Verge (XVG) Set to be Added to Huobi Pro, Price Spikes

Avi Rosten

Anonymity-focussed cryptocurrency Verge (XVG) is set to be added to leading crypto-exchange Huobi Pro.

Announcing the news at 7.30 this morning (BST) on their website, the Singapore-based exchange explained how the launch will unfold:

Verge (XVG) will be launched on Huobi Pro on July 31, 2018 (GMT+8). Deposits will be available from 14:30, July 31, 2018 (GMT+8). XVG/BTC and XVG/ETH trading will be available at New Zone from 15:00, August 1, 2018 (GMT+8). Withdrawals will be available from 14:30, August 3, 2018 (GMT+8).

 

minute_CryptoCompare_Index_XVG_USD_289_51533033745238.pngSource: CryptoCompare

With the price surging notably this morning, the listing from one of the word's most popular exchanges is a significant milestone for Verge.

Having experienced difficulties this year due to apparent security breaches – suffering the theft of over 35 million XVG ($.18m at the time) in the second of two attacks that seems to have exploited a security flaw in the Verge code - the confidence shown by a leading exchange is likely encouraging investors.

With Verge also making headlines earlier in the year for their somewhat controversial partnership with Pornhub, it will be interesting to see if the coin can gain traction with the listing from such a prominent name.

OKEx Was the Top Crypto Derivatives Exchange in September, Report Shows

Leading cryptocurrency exchange OKEx was the top crypto derivatives exchange in the month of September, trading a total of $90.3 billion in total. Huobi followed suit, trading $84 billion.

According to CryptoCompare’s September 2019 Exchange Review, the crypto trading platform represented 33.7% of the daily derivatives volumes, trading $3.08 billion per day. Behind OKEx was Huobi with $2.82 billion traded a day, followed by BitMEX’s $1.88 billion.

Cryptocurrency exchanges like Deribit and CryptoFacilities, which is FCA-regulated, represented only $334 million and $74 million a day, respectively.

Top derivatives exchangesSource: CryptoCompare Exchange Review

The report notes that the most traded derivatives product by trading volume was BitMEX’s perpetual BTC futures contract, as its total trading volume for the month was of $41.7 billion. Other top traded products were BTC futures contracts expiring on September 27, with Huobi’s contract seeing $23.3 billion traded, while OKEx saw $17.4 billion traded.

OKEx’s lead when it comes to cryptocurrency derivatives was likely derived by its offering. The cryptocurrency exchange has various futures contracts being offered on its website – not just for BTC but for other top cryptocurrencies like BCH, BSV, EOS, XRP, and TRX.

Similarly the cryptocurrency exchange, which earlier this year announced it’s working on developing global compliance standards for cryptocurrency exchanges through a Self-Regulated Organization (SRO), offers perpetual swaps for these cryptos.

As CryptoGlobe reported, CryptoCompare’s report for August found similar results when it came to OKEx. Despite a market-wide drop in terms of derivatives trading volumes, the cryptocurrency exchange managed to capture over one-third of the market in August.

CryptoCompare’s September 2019 Exchange Review also found that lower-rated cryptocurrency exchanges – according to its Exchange Benchmark Ratings – have been gaining market share in terms of spot volumes.

Per the report, exchanges with an “E” rating represented a total trading volume of $179 billion in September, after seeing an increase of over 30% from the prior month. Exchanges like OKEx, which is A-rated, represented a smaller piece of the pie, with only 14.3% of the market share.