SUI hits new ATH following blockchain academy collaboration

OPNX Enables Margin Trading via oUSDCrypto futures and bankruptcy claims trading exchange OPNX has unveiled a credit currency called “oUSD” for margin trading.The company announced the new currency via a statement to Cointelegraph by OPNX Co-Founder Mark Lamb on Wednesday. The initial phase of oUSD requires users to deposit crypto assets into the exchange to acquire the currency. In the subsequent phase, OPNX plans to enable users to obtain oUSD by depositing crypto into on-chain contracts, allowing for potential “bankruptcy remoteness,” according to Lamb.Photo by Krišjānis Kazaks on UnsplashSolving three problemsThe currency’s litepaper identifies three problems that oUSD aims to solve. Firstly, lenders are hesitant to trust platforms to hold cash loans backed by crypto collateral. Secondly, exchanges and lending platforms are wary of lending cash to margin traders due to the multiple bankruptcies witnessed during the bear market of 2022. Lastly, crypto derivatives traders seek “portfolio margin” to borrow and trade based on their crypto holdings rather than stablecoin holdings.To address these concerns, oUSD is designed as a “credit currency.” It can be obtained at a 1-to-1 ratio with Tether (USDT) or used to measure profit and loss when users utilize Bitcoin or other cryptocurrencies as collateral. Users with negative oUSD balances are subject to an interest rate determined by holders of the platform’s native token, OX. Those with a positive balance can redeem oUSD for USDT.Future plansLamb discussed future plans with Cointelegraph, explaining that users will eventually be able to acquire oUSD by staking cryptocurrencies within smart contracts outside the platform. This mechanism aims to provide bankruptcy remoteness, safeguarding users from potential exchange insolvency.One of the co-founders of OPNX, Kyle Davies, along with Su Zhu, also co-founded the failed hedge fund Three Arrows Capital (3AC), leading to controversy surrounding the exchange. OPNX’s CEO, Leslie Lamb, admonished investors for allegedly misleading the public by disassociating themselves from the exchange. Responding to criticism, Mark Lamb argued that the mistakes made by Davies and Zhu have contributed to improving OPNX as an exchange.Lamb stated: “I think Kyle and Su kind of portrayed the zeitgeist of the last crypto bull market well, and they lost the majority of their net worth, but they are building back, and that’s what I am doing as well, and that’s what everyone should do… just build back.”Appearing on a Twitter Spaces recently, the founders of the bankrupt Singapore-headquartered 3AC said that they are committed to donating future earnings from OPNX to the creditors of the collapsed crypto hedge fund. Goodwill has been largely lacking for the duo following the 3AC collapse yet undeterred, they are putting all their energies behind their new venture, OPNX.OPNX’s launch of oUSD as a credit currency offers potential solutions to the challenges faced by lenders, exchanges, and margin traders in the crypto space. By introducing oUSD, OPNX aims to provide a safer trading environment, provable solvency, and custody on-chain, giving users protection for their assets and promoting trust in the exchange. Trust might be in short supply for the start-up’s founders although there’s no doubt that they have acquired a lot more experience in the wake of the 3AC collapse.

Korean crypto exchange Upbit adds one-second interval chartsSouth Korea’s largest cryptocurrency exchange, Upbit, now offers one-second interval charts for its users.Dunamu, the blockchain and fintech company behind Upbit, announced on Friday (local time) that it has introduced a one-second interval feature to Upbit’s “original” charts. This makes Upbit the first Korean cryptocurrency exchange to offer this functionality.Photo by m. on UnsplashResponding to user demandUpbit has rolled out this one-second interval feature in response to user demand. This addition facilitates a broader range of investment strategies, allowing Upbit users to fine-tune their decisions based on their investment preferences. Now, the time frames available on Upbit are 1 second, 1 minute, 3 minutes, 5 minutes, 10 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week and 1 month.A representative from Upbit said that they have incorporated the one-second interval feature into their original charts to provide users with quick and easy access to virtual asset price information for their investments. The official added that the company will remain committed to fostering a user-friendly and comfortable trading environment.Available on both web and mobileUsers can access the one-second interval feature on both the web and app versions of Upbit. To utilize this feature, they can select the “1s” time frame on the original charts found under the “Exchange” tab of Upbit.

The CEO of Japanese hotel operator turned Bitcoin treasury company, Metaplanet, has suggested that the firm may consider acquiring a digital bank in the future. Simon Gerovich, the firm’s CEO and a former Goldman Sachs banker, told the Financial Times that part of the second stage of its overall strategy may involve “acquiring a digital bank in Japan and providing digital banking services that are superior to the services which retail now is getting.”Photo by Kanchanara on UnsplashBitcoin gold rushGerovich explained that phase one of Metaplanet’s plan involves participating in what he considers to be “a bitcoin gold rush.” He added: “We need to accumulate as much bitcoin as we can . . . to get to a point where we’ve reached escape velocity and it just makes it very difficult for others to catch up.” Other firms are jumping on the bandwagon, as within a very short timeframe, 140 companies around the world have adopted a Bitcoin treasury strategy. Metaplanet currently weighs in as the fifth-largest corporate holder of Bitcoin globally. Right now, the company holds 15,555 BTC. Its target is a holding of 210,000 BTC, which equates to around 1% of the total Bitcoin supply. Based on current pricing, such a holding would be worth in the region of $23 billion. Acquiring cash-generating businessesOnce the company has accomplished its Bitcoin accumulation goals, it plans to move on to phase two, acquiring cash-generating businesses while leveraging its Bitcoin holdings in order to do so. Using Bitcoin as collateral, Gerovich said that Metaplanet will “get cash that we can use to buy profitable businesses.”  While inroads are being made with regard to the acceptance of Bitcoin as a corporate reserve asset, it is earlier days still for its acceptance as collateral. Last month, the Federal Housing Finance Agency (FHFA) in the United States, ordered Fannie Mae and Freddie Mac, key government-sponsored players in the American mortgage market, to explore the treatment of Bitcoin as eligible collateral for mortgages. Standard Chartered and crypto exchange OKX launched a pilot program earlier this year geared towards the use of crypto for collateral purposes. Gerovich talks in terms of Metaplanet’s phase two plan playing out at a time “when bitcoin, like securities or government bonds, can be deposited with banks and then they’ll provide very attractive financing against that asset.” The Metaplanet CEO stated that he expects the Bitcoin accumulation phase of the plan to play out over a period of between four and six years. The Tokyo-listed firm started accumulating Bitcoin in 2024. Some market participants are backing Metaplanet’s strategy with their own money. Global investment management firm Capital Group recently became Metaplanet’s second-largest investor. Bitcoin treasury criticsHowever, the emergence of Bitcoin treasury firms has also drawn quite a few detractors. Some critics point out that many of these companies have a negative operating income. Market analyst Caleb Franzen asserted that even after buying Bitcoin, they’re still junk companies. Others point out that too many firms have jumped on the Bitcoin treasury bandwagon, making the prospect no longer attractive. Fakhul Miah, managing director of GoMining Institutional, is also concerned about copycats. He told Cointelegraph that ”if these smaller firms crash, we could see a ripple effect that hurts Bitcoin’s image.”