Tag: Crypto Trading Platform

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Gemini Crypto Trading Platform Agreed With An Insurance Company For Covering The Cryptos In Its Custody

The Gemini crypto trading platform, owned by brothers Tyler and CameroWinklevossss, announced yesterday that it had succeeded in obtaining insurance coverage for the cryptocurrencies it holds in custody.

Yusuf Hussain, Director of Risk at Gemini, pointed out that the large number of hackers that attack crypto exchange platforms, which have resulted in substantial losses, is the main reason for the cautious attitude of the insurers regarding these crypto-related businesses. Hussain also refers to the poor standards, policies, and procedures that have characterized much of the crypto industry, as other reasons for the lack of confidence of insurers.

“As a result, many crypto trading platforms have been unable to obtain insurance or have rejected insurance proposals because of the high cost of policies set by the few insurers offering plans. However, we were able to convince insurers that Gemini is indeed a safe platform and custodian, where customers can buy, sell and store their digital assets in a regulated and secure manner,” stated Yusuf Hussain.

Gemini crypto trading platform agreed with an insurance company for covering the cryptocurrencies in its custody

This new move covers for Gemini’s cryptocurrencies in custody and complements an insurance policy on US Dollar deposits already offered by Gemini through the Federal Deposit Insurance Corporation (FDIC), as Hussain added.

Gemini also highlighted that it holds several insurances for an accumulated amount that is greater than the value of the cryptocurrencies in custody on the user’s behalf. However, unauthorized access to clients’ and platform’s accounts are not covered by the newly signed insurance plan, said Gemini in the user agreement, which also emphasizes that the only person responsible for maintaining the security of account access credentials is the customer.

The security incidents affecting crypto trading platforms represent one of the most notorious vulnerabilities in the crypto industry. Also, these businesses are mostly centralized, which contrasts with the philosophy of decentralization promoted by the majority of cryptocurrencies. Accordingly, the safest option to store cryptocurrencies remains a cold wallet.

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German Bank To Operate A Cryptocurrency Trading Platform Based On Artificial Intelligence

Valens Bank, a German bank, and the Swedish IT company, Stockholm IT Ventures (SITV), announced that a subsidiary of the latter, Blocktrade Technology Ltd (BTT), signed an agreement with Valens Bank for the use of BTT’s software, Crypto Trading Toolbox, for a cryptocurrency trading platform based on Artificial Intelligence.

According to the agreement, BTT will receive an annual license payment equivalent to 1.5% of the capital invested in Valens Bank’s trading program, says a press release. “The partners will work intensively in the coming weeks to integrate their IT infrastructures, which will allow the official launch of this platform in September 2018,” said the firm.

Valens Bank, which is defined as a “multi-currency financial services startup,” says that this is its second agreement with SITV in the area of cryptocurrency services. “We are very pleased to work with Stockholm IT Ventures and Blocktrade Technology’s innovative approach to crypto asset management,” said Valens Bank Director, Torben Pedersen.

The German bank will develop a cryptocurrency trading platform based on Artificial Intelligence

The bank already offered cryptocurrency custody services to its private and corporate clients. “We allow customers to store the following cryptocurrencies: BTC – Bitcoin, BCH – Bitcoin Cash, ETH – Ethereum and LTC – Litecoin,” says the bank.

On the other hand, the BTT’s Crypto Trading Toolbox software allows professional traders to “actively manage their clients’ assets” through Artificial Intelligence-based trading tools, according to the Blocktrade Technology website.

This company points out that its team of analysts, developers and traders have tested software’s bots, as well as the market signals and indicators to fine-tune this predictive tool. “Our goal has been to understand which assets are profitable and to detect scams or discard useless tools,” the company says.

Besides providing software for crypto trading and management of investment funds based on these types of assets, SITV has also invested in cryptocurrency mining. Last January it bought for 200 million EUR 50% of Cryptotech, a Norwegian company dedicated to the design of chips for crypto mining, which also has plans to install mining equipment in the Scandinavian country.

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Second-Largest Stock Exchange In Germany To Launch An ICO Platform And A Cryptocurrency Trading Platform

Germany’s second-largest stock exchange, the Boerse Stuttgart, has unveiled plans to develop an Initial Coin Offering (ICO) platform, as well as a multilateral cryptocurrency trading platform, as reported by Finextra yesterday.

The German stock exchange, which in 2017 had a trading volume of about $95 billion in all asset classes, had already presented a prototype of its commission-free cryptocurrency trading platform to the public. The platform, called Bison, is scheduled for release in September.

The exchange is now targeting both the primary and secondary markets through the development of both an ICO platform and a multilateral and regulated crypto trading system.

The ICO platform will facilitate the issuance of crypto tokens, corporate financing, and representation of rights and assets, with the aim of increasing their chances of success.

The ICO platform launch would help the Garmany’s second-largest stock exchange develop a multilateral cryptocurrency trading platform

According to Finextra, Alexander Hoptner, Boerse Stuttgart CEO, said the move to develop the cryptocurrency trading platform is a response to “retail and institutional investors’ demand for a regulated and reliable environment for crypto trading.”

“At the trading venue, tokens issued through our ICO platform can be traded on the secondary market. This is an important success factor for ICOs,” Hoptner added.

Alexander Hoptner added that the purpose of the exchange is to provide “core services along the value chain of digital assets, all under one roof,” so it is developing a comprehensive services infrastructure that will include secure custody solutions for both emerging digital assets and established cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Bison is being developed by local data analysis firm Sowa Labs, which the platform acquired in December 2017 as part of its roadmap to an ambitious “digital strategy”.

Beyond cryptocurrency trading operations, the Bison platform seeks to integrate the underlying blockchain technology to increase the efficiency and security of the transactions.

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Bancor Crypto Trading Platform Recovers After A Recent “Security Breach”

The decentralized Bancor crypto trading platform, which faced a “security breach” on July 9th, has informed Cointelegraph that it hopes to be back online in 24 hours.

Bancor shut down trading on Monday due to an inquiry into a “security breach” that involved over $12 million. The platform acknowledged the breach on its Twitter account, claiming that “no user wallets were compromised.” The cyber attackers traded the tokens via the Changelly exchange service. Sources acquainted with the matter have told Cointelegraph that the stolen tokens included the original Bancor BNT token, an estimated 25,000 Ethereum (ETH) ($12.2 million) and 300,000 Pundi X (NPXS) ($1,200).

Even though an official announcement on the breach will be issued after the inquiry ends, Bancor’s head of communications, Nate Hindman, told Cointelegraph that the crypto trading platform would be back online in 24 hours. As Hindman says, Bancor is working with multiple players in the crypto-verse to build the appropriate instruments and technologies to aid the cryptocurrency companies to collaborate more efficiently when cyber attacks and thefts occur.

Nate Hindman from Bancor crypto trading platform thinks centralized crypto platforms have their place in this industry

“These mechanisms include a real-time blacklist that tracks the addresses of criminals and stolen assets, as well as an emergency fund that compensates projects when theft occurs. There is much more to do here, and we look forward to working with our colleagues across the industry to make everyone stronger and smarter as we move forward together,” stated Nate Hindman.

Also, Hindman likened the crypto trading platform’s security to a game of cat and mouse and admitted that thieves are getting more advanced and refined following the uptrend of the crypto-verse regarding technologies.

“We stand firm in our efforts to create better tools to prevent thieves from committing crimes and using stolen funds, and better processes to analyze situations and inform users and relevant parties when they occur,” Nate Hindman added.

On the other hand, Nate Hindman adopted a stance in opposition to Vitalik Buterin who said that he hopes centralized crypto platforms to “burn in Hell.” According to Bancor crypto trading platform’s chief of communications, Hindman, there is a place for both centralized and decentralized systems in the cryptocurrencies market.

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Crypto

0x (ZRX) Keeps On Gaining – We Might See 0x (ZRX) On Coinbase’s Paradex Crypto Trading Platform

0x (ZRX) is one of the few cryptocurrencies that showed double-digit earnings during the last week. Even now, ZRX is not doing badly as it is still gaining, trading at $1.27, at the moment of this writing, increasing by about 3.5% in the last 24 hours. All the gains 0x (ZRX) recorded are due to the rumors about ZRX addition on either Coinbase or the Paradex crypto trading platform (which, since recently, is a Coinbase subsidiary).

As I’ve said, 0x (ZRX) is traded at $1.27 but, even though it is still gaining, ZRX “lived” its best day past Thursday when it traded upward and recorded a 12.5% increase breaking over the $1.30 level.

What is 0x (ZRX)?

0x (ZRX) is an open source platform designed to deliver decentralized exchange capabilities to ERC20 tokens around the world. The protocol is built on Ethereum (ETH) smart contracts and permits the functioning of decentralized crypto trading platforms.

The ERC20 crypto tokens developed on ETH network keep on expanding and increasing worldwide. The 0x team has proposed to build a platform to facilitate the trading of the ERC20 crypto tokens.

0x platform is neither a centralized nor a decentralized trading environment, however, it employs the best characteristics.

0x (ZRX) to be listed on Coinbase’s Paradex crypto trading platform

CNBC announced on May 23rd the acquisition of Paradex by Coinbase cryptocurrency exchange. Paradex is a trading system which has been specifically engineered to support the direct trading of digital assets.

Coinbase, on its part, stated that they will enhance the technology behind Paradex prior to its formal introduction. Paradex, eventually, will be made commercially available for several hundreds of cryptocurrencies but only for clients located outside the US.

Paradex offered 0x (ZRX) trading before being bought by Coinbase and it is quite possible to be also among the traded ERC20 crypto tokens on the updated crypto trading platform.

Also, if that’s the case, it is also very probable to see 0x (ZRX) on Coinbase, the most popular US-based cryptocurrency exchange.

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