South Korean Bank To Set Up Consortium To Fuel Development Of Crypto Exchange

South Korean Bank To Set Up Consortium To Fuel Development Of Crypto Exchange

South Korea’s NH Nonghyup Bank has signed a memorandum of understanding with a law firm and blockchain in the country to facilitate research as well as the development of cryptocurrency exchanges. 

Cryptocurrencies have taken the world by storm. From associating these digital assets with illicit activities on the dark web to countries and mainstream companies rolling out their own digital currencies, the industry has come a long way. One such country, China seems to be making headway in the same. Other Asian countries also have been joining the bandwagon.

As per recent updates, South Korea’s NH NongHyup Bank revealed that it has entered into a partnership with Hexlant a local blockchain technology platform as well as Bae, Kim & Lee, a Seoul based law firm. The bank’s latest partnership aims at rolling out a “consortium” in order to develop monetary services that use digital assets.

NH Bank’s latest move could be fueled by the legalization of cryptocurrencies in March this year. Back in March 2020, the South Korean National Assembly passed a bill in order to put regulations pertaining to cryptocurrencies into place. The latest bill affirmed the legality of trading as well as holding cryptocurrencies in South Korea. However, as per the current law, the profits incurred from cryptocurrencies are not taxable. While the Ministry of Economy and Finance of South Korea has been looking into the matter, South Koreans seem to be probing cryptocurrencies.

According to The Korean Herald, NH Bank has signed a memorandum of understanding with Hexlant and Bae, Kim & Lee to set up an institution that focuses on the research as well as the development of cryptocurrency exchanges.

The Senior Vice President of the NH Bank, Jang Seung-hyun commented about the bank’s latest venture and said,

“Through the consortium , we will step up efforts to take a lead in the local cryptocurrency industry.”

NH Bank wasn’t the only one to venture into the industry as another prominent bank of South Korea, KB Kookmin Bank is looking into rolling out a crypto custody service, eventually.

Many countries have been looking into developing their own CBDC’s further giving rise to speculations about the fate of Bitcoin.

Source: cryptomoneyteam.co

Author: By TeamMMG


Germany’s stock exchange will list first “centrally cleared” Bitcoin ETF, BitGo to serve as BTC custodian

Germany’s stock exchange will list first “centrally cleared” Bitcoin ETF, BitGo to serve as BTC custodian

Bitcoin-pegged institutional trading products like ETFs and futures have been a running theme since 2016. However, the road has proven difficult, with regulators and lawmakers impeding most of such developments.

But Germany’s forward-thinking financial sector seems to have embraced such products. The country’s stock exchange will now list a BTC-pegged exchange-traded fund (ETF), after a new development on June 9.

The Deutsche Börse’s XETRA platform will commence trading of Bitcoin ETC before July, as per an announcement.

Touted as the world’s first “centrally cleared” Bitcoin ETF, the fund backs Bitcoin’s volatile movements and is 100 percent backed by “physical Bitcoins.” A look at the prospectus shows U.S. cryptocurrency custodian and wallet firm BitGo will serve as the custodian for all Bitcoins locked in the ETF.

To be listed under ticker “BTCE,” the ETF provides German, European, and all international accredited investors to gain exposure to Bitcoin and potentially profit off the pioneer cryptocurrency’s infamous price spikes.

Each unit of BTCE gives the holder serves as a “claim” on 0.001 BTC — about $10 at current prices. Holders have an option of redemption in Bitcoin, in case they wish to.

However, the risk for equally huge losses remains, as some funds experienced in March 2020 after “Black Thursday” saw Bitcoin falling over 45 percent in two consecutive trading sessions.

BTCE is the first cryptocurrency product to launch on XETRA, and the first such product offered by the ETC Group. The latter is backed by several institutional investors from London, and hopes to bring expertise and technology from traditional markets to the regulated digital assets sector.

Bradley Duke, CEO of ETC Group spoke on the development:

“BTCE brings transparency and investor protection that regulators and institutional investors require to the world of Bitcoin. The crypto sector has been held back by concerns about complexity, accessibility, and governance.

Duke added BTCE serves as a catalyst for mainstream Bitcoin adoption among regulated markets and seasoned players. The move, he notes, also eliminates the need to purchase Bitcoin via obscure exchanges and dealing with the hassles of storing private keys.

Apart from issuing the ETF, the ETC is partnering with HANetf, another German firm, to create educational and insightful content pertinent to cryptocurrency storage and investing.

Trading and investing in BTCE is similar to how Bitcoin purchases work on crypto-exchanges. All transactions are identical to traditional ETFs, with the same regulatory protections in place. This supersedes any additional steps on part of a potential BTCE investor.

The ETF is approved by BaFin, Germany’s financial regulator. In March 2020, the regulator confirmed that they officially recognize cryptocurrencies as financial instruments.

A set of institutional Market Makers have been appointed to provide on-exchange liquidity and tight spreads, reducing any potential market impact.

It remains to be seen how well the Bitcoin ETF works in the German market. Similar products on America’s CME have not seen huge volume and have failed to usher in billions of institutional capital, as CryptoSlate reported on previously.

The post Germany’s stock exchange will list first “centrally cleared” Bitcoin ETF, BitGo to serve as BTC custodian appeared first on CryptoSlate.

Source: cryptomoneyteam.co

Author: By TeamMMG


CZ outlines four metrics for a successful crypto exchange

CZ outlines four metrics for a successful crypto exchange

Exchanges must focus on more than one or two regions — global outlook necessary, says CZ

Binance CEO, Changpeng Zhao, known as CZ, spoke about the importance of cryptocurrency exchanges having global presence, in a recent interview with CoinTelegraph. He also outlined what he believes are the four elements necessary for the success of crypto exchanges

CZ explained that though most crypto exchanges claim to be global, they often end up focusing too much on one or two regions. From manpower and offline events to customer service and languages available, such exchanges concentrate all operations on those regions and tend to eventually forgo the global mindset as most of their customers end up coming from their targeted regions.

“If the founder(s) have not lived and worked in multiple places in the world, it’s very hard for them to have a global view. If you have a global mindset, the rest is execution. Execution is also super hard,” CZ described the challenges of having a global outlook.

True to his word, CZ operates Binance at a global level. The company was founded in China and eventually moved to the Cayman Islands and Seychelles.

CZ laid out four elements necessary for crypto exchanges to succeed, along with the prerequisite of having a global mindset.

CZ stated that having a sustainable business model is a key factor in the success of any crypto-exchange. “Business owners need to evaluate whether they have a successful business model with a clear profitability path before growing its size rapidly or blitzscaling to the globe,” CZ clarified.

What future awaits cryptocurrencies?
GOODBAD

The second element is the ability to tailor products according to the needs of the local market, CZ stated. It is important to understand the role of cryptocurrency for the market and incentivise users accordingly.

The third element necessary for a crypto exchange is to work closely with regulators and local governments to ensure it meets all regulatory standards and local users can trade without any concerns. This is particularly important because crypto laws are still in making and it is important to reassure regulators and users about the safety of the product.

Finally, it is important for crypto exchanges to understand that the industry is still in its infancy and the adoption rate is very low. Thus, it becomes the responsibility of industry players to contribute to not only the growth of their product but also the growth of the industry. They must “drive massive adoption of cryptocurrencies and grow the crypto industry on the whole,” he concluded.

Source: www.bitcoindicate.com

Author: admin


Californian Charged Over Crypto Extortion and 28 SIM-Swap Attacks

Californian Charged Over Crypto Extortion and 28 SIM-Swap Attacks

Californian Richard Yuan Li, 20, has been charged with conspiracy to commit wire fraud for his role in SIM-swap attacks targeting at least 20 individuals, as well as the attempted extortion of a New Orleans-based doctor and cryptocurrency investor known only as ‘Investor A.’

Li is believed to have collaborated with others from January 2018 until February 2019 to defraud numerous victims through SIM-swapping attacks, with some of the co-conspirators remaining unknown to the United States Attorney’s Office.

SIM-swaps involve rerouting a victim’s SIM to a phone in possession of the attackers, allowing them to gain access to personal information and sensitive accounts including emails, bank accounts, and cryptocurrency wallets.

The complaint asserts that Li first participated in a scheme to defraud Apple Inc. in January 2018. After convincing Apple customer support staff that they had not received an iPhone 8 purchased from the company, Lie and his co-conspirators were able to gain possession of a second device.

On November 10, Victim A’s phone number was swapped to a SIM card contained in the fraudulently obtained iPhone 8 — which Li operated from his dormitory in San Diego.

Li and his co-conspirators were able to gain control over Victim A’s email, before accessing several of the physician’s accounts with various cryptocurrency exchanges.

After stealing “a significant portion of Victim A’s cryptocurrency,” the group rang the physician to demand a ransom of 100 Bitcoins (BTC) to prevent sensitive information from being leaked and purportedly restore control over his crypto accounts.

Between October 2018 and December 2018, Li participated in 28 SIM-swapping attacks that targeted at least 19 other victims.

If convicted, Li faces up to five years imprisonment and a fine of up to $250,000.

During May, pioneering crypto investor and the victim of a $23.8 million SIM-swap attack in 2018, Michael Terpin, filed a civil suit for $71.4 in damages against 18-year-old Ellis Pinsky of Irvington, New York for masterminding the hack.

Pinsky had been just 15 years old at the time of the attack, and had planned to retire early after the heist.

Source: blog.total.exchange

Author: by Total Exchange


Coinbase Exploring Support for 18 New Digital Assets

Coinbase Exploring Support for 18 New Digital Assets

The largest cryptocurrency exchange in the United States is considering offering support for a variety of new digital assets.

According to a June 10 blog post from Coinbase, the exchange is exploring support for Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Network, Siacoin, SKALE Network, Synthetix, and VeChain. However, Coinbase is not considering adding Siafunds.

Coinbase did not give a timeline for listing these assets. The blog said the process required “significant technical and compliance review” in addition to some regulatory approval.

“We will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations,” the announcement stated. “Our customers can expect Coinbase to make future, similar announcements as we continue to explore the addition of numerous assets across the platform.”

Coinbase Custody, the international institutional cryptocurrency holdings arm of the exchange, appears to have accidentally announced stablecoin Tether (USDT) would be part of the token expansion in a Tweet earlier today. However, the announcement referencing USDT on Coinbase has since been deleted.

When Coinbase adds support for new digital assets, bullish behavior can often follow. Cointelegraph reported that when the exchange announced it would be adding Stellar Lumen (XLM) in March 2019, the token gained around 5.66 percent on the day. Much of MakerDAO’s (MKR) recent doubling in price has been attributed to it being added to Coinbase.

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Source: www.cryptobitnews.co.uk


South Korean Bank To Set Up Consortium To Fuel Development Of Crypto Exchange


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