Bitfury to Launch Blockchain-Based Music Business

The Bitfury Group, a fintech giant that develops blockchain technology for clients and sells mining gear, has recently announced the launch of a blockchain-based music and entertainment division that’s set to be secured by the bitcoin blockchain.

The company’s new open-source platform, named SurroundTM, will encourage collaboration and promote innovation within the entertainment industry. According to Bitfury, it’ll streamline the “secure transfer of copyright assets,” including proper monitoring and management systems.

SurroundTM is, per the company, set to create a digital system that’ll allow users to share and monetize intellectual property, while giving them “transparent management functions and trusted data.”

Speaking to Reuters Stefan Schultz, Bitfury Surround’s chief executive and a 20-year entertainment industry veteran, stated:

There is a very strong momentum for an open entertainment-related blockchain where market participants themselves would be participating in the market venue, not only from a transactional value point of view.

Schultz added that the platform itself is still being put together, although several parts “have already been in place.” The Bitfury Surround arm of the company is set to be based in Europe, with operations in Amsterdam and Berlin, and its platform “won’t be complete for some time,” Reuters reports.

As CryptoGlobe covered, the BitfuryGroup has last year completed an $80 million funding round led by Europe-based growth capital firm Korelya Capital, that included investments from Mike Novogratz’ crypto merchant bank Galaxy Digital, and Asia-based financial services firm Dentsu Inc. It valued Bitfury at $1 billion.

Bitfury has also recently partnered with one of the world’s largest consulting firms, PricewaterhouseCoopers, to deliver blockchain solutions to the consulting firm’s Russian enterprise clients. Bitfury’s clients for blockchain technology solutions reportedly include the Ukrainian government.

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.