CRYPTO NEWS

YGG Token Now in Coins.ph

Philippine-based crypto mobile wallet and exchange Coins.ph, announced last Tuesday the availability of the YGG token, the utility token of decentralized gaming guild Yield Guild Games (YGG), on their site.

YGG token is an ERC-20 token that is backed by Yield Guild’s assets and is the native token of Yield Guild Games, which will eventually transition to a full Decentralized Autonomous Organization (DAO).

[What are the ERC-20 tokens supported by Coins.ph? Read here.]

Though it only serves as a governance token as of the moment, it will eventually entitle its holders to cash flows from the underlying activities of the guild.

In addition, YGG token holders will have access to exclusive channels on YGG Discord.

According to the YGG’s current roadmap, the asset base of the guild will be geared around known blockchain games like Axie Infinity, The Sandbox, and League of Kingdoms.

Meanwhile, the token value, according to data analysis website Messari, will be based on yield on assets in the treasury, percentage of APY token rewards from yield farming, and revenues earned via e-sports and generated through raids, sponsorships, subscription fees, and sale of merchandise. 

YGG currently has approximately 27,000 scholars present in more than 20 countries across the globe.

It is known for its projects like Sponsor-A-Scholar, YGG Managers Cup, Axie Bootcamp, and YGG Community Streams.

YGG’s Typhoon Odette Relief, initiated by YGG’s local arm, YGG Pilipinas, was also one of the big programs of the guild; together with YGG’s Country Manager, Luis Buenaventura II.

[How YGG’s Crypto Donation Drive Made Impact to Odette Victims? Read here.]

At the time of writing, YGG token’s price is $0.7838 with a 24-hour volume of $89,499,309, according to the data on CoinMarketCap.

The addition of YGG token made the total number of cryptocurrencies available to buy, sell, and store on the Coins.ph application to 17.

Last month, cryptocurrency coin Chiliz (CHZ) was also added to the crypto wallet.

Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and is the only blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.

This article is published on BitPinas: YGG Token Now in Coins.ph

Editing by Meghan Lim

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

The post YGG Token Now in Coins.ph appeared first on BitPinas.

Nomura Launches Over-the-Counter Bitcoin Derivatives 

Japanese financial services giant Nomura has launched bitcoin derivatives for its institutional clients. The first trades were executed by Cumberland DRW on behalf of Nomura on the CME. Over-the-Counter BTC Futures and Options Nomura’s over-the-counter bitcoin futures and options will be available to institutional clients. They will be non-deliverable and have to be settled in::Listen

Japanese financial services giant Nomura has launched bitcoin derivatives for its institutional clients. The first trades were executed by Cumberland DRW on behalf of Nomura on the CME.

Over-the-Counter BTC Futures and Options

Nomura’s over-the-counter bitcoin futures and options will be available to institutional clients. They will be non-deliverable and have to be settled in cash, media reports said.

Talking about the partnership with Cumberland DRW, Nomura’s head of markets, Asia ex-Japan (AEJ), Rig Karkhanis, said in a statement, “Working with institutional-grade counterparties will allow us to scale into the increasing demand from our clients.”

Derivatives During Digital Assets Meltdown

Although crypto markets are in a bearish mode for the past few months, the demand from institutional and private investors for such services has been growing, forcing global investment banks to expand into the industry.

The current meltdown that left the crypto market with a $300 billion setback in just four days will likely spur the demand for greater regulation.

“We expect the sector to mature over time, to become more regulated, which makes it more attractive for an institutional investor,” Tim Albers, head of Forex Structuring, AEJ, Nomura, said.

At a time when bitcoin has shaded more than half of its value since the all-time high of $69,000 in November 2021, it could be just the right time to launch more derivatives related to BTC, the executive opined.

“There has been significant volatility recently. Once the dust settles, valuations will become more attractive for institutional clients. We’re pretty excited to get this off the ground as the launch marks the start of our journey into the space for the global markets business,” Albers said.

Nomura as First Crypto Custody Bank

Nomura’s interest in crypto dates back to May 2018, when it became the first crypto custody bank through a new venture called Komainu. It partnered with crypto security and infrastructure solution provider Ledger and bitcoin-specialist investment manager Global Advisors.

Storage and security concerns had been a major bottleneck in large-scale investments in cryptocurrencies from investment bankers. The move was expected to unlock institutional investors’ interest in digital assets.

In July 2020, it launched a custodial service for traditional investors through Komainu in partnership with Ledger and investment company CoinShares. Komainu is the first regulated digital assets custody solution built by institutions for institutions, the company claimed.

Featured Image Courtesy of GlobalCapital

YGG Token Now in Coins.ph

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