Delta Exchange has announced the launch of the industry’s first turbo options, or callable bull and bear contracts, for Bitcoin. 

From today, traders using the Saint Vincent and Grenadines-based derivatives exchange can open turbo call/put positions to track the price performance of Bitcoin (BTC) with up to 200x leverage. 

Barrier price for the BTC options contracts will be 0.5% below the spot price and a mandatory call feature will give the right to the seller to call the option if the barrier price is hit. Initially, the new turbo options will be settled daily in BTC, with weekly and monthly settlements to follow.

Discussing the launch of the options CEO of Delta Exchange, Pankaj Balani, explained: 

“In the traditional markets, turbo options have become wildly successful because they provide traders with a way to capture the upside in underlying assets at fractional risk. By introducing these new exotic options to the crypto industry, we expect to drive increased open interest and participation in Bitcoin options trading.

“Turbo calls and puts are primarily retail driven products. They provide a way for retail traders to capture upside in the price of Bitcoin for a fraction of the price and without risking much capital. However, we must note that these products are exotic derivatives products and traders should make sure they understand the product and risks associated with them before trading in them.”

Crypto derivatives now capture more than $24 billion USD in daily trading volume, with BTC leading – breaking a record $2.4 billion worth of options contracts opened during last month’s expiry week. 

AYO.NEWS says:

While it’s great to see the crypto derivatives industry innovating and expanding, investors would do well to note Balani’s words when he explained that turbo options are “exotic derivatives products and traders should make sure they understand the product and risks associated with them before trading in them.”

Indeed, just last week the UK’s Financial Conduct Authority (FCA), confirmed that it will be banning retail crypto derivative products from 6 January 2021, citing a lack of understanding among retail investors as one of the reasons. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.

Russian Premier League football club Zenit St. Petersburg is the latest to join blockchain-based fantasy platform Sorare. 

From today, Zenit players will be released as non-fungible token based collectible and tradable digital cards on the Ethereum blockchain, through the Sorare platform, joining over 100 other international clubs, including big names like Atletico Madrid, Juventus, and Paris Saint-Germain. 

In addition to trading, once users have collected at least 5 digital cards they can play fantasy games – with the score for each player card being correlated to their real-world performances. 

Launched in March 2019, Sorare now has more than 40,000 worldwide users, with Russia being the platform’s third-biggest market – seeing an incredible 70% month-on-month user growth. 

Discussing the news CEO at Sorare, Nicolas Julia, said:

“We are delighted to have the Russian Premier League side Zenit Saint Petersburg join Sorare today. We are proud to help Zenit shine even more all over the world through our game. This agreement is a key step in our vision to create a global fantasy football game with the top 20 leagues in the world.”

While General Director at FC Zenit, Alexander Medvedev, added:

“FC Zenit is proud to announce the collaboration with Sorare. We look forward with great anticipation to future engagements with our new partner and we see the possibility for developing new digital markets and joining the already 15 million fans playing the game around the world.“

As previously reported, at the end of September, Sorare officially launched in the United Kingdom – currently the platform’s 5th most important market in terms of user numbers.

AYO.NEWS says:

Blockchain platforms are opening up several exciting new opportunities for football clubs to engage with their fan bases and drive revenue. In addition to NFT-based trading cards, there’s also Socios.com from Malta-based Chiliz, which enables clubs to issue their own tokens, that fans can buy to gain voting rights and exclusive rewards, and lets not forget Blocksport’s comprehensive blockchain-based engagement platform. Indeed, Atletico Madrid, Juventus, and Paris Saint-Germain and several other clubs are embracing both Sorare and Socios.com. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.

New bitcoin (BTC) sports betting exchange, Exbet, has launched, billing itself as “Betfair for Bitcoin.”

A full-featured and licensed betting exchange using BTC as its native payment option, Exbet offers a one percent flat rate commission, and allows users to trade across all major soccer leagues, the NFL, and cricket’s IPL, with more sports, including the NBA to be added later this year. 

Exbet also provides API integration for algorithmic trading, and third-party tools, and says it is already seeing encouraging pre-match liquidity on its markets. 

Commenting on the launch COO of Exbet, David Evans, said:

“With the sporting calendar back on track, we are thrilled to launch Exbet, the world’s first fully-featured and licensed Bitcoin betting exchange. Betting exchange users have, for too long, been neglected by a handful of operators more focused on short-term gains than the long-term health of the vertical.

“We see considerable opportunities at the intersection of blockchain and betting exchanges, with many cryptocurrency users already familiar with exchange mechanics.

“This new audience, combined with a growing number of exchange veterans and market makers switching to Bitcoin for our low commission rate, means we can offer strong pre-match liquidity immediately.”

AYO.NEWS says:

One of the clear advantages of using cryptocurrency for betting exchanges is the significant cost savings it offers, coupled with quick transactions and security. It will be interesting to see how the big established exchanges, like Betfair, respond to Exbet’s challenge. 

So far the only concerning thing regarding exbet seems to be the fact it is licensed in Curacao. However, unlike the Curacao-licensed Bitcoin casino we reported on yesterday, Exbet does have a KYC process in place for those wishing to increase their daily withdrawal limits beyond the basic level. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.

Seapod home company Ocean Builders has announced it is turning a former P&O cruise ship into a floating city for crypto companies and entrepreneurs.

The company says the former P&O Cruises Australia cruise ship Pacific Dawn will be renamed Satoshi, and be permanently anchored in the Gulf of Panama, around 30 mins by ferry from Panama City. 

Satoshi’s 777 cabins will be sold via auctions aimed at crypto companies, entrepreneurs, and digital nomads, including families, and will boast restaurants, bars, retail outlets, a hair salon and spa, an outdoor movie theatre, a library, lounges, a gym, a casino, medical services, a water park, and even an ice creamery. 

Residents of Satoshi will be able to pay for goods and services using both Bitcoin (BTC) and US dollars, and will enjoy a discount at onboard restaurants. 

Commenting on the project Ocean Builders COO, Chad Elwartowski, said: 

“We look forward to creating a hub for technology and innovation here in Panama. Our goal is to figure out how to live sustainably on the sea and chart new waters in this new frontier.”

Prices for cabins are between $25K and $50K USD, plus monthly fees, and the first batch of 200 is set to be auctioned between 5 – 28 November. Cabins are being sold one deck at a time, to give companies the chance to buy adjacent rooms. 

The vessel, which was sold by P&O’s owner, Carnival Corporation, because of the ongoing COVID-19 crisis, is currently preparing to set sail from the Mediterranean bound for Panama, and is expected to welcome its first residents aboard sometime early in 2021. 

AYO.NEWS says:

Presumably, the real idea behind this project is to anchor in international waters, and hence outside of any specific country’s jurisdiction, allowing for unfettered crypto (and other) business. It’s definitely intriguing, and thanks to the COVID-19 pandemic, there’s sure to be a plentiful supply of excess cruise ships for sale over the coming years, so we could see entire flotillas of floating crypto-friendly offshore cities launch.

Perhaps one of the biggest questions will be regarding law enforcement and security. Though crypto entrepreneurs may not want to adhere to financial regulations, cruise ships like this will be massive, high-value sitting ducks for terrorists, hijackers, cartels, and common criminals alike – and if the residents and companies aren’t paying taxes, we can’t see that any country will be offering to provide free security. 

Of course, there’s also a whole host of other issues for anyone looking to reside permanently in an extra-territorial location. How do you maintain recognised residency status, how do you keep access to bank accounts? The list goes on and on…

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.

Former IBM Vice President, Heinrich Zetlmayer, has joined Blocksport’s board of directors. 

Zetlmayer, who is also currently on the board of ESL, has been drafted in by the Switzerland-based mobile blockchain application solutions provider to support its key management as the business grows. 

Blocksport provides white-label mobile app solutions for both traditional sports and esports organisations, combining information, community management, gamification, consumption, loyalty rewarding and fundraising within one platform. 

Current esports clients include Furia, Virtus.pro, Nordavind, BIG Clan, Team Singularity, and Penta Sports, while the company is also marketing its products to football, volleyball, basketball, hockey, cricket, and rugby clubs.

Discussing the appointment CEO of Blocksport, Vladimir Liulka, said:

“Heinrich is an industry-recognised growth expert with strong traction in the esports market. We are happy to see Heinrich among our Board Directors and we have no doubts that his know how and insights will accelerate our company’s growth.”

While Zetlmayer himself added:

“Glad to work with the Blocksport team to support fan engagement for esports and other sports. Esports and other sports teams want to engage more with their fans and fans want to engage deeper with their teams and that needs to be better supported.”

AYO.NEWS says:

Fan engagement is becoming a real battleground across both esports and traditional sports, with several blockchain-based solutions now enabling clubs and organisations to offer fans a whole new experience. In addition to complete white-label solutions like Blocksport, there are also fan-voting focused apps like Socios.com by Chiliz, and several companies offering NFT-based official collectibles and trading games platforms.

We’re sure that Zetlemayer’s vast experience will help accelerate Blocksport’s growth, and look forward to seeing the platform expand more into the traditional sports world. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.

The G7 group of countries have reiterated their intention to oppose the launch of Facebook’s Libra stablecoin project. 

According to a 12 October report from Reuters, central bankers and finance ministers from the G7 – which comprises the United States, United Kingdom, Canada, Germany, France, Italy, and Japan – have issued a draft statement confirming their intention to block the stablecoin project until appropriate regulatory oversight is in place. 

Specifically, the statement read:

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards.”

Despite the opposition to any imminent launch of projects like Libra, the G7 did however acknowledge that such projects did offer the potential to improve access to financial services, improve efficiency, and reduce costs. 

Unsurprisingly, the G7 nations are concerned that without adequate regulation, projects like Libra are open to being abused by money launderers and terrorism financiers, and could undermine consumer protection, legal certaintly, and market integrity. A warning was also sounded about the rise of ransomware attacks, particularly with the massive COVID-19 induced shift to online commerce and business. 

The draft statement also noted that several of the G7’s central banks, including the Bank of England, are now actively exploring central bank digital currencies (CBDCs), and that the European Central Bank has said it should be ready to introduce a digital euro. 

AYO.NEWS says:

Though the G7’s hostility to Libra is unsurprising considering the noises made by these countries thus far, it’s great to see the tone about digital currencies in general is softening – again, the COVID-19 crisis and massive shift to online business and cashless transactions has probably provided a wakeup call to even the most obstinate dinosaurs. 

Staying with Libra, in July, UC Berkeley professor, economic historian, and former IMF policy adviser, Barry Eichengreen, said that Libra will likely encounter too many “insoluble” problems and roadblocks from national governments to ever properly launch.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.