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BitMEX, the Seychelles-headquartered cryptocurrency derivatives exchange, has officially launched a new options trading platform in collaboration with PowerTrade, a specialized crypto options platform.  The exchange announced details of the new product offering via a blog post published to its website. The firm intends to provide traders with a comprehensive suite of options for major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Solana (SOL) and Dogecoin (DOGE).  Crypto options are being offered in an effort to cater to the needs of institutional traders. Mario Gomez Lozada, CEO of PowerTrade, highlighted the synergy between BitMEX's deep market liquidity and PowerTrade's trader-centric technology. This strategic alliance aims to furnish traders with a seamless and high-performance trading experience, with the objective of meeting the demands of serious traders seeking effective and efficient trading tools. Taking to X, PowerTrade described the partnership as “a new era for options.” The firm outlined that although options only account for 3% of the crypto market, its expanding rapidly year-on-year. Not to be outdone, BitMEX also took to X, posting that “BitMEX invented the perp - now we’re reinventing options.”Photo by Viktor Forgacs™️ on UnsplashTaking on DeribitBitMEX made a name for itself in the industry by offering 100x leveraged perpetual swaps. It recently upped the ante to 250x for its Bitcoin perpetual swap prior to the halving. The company is now attempting to etch out a significant market share in the crypto options niche. To do so, it will have to compete with market leader Deribit. Deribit has been at the helm, accounting for 70% ($35.7 billion) of the $51.1 billion trading volume for Bitcoin options in April and maintaining its dominance since 2020. Despite challenges from large crypto exchanges like OKX and Binance, Deribit has held its ground. In discussion with The Block, BitMEX CEO Stephan Lutz said that the firm was targeting at least $500 million in trading volume within three months,  Zero trading feesIn a bid to attract traders to its new platform, BitMEX has devised a promotional campaign featuring zero trading fees on all options transactions throughout May. Moreover, the first 1,000 new traders joining the platform will receive a $20 bonus, further incentivizing participation. The platform also offers rewards based on trading volume, referred trading volumes and monthly trading competitions, injecting an element of competition and potential profit for active users. Upon conclusion of the promotional period, BitMEX's fee structure for options trading will align with its existing spot trading framework. This strategic move ensures a seamless integration of the options platform into BitMEX's ecosystem, providing users with a consistent and predictable cost model when trading across different digital assets.

Assemble Protocol’s Native Token Now Supported by Ceffu’s Custody SolutionAssemble Protocol, a blockchain-based global point integration platform headquartered in Hong Kong, has announced a partnership with Ceffu, previously known as Binance Custody, according to South Korean blockchain news outlet Bonmedia.Ceffu serves as the sole institutional custody partner of Binance Exchange, the world’s largest cryptocurrency exchange based on trading volume. It started as a custodian platform in 2021 and underwent a rebranding from Binance Custody to Ceffu in February. Ceffu offers support for a diverse range of digital assets, including BTC, ETH, BNB, LTC, and XRP.Photo by rc.xyz NFT gallery on Unsplash$1M minimum depositThrough this collaboration, ASM, the native token of Assemble Protocol, has been included in the list of Ceffu’s supported assets, enabling ASM holders to securely store their tokens in the custodian’s cold storage. The custody service imposes a minimum deposit requirement of $1 million worth of digital assets.Reward points to ASM tokenAssemble Protocol offers users the ability to unify their reward points obtained from various debit and credit cards into ASM. By integrating these scattered rewards, users can conveniently manage and utilize their points through a unified digital currency. The platform also rewards participants within its ecosystem with tokens based on their contributions. The more participants contribute, the greater their rewards. Moreover, advertisers can pay fees to Assemble Protocol to promote their products within the ecosystem.Park Kyu-do, CEO of Assemble Protocol, expressed his appreciation for Ceffu’s support of ASM, emphasizing the security and transparency it offers for storing assets. Park also mentioned that the collaboration with the Binance ecosystem will lead to further expansion of the protocol.Meanwhile, Assemble Protocol plans to launch mobile and desktop versions of Assemble 2.0 later this year.

Palau proceeds with Ripple to Phase 2 of PSC currency program launchThe Ministry of Finance of Palau has officially initiated the second phase of its Palau Stablecoin (PSC) program, a move aimed at expanding the digital ecosystem and enhancing user engagement.The launch was confirmed by Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance. Taking to the X social media platform on Friday, Anson outlined that “the Republic of Palau Ministry of #Finance seeks to expand accessibility and user participation, reaching a wider audience through educational initiatives.”PSC is a digital currency issued and managed by the Palau Ministry of Finance. It’s pegged to the United States dollar and operates on Ripple’s XRP Ledger. It first emerged that the authorities in Palau were collaborating with Ripple on this project back in July.Photo by Kurt Cotoaga on UnsplashBuilding on phase 1 successIn this next phase, Palau seeks to extend its collaboration with Ripple, leveraging Ripple’s central bank digital currency (CBDC) platform and technical expertise.The Ministry of Finance in Palau had previously announced the success of the first phase of the PSC program earlier this month. This initial three-month phase involved 168 volunteers from government employees who received 100 PSC each to use at local retailers participating in the program. Payments were made through mobile phones by scanning a QR code, and both retailers and volunteers provided positive feedback about their experience with the digital currency.Anson highlighted that the focus of the second phase of the PSC pilot program includes establishing new collaborations for marketing and sustainable development goals. Furthermore, the program prioritizes the development of a digital ecosystem and increased user engagement, with a strong emphasis on regulatory compliance.Anthony Welfare, CBDC Strategic Adviser at Ripple, shared his insights on the launch of the PSC pilot program’s second phase via social media. He underscored the advantages of blockchain-based digital currency, citing reduced transaction fees and the potential to address the environmental impact of money circulation. However, Welfare also acknowledged specific challenges, including the complexity of moving traditional currencies across Palau’s 340 islands and the high mobile data costs in the country.Welfare pointed out a notable feature of PSC, emphasizing that Palau residents can conduct offline transactions using this blockchain-based digital currency, even during power outages.Agile technological adoptionEarlier this month Ripple President Monica Long was featured by the New York Times in an article where she set out expectations for 2024. Long articulated that she believes that “people cannot maintain their faith in a financial system that relies on systems built decades ago to move money.”With the rise of cryptocurrency and blockchain technologies, it’s clear that our financial rails can and will be internet-native, in turn bringing greater accessibility and affordability to financial services for everyone,” Long added.Smaller nations like the Micronesian Republic of Palau have been more nimble in adjusting to the changes that Long refers to. This PSC stablecoin project demonstrates that reality.Palau is not alone. It emerged a few weeks ago that the Solomon Islands had entered into a collaboration with Japanese blockchain technology firm Soramitsu. As part of that project, a CBDC named Bokolo Cash has been unveiled as a proof of concept.