BitcoinPrice https://www.bitcoinandethereum.com Cryptocurrencies News, Noticias de Bitcoin Criptomonedas, BTC Investing Tools, Free Tokens Airdrops Alert Alarm, Best ICOs to Invest, Como Invertir en ICO Thu, 12 Dec 2019 13:31:54 -0500 en-US hourly 1 https://wordpress.org/?v=5.3 https://i1.wp.com/www.bitcoinandethereum.com/wp-content/uploads/2019/02/cropped-Bitcoin-GIF-PNG.gif?fit=32%2C32&ssl=1 BitcoinPrice https://www.bitcoinandethereum.com 32 32 125700584 Reuters: Dutch Bank ING Working on Digital Asset Custody Technology https://www.bitcoinandethereum.com/reuters-dutch-bank-ing-working-on-digital-asset-custody-technology/ Thu, 12 Dec 2019 13:31:54 +0000 https://www.bitcoinandethereum.com/reuters-dutch-bank-ing-working-on-digital-asset-custody-technology/ Amsterdam-based bank ING is reportedly developing cryptocurrency custody technology, Reuters reported on Dec. 12. The digital assets custody service being developed by ING is purportedly part of one of the bank’s several blockchain-related initiatives and [...]

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Amsterdam-based bank ING is reportedly developing cryptocurrency custody technology, Reuters reported on Dec. 12.

The digital assets custody service being developed by ING is purportedly part of one of the bank’s several blockchain-related initiatives and is still at an early stage of development. ING reportedly said that it “sees increasing opportunities with regard to digital assets on both asset backed and native security tokens.”

Financial services firms embrace crypto custody

As cryptocurrencies begin to gain traction as an asset class, major financial firms are increasingly developing their own custody technologies and services.

American financial services giant Fidelity Investments fully launched its cryptocurrency custody service in mid-October, following a year-long preparation and accumulation of clients.

On Dec. 11, Berlin-based fintech company solarisBank announced the establishment of a subsidiary called solaris Digital Assets to provide a custody solution for digital assets. 

Cryptocurrency exchanges have also developed in-house custody services, including major United States-based exchanges Coinbase and Gemini. 

As Rohan Barde, a research and innovation manager at Blockchain Zoo, previously wrote, there are two main reasons why institutional investors need custodial services, which are reducing risk and regulatory compliance.

By separating the entity that stores assets from the entity that manages assets, financial institutions focus on their specializations. Custody services also reduce the risk of an employee embezzling assets. 

Heightened interest in blockchain technology

ING has expressed a heightened interest in blockchain technology, being one of the participants of the HQLAX project. HQLAX was launched by blockchain company R3 and uses Corda distributed ledger technology to provide liquidity and collateral management products.

In late October, ING’s distributed ledger technology team presented its white paper, called “Solutions for the Corda security and privacy trade-off: having your cake and eating it,” where it reportedly found a solution to improve the security and privacy trade-off on Corda, an open-source blockchain platform.

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Binance Cryptocurrency Exchange Launches Latin American Fiat Gateway https://www.bitcoinandethereum.com/binance-cryptocurrency-exchange-launches-latin-american-fiat-gateway/ Thu, 12 Dec 2019 13:31:50 +0000 https://www.bitcoinandethereum.com/binance-cryptocurrency-exchange-launches-latin-american-fiat-gateway/ Binance, the leading global cryptocurrency exchange by trading volume and users, today announced the launch of its fiat gateway for Latin America. The announcement was made during laBitConf, a major crypto event for Latin America [...]

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Binance, the leading global cryptocurrency exchange by trading volume and users, today announced the launch of its fiat gateway for Latin America. The announcement was made during laBitConf, a major crypto event for Latin America held in Montevideo, Uruguay.

The new platform, named Latamex, will operate under the Binance Fiat Gateway and will allow Binance’s Latin American users to purchase cryptocurrency directly in association with Settle Network, a Latin American digital asset liquidation network.

The new platform will initially be launched in Argentina and Brazil, allowing the direct purchase of cryptocurrencies using Argentine pesos and Brazilian reals. Users will be able to buy Bitcoin (BTC), Binance Coin (BNB), Ether (ETH) and Binance’s stablecoin Binance USD (BUSD). Binance CEO Changpeng Zhao said:

“There is a strong need for cryptocurrencies in Latin America, especially for financial access. Roughly 50 percent of the Latin American population is unbanked, and Latamex is a response to our users’ demands and the current market climate. Working with Settle Network allows us to instantly bridge the gap between fiat and crypto for Latin American traders. We are continuing to build with our key partner, Settle Network, to bring wider accessibility of cryptocurrency in Latin America and will support additional local fiat currencies in the region in the future.” 

“Latin America has illustrated one of the largest needs and use cases for blockchain and cryptocurrency adoption,” said Pablo Orlando, founder and CEO of Settle Network, “Partnering with Binance has allowed us to further open fiat gateways for Latin American users together and bring larger adoption forward to provide financial freedom in the region.”

“The crypto industry is still in its early stages and most of the world’s money is still in fiat,” said CZ, “Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”

While only Argentine and Brazilian users will be able to use the platform in the first launch phase, Latamex’s official website indicates that the service will also be available to 13 other Latin American countries: Mexico, Uruguay, Colombia, Panama, Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua, El Salvador, Paraguay, Peru and Chile. The biggest absentee on the list is Venezuela. It remains to be seen if Binance will decide to set foot in one of the markets with the highest cryptocurrency adoption rates in the world.

Gabriel Rubinstein contributed to this article from Brazil.

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Dutch Bank ING Reportedly Working on Crypto Custody Tech https://www.bitcoinandethereum.com/dutch-bank-ing-reportedly-working-on-crypto-custody-tech/ Thu, 12 Dec 2019 13:31:44 +0000 https://www.bitcoinandethereum.com/dutch-bank-ing-reportedly-working-on-crypto-custody-tech/ Netherlands-based banking multinational ING is developing technology for the custody of crypto assets, according to Reuters. The news agency said in a report on Wednesday that sources “familiar with the matter” indicated that the ultimate [...]

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Netherlands-based banking multinational ING is developing technology for the custody of crypto assets, according to Reuters.

The news agency said in a report on Wednesday that sources “familiar with the matter” indicated that the ultimate aim of the initiative is to provide secure crypto storage facilities for the bank’s customers.

The tech, though still in the early stages, is apparently being built by a team based in Amsterdam.

Responding to Reuters in a statement, ING said it “sees increasing opportunities with regard to digital assets on both asset backed and native security tokens,” and is taking a particular focus on developing blockchain technology to open up the sector for clients.

ING is already involved in a number of blockchain initiatives, with its dedicated development team saying in April that it’s working on privacy technology called “bulletproofs” to potentially conceal client data.

It’s also working on blockchain-based trade finance as part of consortium startup R3’s Marco Polo project and another in partnership with ABN Amro, also a Dutch bank. In January, ING inked a five-year licensing deal with R3 for use of its Corda Enterprise platform.

If ING now moves into custodianship of crypto assets, it will be one of very few traditional finance institutions to have done so.

Fidelity’s digital assets arm launched custody services earlier this year, as did Bakkt, the bitcoin derivatives subsidiary of Intercontinental Exchange. A plan by Japanese bank Nomura to offer institutional-grade custody for digital assets was delayed till 2020 in spring.

Otherwise, only a few smaller banks such as Julius Baer and Arab Bank’s Swiss arm have moved to offer the service in a bid to attract clients.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Binance Adds New Fiat Payment Options Through Integration With P2P Exchange Paxful https://www.bitcoinandethereum.com/binance-adds-new-fiat-payment-options-through-integration-with-p2p-exchange-paxful/ Thu, 12 Dec 2019 13:31:42 +0000 https://www.bitcoinandethereum.com/binance-adds-new-fiat-payment-options-through-integration-with-p2p-exchange-paxful/ Binance has teamed up with peer-to-peer bitcoin exchange Paxful to add new ways to purchase bitcoin. Announced Thursday, Paxful’s Virtual Bitcoin Kiosk will exclusively serve Binance as an additional fiat-to-crypto on-ramp for its users, joining [...]

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Binance has teamed up with peer-to-peer bitcoin exchange Paxful to add new ways to purchase bitcoin.

Announced Thursday, Paxful’s Virtual Bitcoin Kiosk will exclusively serve Binance as an additional fiat-to-crypto on-ramp for its users, joining services such as Koinal and Simplex. 

Through the kiosk, Paxful can facilitate fiat payments in over 167 currencies. To start with, Binance users will have access to the Russian ruble, Vietnamese dong, Indonesian rupiah, Nigerian naira, Colombian peso, British pound, Mexican peso, Canadian dollar, euro and Argentine peso, with more possibly to come later.

Paxful users will also have direct access to Binance, further opening up digital asset trading – and therefore price arbitrage – to Paxful’s P2P network. While Paxful had offers from some of the top-10 crypto exchanges, the P2P exchange is exclusively providing its kiosk service to Binance, Paxful CEO and founder Ray Yousseff said in a telephone interview.

Founded in 2015, Paxful connects traders in a peer-to-peer fashion through its API service and has recently been conducting some $25 million in trades per week, according to UsefulTulips.

Binance also allows P2P trading on its platform for Chinese users and through WeChat and AliPay, although the latter company monitors the platform for trading, which is illegal under the companies terms and services.

Fiat-to-crypto purchases for both the dollar and euro through the Gemini Dollar (GUSD) and Paxos Standard (PAX) are supported too. The exchange has slowly added stablecoins to its platform under its “Venus” initiative and currently supports the euro, ruble, Turkish lira, Nigerian naira, Ukrainian hryvnia, Kazakhstani tenge and Indian rupee as fiat options, according to Binance.

Paxful’s market

The firms’ integration highlights a mutual interest in philanthropy, according to Yousseff. Noting bitcoin’s use cases in Africa, he said the exchange was rebuilt after discussions with locals across the continent. Binance maintains a philanthropic venture arm, Binance Charity Foundation (BCF), which has worked in Uganda.

While the U.S. takes up the lion’s share of Paxful’s market, researcher Matt Ahlborg at startup accelerator dlab said the exchange is becoming a meaningful alternative in sub-Saharan Africa as ex-pats look to send funds back home.

In the continent’s largest economy, Nigerians are exchanging gift cards sent by relatives in the U.S. for bitcoin and exchanging that for the national currency on Paxful. The process, which can be completed in half an hour, appears to be an effort to avoid more traditional remittance services, Ahlborg said in a blog post.

Paxful has shown resilience even when other exchanges have struggled, in what Ahlborg attributes to its integration on a local level. 

“Paxful is able to onboard financially disconnected citizens of developing countries on a level that non-P2P OTC exchanges like Coinbase simply cannot,” Ahlborg said. “Gift card remittance works 24/7 whereas Western Union only works during business hours of Nigerian Banks.”

Comparisons between rival P2P exchange LocalBitcoins and Paxful (see charts below) show more continuous growth for the latter platform through the 2018 bear market, even if total volumes remain far lower.

LocalBitcoins historical trade volume data via Useful Tulips
Paxful historical trade volume data via UsefulTulips

“The lack of bitcoin liquidity was the first obstacle to solve to introduce bitcoin to Africa,” said Youseff in an email to CoinDesk. “We found a way for them to export an asset, which is gift cards, as a way to go around financial restrictions. Now, bitcoin is flooding out of Nigeria and into other African countries.”

Disclaimer Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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5 Charged in New Jersey in $722 Million Cryptocurrency Ponzi Scheme – The New York Times https://www.bitcoinandethereum.com/5-charged-in-new-jersey-in-722-million-cryptocurrency-ponzi-scheme-the-new-york-times/ Thu, 12 Dec 2019 13:31:40 +0000 https://www.bitcoinandethereum.com/5-charged-in-new-jersey-in-722-million-cryptocurrency-ponzi-scheme-the-new-york-times/ Five people have been charged with defrauding investors of $722 million, using promises of huge returns if they joined a cryptocurrency investing club while privately deriding their clients as “sheep” and “idiots,” the United States [...]

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Five people have been charged with defrauding investors of $722 million, using promises of huge returns if they joined a cryptocurrency investing club while privately deriding their clients as “sheep” and “idiots,” the United States attorney’s office in New Jersey said on Tuesday.

Federal prosecutors said the defendants operated BitClub Network, a bogus investing scheme that they promoted in videos and in domestic and international trips as “the most transparent company in the history of the world” and “too big to fail.”

The network asked investors to join a pool to share in the earnings from Bitcoin mining, in which people race to unlock new Bitcoin by solving complex algorithms and verifying cryptocurrency transactions on a public ledger. The network said that it would invest in the hardware necessary to do the complex math and that its investors would reap the rewards, much like investors in a gold-mining operation.

“You’re not going to go start digging holes — the gold miners dig up the gold, they just give you your gold every single day,” one BitClub Network video says, according to federal court documents. “This is the same kind of thing.”