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Crypto Facilities bitcoin futures liquidity increases 10x since February

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Crypto Facilities, a cryptocurrency derivatives exchange (recently acquired by Kraken), a couple of months ago introduced a Revenue Share Program (RSP) to incentivize clients to provide liquidity and trade actively on the exchange.

The team reported today that the program has proved a huge success, reaching a record weekly pay-out of $175,000 last Friday. The exchange also has seen liquidity grow considerably across all products, with bitcoin and ether liquidity increasing by up to 10x since February.

Changes

To continue the success of the program, starting on May 31, 12:00 UTC, the Crypto Facilities team will be amending the parameters of the RSP to further drive liquidity to Kraken Futures:

Revenue Share (%) Minimum Payout RSI Liquidity/Volume Share Proportional Payout Slot Payout Number of Slots
Current 30% $25,000 75%/25% 50% 50% 4
New 30% $25,000 75%/25% 20% 80% 7

While Crypto Facilities will be maintaining the $25,000 minimum payout, the split amongst the Contract Types are being adjusted to:

  • XBT:USD $9,000
  • ETH:USD $6,000
  • XRP:USD $3,000
  • LTC:USD $3,000
  • BCH:USD $3,000
  • XRP:XBT $1,000

The 80% slot payout will be disbursed across 7 slots per Contract Type as follows:

  • Slot 1: 25%
  • Slot 2: 17.5%
  • Slot 3: 12.5%
  • Slot 4: 10%
  • Slot 5: 7.5%
  • Slot 6: 5%
  • Slot 7: 2.5%

Lastly, Crypto Facilities will now allow clients with linked/subaccounts to have their performance summed so that they can aggregate their activity for the purpose of RSP rewards.

Position Assignment System Preference Management

Crypto Facilities also today provided an update to its Position Assignment System (PAS). Last year, the exchange launched a PAS as a mechanism to handle liquidations which were not filled in the orderbook. This approach is an alternative to the insurance fund/clawback system model that is prevalent in cryptocurrency derivatives markets.

Users can now opt into the PAS and receive position assignments from liquidated traders at favorable prices. Now when logged into their account, users can add preferences for how they would like to participate in the PAS, first, they are advised to read up on the PAS.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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