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[Recap] Understanding Cryptocurrencies: From Asset Class to Application

With Bitcoin rising 80% this year, should you be looking at this new asset class?

Even if you have never traded cryptocurrencies before, find out how API trading can allow the professionals to trade out of your account for you while you watch everything at your leisure. If you have ever wondered how to swap your fiat currency for crypto, OTC platforms can make it as easy as logging in to your account.

The online event “Understanding Cryptocurrencies – From Asset Class to Application” on October 28, with the participation of speakers from Binance, Novum Alpha and Hanoi University of Technology and Science, gave newcomers and aspiring traders a panoramic view on this topic.

Firstly, Patrick Tan, CEO of Novum Alpha, briefly described the current investment landscape, with the strong impact of advancements in technology, regulatory changes and demographic shifts. It was these factors that led to the explosion and strong development of cryptocurrencies. How API trading works was also added by Tan. Managed Account service’s clients could create a set of API keys, which allows permissions for only predetermined actions to be performed by the trader. The trader then used them to plug into the cryptocurrency exchange’s API to execute trades accordingly. The crucial point is that with the API keys, the trader never takes any custody of clients’ assets.

In the second section, Bonita Viet – SEA Key Account Manager of Binance touched on “OTC”. OTC refers to “over the counter”, which means buying and selling without going through the exchange. The outstanding benefits of OTC trading are fast transactions with consistent prices that reduce slippage costs, high volume transactions, privacy, and customizable terms.

Binance currently has its own OTC platform, which is called the OTC Portal. This platform has the following features:

  • No user fee
  • There are currently about 25 coins supported on the Portal
  • Target customers: investment funds, investors with block-trade transactions with minimum value of $10,000
  • There is no wallet for this OTC trade

Finally, Dr. Chung Dao, a lecturer hailing from the School of Information and Communication Technology in the Hanoi University of Science and Technology, explained more about the role of APIs in cryptocurrency trading. Traders can use the API to place immediate sell or buy orders and with automated BOTs to create trade orders.

To know more about the contents of this event, please visit this link: https://www.facebook.com/BinanceVietnamese/videos/859448864594361

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in blockchain, crypto, Web3, fintech and technology.

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us