San Francisco-based Kraken has become the first major cryptocurrency exchange to launch traditional forex trading.

From 14:30 UTC today (12 March), Kraken users from most countries, excluding the United States, will be able to trade directly between euros, US dollars, Canadian dollars, Japanese yen, pound sterling and Swiss francs.

The trading pairs available on the Kraken platform are EUR/CAD, USD/CAD, USD/JPY, EUR/CHF, USD/CHF, EUR/USD, EUR/GBP, EUR/JPY, GBP/USD.

Kraken says although it isn’t offering margin trading on forex at the moment, it is setting “industry-low order minimums”, with transactions as low as 10 units of base currency allowed.

According to Kraken, offering forex services will allow its clients to employ “more agile and sophisticated” trading strategies.

AYO.NEWS says:

This is a bold move by Kraken, but reflects the fact that in 2020 many traditional traders are also involved in with cryptocurrencies. Allowing traders to do more of their business in one place will clearly appeal in terms of convenience, and we’re sure that if this service proves popular, other major crypto exchange will follow suit.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.

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SiGMA Group has postponed the iGathering event scheduled to be held in Malta on 25^th March 2020 due to the escalating COVID-19 (coronavirus) crisis.

The group said that, following the WHO’s declaration of a pandemic, it saw delaying the event as the “only responsible course of action to ensure the health and safety of exhibitors, attendees, and SiGMA staff, as well as preventing any possible further spread of the virus.”

According to SiGMA, the event was expected to see more than 400 “friends and leaders” from the iGaming and blockchain sectors come together to “celebrate the global expansion of the SiGMA and AIBC Summits.”

Currently the group says it expects to reschedule the event for late June, and will send confirmations of new dates and invitations in coming days.

AYO.NEWS says:

Considering Malta has now suspended flights to and from Italy, Germany, France, Spain, and Switzerland, and the US has suspended all flights to mainland Europe, this hardly needed to be announced anyway.

Given the trajectory of the crisis, and the fact that the virus is spreading in cold countries like Iceland, temperate regions like Germany, and hot countries like Qatar, expecting this to abate in summer is probably very misguided. Probably as misguided as expecting authorities in Europe and North America to get control of the situation without introducing extreme Chinese-style measures. Besides, many experts now openly say, they expect that as China lifts restrictions, the virus will probably re-establish itself (see Joe Rogan’s interview with Michael Osterholm below). 

SiGMA should probably hold off sending out those new invitations!  

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.

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Chicago Mercantile Exchange (CME) Group, the second firm to launch Bitcoin Futures in the US, will suspend trading from tomorrow due to the rapidly worsening COVID-19 (coronavirus) crisis.

The move to close the world’s largest financial derivatives exchange followed President Donald Trump’s announcement that flights to and from mainland Europe will be suspended from Friday, for at least 30 days.

A statement released by CME read:

“No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building. The reopening of the trading floor will be evaluated as more medical guidance on the coronavirus becomes available.”

With travel and business disruption spreading rapidly, especially in Europe and North America, and stock markets in freefall, the New York-based Nasdaq is said to be preparing a backup trading floor and data facility in Philadelphia. Meanwhile, the New York Stock Exchange (NYSE) has not made any announcements, despite more than 200 confirmed cases of COVD-19 in the city at the time of writing.

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Malta, the iGaming and blockchain hub of Europe, has banned all flights to and from Germany, France, Spain and Switzerland with immediate effect.

Additionally, all people returning from affected countries will be required to self-quarantine of face a €1,000 fine.

The Mediterranean island nation had already banned all travel to and from neighbouring Italy, but now finds itself worryingly isolated from mainland Europe.

Needless to say, this latest move is probably too late to stop widespread infection in Malta itself, given that six cases have already been confirmed.

Earlier today, we reported SBC Events had postponed CasinoBeats Malta due to the crisis.

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The blockchain industry has been highlighted as one area that could benefit from a possible post-Brexit UK-US Free Trade Agreement (FTA).

According to an agenda recently published by the United Kingdom’s Department for International Trade, blockchain is one sector that will be discussed during negotiations.

Maintaining protections while removing digital barriers

The agenda, which covers many industries and sectors, sets out the UK’s principal objectives, which includes protecting institutions like the National Health Service (NHS), along with drug prices, worker and consumer rights, animal welfare, food standards, and environmental protection.

Regarding the blockchain and wider digital economy however, the most interesting part is a chapter setting out special provisions for Small and Medium-sized Enterprises (SMEs). This includes policies to “maximise opportunities for digital trade across all sectors of the economy.”

The text specifically points to artificial intelligence, data flows, blockchain, driverless cars and quantum technology, suggesting the FTA presents an opportunity for the UK and US to “help shape global rules through ambitious digital trade provisions.”

It specifically suggests reducing or abolishing consumer restrictions relating to US/UK digital markets, and ensuring customs duties are not imposed on digital transmissions, along with easing friction on cross-border trade and investment, and closer co-operation on financial regulatory issues.

However, the document also stresses that the UK would maintain the “UK’s high standards of personal data protection” – an obvious potential sticking point in any negotiations given US corporations’ appetite for data harvesting.

Australia and New Zealand too?

As we’ve reported over the past couple of years, there are those, including dVere Group CEO Nigel Green, who believe the UK use Brexit as an opportunity to develop itself into a world blockchain and cryptocurrency hub.

Interestingly, the agenda was “informed by one of the biggest consultations ever undertaken with the UK public, businesses and civil society, covering trade with the US, Australia, New Zealand” and “potential accession to the Comprehensive and Progressive Trans-Pacific Parntership (CPTPP).”

Of course, despite the UK now being free of EU rules, there’s absolutely no guarantee the US, which clearly holds the upper hand in any negotiations, will agree to anything – especially if Trump is still in power during negotiations.

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Attendees of the ETHLondon hackathon held from 28 Feb – 1 March, and the Ethereum Community Conference (ECC) held in Paris from 3-5 March, have been urged to get tested for COVID-19 (coronavirus).

The call follows confirmation that co-founder of decentralised login service provider TorusLabs, Zhen Yu Yong (Zen), who attended the events, has been diagnosed with the COVID-19 virus.

I fell ill yesterday and have just been diagnosed with #COVID2019. Everybody who had close contact @EthCC_ or @ETHLondon with me should take extra precautions and/or get tested

— Zhen Yu Yong (Zen) (@zenzhenyu) March 11, 2020

As the sheer magnitude of the virus crisis becomes clear, especially in Europe, where Italy has become the first country to lockdown, many blockchain industry events are being cancelled or postponed. This includes the Paris Blockchain Week Summit. Originally scheduled for 31 March – 1 April, the event has been postponed until 9-10 December.

Those events that have gone ahead as planned have seen many people stay away, with both the London blockchain week and London’s CryptoCompare Digital Asset Summit being significantly impacted.

In Hong Kong, the Hong Kong Blockchain Week 2020 has been postponed until 28-30 September, and Token2049 has been pushed back to October. In Italy, EDCON was cancelled, and South Korea’s Nitron Summit 2020 has also been postponed.

AYO.NEWS says:

With the situation in Europe and North America rapidly deteriorating, as Italy locks down the entire country and New York sees troops establish the first ‘Containment Zone’, it seems many more industry events across blockchain and emerging technologies will also be impacted.

The virus is also causing cancellations and postponements across other industries, including sports, esports and gaming. Earlier today, SBC Events announced both CasinoBeats Malta and Betting on Sports America have been postponed, while yesterday we reported EA had postponed or cancelled Apex Legends and FIFA 20 esports events.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.

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