CRC Blockchain Industry Commentary #6
1) Binance becomes the first exchange to list Blockstack
Binance listed Blockstack ($STX) earlier today, with trading set to commence on Oct. 25. This marks the first time STX will be available on an exchange. Binance plans to offer Blockchain only on its flagship exchange, thereby barring U.S. investors from accessing the new listing.
CRC Commentary: It will be interesting to see how the market values Blockstack tokens as it transitions private to public markets. Blockstack’s SEC-approved Reg A+ offering sold STX for $0.30 each, and an earlier private round (December 2017) priced tokens at $0.12. Another interesting point is that Blockstack, a U.S.-based company, selecting Binance, a Malta-based exchange that geo-blocks U.S. investors are another example of projects leaning towards international companies and markets to avoid U.S. regulatory scrutiny.
Cryptocurrency derivatives exchange Bakkt has witnessed a jump in the trading volume of its physically-settled monthly bitcoin futures. The volume hit $4.8 million on Wednesday; the figure is more than the total volume over the nine previous trading days combined. The jump is likely because bitcoin saw increased volatility yesterday, as its price crashed by about 6% in a few minutes.
CRC Commentary: The total volume of Bakkt’s monthly bitcoin futures now stands at $20.22 million since its launch on Sept. 23. It means the average volume has been ~$0.9 million a day over the last 23 trading days. The interesting thing to see would be the composition of the client base of Bakkt as opposed to other cryptoasset exchanges over the world. Even though the trading volume at Bakkt is increasing, it is far away from having an impact on the price of the cryptoassets.
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