Crypto Derivatives Blossomed In May, Celsius Hit USD 1B + More News
Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
- Derivatives represented 32% of the crypto market in May, compared with 27% in April, according to a report by CryptoCompare. Volumes for all crypto derivatives increased 32% in May to an all-time high, totalling USD 602 billion, while total spot volumes increased 5% to USD 1.27 trillion. Volumes for CME Bitcoin derivatives soared 59% to USD 7.2 billion, which is a monthly increase greater than any other derivatives exchange, both regulated and non-regulated. Huobi was the largest derivatives exchange and traded USD 176 billion (up 29% since April), followed by OKEx's USD 152 billion (up 33%) and Binance's USD 139 billion (up 58%).
- Major crypto lender Celsius (CEL) has surpassed USD 1 billion in total cryptocurrency deposits less than two years after launching its mobile app and acquiring more than 110,000 active users. According to the press release, the company has paid more than USD 17 million in interest rewards to its clients to date, and over USD 12 million in BTC interest.
- South Korean tech giant Kakao has had a week to remember: After launching its chat app-linked crypto wallet and claiming that over 100,000 users have opted in to the new crypto service, it has managed to find a domestic exchange to list its Klaytn blockchain network-issued Klay tokens. Per Tech M, Coinone, one of the nation’s top four crypto exchanges, say it will list Kakao’s Klay, with a Klay-South Korean won pairing going live today.
- City authorities in Suzhou, China, say that they are piloting a range of blockchain-powered notary services that will potentially help millions of citizens do away with in-person visits to lawyers’ offices and government offices. Per China Quality News, the platform will allow parties to make use of real-time tracing functions and easy management solutions. It will also allow for faster dispute settlements, allowing notaries to access cloud-based audio and video records for legal purposes.
Crypto adoption news
- A number of major Japanese banks and financial companies have agreed to form a digital currencies study group. Per DG Lab, the group comprises Mitsubishi UFJ Financial Group’s banking arm, Mizuho Bank and the Sumitomo Mitsui Banking Corporation. The East Japan Railway company – already running a crypto pay pilot – will also take part, as will crypto exchange DeCurret. The top financial regulator, the Financial Services Agency (FSA), will also participate, with a former Bank of Japan executive chairing the study group meetings.
- A Japanese university says that it will launch a local stablecoin. Per a press release, the University of Aizu, in Fukushima, will use the same tech solutions for the token as are being used in the Bakong project – now being developed by Japanese firm Soramitsu in conjunction with Cambodia’s central bank. Soramitsu says that campus-based stores and eateries will accept the new token.
- The New York State Department of Financial Services (DFS) signed a Memorandum of Understanding with its French regulatory counterpart, Autorité de Contrôle Prudentiel et de Résolution (ACPR), to ease entry for fintech innovators into the New York and French markets. DFS and ACPR will cooperate with the aim of encouraging innovation in their individual financial services markets, enhancing consumer protection, and supporting financial innovators to enter and meet regulations in each other’s jurisdictions.