Binance’s futures trading platform is set to reward market makers – users who add liquidity to the market – with negative trading fees on some pairs. The move comes shortly after the platform added several new perpetual contracts.

BitGo is letting institutions trade cryptocurrency directly from their accounts, while the funds remain safe in cold storage. It’s currently possible to trade BTC, ETH, and USD without moving the funds out of cold storage, and BitGo is planning to add more assets.

Merchants in Venezuela are starting to refuse to accept payments in the oil-backed Petro cryptocurrency because they are risking being unable to restock their inventories if they do so, given the hyperinflation striking the country.

Top stories in the Crypto Roundup today:

• Binance Futures to Reward Market Makers With Negative Fees
• BitGo Starts Letting Customers Trade Directly From Their Accounts
• Venezuela’s Petro Cryptocurrency Is a ‘Scam’, Local Retailers Say

.At the time of writing, bitcoin (BTC) is trading at $9,239.57 (0.90%) with a daily Top Tier volume of $1.56 billion. As for ether (ETH), it is trading at $191.02 (3.11%) with a daily Top Tier volume of $460.60 million. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,405.11 (1.44%).

Binance Futures to Reward Market Makers With Negative Fees

Leading cryptocurrency exchange binance has announced it’s adjusting its fee structure on Binance Futures to reward market makers with negative fees for adding liquidities to the platform.

The exchange’s announcement details it revised the Binance Futures Market Maker program to reward market makers who qualify for it with negative trading fees on specific trading pairs. Market makers are users who add liquidity to the market by placing orders below and above the current market price, effectively adding depth to the order book.

Details on the negative fees haven’t yet been released, but Binance’s announcement adds that to quality market makers will need to have a 30-day trading volume of over 1,000 BTC on Binance or another exchange, as well “quality market maker strategies.”

Those who benefit from the negative trading fees will be subject to a weekly performance review based on various metrics, including total order sizes and bid/offer spread. Binance’s move comes shortly after it launched new perpetual contracts for Cardano (ADA), Zcash (ZEC), and Dash (DASH).

BitGo Starts Letting Customers Trade Directly From Their Accounts

Popular cryptocurrency custodian BitGo has partnered with SettleBit, a financial services provider, to start letting institutions trade directly from their BitGo accounts.  BitGo was founded in 2013 and offers institutional clients liquidity, custody, and security solutions.

It reportedly processes around $15 billion worth of cryptocurrency on a monthly basis. Its partnership with SettleBit allows BitGo’s clients to use their custody accounts to trade cryptocurrency while it remains safe in cold storage.

BitGo’s Head of Financial Services Nick Carmi said:

“We know that many of our clients want to be able to trade without moving their assets out of cold storage. Using our settlement API, SettleBit has created a simple and elegant solution.”

In a press statement, it was detailed the first trade of $100,000 worth of bitcoin was completed last month. Institutions can use BitGo to trade BTC, ETH, and USD, although the firm noted it’s looking to add more assets in the future.

Venezuela’s Petro Cryptocurrency Is a ‘Scam’, Local Retailers Say

Venezuelan news outlet Tal Cual reports that merchants in the country are refusing to accept payments in its oil-backed cryptocurrency, the Petro, as hyperinflation is causing devaluation when the cryptocurrency is liquidated.

Local retailers claim no supplier accepts the cryptocurrency, forcing vendors to exchange it for fiat. While this wouldn’t ordinarily be problematic, the Bank of Venezuela rolls the conversation rate from Petro to fiat back when a good was bought. Hyperinflation sees the value of goods rapidly increasing, making it hard for merchants to replenish stock.

The executive director of the National Council of Commerce and Services (Consecomercio), Josefina Salvatierra, noted that this could see retailers become unable to replenish inventory. Speaking to Tal Cual  María Carolina Uzcátegui, former president of Consecomercio said:

“The Petro is a scam for the merchant, because undoubtedly what he could do at the beginning of the year with that money is not the same thing he can do at this time”

Salvatierra added that some merchants simply see the Petro as “devalued money,”

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