Crypto exchange BingX to launch USDC-margined futures trading

  • BingX is launching USDC-margined trading, a Launchpad and Launchpool as it celebrates its sixth anniversary.
  • The platform plans to expand to Turkey, Vietnam and Argentina
  • The exchange will also collaborate on a Netflix documentary aimed at animal protection and conservation. 

Crypto exchange BingX is set to expand its crypto services and products to Turkey, Vietnam and Argentina, according to a press release published on Monday.

The exchange’s global expansion will include localized products and campaigns, as well as key partnerships.

BingX to launch USDC-margined futures trading

BingX will also launch USDC-margin futures trading on its platform.

There are also plans to expand the range of crypto assets for trading margin, while users will benefit from key updates on coin-margined futures trading, the exchange noted in the announcement.

Also notable is BingX’s unveiling of a Launchpad and Launchpool, all part of a global expansion strategy dubbed “ExpansionX.”  

These will enable BingX customers to participate in token sales and access high-quality projects. The platform also plans to enhance its structured product offerings and offer wealth management services.

According to BingX, these initiatives align with its the theme of its sixth anniversary celebration. The “Amazing Six” is a milestone the exchange is marking today, May 20 with a prize pool of 13 million USDT.

“As we reflect on the past six years and look towards the future, our commitment to excellence and innovation remains unwavering. Together with our BingX community and partners, we will continue to push the boundaries of what’s possible in the crypto industry, setting new milestones and driving positive change,” Vivien Lin, the chief product officer at BingX, said in a statement.

Also on BingX’s list of to-dos is a collaboration with Whale and Dolphin Conservation and Netflix. The goal is to bolster animal conservation efforts via a Netflix documentary. 

The program is part of the exchange’s commitment to its corporate social responsibility (CSR) objectives.

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Crypto gambling — how does the future of secure gambling look?

Online gambling is a huge part of the casino world, but there is a small percentage of players who worry about its security — welcome, cryptocurrency casinos. It’s 2024, and although crypto casinos are nothing new, there is a wide range of some of the huge household names now utilizing this form of payment to stay ahead. It used to be that security processes were a major block for many players online, as when you gamble online you are putting your data, funds, and personal information in the hands of the online casino. Luckily, we’re in a new era of technology and the security methods that these brands now use are second to none. 

 If we were to look at the history of online casinos, we would see that traditional platforms struggled to build robust security methods, which left players susceptible to fraud and hackers. However, that fear is one of the past, as all online casinos that are worth playing on have to be regulated and in turn, adopt a fortress-like level of security. It not only puts you as the player in safe hands but offers up a new way of using decentralized funds, that are transparent and completely controlled by you. We’re going to be taking a look at how one of the safest forms of online gambling is evolving, and what measures shape where it’s got to today. Ever worried about online casinos before? Well, you won’t now! 

 Blockchain — what is it?

 

If you were looking for one advancement to thank in this evolving secure digital landscape, then it would most definitely be blockchain. Although to many it sounds unmeasurably confusing, it’s a piece of technology that works wonders in online gambling. Blockchain is a decentralized digital piece of technology that acts as a record sheet for transactions. It is a secure, transparent piece of tech that, in summary, is a digital ledger/database. It stores the transactions in things called blocks, which are then linked by a chain… sounds obvious, right?

 Each and every block that is formed on this digital ledger then contains an individual yet unique cryptographic node that cannot be modified as the chain goes on. Therefore, in summary, as the chain progresses, it becomes inevitably stronger and unable to be hacked or tampered with. It’s also getting more valuable all the time.

 It is the undisputed heavyweight in all security processes and stands as the backbone of anything cryptocurrency-related. 

But how does it keep your information safe in gambling?

 

  1. Immutability — This means that it is unable to be changed, ever. When a piece of data has been recorded on the ledger (blockchain), it is then unable to be altered. This creates a transparent record in a casino, showing that all bets have been safely placed and will never be tampered with.
  2. Decentralization — Like everything with crypto, when using crypto in a casino, it becomes completely decentralized. This cuts out any third parties such as banks, and therefore reduces potential threats. Although you may think your funds are safe with the central banks, they are far more susceptible to hackers than if they were placed in a virtual crypto wallet — hence why they’re the future of online gambling.
  3. Fairer — Above all else, when you’re gambling online, one of the most important requests is fairness. Blockchain makes sure that all the algorithms in a casino’s interface are fully leveled out, meaning that crypto pokies are guaranteed to be treated equally with all their pay-ins, pay-outs, and hand/slot automation. 

 

The future of privacy and transparency

 

Online gambling is only growing exponentially because both crypto and blockchain are putting support in place for its players. Crypto gives the player a whole new level of anonymity, while blockchain dishes up transparent records for safeguarding their data. This opposes the older methods of online casinos, as pre-crypto users would use traditional payment methods that resulted in your data being shared, and potentially hacked. Before crypto was utilized by online casinos, players would have to input a lot more personal data — which would put them at risk of identity fraud. Now, the online player uses a virtual wallet that is decentralized and secure from all threats. 

 The role of cryptocurrency is growing and the future of it is only getting more resilient against security worries. As of early 2024, there are 13,217 cryptocurrencies in existence, with new ones appearing all the time — and this is expected to grow by the end of the year. We’re in an era where technological changes are inevitable, and to stay ahead as a business, you need to adopt change. This makes customers in online gambling feel safe, and encourages them to utilize the platforms that prioritize their safety above all else. 

 With every bet you place being recorded on the blockchain and every payout you receive being fully untraceable — secure gambling is not just the future, it’s the now. 

 

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Genesis to return $3B to customers after court approves bankruptcy plan

  • Genesis Global gets court approval to repay $3 billion to customers.
  • Judge Sean Lane overruled an objection from Genesis parent company Digital Currency Group.
  • DCG argued payments to be in US value of assets as of bankruptcy filing in January 2023.

Genesis Global has secured court approval to return $3 billion in cash and crypto to its creditors, details in a recent court filing show. The payouts will represent about 77% of customers’ claims.

However, the payout doesn’t include Digital Currency Group (DCG), the parent company of Genesis Global.

The development comes after US Bankruptcy Judge Sean Lane approved the Chapter 11 bankruptcy plan Genesis Global and its subsidiaries filed in January 2023. Genesis’ bankruptcy followed the collapse of Three Arrows Capital and FTX in 2022.

Judge overrules DCG objection

As noted above, the plan to return billions of dollars worth of crypto assets and cash to Genesis creditors has received a node from Judge Sean Lane. 

On Friday, the judge overruled DCG’s objection to the liquidation plan, paving way for this significant step in the right direction for creditors. 

In their argument, DCG had argued that Genesis should pay customers as per the value of their crypto assets at the time the company filed for bankruptcy.

In dismissing DCG’s objections, Judge Lane noted:

The record here clearly establishes that there is not sufficient value in the Debtors’ estates to provide DCG a recovery as equity holder after unsecured creditors are paid… Given the size of the creditor claims, DCG is out of the money as an equity holder by billions of dollars, even if the Court valued creditor claims using the method DCG proposes.”

When Genesis filed for Chapter 11, customer claims by the top 50 creditors was over $3.5 billion. The court’s approval of the liquidation plan will see approximately 97% of reimbursements handled in-kind.

This means a customer who deposited BTC will receive payout in BTC and not the equivalent US dollar value.

Genesis to return crypto to customers beginning next month

At current prices, customer claims for Bitcoin or Ethereum are trading at 97-110% for claims amounting to over $10 million. Claims under $1 million are trading at 74-94%. In comparison, the claims traded at 35% at the time the crypto lender filed for bankruptcy.

For stablecoins, its 89-91% for claims of $1-10 million and 73-88% for accounts with under $1 million.

The plan allows for creditors reimbursements to begin early next month, bringing value to Gemini Earn customers and other Genesis creditors. 

Notably, the price of Bitcoin has increased significantly since January 2023, rising from around $21k to currently hover above $66k. BTC reached a new all-time high above $73k in March.

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