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Fidelity’s Cryptocurrency Arm Starts Offering Institutional Investor Services

March 9, 2019 |

Fidelity's Cryptocurrency Arm Starts Offering Services to Institutional Investors

Fidelity Investments’ new cryptocurrency arm is now up and running. The unit, Fidelity Digital Assets, began operations earlier this quarter but didn’t make any noise about it. It has already started offering trade execution and crypto custody services to institutional investors such as hedge funds and private wealth management firms.

Also read: UN Panel: North Korea Hacked $ 571M From Asian Crypto Exchanges

Bear Market – What Bear Market?

Tom Jessop, who heads Fidelity Digital Assets, told CNBC that the so-called crypto winter hadn’t affected the rolling out of operations at the new unit. Weak prices have also failed to put a damper on the company’s institutional cryptocurrency offerings, he stated.

“In terms of our pipeline, prices really haven’t had an impact. If you started a crypto fund at the height of the market you’re probably hurting right now,” Jessop was quoted as saying, on Mar. 8. Fidelity Investments first announced the creation of its cryptocurrency subsidiary last October.

Fidelity's Cryptocurrency Arm Starts Offering Institutional Investor Services

However, since the announcement, bears have continued to dominate the market. Last year, bitcoin core lost more than 80 percent of its value, skidding from a peak of almost $ 20,000 to $ 3,879 as of this writing.

In 2019, prices have appeared to stabilize between $ 3,300 and $ 4,000. But conservative institutional investors, such as those courted by Fidelity, have hesitated to enter the cryptocurrency space. That’s partly due to concerns over bitcoin’s volatility, which can swing or crash by as much as 10 percent within a matter of hours.

Wait and See Attitude

Jessop admitted that institutional investors are still in “wait and see” mode where cryptocurrency investments are concerned. However, he explained that there is long-term interest from such investors to add some crypto to their portfolios. Many corporate investors consider cryptocurrency a store of value during a crisis, while others look at it as an opportunity to trade. Jessop opined:

If anything, they (institutional investors) are as encouraged now as they were when prices were higher. At some point, there will be an attractive entry point. But by the same token people don’t want to be early even if we’re well off the highs.

To establish the level interest, Fidelity surveyed about 450 institutions, including the rich, hedge funds and endowments, CNBC reported. The results showed 22 percent of the respondents already owned cryptocurrency and were planning to double their portfolios.

Fidelity's Cryptocurrency Arm Starts Offering Institutional Investor Services

Fidelity Digital Assets will help these investors to buy and sell cryptocurrencies across several exchanges as well as store the digital assets safely. Jessop also revealed that some aspects of the business remained a work in progress, such as expanding the areas where it can do business while attending to competing client needs, some of whom require a bit of education in crypto investing.

Fidelity’s entry into the cryptocurrency industry is viewed as a major turning point for drawing institutional investors into the same space. The 72-year old family-run company manages retirement plans and mutual funds.

What do you think about Fidelity’s new cryptocurrency unit? Let us know in the comments section below.


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The post Fidelity’s Cryptocurrency Arm Starts Offering Institutional Investor Services appeared first on Bitcoin News.

Bitcoin News

Nasdaq Stock Exchange to Start Offering BTC and ETH Indices

February 14, 2019 |

Nasdaq Stock Exchange to Start Offering BTC and ETH Indices

The Nasdaq stock exchange will start offering real-time information on two new indices tied to the cryptocurrency market – bitcoin core and ethereum. Both indices will be included on the exchange’s existing platform of indexes starting Feb. 25.

Also read: Indonesia’s Futures Regulator Issues New Rules For Crypto Assets

BLX and ELX Indices Capture Data From Multiple Exchanges

The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) will “provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets,” said Nasdaq in an online statement published Feb. 11.

Nasdaq Stock Exchange to Start Offering BTC and ETH Indices

According to the statement, both the “BLX and ELX work by capturing data from multiple exchanges to provide a single price point for BTC and ETH, which helps traders, get in and out of a given position.” Nasdaq claims the methodology has been verified by independent auditors.

“The BLX is one of the most widely-referenced BTC indices among crypto traders and has been calculated back to 2010. Likewise, the ELX has been calculated back to 2014,” said the exchange.

 Driving Mainstream Crypto Adoption

The two indices were created by Brave New Coin. Nasdaq’s latest move is seen as key to introducing cryptocurrency to traditional stock market investors on Wall Street and elsewhere, thereby driving mainstream adoption. The stock exchange has swam against the tìde in being drawn to crypto assets, starting with publishing analytical reports on Bitcoin and partnering with Vaneck to launch BTC futures trading in a falling market last year.

Nasdaq Stock Exchange to Start Offering BTC and ETH Indices

The two new indices join several dozen of Nasdaq’s indices including the Nasdaq Composite, its main index, and the Nasdaq 100, through its Global Index Data Service. The data service is a real-time feed that consolidates all Nasdaq indexes and ETF valuation data, including third-party partner data.

Nasdaq is the world’s second largest stock market by capitalization, behind only the New York Stock Exchange. More than 3,400 companies are listed on the bourse, which boasts a total market value of $ 10 trillion. Cryptocurrency is expected to benefit from the exchange’s expansive reach. Acceptance by institutional investors which dominate trade on Nasdaq is regarded by some as a major step towards mainstreaming virtual currencies as well as increasing adoption.

What do you think about the inclusion of BTC and ETH indices on the Nasdaq stock exchange? Let us know in the comments section below.


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Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com

 

The post Nasdaq Stock Exchange to Start Offering BTC and ETH Indices appeared first on Bitcoin News.

Bitcoin News

As the housing market slows, builders are offering buyer discounts

January 11, 2019 |

As the housing market has downshifted, more builders are offering sweeteners to close the deal.

Companies large and small are paying closing costs, buying down mortgage rates and trimming square footage to offer a cheaper abode. Some are countering the high cost of a mortgage with a more direct…


L.A. Times – Business

They Need Pumps to Get to 15 Trapped Men. No One Is Offering

December 26, 2018 |

Rescuers are now citing “the Almighty” as one of their last hopes for getting 15 coal miners out of a “rat-hole” mine in the Indian state of Meghalaya. Per ABC News , things look dire for the trapped men, who didn’t emerge from the mine on Dec. 13, and those seeking…
Newser

Bitwala Begins Offering Bank Accounts With Bitcoin Wallet and Debit Card

December 12, 2018 |

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit Card

Cryptocurrency banking provider Bitwala has started offering its banking service to cryptocurrency users in Germany, starting with 40,000 pre-registered customers. A spokesperson for the company has shared details with news.Bitcoin.com about this new service which will soon add support for additional countries and cryptocurrencies.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

New Banking Service for Crypto Users

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit CardBitwala announced on Wednesday, Dec. 12, that it has started offering banking service to cryptocurrency users. “New users along with the 40,000 pre-registered customers will be onboarded one after the other based on their waitlist place,” the announcement read.

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit CardThe bank accounts are hosted by Berlin-based Solarisbank. This Bitwala partner has a banking license, so it is supervised by Bafin and Bundesbank, Germany’s banking authorities.

Roman Kessler, a spokesperson for Bitwala, told news.Bitcoin.com:

For now, only German residents can go through the KYC [know-your-customer] process. Very soon, hopefully already in January, this will be extended to other jurisdictions inside of the EU.

Account opening takes a few minutes, the company noted, adding that customers need an ID to open an account. They must also complete the KYC process which includes video verification. The company also explained that “As with any bank account in Germany, all euro deposits up to €100,000 [~$ 113,274] are protected by the German Deposit Guarantee Scheme (DGS).”

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit Card

Bank Account With Crypto Support

With the new Bitwala bank accounts, users will receive an Iban and a contactless debit card which will allow them to buy and sell BTC and manage expenses. The Bitwala account comes with a bitcoin wallet. Users can manage both their BTC and euro deposits in one place, the announcement describes.

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit Card
A Bitwala debit card.

“The new bank account offers users SEPA transactions, easy management of recurring payments, and comes with a debit card for on-the-go payments and ATM cash withdrawals,” Christoph Iwaniez, the company’s chief financial officer, commented. “For instance, customers will be able to use their Bitwala account to receive salary payments and pay their rent. And if you want to trade bitcoin, you can draw liquidity from the same current account.”

Kessler further shared with news.Bitcoin.com:

Only bitcoin [is supported] at the moment. You can access them through a multi-sig wallet to which only you have the private key. Other cryptocurrencies to follow shortly.

He also emphasized that “The online bank account and the [debit] card are free,” but trading between BTC and EUR costs 1 percent. “According to our market research that is 5 percentage points below market average.”

What do you think of Bitwala’s new service? Let us know in the comments section below.


Images courtesy of Shutterstock and Bitwala.


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The post Bitwala Begins Offering Bank Accounts With Bitcoin Wallet and Debit Card appeared first on Bitcoin News.

Bitcoin News

Uber is said to file confidentially for initial public offering, racing rival Lyft to go market

December 8, 2018 |

Uber Technologies Inc. filed documents confidentially this week with regulators for an initial public offering, said a person familiar with the matter who asked not to be identified because it was private.

The offering could be the largest IPO next year and one of the five biggest of all time….


L.A. Times – Business

Facebook is accused of offering advertisers special access to users’ data

December 6, 2018 |

A key British lawmaker alleged Wednesday that Facebook maintained “whitelisting agreements” that gave select companies preferential access to valuable user data several years ago, offering insight into how the company balanced concerns about user privacy with the business imperative of growing…


L.A. Times – Business

LoanMe stops offering personal loans in Wisconsin following Times report

November 14, 2018 |

LoanMe, a high-interest lending company in Anaheim, has stopped making personal loans in Wisconsin after a Times report that drew connections between the company and a legally troubled firm that was not permitted to make loans there.

LoanMe no longer advertises loans to Wisconsin residents on its…


L.A. Times – Business

Exchanges Roundup: First UAE-Based Exchange, LXDX to Launch Security Token Offering

November 7, 2018 |

Exchanges Roundup: First UAE-Based Exchange, Lxdx to Conduct Security Token Offering

A partnership between Al Zarooni Group, Crypto Bulls and Gulf Coin Gold has fostered the launch of the first cryptocurrency exchange registered in the United Arab Emirates (UAE). In other news, LXDX has announced that it plans to conduct a $ 5.7 million fundraising round via a security token offering (STO), and BTCC has announced indefinite cessation of its mining pool.

Also Read: Venezuelan Banks Start Using the Petro to Denominate Customer Balances

Crypto Bulls Exchange Launches First Registered Cryptocurrency Platform in UAE

Exchanges Roundup: First UAE-Based Exchange, LXDX to Launch Security Token OfferingA partnership between Al Zarooni Group, Crypto Bulls, and Gulf Coin Gold has yielded the launch of the first cryptocurrency exchange to be registered in the United Arab Emirates, Crypto Bulls Exchange.

Suhail Al Zarooni, the Chairman of Al Zarooni Foundation described the launch of the exchange as a “milestone for getting global investments opportunity from all over the Globe in UAE.”

Shasha Gupta, the chief executive officer and founder of Crypto Bulls Exchange, stated that “Crypto Bulls will be the first exchange providing AED trading pairs and traders would be able to convert their crypto assets into AED.”

LXDX Plans $ 5.7 Million Security Token Offering

Exchanges Roundup: First UAE-Based Exchange, LXDX to Launch Security Token OfferingLXDX, a cryptocurrency exchange co-founded by former Spacex engineer Joshua Greenwald, has announced that it will issue tokenized securities representing ownership in the exchange.

The company plans to issue five million tokens priced at 1 EUR each that will collectively represent an ownership share in the platform. The tokens will also entitle holders to 10 percent of the exchange’s quarterly adjusted gross revenue.

Will Roman, the chief operating officer and co-founder of LXDX, stated that the STO would be the only token offering that the firm plans to conduct in the “foreseeable future.”

Joshua Greenwald, LXDX’s chief executive officer stated his expectation that “The million token future is just around the corner,” adding: “As blockchain technology proliferates, we expect to see increased tokenization of tangible assets like real estate, commodities, and even art.”

BTCC to Cease Mining Pool Operations Indefinitely From Nov. 30

Exchanges Roundup: First UAE-Based Exchange, LXDX to Launch Security Token OfferingBTCC has announced that after more than four years of operating a mining pool, it will shut down all of its mining servers on Nov. 15 and “cease operations indefinitely” from Nov. 30.

BTCC requests that miners direct their hashing power elsewhere by Nov. 15 and “bind [their] mining revenue address” before Nov. 20, adding that the pool “will release the profits of all miners in time.”

Do you think more companies in the cryptocurrency sector will seek to issue stock via security token offerings? Share your thoughts in the comments section below!


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Bitcoin News

Southwest Airlines joins its rivals in offering free onboard movies. What’s the catch?

November 1, 2018 |

Southwest Airlines, the nation’s most popular domestic carrier, is providing its passengers with free movies to match the onboard entertainment already offered by most of the carrier’s biggest rivals.

The Dallas-based carrier has already begun rolling out the free movies on some planes, with plans…


L.A. Times – Business