The Chicago financial derivatives trading industry has a long history, and its talent and technology advantages make it a global cryptocurrency trading center. The US states are also actively embracing the blockchain, and the blockchain ambitions of the United States are evident.
Chicago or cryptocurrency trading center
The Chicago trading market has a history of more than 170 years, which has accumulated a rich and profound understanding of the financial derivatives and financial technology industries. The talents, technology, and experience of local trading companies and exchanges will greatly help the development of the cryptocurrency industry. Fred Grede, CEO of cryptocurrency mining company Because said that Chicago’s rich financial market resources make it the center of liquidity in the global cryptocurrency market.
The size of the global $200 billion cryptocurrency market is very small compared to the old futures industry. Previously, market participants were dominated by individual investors in Asia, but now believers in cryptocurrencies are trying to attract investors from large financial institutions. To this feast.
Zhicheng Market Ecology
As Peter Johnson, vice president of venture capital firm Jump Capital, said, more and more cryptocurrency market participants set up offices in Chicago to take advantage of the growing trading market.
Headquartered in Chicago, DRW Holdings is led by European dollar option veteran Don Wilson, who has accumulated a large number of bitcoin trading positions, launched Cumberland Mining to mine bitcoin, and invested millions of dollars in cryptocurrency and blockchain startups.
Jump Trading is a major local cryptocurrency trader, and its associated venture capital firm Jump Capital is also active in the cryptocurrency market. The famous Chicago trading company DV Trading also laid out the cryptocurrency market, and its market maker DV Chain provides liquidity for 60 cryptocurrencies. Garrett See, CEO of DV Chain, also said that Chicago is becoming the center of cryptocurrency transactions.
Many other well-known local companies, such as trading company XR Trading, Geneva Trading, CMT Digita, trading software company Trading Technologies and MatrixEX have entered the cryptocurrency market. The Chicago exchanges are also unsuccessful. The famous futures giants CME Group and Cboe Global Markets have launched cryptocurrency derivatives contracts last year. Some start-up exchanges such as Bitnomial are also awaiting commodity futures trading committees. Approval for cryptocurrency trading business.
Coinbase landed in Chicago and wanted to consolidate the status of the rivers and lakes
Coinbase, a California-based cryptocurrency exchange, plans to expand in Chicago. Paul Bauerschmidt, the newly appointed head of the product department, said that the Chicago Board of Trade will employ hundreds of people, making full use of local trading skills and transforming the trading system. Coinbase is one of the world’s largest cryptocurrency exchanges with $20 billion in assets and 20 million users. The Chicago exchange seeks to attract more institutional traders to trade on its platform and plans to introduce low-latency mechanisms and managed services on its exchanges to speed up transactions.
Coinbase plans to offer block trading services in Chicago, allowing traders to make large transactions, which can build an institutional customer base and address the pain points of the industry today. In the past, traders seldom executed large-value transactions on traditional cryptocurrency exchanges, fearing that this would lead to large price volatility in markets with relatively low transaction volumes. Regular trades are instantly updated in the exchange’s trading books, while block trades are usually delayed. This approach will reduce the impact of block trades on currency prices.
American blockchain ambition
Chicago is expected to become a trading center for cryptocurrencies, and the United States is also actively embracing the blockchain.
Colorado wants to be the center of the blockchain in the United States. In June of this year, Governor John Hickenlooper formed the Blockchain Technology Promotion Committee, a group of legislators and industry leaders who sought to provide an ideal operating environment for blockchain companies. The state’s governor’s Democratic candidate, US Congressman Jared Polis, added a blockchain policy to this year’s governor campaign to set Colorado as a “national center for business and government blockchain innovation.”
Although New York State’s BitLicense regulations have driven away many blockchain startups in 2015, New York City remains a hotbed of blockchain innovation. The New York Economic Development Corporation (NYCEDC) plans to launch a blockchain center to facilitate the exchange and development of the industry in New York City. The company’s board of directors is appointed by the mayor and other senior New York City leaders. Its vice chairman, Karen Bhatia, said that blockchain technology will drive the development of major industries in New York City and promote employment. With its deep roots in the financial markets, New York is naturally the home of some of the most famous encryption companies and exchanges. Some famous projects such as Gemini, Blockstack and Consensys are also in New York. In addition to the absolute advantage of the population, New York also hosted the global blockchain event Consensus. Driven by capital, New York City has a great opportunity to become the new capital of the blockchain.
Although Silicon Valley focuses on the world’s top technology companies and talent, the development of the blockchain is not as hot as expected. Recently, however, California’s relevant policies have strongly promoted the development of the industry. A bill designed to provide a legal basis for the implementation of cryptocurrency-related technologies has been adopted by the California legislature to legitimize the use of blockchain-based data and commercial use of smart contracts in California.
There are also many blockchain startups in Austin, Texas. Due to the non-tax policy and liberal culture, the Texas capital is ideal for entrepreneurs in the blockchain. Since 2014, the city has been hosting the Texas Bitcoin Summit. The famous blockchain projects in the area include Factom and Wanchain.
Other US states are also actively embracing distributed ledger technology. In June of this year, Connecticut Governor Dannel Malloy signed the SB443 Act and established a blockchain working group to study the technology, making Kangzhou a leader in blockchain technology. In March, the governor of Tennessee also signed a bill recognizing the legal authority of blockchains and smart contracts for electronic transactions.
[su_quote]This article is writing on 23 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]
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