging has been breached, Datko built a very simple physical device using only about $3.00 worth of consumer parts, to be implanted into wallets – using the Ledger Nano S as a test case. The implant device does not even need to penetrate any core firmware or systems, simply bypassing them by emulating a physical button press on the Nano using a radio trigger.

Another successful breach allowed installing over core software on the Nano by exploiting the device’s computing architecture. Thomas Roth built the exploit, and installed the classic Snake video game on it instead of the manufacturer software, to show how vulnerable it is.

snakeLedger.png(source: Youtube.com)

Roth also found a way into the Ledger Blue device, by using the long “trace” (connection) between the two key processing chips as an antenna to glean passwords entered on the device’s touchscreen – with over 90% accuracy. But the method was limited to a “couple of meters” of reception.

The upshot of the talk was that, for the most part, attackers must have possession of devices. This perhaps makes the supply chain attacks most concerning for users, and buyers must be very wary of where they buy their hardware wallets. Attacks from third-party sellers, who have sold compromised devices, have already been reported earlier this year and cost some customers dearly.

WSJ: Bitcoin Trading at Strong Correlation with Gold as Traditional Investors Step In

A Wall Street Journal (WSJ) article published today, Dec. 28, suggests that Bitcoin (BTC)’s correlation with traditional assets markets has been high in recent days.

Citing data from research firm Excalibur Pro Inc., the WSJ states that the top cryptocurrency has traded at a 0.84 correlation to gold over the past five days, where -1 indicates complete inversion and +1 perfect correlation. Moreover, Bitcoin has traded at a 0.77 correlation to the Chicago Board of Options Exchange’s Volatility index (VIX), a benchmark index for the United States equity market volatility.

While the WSJ frames the strong correlation between traditional markets and what the article dubs as the rebellious first cryptocurrency, Bitcoin, as something of an unexpected twist of fate, the article also offers several explanations as to why the pattern may have formed.

The first is the reported influx of institutional money into the crypto space, with the WSJ citing the growth of Grayscale Investments’ over-the-counter exchange-traded fund (ETF), the Bitcoin Investment Trust, as a prime example.

As per the article, the trust saw $51 million in assets under management (AUM) during its first year (2013). By the end of 2017, in the midst of the crypto market bull run, AUM had surged to around  $3.5 billion. As of recently — due to the so-called “crypto winter” — the trust reportedly retains about $900 million AUM.

Another factor proffered is venture capital (VC) investment. The WSJ reports that whereas in 2013, VC investment in Bitcoin and the blockchain sector was at around $96 million, this grew to $500 million in 2016 and to over $2 billion in all-time VC crypto investment through the end of 2017. The WSJ gives no fresh data for 2018.

As the article notes, a pull factor for traditional capital into crypto is the building of trading services and infrastructure with high regulatory compliance; the advent of crypto futures trading, and attempts to gain broad acceptance for crypto-based ETFs.

As reported, the crypto space continues to undergo far-ranging transformation; major developments on the horizon include the launch of the Bakkt Bitcoin futures exchange from Intercontinental Exchange, the launch of investment giant Fidelity’s digital assets business, and the continued influx of stalwart investors such as Yale, Harvard and Stanford Universities.

Ethereum (ETH) Price Analysis – December 28

/latest/2018/12/ethereum-eth-price-analysis-december-28/

Ethereum (ETH) Price Analysis – December 28

ethereum-eth-price-analysis-december-28

Ethereum, ETHUSD, CryptoCompare chartEthereum Chart By Trading View

ETHUSD Medium-term Trend: Bearish

  • Resistance Levels: $230, $240, $250
  • Support Levels: $130, $120, $100   

Yesterday, the ETHUSD pair was in a bearish trend. The crypto’s price fell to the low of $118.57 but was resisted by the 12-day EMA and the 26-day EMA. The EMAs now acted as a support for the price of Ethereum. However, On December 27, there were more selling at the  $120 price level. As a result of the broken support at $120, the crypto may likely  fall to the low of $110.

Meanwhile, the crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that the price is in the bullish trend zone. Also, the Stochastic indicator is out of the overbought region but below the 60% range which indicates that Ethereum is in a bearish momentum.

ETHUSD Short-term Trend: Bearish  

Ethereum, ETHUSD, CryptoCompare chartEthereum Chart By Trading View
                        

On the short-term trend, the price of Ethereum is in a bearish trend.  The crypto’s price fell to the low of $118.08 and commenced a bullish movement above that price level. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall. The stochastic bands are in the oversold region but below the 20% range which indicates that Ethereum is in a strong bearish momentum.

   

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.                                                                                                      

The Daily: Electrum Users Targeted by Hackers, Huobi DM’s Daily Volume Exceeds $1B

Electrum developers have confirmed reports of an attack against the popular cryptocurrency wallet. Also covered in The Daily, Huobi Derivative Market’s daily trading volume has reached $1 billion, and one of the founders of Brazil’s leading crypto exchange Foxbit has died in a car crash.

Also read: UFC 232 to Have Official Crypto Partner, 5% of Israelis Use Bitcoin

Electrum Developers Scramble to Stop Phishing Attack

The Daily: Electrum Users Targeted by Hackers, Huobi DM's Daily Volume Exceeds $1BUsers of the Electrum bitcoin wallet have been targeted in a new phishing attack, the project’s developers confirmed on Twitter. The team notes that the wallet’s official website is electrum.org and warns against downloading the software from any other source.

The attack, which began about a week ago, has been conducted through malicious servers. When asked to broadcast a transaction through a legitimate Electrum wallet, these servers reply with an error message, directing users to download a fake ‘security update’ from an unauthorized Github repository.

At startup, the malicious software asks users for a two-factor authentication code, an unusual request as the 2FA codes are needed only when sending funds. The app then uses the code to transfer the stolen digital cash to addresses controlled by the attacker.

Electrum is one of the most popular cryptocurrency wallets with support for major coins such as bitcoin core, bitcoin cash, litecoin, and others. According to a report by Zdnet, the unknown hacker or hackers have so far managed to misappropriate over 200 BTC.

The Daily: Electrum Users Targeted by Hackers, Huobi DM's Daily Volume Exceeds $1B

Electrum developers released an update, version 3.3.2, after they were notified of the attack. However, they admitted in a blog post that “This is not a true fix, but the more proper fix of using error codes would entail upgrading the whole federated server ecosystem.” Gitub admins have also taken down the attackers’ repository.

In January of this year, Electrum issued an emergency patch for another bug. The vulnerability exposed passwords allowing websites hosting the wallets to potentially steal cryptocurrency belonging to their users.

Huobi DM’s Daily Trading Volume Surpasses $1 Billion

The Daily: Electrum Users Targeted by Hackers, Huobi DM's Daily Volume Exceeds $1BHuobi Derivative Market’s daily volume has exceeded $1 billion within a month after the launch of the trading service, the Singapore-based cryptocurrency exchange announced. The threshold was reached on Dec. 25, which was also a strong day for the company’s main trading platform, Huobi Global, with the combined trading volume of both Huboi’s platforms amounting to $2 billion on Christmas day. Huobi Global CEO Livio Weng commented:

This just goes to show the market demand for more sophisticated crypto trading tools, particularly those that allow traders to control risks in volatile markets. Huobi DM is a priority for us and we will continue to enhance it over the coming months.

The cryptocurrency contract trading feature offered by Huobi Derivative Market allows users to buy or sell bitcoin core (BTC) and ethereum (ETH) at predetermined prices and specified times in the future. That provides traders with a number of options such as arbitrage, speculation, and hedging. Huobi also plans to offer support for more cryptocurrencies, with EOS contracts already scheduled to go live on Friday.

Foxbit Co-Founder Gustavo Schiavon Dies in a Car Crash

The Daily: Electrum Users Targeted by Hackers, Huobi DM's Daily Volume Exceeds $1BGustavo Schiavon, one of the founders of the leading Brazilian cryptocurrency exchange Foxbit, has died in a road accident. While driving between Marília and São Paulo, the young entrepreneur reportedly lost control over his car and ran into a cargo truck. Gustavo’s girlfriend, Ariadny Rinolfi, has survived but has been hospitalized in serious condition. Another victim died in the crash that involved a total of two passenger cars and two large trucks.

Schiavon established Foxbit in 2014 with three other partners – João Canhada, Marcos Henrique and Felipe Trovão. In the following years, it became Brazil’s largest digital asset trading platform. This past March, the exchange lost to hackers 1 million Brazilian real (approximately $260,000), however, restored customers’ balances with the company’s own reserves.

This year Foxbit was also involved in a lawsuit against a commercial bank that closed its account citing concerns over money laundering. Without presenting evidence in court, the bank claimed it had the right to shut down accounts which it determined to be risky, which was later confirmed by Brazil’s judiciary.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock, Electrum, Foxbit.


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