DRW’s Boss Shares His Views On Increased Bitcoin Futures Demand in Asia
He made the observations during a conference organized by CoinDesk in Singapore
Don Wilson Take on Asia’s Bitcoin Futures Trading
DRW boss Don Wilson has said that Asia is witnessing an increased trading volume in bitcoin futures. According to Wilson, the figures are almost equal to trading capacity experienced in the US. He notes that development is an anomaly in comparison to other instruments in the financial sector.
He made the remarks during the CoinDesk Consensus Conference held in Singapore. He was speaking t0 John Detriaxhe from Quartz’s. During the discussion, Wilson further highlighted what he thinks about the cryptos and the entire market in general. He made reference to bitcoin futures data on the US market. Wilson suggests that Asia might be witnessing a similar demand to the US.
Wilson’s DRW is considered as a pioneer in the crypto trading. Back in 2014, the firm rolled out the Cumberland. This was an exchange based over the counter. At that period giants like Goldman Sach and JP Morgan had not launched such services on an official basis.
During the forum, Wilson further explained the initial idea behind DRW. He revealed that his move to launch a crypto exchange desk was guided by his view that digital coins have decentralization feature. Wilson said he was attracted by bitcoin’s usefulness where the coin can be transferred with trust.
According to a 2017 report in the Wall Street Journal, it emerged that Cumberland had managed to exchange bitcoins valued at over $20 billion. Additionally, it traded ether among other digital currencies.
At the moment, Wilson acknowledged that finding a solution to custody might be a major hindrance to mainstream rollout of cryptocurrencies. He noted that once the obstacle has been tackled then it will be a key step forward.
New York AG Report on Exchange
Wilson also shared his views on the recent report by the New York Attorney General's report on crypto exchanges. The report highlighted the ability of exchanges to tackle price manipulations. The report revealed that some exchanges might be taking part in intentional price manipulation.
He stated that regulators should take part of the blame.
Wilson believes that regulators have remained unclear over crypto market policies. He concluded by stating that unclarity might be unattractive to upcoming projects. Wilson said that the projects might migrate to friendly jurisdictions.