Ethereum News

Poloniex Expands Margin Trading Offering For Non-US Customers

Ethereum Classic (ETC) is now available for margin trading on crypto-to-crypto exchange platform Poloniex for non-US customers. ETC joins other cryptocurrencies already available for margin trading on the platform including ether, dash, dogecoin, litecoin, monero and stellar, all with bitcoin as the base pair.

Margin trading is essentially trading with borrowed funds. When placing a margin order, all of the money used is borrowed from other users offering their funds as peer-to-peer loans. The user’s own funds are used only as collateral for these loans and to settle debts to lenders.

Like other cryptocurrencies available for margin on Poloniex, ETC is now also available for lending, meaning that customers holding ETC can lend it to other customers and earn interest.

ETC is the first cryptocurrency Poloniex has added to margin since Circle acquired the company in 2018 and “won’t be the last, either, because we are working on adding other tokens and base pairs for margin,” it said on Tuesday.  

“We are expanding the tokens available for margin as part of our effort to make Poloniex one of the most innovative exchanges in the world.”

Poloniex removed its margin and lending products for US-based customers in late-2018, stating in October that the changes were part of an ongoing commitment to “ensure that Poloniex complies with regulatory requirements in every jurisdiction.”

The addition of ETC in Poloniex’s margin trading offering builds upon other developments the company has announced in recent weeks including the release of a new version of its mobile trading app, a new, streamlined fee structure, and a major systems upgrade that enhanced performance across wallet functionality, deposits and withdrawals speeds, trade execution speeds, and overall latency.

Circle said in March that in addition to an immediate impact on the efficiency and speed of the exchange, Poloniex’s upgraded infrastructure will enable the platform to scale and lay “the foundation for better performance, new features, more improvements and more support for crypto projects.”

Founded in 2014, Poloniex is a US-based digital asset exchange supporting more than 60 cryptocurrencies and over 120 trading pairs. According to data from Coingecko, Poloniex has a daily trading volume of about US$15 million.

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MyCrypto Acquires Ambo for the Next Wave of New Crypto Users

An open-source blockchain interface that is aiming to simplify the process of storing, sending, and receiving crypto assets, has today announced its acquisition of Ambo, a company that is creating wallets for the easy investment of cryptocurrencies.

The move is hoped to boost the development of a suite of cross-platform mobile tools for mainstream digital asset investors.

According to 2018 data from the Cambridge Centre for Alternative Finance, the number of crypto users rose from 85 million in 2017 to 139 million in 2018. This despite a drop in market prices during 2018’s bear market.

In order to maximise on this, MyCrypto is reportedly going to expand into mobile with the aid of Ambo. It’s hoped that by doing so it can tap into a growing base of young users who are looking to break into the crypto world, many of which may come from non-technical backgrounds.

Speaking of the Ambo platform, Jai Bhavnani, founder and CEO, said: “One of the biggest lessons we learned from the 2017 bull-run and subsequent crash was just how under-utilised tokens are. We want to give people an easy way to actually use and gain value from the amazing tokens and protocols being developed beyond simple speculation.”

With its international website launching in November 2018, Ambo is aiming to make “web2 accessible” by creating the “easiest to use wallet.” It also works with protocols such as 0x and Augur. According to an announcement, Ambo’s mission is to create products for the next generation of finance by bridging the gap between cryptocurrencies and new users.

It is because of this that MyCrypto believe it will deliver the gateway to potential future users.

Speaking of Ambo’s platform, Taylor Monahan, CEO of MyCrypto, said: “Seeing how Jai and the entire Ambo team have prioritised serving the new young audience has been amazing. Their user research and experience has been different than ours as they target inexperienced and mainstream investors from the start.”

“A lot of what they have done just made sense and made me wonder why we hadn’t thought of that,” she added. “The team, their vision, and their products were instantly attractive for those reasons.”

Having served advanced and new users entering the crypto space, MyCrypto will continue to provide these services. However, with the acquisition of Ambo it signals a shift taking place within the market that shows how companies are shifting gears in order to accommodate new users with the use of education.

Bhavnani continued by saying: “We’re excited to work with such an amazing team and look forward to helping make MyCrypto the flagship desktop wallet.”

According to Ambo’s roadmap, it is aiming to launch its iOS wallet in March 2019, followed by its web wallet in June, and its Android wallet in November.