Coinbase Derivatives Exchange, formerly known as FairX, is launching its first cryptocurrency derivatives product this month in a bid to attract more retail traders. The product, Nano Bitcoin Futures (BIT) will roll out on June 27.

Solana Labs has announced the launch of the Solana Mobile Stack software ecosystem for Android, along with a flagship Android smartphone called Saga. The device is being purpose-built for web3, which spans decentralized finance platforms and NFT marketplaces.

Cryptocurrency derivatives exchange CoinFLEX has announced it’s halting withdrawals from its platform citing “extreme market conditions last week & continued uncertainty involving a counterparty.”

Top stories in the Crypto Roundup today:

• Coinbase Announces First Crypto Derivatives Product
• Solana Labs Unveils Mobile Platform, Flagship Android Phone
• Crypto Exchange CoinFLEX Freezes Withdrawals
• Crypto Market Movers – STORJ, SNX, BAT

Coinbase Announces First Crypto Derivatives Product

Coinbase Derivatives Exchange, formerly known as FairX, is launching its first cryptocurrency derivatives product this month in a bid to attract more retail traders. The product, Nano Bitcoin Futures (BIT) will roll out on June 27.

In a blog post, Coinbase Derivatives Exchange said each BIT contract is sized at 1/100^th of bitcoin and the initial offering is a USD-settled index future. The product will be available via brokerages rather than through Coinbase itself.

Coinbase noted:

"Initially, BIT futures will be available for trading via several leading broker intermediaries, including retail brokers EdgeClear, Ironbeam, NinjaTrader, Optimus Futures, Stage 5, and Tradovate, and clearing firms ABN AMRO, ADMIS, Advantage Futures, ED&F Man, Ironbeam and Wedbush.”

The exchange noted it plans to offer BIT directly, should it receive approval as a futures commission merchant by the U.S. Commodity Futures Trading Commission.

Solana Labs Unveils Mobile Platform, Flagship Android Phone

Solana Labs has announced the launch of the Solana Mobile Stack software ecosystem for Android, along with a flagship Android smartphone called Saga. The device is being purpose-built for web3, which spans decentralized finance platforms and NFT marketplaces.

The Saga smartphone is set to feature a 6.6-inch display, 12 GB of RAM, and 512 GB of storage as well as private key security measures built in. With it comes the Solana Mobile Stack (SMS), which is an open-source software kit designed to enable the development of native Android apps around the Solana blockchain.

Another feature being launched is the Seek Vault, which is a software custody solution that keeps private keys and seed phrases secure on the Android device. Behind Solana’s move into the telecom industry is a new subsidiary, Solana Mobile.

Solana Labs is also launching a decentralized application store for mobile devices, providing greater access to its ecosystem. The Saga smartphone will be available for pre-order for a $100 deposit, and is set to cost $1,000. Shipments are expected in early 2023.

Crypto Exchange CoinFLEX Freezes Withdrawals

Cryptocurrency derivatives exchange CoinFLEX has announced it’s halting withdrawals from its platform citing “extreme market conditions last week & continued uncertainty involving a counterparty.”

According to a statement from the exchange’s CEO Mark Lamb, withdrawals will be resumed “as soon as possible” once the company is in “a better position.” Futures and spot trading for the exchange’s native FLEX token were also put on hold.

The exchange clarified the counterparty in question isn’t collapsed hedge fund Three Arrows Capital or “any lending firm” like BlockFi and Celsius, the latter of which has recently frozen withdrawals as well.

The move sees CoinFLEX join Celsius, Babel Finance, Finblox, and Voyager in halting or limiting user withdrawals.

Crypto Market Movers – STORJ, SNX, BAT

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Storj (STORJ) - Storj is a decentralized cloud storage platform that allows anyone to rent their idle hard drive space and to earn revenue by doing so. End users can use Storj to store their files at competitive prices and within a p2p network that is secure from server downtime, censorship and hacks.

Synthetix (SNX) - Synthetix is a decentralized synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties.

Basic Attention Token (BAT) - The Basic Attention Token is an Ethereum-based token that can be used to obtain a variety of advertising and attention-based services on the Brave platform, a new Blockchain-based digital advertising system. User attention is privately monitored in the Brave browser and publishers are rewarded accordingly with BATs. Users also get a share of BATs for participating.

State of the Crypto by Top Tier Exchange Volume

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