Crypto Secondary Markets & Exchanges
Required Readings:
‘Cryptocurrency Markets and Exchanges’ MIT Cryptocurrency Online Short Course (as adapted,
August 2019)
‘2019 Q2 Cryptocurrency Exchange Industry Research Report’ TokenInsight (July 2019)
‘The wild world of crypto derivatives’ New Money Review (June 26, 2019)
‘Calling Bakkt a ‘crypto exchange’ misses the mark on what they’re actually doing’ The Block (August
19, 2019)
‘Exchange Volumes Report’ Blockchain Transparency Institute (access and review exchange volume
rankings)
‘Bitwise report: bitcoin is a ‘significantly more efficient market’ despite 95% fake volume’ The Block
(May 28, 2019)
Optional Readings:
‘The World of Decentralised Exchanges on the Ethereum Network: an Overview’ HackerNoon (April 8,
2019)
‘Deconstructing Decentralized Exchanges’ Lindsey Lin, Stanford Journal of Blockchain Law & Policy
(January 5, 2019)
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‘Cleared to Launch’ Medium, Kelly Loeffler (August 16, 2019)
Study Questions/Issues to Prepare:
1) What roles do crypto exchanges and crypto derivatives play in crypto secondary market trading?
2) How does the business model of crypto exchanges compare to traditional securities and
derivatives exchanges? How do centralized crypto-exchanges compare to decentralized cryptoexchanges?
3) What do the reports of fake volume, hacks and failures tell us about the current state of security
and investor protection of crypto exchanges?