Counterparty(XCP)

[PRESS RELEASE – Paris, France, December 20th, 2023] Layer 3 Foundation, a pioneer in blockchain-based financial technology, has announced the launch of a testnet program for its Yellow Clearing Network, the first-ever decentralized clearing system. This initiative marks a significant step towards realising the foundation’s mission of decentralizing clearing and settlement processes to scale trading […]

Bitzlato processed $700M+ in illicit funds, including ransomware proceeds, and was a primary counterparty of Hydra Market.

Binance piloted the world’s first crypto triparty agreement with a third-party banking partner to manage counterparty risk. The exchange said the initiative allows its institutional clients to hold collateral with a banking partner in the form of fiat.

Asset manager CoinShares along with crypto custody joint venture Komainu are aiming for TradFi standards in derivatives settlement with much reduced counterparty risk.

that there is no counterparty risk in bitcoin when it is decentralized and everything is visible on the network.

ESMA, responsible for rulemaking under the bloc’s landmark new crypto law MiCA, is worried about new forms of market manipulation when there’s no central counterparty

The token’s price has since recovered after the counterparty mysteriously moved its tokens back.

Fireblocks’ multi-party computation technology works well in a non-custodial setting, shifting counterparty risk away from a corporate entity, Shaulov explained in an interview with CoinDesk.

The onchain execution of structured products promises transparency to investors and eliminates counterparty risks.

The upcoming exchange, Infinex, will cater to both novice and experienced traders by offering features similar to centralized exchanges (CEX).

Prominent crypto wallet service provider, Ledger, has announced its latest venture into the world of institutional trading technology. Dubbed "Tradelink," this new trading and settlement network technology is set to revolutionize the landscape for asset managers, custodians, and exchanges/OTC. Aiming to streamline operations and boost efficiency, Tradelink will allow trading on multiple exchanges without the need for on-chain liquidity re-balancing. This will ensure that users maintain custodial ownership of assets while engaging in off-exchange trading. Additionally, Tradelink seeks to mitigate trading collateral risks across various third-party platforms, offer easy integration with preferred counter-parties, and significantly reduce transaction fees. The company’s official announcement stated: "Today, we are proud to announce that Ledger is entering the institutional trading technology market with the first open network to enable custodial trading via exchange and custodial partners. This solution will provide unparalleled control, security, flexibility, and transparent governance over an enterprise’s digital asset trading." Ledger's VP of Enterprise Revenue, Sebastien Badault, emphasizes how Tradelink will empower users, asserting: “By unlocking better trading options for enterprises, we are empowering asset managers, custodians, and exchanges to navigate the changing landscape with confidence while making the whole ecosystem a safer and more transparent place.” At launch, Tradelink will be accessible to all Ledger Enterprise clients at no additional cost. Initial partners will include well-known asset managers such as Laser Digital and Hodl Group, digital asset trading and orchestration platforms like Wyden, and platform partners including Crypto.com, Bitstamp, Huobi, and more. The launch of Tradelink comes after Ledger's recent controversial update, which raised security concerns among its users. However, the company remains undeterred and has just closed a $109 Million Series C extension fundraising round, pushing its valuation to $1.4 billion. Badault further elaborates on the company's vision for Tradelink: “We are creating a future-proof solution that will give Ledger Enterprise customers flexibility and security allowing institutions to de-risk their businesses. For almost a decade, Ledger has been building security and governance solutions for the crypto ecosystem. It is this core security foundation that can now be used to reduce counterparty risk and enable custodial trading for institutional investors.” Ledger’s innovative Trading Operation technology, coupled with its commitment to transparency and regulatory compliance, positions the company at the forefront of an increasingly evolving market, navigating the ever-changing regulatory and overall market landscape with confidence. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

A recent report by the Financial Times revealed Crypto.com operates proprietary trading and market-making teams. A report by the Financial Times revealed that Singapore-based crypto exchange Crypto.com has teams trading tokens for profit. Citing five unnamed people with direct knowledge of the company’s trading practices, the report indicates that the exchange operates proprietary trading and market-making teams. One of the persons with direct knowledge about the exchange’s trading teams said executives at Crypto.com gave external trading houses “absolutely dramatic sworn statements that Crypto.com was in no way involved in trading.” Another person said employees at the exchange were asked to “say there is no internal market maker type operation.” Crypto.com denied these claims and said employees were not asked to lie to other trading houses. The exchange conceded that it does have an internal market maker but said, “This is not a controversial practice.” We have an internal market maker that operates on the Crypto.com exchange and that internal market maker is treated exactly the same as third-party market makers that identically facilitate tight spreads and efficient markets on our platform. Exchange Revenue Is Derived from Its Retail Trading App The exchange told media publication Decrypt that it does not rely on proprietary trading as a source of revenue, as the Financial Times reported. In an email, the exchange said: This market making activity is a regulated practice, as long as there is a level playing field, i.e. all market makers have to follow the same ruleset, that assures market fairness & integrity. The company further told the Financial Times that most of its revenue comes from its retail trading app, where the exchange was traders’ counterparty for transactions and which operated as a broker model. As such, the Crypto.com trading team ensures that Crypto.com is risk neutral by hedging these positions on a number of venues, including the Crypto.com exchange, the exchange said. One of the people familiar with the matter said the company’s proprietary trading desk trades on Crypto.com’s exchange and other venues. Another person added that the proprietary trading team’s sole objective is the make money “and not facilitating an exchange.” The exchange’s trading practices have been called into question during intense regulatory scrutiny in the US. The SEC recently accused crypto exchange Binance and its rival Coinbase of securities violations. In response to the lawsuits, SEC Chairman Gary Gensler told CNBC: These trading platforms, they call themselves exchanges, are commingling a number of functions. He added: In traditional finance, we don’t see the New York Stock Exchange also operating a hedge fund, making markets. Crypto.com Shutters US Institutional Exchange Services Following the news of the SEC’s lawsuits against Binance and Coinbase, Crypto.com announced that it would shut down its institutional exchange services for US customers. The exchange explained that demand is drying up due to the current market landscape in the US. The company did not specifically reference the regulatory action, but it was undoubtedly a concern for the exchange. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

"We will come up with a plan to recover the loss," said company officials.

Since inception, LEVEL has designed a protocol to serve as a functional alternative to centralized counterparty risk. After half a year of product testing, it’s finally time to expand, and the LEVEL DAO has determined that Arbitrum will be the next ecosystem where Level will be deployed on. LEVEL’s Success Story LEVEL has experienced phenomenal growth. In just the first month, LEVEL witnessed a notable $320 million in volume traded, generating over $400k in fees and bringing in more than 1000 community members. As a testament to the product-market fit they found, it took just 55 days for the ecosystem to hit $1 billion in trading volume, leading to collecting $8.3 million in fees during that time – going from strength to strength with over $20 billion traded in the first half of 2023 alone! Impressively, the most significant daily trading volume was $339 million on April 14, 2023, accounting for around a third of the total volume across Perp DEXs (Delphi Digital). A Quick Look On-Chain Total Volume: $17.4 billion, of which leverage trading volume accounts for $14.5 billion Total Collected Fees: >$22 million Interestingly, these collected fees are distributed to: LLPs (supply-side revenue) = 45% LVL Stakers (protocol revenue) = 10% LGO Stakers (protocol revenue) = 10% DAO Treasury (protocol revenue - redeemable against LGO) = 30% Reserved for Protocol Development (5%) Assets Under Management (AUM): $30 million During this time, LEVEL has established itself as the leading perpetual decentralized exchange (DEX) on BNB Chain, rivaling even the likes of GMX – a significant achievement considering the difference in total value locked (TVL) and market cap. Setting itself apart from competitors, LEVEL wrote its own codebase from scratch and pioneered the tranche system in DeFi. By leveraging its innovative dual tokenomics model (LVL and LGO), which perfectly fits a perpetual DEX platform, LEVEL has created a strong protocol growth flywheel, reflected in the simultaneous growth of platform volume and Treasury assets. This has resulted in achieving close to $10M in treasury liquid assets. Last but not least, LEVEL is taking DeFi on-chain governance to the next level, with more than 19 DAO Proposals submitted. Truly decentralized governance, driving rapid iteration in product and incentive models for a fast-paced marketplace. Why Arbitrum? Even at a glance, Arbitrum looked like the most immediate choice for LEVEL, and this sentiment resonated with the majority of their community. All new possible chains were evaluated according to their: Liquidity User profile Daily active users Daily number of TXs Arbitrum crushes all of these criteria, securing itself as the fourth chain by TVL, thanks to its deep liquidity and a DeFi-native user base. An equally important factor included the sustained growth of unique addresses in the network, even after the ARB Airdrop. Many critics speculated that activity on Arbitrum would sink after the airdrop. Nonetheless, the daily transactions on the network are steadily increasing, averaging around 1m per day — close to ATH if one does not take into account the days of the airdrop. Considering these factors, it is understandable why the DAO voted for Arbitrum, securing 53% of the total votes across 4 options. Arbitrum is the home of DeFi, and a place full of open collaboration. The composable nature of DeFi on Arbitrum offers endless possibilities for new products and partnerships with other protocols. Some remarkable examples include: Yield Aggregators Money Markets Other Derivatives (e.g., hedging, structured products) Furthermore, this Layer 2 protocol is a fantastic fit for LEVEL as it houses a native niche of perp DEX traders who can benefit from the ecosystem’s incentivized program for traders, shrewdly configured to drive protocol and treasury growth. While the expansion to Arbitrum is the project’s main priority, LEVEL is not stopping there. LEVEL will continue to expand in its goal to become a key piece of the wider omnichain infrastructure. Practical Developments Cross-chain infrastructure is being built to cement the marketplace as an omnichain protocol. As part of these developments, LEVEL is migrating the LVL and LGO tokens to the ‘Omnichain Fungible Token’ (OFT) standard. The ultimate goal is to enable the cross-chain aggregation of fees distributed to its stakeholders so that LEVEL users can earn yield anywhere in the ecosystem. The DAO treasury will also be united across the entire ecosystem, meaning LGO redemptions against the treasury will occur on all chains. Following the recently approved proposal, LEVEL is utilizing LayerZero’s technology to bridge 5M LVL to Arbitrum, to bootstrap liquidity and trader activity through auctions and other incentive programs. They have also begun migrating: LVL/USDT Liquidity — to make LVL tokens more accessible to users on Arbitrum, LEVEL migrating the entire LVL/USDT pool (currently ~ $713,214) to Trader Joe Arbitrum ensures that new users trading for the first time will have the liquidity to access LVL tokens. LEVEL Trading Pool Liquidity — enabling access to all trading features, migrating 3,555,192 Senior LLP (currently ~ $4,061,500) from the BNB Chain to seed trading liquidity on Arbitrum (50% of the protocol-owned Senior LLP supply). Future Plans When it comes to future footprints, a key priority for Level Protocol is for the DAO to steer Level’s journey towards exceptional growth. LEVEL also remains committed to delivering an exceptional user experience, ensuring that their customers receive premium service and can trade using a top-notch UX. Further solidifying its position in the DeFi space, LEVEL is actively seeking, discussing, and moving forward with several partnerships with additional Tier-1 projects, enabling them to expand its reach and utility across the industry. LEVEL's success to date was achievable through the tremendous support from its community of users. Expanding to a cross-chain liquidity marketplace, the marketplace will release a first-in-kind utility-based NFT in just 60 days. All of these unique items will be exclusively for LEVEL's community of users, with allocation retroactively determined based on interactions with the protocol on both Arbitrum and BNB Chain. Three categories will correspond to the three main facets of LEVEL: Stock Broker's Vest, Earned through proving yourself as a trader. The life blood of any financial hub, a Trader needs to look the part at his desk. Auctioneer's Hammer –A key group of mechanisms at LEVEL, Auctions serve to widen the reach of the ecosystem as a whole. Embody the power of the Auctioneer with their Hammer. Tattered Farmer's Hat – LEVEL wouldn’t we be anywhere without liquidity. LPs take on risk enabling the entire marketplace to function. It ain’t much, but it’s honest work. LEVEL's vision is to become a leading omnichain trading platform, and their recent expansion to Arbitrum marks the first step towards realizing this goal. Expanding their services into other DeFi sectors is another avenue they are exploring. The goal is to become a multi-chain liquidity aggregator where fragmented liquidity across different ecosystems can be unified in a single pool, allowing users to trade, swap, and borrow seamlessly. LEVEL is excited to embark on this omnichain journey, transforming the way people engage with DeFi and revolutionizing their trading experience. Step into the LEVEL Ecosystem! Trade a range of blue chip assets on LEVEL now! Buy LVL and begin participating in our ecosystem Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

ST HELLIER, Jersey, June 6th, 2023, ChainwireOKX, the world’s second-largest cryptocurrency exchange by trading volume and a leading Web3 technology company, and regulated digital asset custody service provider Komainu, today announced that OKX has joined collateral management platform Komainu Connect, enabling institutional customers to conduct secure 24/7 trading of segregated assets under custody through the OKX platform.Launched in April of 2023, Komainu Connect reduces client counterparty risk by removing the need to store collateral with trading counterparties, and offering the ability to keep assets in safe custody instead.Nicolas Bertrand, CEO at Komainu, said: “This strategic partnership marks a milestone in our mission to provide secure and compliant digital asset custody solutions. OKX's reputation as a leading cryptocurrency exchange, combined with our expertise in institutional-grade custody services is paving the way for a new era of trust and innovation in the industry.”Sebastian Widmann, Head of Strategy at Komainu, said: “Komainu Connect is rapidly emerging as the leading collateral management solution. Partnering with one of the world’s largest crypto exchanges is a testament to the infrastructure and expertise committed to this service and our focus remains on seamless execution for all parties.”Lennix Lai, Global Chief Commercial Officer at OKX, said: “Institutions need the peace of mind that comes with knowing their assets are being kept safe with a leading custodian, while retaining their ability to capitalize when investment opportunities arise. That is why we are delighted to partner with Komainu to allow investors a way to keep their assets secure while not compromising on returns.”The off-exchange settlement and tripartite mirroring solution is a significant step forward for large-scale institutional crypto traders requiring immediate access to OKX's market-leading portfolio margin account mode and liquid markets.Komainu was established in 2018 to provide institutions with a secure and compliant custody service for investment in digital assets. Launched in June 2020, Komainu currently custodies assets for exchanges, financial institutions, asset managers, corporations, and government agencies.Find out more about why institutions choose OKX here.About OKXOKX is a world-leading technology company building the future of Web3. Known as the most reliable crypto trading platform for traders, OKX’s crypto exchange is the second largest globally by trading volume.OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.To learn more about OKX, download OKX's app or visit: okx.comAbout KomainuKomainu is a regulated digital asset custodian built by institutions for institutions and created as a joint venture between Nomura, digital asset manager CoinShares, and digital asset security company Ledger. Offering multi-asset support with regulatory compliance, Komainu is merging traditional financial services with leading security standards for the next generation of institutional custody. Headquartered in Jersey and with offices in London, Dublin, Dubai, and Singapore, Komainu is regulated by the Jersey Financial Services Commission (JFSC) and Dubai Virtual Assets Regulatory Authority (VARA). For more information, visit https://www.komainu.comMedia Contact: Armel Leslie, Peaks Strategies, +1 (914) 320-7620, [email protected] announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific [email protected]

Binance could soon move forward with a strategy to allow some of its traders to store their collateral in banks, thus eliminating counterparty risk.

Crypto mining firm Riot Platforms seeks to terminate “certain hosting agreements” with Rhodium and requests exemption from any owed power credits to the counterparty.

Texas-based Unchained Capital hopes to undermine single points of failure and mitigate counterparty risk with its substantial $60 million raise, led by Valor Equity Partners.

Crypto company collapses create a void in the ecosystem that trusted and experienced traditional finance firms may look to fill, the report said.

According to my meticulous calculations, we are about 3,542 to-be-mined Bitcoin blocks away from the lifting of the red, velvet curtain at the Crypto movie premiere on 12 April. That means approximately 44,280 Bitcoin will be rewarded between now and the premiere, and at current market prices, that cryptocurrency cornucopia could be worth some USD 175.3 million – a not-so-paltry sum that would actually be a nice global box office rake for this fintech flick. Lionsgate Home Entertainment might agree with me. You see, a closer examination of Crypto’s production team reveals that Lionsgate is the big name distributing the movie to US theatres. Yes – that Lionsgate! With thematic thespian thrillers including American Psycho, Crash, The Bank Job, Divergent, and Robin Hood as titles in their hallowed Hollywood history, Crypto could logically be the next blockbuster-to-be in that series. Perhaps Patrick Bateman checks his digital wallet every morning after doing 1,000 crunches, or maybe Jason Statham’s Terry Leather character is now drilling into safety deposit boxes looking for crypto enthusiasts’ 24 seed words. It’s a damn good thing US Treasury Secretary Steven Mnuchin occupies his present position in a building adjacent to Donald Trump’s White House. In a not-so-distant past, Mnuchin founded Dune Entertainment which financed the X-Men franchise and Avatar. He also served as Executive Producer of The Lego Movie, American Sniper, Entourage, and Wonder Woman, among many notable others. Had he not taken the road less taken, Mnuchin could be the one producing Crypto, rather than advocating cryptocurrency regulations at the Group of Twenty. The irony is almost too thick to contemplate and appreciate. While we’re on the subject of the glowing New Yorker who inhabits the building next to Mnuchin’s office, is it my imagination or does the 2-minute, 17-seconds trailer for Crypto resemble certain aspects of the slow motion train crash-of-a-movie at 1600 Pennsylvania Avenue that the entire world is tuned into every day? Let’s start with the obvious and see what we can easily glean from this trailer. In the opening scene of the trailer, Kurt Russell – looking like a withered scarecrow – solicits help in a farm field from a sharply-dressed mystery man with a lipworm who seconds later appears to be sitting behind a monitor and evaluating an ICO called Delta Coin. Incidentally, a quick review of Etherscan suggests there actually is a token called Delta Coin with a total supply of 5,000,000,000 DTC that is held by a mere six addresses. With the most recent transaction some 176 days ago, we may have to wait for the full movie to learn if the token was created for the movie. Alas, I digress. We soon learn that the Wall Street wunderkind was at the top of his class at – ahem – Wharton, before engaging in crypto due diligence and that Mr Lipworm prevented his firm from transacting business with a large counterparty, leading to pre-release speculation that Mr Lipworm might be infiltrating financial institutions as an undercover investigator. Moments later, our protagonist gets reassigned to a role in Albany, New York, that oft-forgotten, upstate New York micropolitan-of-a-state-capital where BitLicense was created by the New York State Department of Financial Services, much to the recent satisfaction of Robinhood Crypto and Libertyx. Donald Trump’s ongoing feud with policymakers in Albany and prosecutors in the Southern District of New York is not lost upon those of us on the other side of the Atlantic Ocean either. We soon learn that Mr Lipworm is indeed an Anti-Money Laundering Officer and after bro-hugging it out with a childhood friend, Mr Lipworm is next browsing a digital wallet where he encounters USD 10,463,502 million(!!!) in cryptocurrency. Assuming principal photography for Crypto took place in 2018, many of us might consider USD 10 million to be a slow week of ICO deal-making, practically a blip on the radar that even the flimsiest of unicorns-to-be or tenbaggers could relegate to “Chump Change” in the Use of Proceeds sections of their white papers. My, how times have changed! Mr Lipworm next apprises his AMLO apprentice that there is – gasp – no KYC or AML associated with the digital wallet they are scrutinising. A few bad Brooklyn accents later (is there such as thing as a good Brooklyn accent?), our hero is video conferencing with the Office of Foreign Assets Control and informing them of a “serious problem” involving money laundering by the Russian mafia. While we don’t see the action in the short clip, it is quite possible that the agent on the other end of the video conference marched right into Mnuchin’s Treasury office and informed our resident movie buff-cum-Treasury Secretary that Russia was evading US sanctions – in Albany, New York of all places. Crypto’s trailer doesn’t reveal whether the laundered money was to be used to purchase a penthouse in Trump’s scuttled Trump Tower Moscow project. In life-imitating-art creative liberty, many readers and viewers may be hoping that Special Counsel Robert Mueller’s investigation might arrive at that exact conclusion. Again, I digress. A couple of hayseeds soon find a napkin with a threatening note about an upcoming meeting and are forewarned that “COPS = RIP.” We can only guess that the good law enforcement agents of New York State are not loading up on XRP (Ripple) in their public pensions. Some sort of kidnapping – it’s a bit unclear if Kurt Russell himself is being used as cryptobait – soon transpires and we next see a couple of gangsters working their magic on someone’s neck with a stun gun. Whilst we do not hear their accents in the trailer, the credits to the movie list an Olga N. Bogdanova as a Russian dialect coach, so one can only assume that Mr Goldie Hawn was jacked from his upstate farm and shanghaied to Grozny or Siberia – or maybe that was Poughkeepsie. A few opaque plot twists later do little to reveal the denouement, so we can wrap this trailer analysis without a spoiler alert. Back when Donald Trump was just getting started in giving New York City’s skyline a facelift, Gordon Gekko taught us that “Greed is Good.” A bit underwhelming by comparison Crypto’s tagline is that “Fear is the Ultimate Currency.” The motion picture’s rating forewarns us that there are violence, sexuality, and drug use. Naturally there is! How else could a cryptocurrency trader make it through a 7-day trading week without some fisticuffs, a gratuitous orgy or three, and some booger sugar? While we likely won’t see cameos by Don Jr, Ivanka, or Kushner, Trumpgate may not be too far from moviegoers’ minds at times. Maybe Mr Lipworm is the OFAC stable pony who manages to find collusion with the Russians after all. Let’s just hope Goldie remembers where Kurt keeps his seed words.