Binance Ethereum Futures, Hackers Steal $50 Mn In Crypto & More

Binance along with TravelbyBit has also created a crypto-backed travel rewards card

Over cryptocurrencies worth $205 Mn have been stolen from eight crypto exchanges world over

Coincover, BitGo launch crypto-insurance product, called Cryptocurrency Wills.

Following the footsteps of China, while the Indian government is working towards the development of blockchain, it is equally focussed on banning cryptocurrencies in the country as well. The existing draft cryptocurrency bill says so.

Responding to a question in Lok Sabha, Ministry of Electronics and Information Technology (MeitY) stated,

Considering the potential of Blockchain Technology and the need for shared infrastructure for different use cases, an approach paper on national level blockchain framework is being prepared, for scaling up and wider deployment of blockchain-based use cases.

Meanwhile, Bitcoin, after registering a 6-month low price at $6.63K on November 25, has gained over $1K since then. The cryptocurrency is currently trading at $7,780.

Image: Coinmarketcap

Let’s take a look at this week’s news!

Binance Launches Ethereum Futures

Leading cryptocurrency exchange Binance has launched Ethereum futures contracts with up to 50x leverage on its Binance Futures trading platform. The platform had earlier launched BTC contracts and claims to have already reached an all-time high  daily trading volume of more than 370,000 BTC (approximately $2.7 Bn USD) in recent market spikes.

Commenting on the launch, CZ (Changpeng Zhao), CEO of Binance said,

“Binance Futures is a relatively new product, so is the crypto derivatives industry. We are committed to driving product innovations and growing our industry.”

The company, which last week had acquired Indian cryptocurrency exchange WazirX, has also announced a partnership with Australian crypto entity TravelbyBit. The duo has created a cryptocurrency-backed travel rewards card to facilitate crypto payments on major travel websites.

Another South Korean Exchange…

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