A Wall Street First For Cryptocurrencies

Bitcoin is slowly but surely becoming a main stream financial instrument.

This week marked the first time ever that two institutional investors completed the first-ever exchange for Physical (EFP) transaction involving Bitcoin futures.

CMD EFP Bitcoin transaction under the guidance of ED D & F Man Capital Markets and itBit, an institutional-grade cryptocurrency exchange, traded positions in the CME’s Bitcoin futures market.

While this type of trade is common in commodities trading, the transaction marked the first time ever an EFP has been reported to a U.S. futures exchange where the underlying asset was a cryptocurrency.

Many believe it is an important step in the process of making Bitcoin more mature and a regulated asset.

China’s Reddit To Launch Own Token

One of the oldest social networking platform in China is said to be releasing their own cryptocurrency in its bid to stimulate growth and user activity.

Tianya Club is an internet forum that was founded in 1999.

The Blockchain-powered token will be named Tianyan Token (TYT) with a hard cap of 90 Millon billion with 20% of it will be reserved for the operational teams.

80% will be distributed to the community members.

The platform also has a non-blockchain token called Tianya Diamond which was released when China banned blockchain-related tokens.

Users will certain amount of Tianya Diamond will receive TYT as rewards for participating in certain community activities.

Wirex Supports Ripple

Wirex, a cryptocurrency debit card provider has announced that they are supporting Ripple (XRP) in their card.

This is a surprising move since XRP have been embroidered in several litigation with regards to being a security or not.

Nevertheless with the new Ripple wallet, Wirex users can now spend XRP through their debit cards.

In addition to this, users will also be able to exchange XRP to 50 other supported altcoins as well as exchange them to fiat currencies.

This is on top of the fee-less transaction available on Wirex between Wirex users.

While this seems to be a great Idea for Wirex, it is also a very risky move as Ripple is involve in several lawsuits claiming that it is a security.

Bank of England Preparing For Blockchain Integration

Although most bank are cryptocurrency-averse, some are particularly excited or at least interested with its underlying technology, blockchain.

That being said there has been many banks all over the world who has been planning or have implemented blockchain technology in one way anoother.

The Bank of England is no exception as it is is said to be preparing itself to integrate blockchain-based products and services as part of their effort to revamp their payment system.

The new blockchain-powered platform is said to go live on 2020 and will be focused heavily on fighting off cyber attacks.

Tron Foundations Acquires BitTorrent

BitTorrent has announced Tron Foundation’s complete acquisition of their company on its official blog page.

It also reveals that it will now be operated from the Tron’s new San Francisco office and support the blockchain project’s global development while it will continue to support its over 100 Million customers worldwide.

It was earlier reported that Tron Foundation was offering $120M USD to acquire BitTorrent.

This was revealed by its co-founder and former president Ashwin Navin.

The said acquisition was not without its drama, as earlier in May, there were rumors of lawsuits for violating contractual obligations, however with this final announcement, this is just water under the bridge.

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