Author: Anna Galvez

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Crypto News

Coinbase Cryptocurrency Exchange Obtained The Approval For Listing Cryptos Deemed As Securities

Coinbase, the cryptocurrency exchange and wallet platform, has been approved by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to list cryptocurrencies as securities, according to Bloomberg.

A Coinbase official informed Bloomberg that the SEC and FINRA had approved the exchange to purchase the securities brokers Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC. The settlement will permit Coinbase to broaden its portfolio with stock tokens and act as a stockbroker, an alternative trading platform, and a qualified investment consultant. Coinbase initially unveiled the takeover arrangements on June 6th.

The official said Coinbase will now incorporate its technology into the new affiliates, but he didn’t disclose a timetable. Coinbase is required to ensure that the employees are adequately licensed and to revise the manner in which the subsidiaries communicate the data.

Coinbase cryptocurrency exchange platform and wallet must obey the same regulatory framework as conventional stock exchanges

In the past week, Coinbase reported that it is considering adding five new cryptocurrencies including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX) to its exchange platform. Coinbase said it does not guarantee that new tokens will be listed for trading. Also, in June, the cryptocurrency exchange platform reported that it would soon add Ethereum Classic (ETC) and support for the ERC20 tokens.

The SEC declared in March that cryptocurrency exchange platforms that trade digital assets deemed to be securities are required to register with the regulatory bodies as stock exchanges, and will thereafter be regulated under the same standards as conventional stock exchanges. The SEC also stated that the same regulatory requirements also bind institutions that purport to function as an alternative trading system (ATS).

Registration as a broker-dealer subjects ATSs to a number of regulatory requirements, such as the requirement to have reasonable policies and procedures in place to prevent the misuse of material nonpublic information, book and record requirements, and financial responsibility rules, including, as appropriate, provisions relating to the safeguarding and safekeeping of customers’ funds and securities.

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Crypto News

Robinhood Cryptocurrency Platform Adds Support For Dogecoin (DOGE)

The US-based cryptocurrency exchange company Robinhood has announced the addition of support for Dogecoin (DOGE) on its Robinhood crypto platform, as reported in an article published yesterday, cited by Cointelegraph.

Dogecoin (DOGE) joins Litecoin (LTC) and Bitcoin Cash (BCH) as latest additions to Robinhood crypto platform

Allegedly, Dogecoin (DOGE) is a peer-to-peer cryptocurrency that was first developed as a joke regarding the dog meme inspired by a real Japanese Shiba Inu known as Kabosu.

Dogecoin (DOGE) was launched in December 2013 and has a current market capitalization of around 331 million dollars based on Coinmarketcap. With this addition, DOGE has entered the Robinhood crypto platform where there are Litecoin (LTC) and Bitcoin Cash (BCH), already, both being added last week.

Dogecoin (DOGE) has no limitations in terms of the number of coins that can be mined, with over 115 billion coins already in use. DOGE achieved a market capitalization of $1 billion in January 2018 when it was worth more than the Japanese yen reported to the USD.

Robinhood cryptocurrency trading company was rumored in June that it’s developing its proprietary crypto wallet

Robinhood introduced Bitcoin (BTC), and Ethereum (ETH) trades at zero fees for the first batch of customers on its Robinhood crypto platform in February 2018. Robinhood crypto is now available in 17 different countries, supporting five cryptocurrencies and real-time market data.

In June, Bloomberg announced that Robinhood is in discussions with the Office of the Comptroller of the Currency (OCC) to secure a banking license. Based on well-acquainted sources, Robinhood seeks to provide financial services such as checking and savings accounts and surpass the competitors from traditional banking with better interest rates and a unique banking services platform.

Also, the company was rumored in June when job ads for cryptocurrency engineers popped up that it’s developing its own crypto wallet.

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Crypto News

Amazon Getting Closer To Accepting Bitcoin (BTC) Payments And Blockchain Technology

A new rumor emerged on Reddit and created a massive buzz around it. According to it, the giant online retailer and tech company Amazon is up for accepting Bitcoin (BTC) payments.

As said on Reddit, the information leaked from a developer at Amazon who asserted that the company discussed accepting BTC many times, but every time it got stuck at the returns and refunds issues as the BTC price is very volatile.

Even though the Amazon’s spokesmen kept the silence regarding the company’s plans on accepting cryptocurrency payments and blockchain technology, lately, the company engineers and devs made some significant steps towards cryptos. On the other hand, the Amazon Technologies, Inc., an Amazon subsidiary, successfully patented a streaming data marketplace the enables customers to view crypto transaction data in real-time, as reported by the Daily HODL.

Amazon getting closer to accepting Bitcoin (BTC) payments, as well as other cryptocurrencies

The before-mentioned patent talked about the opportunity to employ Bitcoin (BTC) as a use case, asserting that “a group of electronic or internet retailers who accept Bitcoin transactions may have a shipping address that may correlate with the Bitcoin address.”

On the other hand, Amazon purchased three crypto-related Internet domains, namely, amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com. These come in addition to the already-owned domain amazonbitcoin.com. All these domains redirect to Amazon’s main website.

Amazon Web Services and AWS Blockchain Templates are already used by Amazon to offer blockchain solutions.

Also, some rumors say that Amazon plans to launch its proprietary crypto coin. In fact, they’ve already released a virtual currency, the Amazon Coin. However, it’s not relying on blockchain technology, so the coin is not cryptocurrency, so it didn’t win much popularity.

In conclusion, Amazon, the giant online retailer and tech company, takes significant steps towards accepting Bitcoin (BTC) payments, as well as other cryptocurrencies, and blockchain technology.

 

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Crypto Finance News

German Companies Are Skeptical Regarding Blockchain Technology And Cryptocurrencies, A PwC Survey Showed

Hardly any German financial services provider intends to move forward as a pioneer in blockchain and cryptocurrencies. These are the results of a PwC survey among managers of 300 banks, insurers and asset managers published this month.

Half of the managers surveyed consider the blockchain technology to be of little or no relevance

Moreover, every second company has little or no knowledge of the blockchain. Technology plays no role in the strategic plan at more than two-thirds of companies. Also, three-quarters of those surveyed invest practically no money or less than 10,000 Euros, in this technology.

In summary, it can be said that the blockchain technology is not a part of the plans of the German companies.

On the other hand, only three percent of German financial service providers already use blockchain technology or want to do so shortly.

With the blockchain, there is a noticeable gap between the public hype and the question of how far the financial service providers are actually already with their plans for a real application.

Dr. Thomas Schonfeld, the PwC Director in Germany

The blockchain technology will change the banking and financial industries within ten years from now

But the blockchain will change the financial sector within ten years from now, especially on issues such as improving information security and fraud detection. One in three companies admits this, according to the PwC survey.

In practice, however, only two percent of those surveyed want to be the first to use the technology productively. Almost half of all managers surveyed are satisfied if they introduce the blockchain at the same time as their main competitors.

Financial service providers are also skeptical about cryptocurrencies

Only two percent of the managers surveyed stated that their company is already dealing with cryptocurrencies. The vast majority want to keep their hands off these digital assets.

However, Dr. Thomas Schonfeld is convinced that companies should already get involved in the topic of the blockchain technology.

The blockchain will change the financial industry – there can be little doubt about that. In this respect, companies are required to gradually set the strategic course for the blockchain era. If you want to be there in five or ten years, you have to start formulating your strategic goals now.

Dr. Thomas Schonfeld, the PwC Director in Germany

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Crypto News

Chilean Banco Estado Forced To Reopen The Custody Account Of The Orionx Crypto Exchange

The Chilean Court of Appeal has spoken out in favor of the Orionx crypto exchange and asked the state bank Banco Estado to reopen the previously closed custody account of the trading platform, as the local news service La Tercera reported on July 12th.

Chilean court favored the Orionix crypto exchange platform in the dispute against Banco Estado

The Fourth Chamber of the Santiago Court of Appeal has thus accepted Orionx’s appeal against Banco Estado, which closed the exchange platform’s deposit account at the end of March. At that time, the bank had referred to a lack of “regulatory approvals for trading in cryptocurrencies” as justification for its decision.

Banco Estado has now been ordered by the Court of Appeal to reopen Orionx crypto exchange platform account. The Court described the Bank’s original decision as “an arbitrary and illegal act which constitutes a deprivation of the right protected by Article 19(2) of the political constitution of the Republic, i.e., the right to equality before the law.”

This year, the Chilean court also ruled in favor of another cryptocurrency trading platform

At the end of April this year, the Chilean antimonopoly court ruled in favor of a crypto exchange platform and decided that the banks Banco del Estado de Chile and Itau Corpbanca must reopen the previously closed accounts of the Buda crypto exchange.

In addition, Mario Marcel, President of the Chilean Central Bank, announced in May that the institution was considering the development of a regulatory framework for cryptocurrencies in order to manage better the risks associated with crypto trading.

These decisions prove the increasing affinity the Chileans have for the cryptocurrencies and crypto exchange platforms.

In short, a few days ago, the Chilean Court of Appeal ruled the Banco Estado to reopen the previously closed custody account of the Orionx crypto exchange platform.

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