Day: September 10, 2018

Blockchain Trust Company Paxos Launches NY Regulator-Approved, USD-Backed Stablecoin

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Blockchain Trust company Paxos has launched a U.S.-dollar backed stablecoin following approval from New York regulators, according to a press release published September 10. Backed 1:1 by the dollar, the Ethereum blockchain-based stablecoin, dubbed ‘Paxos Standard,’ has been approved by the New York State Department of Financial Services (NYDFS), which will exercise regulatory oversight over the asset’s issuance and trading. Paxos itself is a Trust company and is positions itself as “a fiduciary and qualified custodian of customer funds,” pitching its new coin as offering “greater protections” for customer assets…

The OECD’s Love of Blockchain Obscures Its Fear of Bitcoin

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For several years now, the Organization for Economic Co-operation and Development (OECD) has been cautiously enthusiastic about blockchain technology. Beginning with a 2014 working paper titled, “The Bitcoin Question” the intergovernmental organization has been considering the economic possibilities opened up by distributed ledgers and cryptocurrencies — and, on the whole, it has found these possibilities exciting, even if such working papers “do not necessarily reflect the official views of the Organization or of the governments of its member countries.” But for the most part, reports on “Blockchain Technology and Competition…

Bitcoin Price Intraday Analysis: BTCUSD Rebounding Weakly

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The bitcoin price on Monday appreciated versus the US Dollar, boosted by passable buying sentiment near $6,121, July 13 low. The BTC/USD today rose as much as 3.67 percent since establishing its intraday low at 6149-fiat. The pair started the trading session attempting a weak rebound from yesterday’s 100-dollar fall. The Asian morning saw BTC/USD forming higher highs towards 6372-fiat. However, the pair recorded a downside correction as the Europe session picked momentum, dropping towards 6255-fiat. And now, at the beginning of US trading hours, BTC/USD looks to be in a…

Bitcoin Magazine’s Week in Review: Lightning, Launches and Broken Promises

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A handful of projects brought their tech to life this week, introducing new payment systems and coins to the industry’s offerings. Meanwhile, Bitcoin’s Lightning Network makes headway for the dev community, and one of crypto’s older and more respected exchanges (arguably) takes a step against the space’s principles. Finally, in a spurious game of he-said-she-said, a report from Business Insider, which was in turn picked up by various outlets, gets blasted by Goldman Sachs as fake news. Stay on top of the best stories in the bitcoin, blockchain and cryptocurrency…

Citigroup to Let Investors Trade Custodian-Held Cryptocurrency, Sources Claim

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U.S. multinational bank Citigroup is developing a cryptocurrency product to give institutional investors access to crypto markets without owning cryptoassets directly, anonymous sources told Business Insider September 9. Citigroup, which had previously taken a centralized approach to cryptocurrency, will reportedly use a revamped version of the American Depositary Receipts (ADR) – a type of security issued since the 1920s that represents securities of a non-U.S. company – to let investors indirectly trade crypto. The end product will be known as a Digital Asset Receipt (DAR), the sources claim. According to…

Winklevoss Brothers Launch Fiat-Backed Stablecoin After New York Regulator’s Green Light

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Tyler and Cameron Winklevoss, creators of cryptocurrency trading platform Gemini, have received permission from New York regulators to launch their own stablecoin, according to a post on Gemini’s Medium Monday, September 10. The so-called Gemini dollar now has the backing of the New York Department of Financial Services (NYDFS). The brothers’ Medium post describes the coins being backed by U.S. dollars that are “held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance, subject to applicable limitations.” The move represents the first cryptoasset from…

Equity Trust Builds New Frontier of Crypto-Based Retirement Accounts

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Index funds have more than proven their worth as a preferred option for those with an eye on retirement. But now there is conversation about the value of adding bitcoin and other cryptocurrencies to this investment mix. Given crypto’s volatile nature to date, risk tolerance is obviously a factor to consider for any financial portfolio. Juxtapose that with those investors who are in position to risk a potential loss, and Bitcoin’s value proposition as a key of any retirement portfolio looks a more bit promising. Much of this talk comes…

SEC Halts Trading of Bitcoin and Ether Security Products Due to “Market Confusion”

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The Securities and Exchange Commission (SEC) has temporarily suspended the trading of two cryptocurrency investment instruments due to “confusion expressed amongst market participants,” reported Reuters on September 9, 2018.  The identification and labeling of the investment instruments were a big problem as it was unclear whether the products were exchange-traded funds (ETFs). In the last months, the SEC has taken a tough stance when it comes to approving ETFs that track cryptocurrencies, rejecting over nine Bitcoin ETF proposals from some companies. SEC Suspends Trading of Two Cryptocurrency Products According to…

SEC Stops Trading on Two Exchange-Traded Notes

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The cryptomarket is fumbling at the moment. The reason could be the US Securities and Exchange Commission’s (SEC) decision to cease trading on two exchange-traded notes or ETN’s. The regulator has ceased XBT Provider’s trading of Bitcoin and Ether Tracker One securities but why? SEC Ceases Trading on Two Exchange-Traded Notes The SEC issued a notice that the two exchange-traded notes would stop trading until September 20th.  The two affected notes are Bitcoin Tracker One which trades under the code CXBTF, and Ether Tracker One which trades under the code…

Australian State Pilot Puts Driver’s Licenses on a Blockchain

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Australia’s New South Wales (NSW) government is turning to blockchain for a state-wide test of its driver license digitization program scheduled for November. In an announcement on Aug. 20, the NSW government said it will conduct the pilot for 140,000 license holders in the state prior to a formal roll-out in 2019. Secure Logic, an Australian IT firm and technological partner on the project, said on Monday its blockchain platform will underpin the initiative to secure data in a distributed fashion. Called TrustGrid, the blockchain network has already been trialed in…