Despite Bear Market, Crypto Exchanges Still Thrive

Despite Bear Market, Crypto Exchanges Still Thrive

Despite the grip that the bears current have on the market, there are still cryptocurrency exchanges that still pushing on towards further development. In fact, today we have seen updates from TaoTao Exchange and Cboe.

TaoTao

So you might be thinking that you’ve gone mad and never heard of the TaoTao exchange but that’s because it’s still to be launched.

Yahoo Japan’s daughter company Z Corporation is behind a new digital asset exchange dubbed as TaoTao and plans to launch in May 2019.

According to reports, Yahoo Japan indirectly holds around 40 percent of ownership in the new exchange. “Yahoo announced last April that it would acquire a 40% stake in the Bit Argo Exchange Tokyo through its subsidiary Z Corporation.” The report adds that last month, we saw Bit Argo rebrand to TaoTao.

Furthermore, they added that TaoTao has achieved Financial Services Agency registration. According to a TaoTao report, the exchange plans to host margin trading for bitcoin, Ethereum, XRP, Litecoin and bitcoin Cash.

Cboe

The Chicago Board Options Exchange (Cboe) is a traditional market player in the crypto space and has notably halted its bitcoin futures trading product according to a recent statement published this month which explains:

“CFE [CBOE Futures Exchange] is not adding a Cboe bitcoin (USD) (“XBT”) futures contract for trading in March 2019. CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading. Currently listed XBT futures contracts remain available for trading.”

So while other entities and bodies are building out crypto trading products during the bear market, Cboe has taken a different approach.

You see the full statement from Cboe here.

So despite the persistent bear market having a firm hold on the market, these exchanges have been able to keep development growing. If they are able to do this now, then when the bear market eventually fades away, who knows what these exchanges are capable of. Of course, it will be interesting to see how well TaoTao plays out when it is launched in May but one can only hope the best.

Published at Tue, 26 Mar 2019 14:11:32 +0000