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| March 23, 2019

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Stocks move lower in morning trading as investors await Fed’s interest-rate decision

March 20, 2019 |

U.S. stocks edged lower in early trading on Wall Street on Wednesday ahead of the latest interest rate policy decision by the Federal Reserve.

Healthcare and technology companies led the market lower as investors favored safer holdings in the utilities and real estate sectors. Microsoft and Apple…


L.A. Times – Business

In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

March 17, 2019 |

In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

In this edition of The Daily we cover a planned U.S. regulated cryptocurrency exchange from Riot Blockchain, the arrest of a hacker in Japan who allegedly stole 15 million yen of monacoin, and a couple of new investors in Coinflex.

Also Read: US Sanctions Moscow’s Evrofinance Bank Over Involvement With Petro

Riotx Exchange Details

Riot Blockchain, Inc. (NASDAQ: RIOT) has filed with the Securities and Exchange Commission (SEC) regarding its planned U.S.-based digital currency exchange, Riotx. The document shows that the company intends to launch trading on the exchange with bitcoin core (BTC), bitcoin cash (BCH), litecoin (LTC), and ethereum (ETH), paired with one another and also for U.S. dollars. Riot Blockchain explained it has selected these coins based on internal and external reviews, and will only include currencies for which it has full regulatory and legal authorization to list.

The upcoming exchange will be comprised of three core services and Riot intends to acquire each of these by engaging third party vendors. Banking services will be provided by Synapse Financial Technologies, Inc. (Synapsefi); a trading engine will be provided by Shift Markets; and a provider of digital wallet services is still unannounced. The company anticipates launching its Riotx digital currency exchange by the end of the second quarter of 2019.

In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

Before October 2017, Riot was a biotechnology company known as Bioptix, Inc. that specialized in the development of veterinary diagnostic tools. On October 4, 2017 Bioptix announced it was changing its name to Riot Blockchain and shifting its business focus to investing in blockchain technologies. In February 2018 it was hit with a class action lawsuit in the Southern District of Florida related to the move.

Monacoin Hacker Arrested

According to media reports from Japan, police forces have caught an 18-year-old man who allegedly stole a total of 15 million yen (about $ 134.5K) worth of monacoin. The young hacker is accused of committing fraud using computers, among other allegations. He reportedly took advantage of vulnerabilities in an online wallet called Monappy to steal the funds of about 7,700 people. Mona is a cryptocurrency based on a cat meme popular in Japan that was created as a fork of litecoin.

In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

According to Japanese police, this is the first time a crypto hacker has been exposed in the country. This is despite the fact that he used Tor to hide his online identity and stored the stolen coins in an anonymous exchange abroad. The police claims to have identified him by analyzing blockchain transaction records.

New Coinflex Investors

Coinflex, a physically delivered crypto futures exchange, has announced the addition of investment firm Digital Currency Group and blockchain investment company Polychain Capital to its lineup of investors. Olaf Carson-Wee, CEO of Polychain, commented, “As a physically-settled futures exchange, Coinflex will be well positioned to capture significant order flow from speculators, institutional traders and Proof of Work miners seeking to hedge against crypto price volatility and hash rate volatility.”

The exchange also announced the creation of its own token, called flex coin, to encourage liquidity and reward members who trade on the platform. This is a practice that has spread among exchanges, with the seventh most valuable crypto asset by market cap in the world today – Binance coin – one such exchange token.

In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors

Based in Hong Kong and incorporated in the Republic of Seychelles, Coinflex is owned by a consortium that includes Trading Technologies International Inc., crypto trader Mike Komaransky, and Dragonfly Capital Partners. Market markers B2C2, Global Advisors, Alameda Research, Amber AI, Grapefruit Trading, Coinfloor and its subsidiary companies also have partial ownership of Coinflex.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post In the Daily: Riotx Exchange, Monacoin Hacker, Coinflex Investors appeared first on Bitcoin News.

Bitcoin News

SEC charges Volkswagen and its former CEO with defrauding investors

March 16, 2019 |

U.S. regulators charged Volkswagen and former CEO Martin Winterkorn with defrauding investors during its massive diesel emissions scandal.

The surprise charges from the Securities and Exchange Commission, filed late Thursday in the U.S. District Court for the Northern District of California, come…


L.A. Times – Business

Investors Scale Back Inflation Bets, Signaling Doubts About Growth

March 8, 2019 |

Bets on a pickup in inflation are falling out of favor, underscoring investors’ skepticism that the U.S. economy will be able to turn stronger after a soft start to the year.
WSJ.com: US Business

Survey Shows Consumers and Investors Remain Bullish on the Future of Cryptos

March 7, 2019 |

Survey Shows Consumers and Investors Remain Bullish About the Future of Cryptos

It’s been a long crypto winter, but according to a recent survey, consumers and investors are still positive about the long term value of leading cryptocurrencies. Researchers from the FINRA-registered broker Sharespost emphasize that people have recently become more optimistic about digital assets and plan to increase their holdings.

Also read: An In-Depth Look at Ethereum’s Maker and Dai Stablecoin

Research Analyst Sees ‘Growing Bullishness’ Surrounding Digital Currencies

Since December 2017, cryptocurrency holders have been riding a downward rollercoaster, with many wondering when the digital economy will become bullish again. On March 5, researchers from Sharepost disclosed data they recorded from a survey that involved 1,018 consumers and 96 accredited and institutional investors. Sharespost research analyst Alejandro Ortiz remarked that the study involved using Surveymonkey and Amazon Mechanical Turk as well. More than 30 percent of investors surveyed revealed that they owned at least $ 25,000 in BTC, and 20 percent polled owned a similar amount of ETH.

Survey Shows Consumers and Investors Remain Bullish on the Future of Cryptos

Individuals surveyed also revealed the most popular coins they own mimic the current cryptocurrency market cap, with BTC, ETH, and XRP dominating respectively. However, key findings in the report include ETH continuing to see “decreased expectations” which the research suggests may be due to the delayed Constantinople upgrade.

Survey Shows Consumers and Investors Remain Bullish on the Future of Cryptos

Most surveyed participants asserted there was a great likelihood of crypto prices rebounding. “The crypto winter is not over, but the latest survey data indicate there is a thaw in sentiment and growing bullishness about the future of cryptocurrencies and blockchain technology,” Ortiz explained after publishing the company’s findings.

Survey Shows Consumers and Investors Remain Bullish on the Future of Cryptos

Money Transfer and Payments Will Disrupt the Financial Sector

Another interesting discovery was that 39 percent of the investors and 46 percent of the consumers surveyed believe that one day their employers will use blockchain technology to some degree. Investors seem very sure about this coming to fruition, but consumers are less certain that blockchain technology will follow this trajectory.

Survey Shows Consumers and Investors Remain Bullish on the Future of Cryptos

Other key findings are that “money transfer and payments” are the top categories for blockchain’s ultimate disruption. During Sharepost’s survey last year, investors believed widespread crypto and blockchain adoption would take place in 2020, but now, surveyed investors believe this won’t happen until 2025. A good majority of folks polled said they want governments to give better clarity regarding industry regulations as well.

“Forty-three percent of investors expect regulations governing cryptocurrencies to improve looking ahead — Nearly 75 percent of those surveyed expect greater clarity from regulators regarding cryptocurrency,” states the report.

Survey Shows Consumers and Investors Remain Bullish on the Future of Cryptos

Overall, the survey concludes that investors are willing to bet big on BTC and consumers are diversifying. Interestingly, toward the end of the report, the company said “for the second consecutive survey, 80 percent or more of investors see Coinbase as the most successful exchange,” while Binance held second place for both groups of participants surveyed.

What do you think about this survey and respondents’ crypto expectations? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, and Sharepost.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Survey Shows Consumers and Investors Remain Bullish on the Future of Cryptos appeared first on Bitcoin News.

Bitcoin News

Stocks Fall as Investors Pause on Trade

March 5, 2019 |

Stocks fell, erasing early gains as investors continued to track trade negotiations between the U.S. and China as the two nations appear to inch closer to a pact.
WSJ.com: What’s News Asia

Stocks close mostly lower Wednesday after uncertainty over trade unnerves investors

February 27, 2019 |

Most major U.S. stock indexes finished down Wednesday after healthcare, communications and technology companies weighed down the market.

The finish extended the market’s mild losses from a day earlier. Even so, the benchmark Standard & Poor’s 500 index is on track to end the month with a gain of…


L.A. Times – Business

Pound Rally Breaks Investors’ Brexit Boredom

February 27, 2019 |

With weeks to go until Britain is officially scheduled to leave the European Union, politics has finally—slightly—jolted investors out of a prevailing mood of Brexit boredom.
WSJ.com: What’s News Europe

Hong Kong Crypto Exchange Coinsuper Shifts Focus to Institutional Investors

February 25, 2019 |

Hong Kong Crypto Exchange Coinsuper Pivots Focus to Institutional Investors

Hong Kong-based cryptocurrency exchange Coinsuper is reportedly shifting its focus from retail traders to institutional investors. This is the latest example of how regulations and trading volumes moving to OTC platforms are impacting the business strategies of crypto exchanges.

Also Read: University of Michigan Endowment Backs Crypto Venture Capital Fund

Coinsuper Exchange Pivots Focus

Coinsuper, a Hong Kong-based cryptocurrency exchange which claims to have one million registered users, is reportedly refocusing its business on attracting and serving institutional investors. The company’s engineers in mainland China are said to be re-tailoring the platform to fit institutional clients’ needs such as portfolio management and compliance with reporting requirements. Management also hopes to be granted a license by the Hong Kong Securities and Futures Commission (SFC) following its “sandbox” period.

Hong Kong Crypto Exchange Coinsuper Shifts Focus to Institutional Investors

“Institutional clients are mindful of security breaches and we have learned a lot from the market. If our infrastructure is steady and robust, we would naturally entice trading volume. We are not worried about declines in trading volume too much,” Karen Chen Qing, CEO of Coinsuper, told the South China Morning Post. She also explained that in comparison to retail traders professional investors have more knowledge and financial capability to bear the volatility of trading virtual assets.

Market Shifting to Institutional Investors

The institutional sector has attracted the attention of cryptocurrency trading venues more and more as retail spot volumes declined due to the persistent bear market. Many exchanges have adapted by launching over-the-counter (OTC) desks and other services dedicated to big players. Regulations also play a part in driving businesses to the institutional market, especially for ventures located in Hong Kong such as Coinsuper.

Hong Kong Crypto Exchange Coinsuper Shifts Focus to Institutional Investors

In November 2018, the SFC introduced new rules which many observers predicted would limit cryptocurrency trading to institutional investors. Portfolio managers and funds that plan to invest more than 10 percent of their portfolios in virtual assets are required to obtain a license which means only qualified institutional investors with at least HK$ 8 million ($ 1 million) will be allowed to invest in virtual asset portfolios.

What do you think about cryptocurrency exchanges shifting focus to institutional investors? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Hong Kong Crypto Exchange Coinsuper Shifts Focus to Institutional Investors appeared first on Bitcoin News.

Bitcoin News

Liechtenstein Bank Creates Cryptocurrency Trading Platform for Institutional Investors

February 22, 2019 |

Liechtenstein Bank Sets up Cryptocurrency Trading Platform for Institutional Investors

A private bank in Liechtenstein has established a cryptocurrency trading platform for institutional investors. Balzers-based Bank Frick will offer the service through its new subsidiary DLT Markets AG.

Also read: Irish Auctioneer to Sell off 315 BTC Seized by Belgian Police

Investors to Gain Access to Multiple Cryptocurrency Markets

According to a statement released by the bank on Feb. 20, DLT Markets will provide its customers with the infrastructural access to buy and sell digital assets from several exchanges. The company has said this “allows investors to trade and manage digital tokens in a regulated environment, as they are used to from the traditional securities business.”

The unit will also administer order data and perform risk and position management processes as part of efforts to book assets and payments securely, it said. At the same time, Bank Frick will provide custodial services to institutional investors trading cryptocurrency, who will have to comply with full know-your-customer and anti-money laundering requirements.

Liechtenstein Bank Creates Cryptocurrency Trading Platform for Institutional Investors
Roger Wurzel

Roger Wurzel, chief executive officer of DLT Markets, who has experience trading equities and derivatives at Deutsche Bank, stated:

We are creating a unique market offering for institutional investors in the area of the new digital token asset class. With our fully regulated platform, we are driving professionalism with regard to the trading of digital tokens and cryptocurrencies.

Liechtenstein has demonstrated great enthusiasm adopting cryptocurrencies and the blockchain technology which underpins them. Sandwiched between Austria and Switzerland, the small country has sought to attract cryptocurrency companies through friendly legislation, even though it faces competition from other small European nations like Gibraltar and Malta. Liechtenstein’s central bank has also announced plans to issue a security token.

Bank Frick Expands

Bank Frick recently established Distributed Ventures AG, a subsidiary tasked with promoting and financing fintech and blockchain startups. The launch of DLT Markets is thus seen as representing “a further step for Bank Frick in developing a future-oriented financial ecosystem, which combines regulatory security with the benefits of blockchain banking,” according to CEO Edi Wögerer.

Liechtenstein Bank Creates Cryptocurrency Trading Platform for Institutional Investors

He explained: “With our spin-off, we are offering institutional clients a unique combination of a fintech company and a bank regulated by the EU. The trading and safekeeping of digital assets thus go hand in hand – just like they do in traditional securities business.”

Bank Frick is a family-run Liechtenstein bank with headquarters in Balzers, employing more than 120 people. It was founded in 1998 by Kuno Frick Sr, with the majority now controlled by the Kuno Frick Family Foundation. Minority shareholder Net 1 UEPS Technologies, Inc. (Net1) holds 35 percent of Bank Frick’s share capital. Net1 is a financial technology company listed on the Nasdaq stock exchange in New York.

The bank supports initial coin offerings, provides custody of crypto assets and dealing services in major cryptocurrencies like bitcoin.

What do you think about Bank Frick’s latest venture? Let us know in the comments section below.


Images courtesy of Shutterstock and Bank Frick.


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The post Liechtenstein Bank Creates Cryptocurrency Trading Platform for Institutional Investors appeared first on Bitcoin News.

Bitcoin News