Giant Forex Trader, Integral Development, to Launch Institutional Grade Cryptoasset Exchange

  • Integral Development Corporation, a large provider of forex trading solutions, has partnered with digital asset platform, Mint Exchange.
  • The two companies will launch an "insitutional grade cryptocurrency exchange."

Integral Development Corp. (IDC), a Palo Alto, California-based forex distribution platform and provider of online trading platforms, has announced that it will be partnering with digital asset trading platform, Mint Exchange, - in order to launch an “institutional grade cryptocurrency exchange.”

Founded in 1993 after receiving $51 million in initial funding, IDC has been able to develop a robust platform that offers a “multi-sided trading facility” - which “connects market participants with sources of forex liquidity.”

Traditional Investors Taking More Interest In Cryptoassets

Similar to how clients of other large traditional financial companies have expressed an interest in cryptocurrencies, IDC’s customers have also been looking to trade digital assets.

In order to meet the demand from its clients, IDC first integrated several cryptoassets into its proprietary Open Currency Exchange (OCX) toward the end of 2017.

In early 2018, IDC expanded its crypto services further by listing 14 different cryptocurrencies, while also integrating its trading platform with 16 other (external) digital asset exchanges.

Mint Exchange To Leverage IDC's Experience

Mint Exchange is looking to leverage IDC’s experience and expertise in trading financial assets, including how the established forex trader has been able to remain compliant with industry-specific regulatory guidelines.

Commenting on the joint initiative to build a regulated exchange for institutional investors, Masato Kikuchi, the managing director of Mint Exchange, said:

We chose to build Mint Exchange on the Integral FX platform because of its history of innovation and reliability. Integral processes over $40 billion/day in fiat currency trading, so we’re confident that it can handle our cryptocurrency volumes.

Masato Kikuchi

In order to remain competitive and improve liquidity levels on its platform, ICD introduced the Open Currency Exchange (OCX) in 2015 - which aggregates financial data from “over 250 [international] banks, brokers and asset managers directly connected into the ECN.”

According to its official website, the main purpose of the OCX solution is to connect large “forex market participants into a single integrated network of liquidity, [so that its customers can gain better access to] liquidity - to achieve greater profitability.”

Many Companies Launching Crypto Services For Traditonal Market Players

As CryptoGlobe reported, Europe-based digital asset exchange, Covesting, has announced the “soft launch” of its crypto trading platform - which also focuses on bringing more traditional financial players such as asset managers to the blockchain and crypto ecosystem.

Covesting’s management, which includes former executives from Danish financial institution, Saxo bank, has also been working extensively in crypto-friendly Gibraltar - as they intend to fully establish their headquarters in the British Overseas Territory.

Binance CEO Sues VC Firm Sequoia for Reputational Damages

Francisco Memoria

Changpeng Zhao, the CEO of leading cryptocurrency exchange binance, has reportedly sued well-reputed venture capital firm Sequoia over reputational damages allegedly caused by a lawsuit the VC firm filed against Binance that was dismissed.

According to a filing submitted to the High Court in Hong Kong that was obtained by CoinDesk, Changpeng Zhao, referred to as CZ, claims Sequoia Capital China, a unit of Sequoia, significantly damaged his reputation and is looking for compensation.

This, according to the CEO, prevented him from raising money at a proper valuation for Binance. Sequoia reportedly damaged his reputation through a lawsuit filed in April of last year over a funding deal that went awry.

A hearing for the case is set to take place on June 25 between CZ and SCC Venture VI, a special purpose vehicle of Sequoia Capital China. An inquiry to determine whether Zhao “sustained any and what damages” is being demanded, over an injunction order Sequoia obtained in late 2017 that reportedly prevented CZ from raising funds in March of 2018.

Sequoia’s initial lawsuit was dismissed by the Hong Kong High Court, with the VC firm having to repay Binance the legal fees required for its legal representative.

In the filing, the CEO of Binance stated:

The injunction order has caused loss to me for which I am entitled to reasonable compensation by Sequoia. In particular, I have suffered i) a loss of chance to raise capital through successive rounds of financing at increasing high valuations; and ii) damage to my reputation.

Sequoia is notably seen as one of the most well-reputed venture capital firms focusing on tech startups, and available data shows it operates 22 funds across the globe and raised $15.3 billion so far.

Meanwhile, Binance has been going through a rough few weeks. The exchange was hacked for 7,000 BTC earlier this month, and considered rolling back the Bitcoin blockchain to recover the stolen funds, a move that saw him be heavily criticized on social media.

Binance recently published an extensive blog post recapping the incident that detailed hackers managed to control a number of Binance user accounts and structured large withdrawals from these. More recently, various users complained they lost funds after experiencing lag on the trading platform.