Crypto Derivatives Blossomed In May, Celsius Hit USD 1B + More News

Source: Adobe / cirquedesprit

Crypto Briefs is your daily bite-sized summary of cryptocurrency and blockchain-related news – examining the stories that fly under the radar of current crypto news.

Exchange news

  • Derivatives accounted for 32% of the crypto market in May, compared to 27% in April, according to to a report by CryptoCompare. Volumes for all crypto derivatives rose 32% in May to a record high of $ 602 billion in total, while total spot volumes rose 5% to $ 1.27 trillion. Volumes for CME Bitcoin derivatives rose 59% to $ 7.2 billion, a monthly increase greater than any other derivatives exchange, both regulated and unregulated. Huobi was the largest derivatives exchange and traded USD 176 billion (up 29% since April), followed by OKEx$ 152 billion (+ 33%) and Binanceis $ 139 billion (an increase of 58%).
  • Great crypto lender Celsius (CEL) has exceeded 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 in the press release, the company has so far paid over $ 17 million in interest payments to its customers and over $ 12 million in BTC interest.
  • South Korean tech giant Kakao has had a week to remember: After launching his chat app-linked crypto wallet and claiming that more than 100,000 users have signed up for the new crypto service, it managed to find a domestic exchange to its Klaytn blockchain network issued Klay tokens. Per Tech M, Coinone, one of the country’s top four crypto exchanges, says it will list Kakao’s Klay, with a Klay-South Korean won link going live today.

Blockchain news

  • City authorities in Suzhou, China, say they run a series of blockchain-powered notary services that may help millions of citizens abolish in-person visits to law firms and government offices. Per China Quality News, the platform enables parties to leverage real-time tracking features and simple management solutions. It will also speed up dispute resolution, giving legal notaries access to 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 currency study group. Per DG Lab, the group consists of Mitsubishi UFJ Financial GroupIs the bank arm, Mizuho Bank and the Sumitomo Mitsui Banking Corporation. The East Japan Railway company – which is already running a crypto pay pilot – will also participate, as will crypto exchange DeCurret. The main financial supervisor, the Financial Services Agency (FSA), will also participate, with a former Bank of Japan executive chair of the study group meetings.
  • A Japanese university says it will launch a local stablecoin. Per a press release, the University of Aizu, in Fukushima, will use the same technical solutions for the token used in the Bakong project – now developed by a Japanese firm Soramitsu in partnership with the Central Bank of Cambodia. Soramitsu says that campus-based shops and eateries accept the new token.

News Regulations

  • The New York State Treasury Department (DFS) signed a memorandum of understanding with its French counterpart, Autorité de Contrôle Prudentiel et de Résolution (ACPR), to facilitate access of fintech innovators to the markets of New York and France. DFS and ACPR will work together to encourage innovation in their individual financial services markets, enhance consumer protection and support financial innovators in introducing and complying with regulations in each other’s jurisdictions.

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