Setting The Stage Imagine a courtroom and Bitcoin making its way to the podium. Seated on the left side of the room are the bullish advocates; opposite to them are the bearish advocates. As Bitcoin passes the barrier and…
Its Thursday evening and you are back at it again staring at the charts. You are sitting there pondering to yourself, why is the price dropping again and why did I go all in at $15,000. At the time of…
Coinrail, one of Korea’s many cryptocurrency exchanges, was recently hacked. In the process, the company lost over $40 million in altcoins. While it is a relatively small exchange, there is still plenty of potential to get away with a huge…
In April, BitGo announced the release of 13 ERC20 tokens. Today, we added support for several dozen more bringing the total to 57. Support for ERC20 tokens, which is expected to grow to over 100 by the end of the year, is part of BitGo’s continuing effort to provide a broad offering of coins and tokens.Our institutional clients want to hold a basket of digital assets, perhaps 20 or more, to provide better absolute and risk adjusted returns. Investing in Bitcoin, Ethereum, and Ripple is not enough diversification in a volatile, bear market and clients depend on us to provide the security for these assets.
Crypto finance startup Circle isn’t hurting after bitcoin’s recent plunge. In fact, the company has seen a surge in hedge funds and other major investors joining its platform.According to CNBC, the Goldman Sachs-backed company said that month over month it had a 30 percent boost in new clients and was doing 15 times more transaction volume each day than a year ago. This is despite the fact that bitcoin has plummeted more than 50 percent this year.To keep up with the volume, Circle just announced that it was making “Circle Trade” automated so investors can place orders without having to talk to a person.“In May, which was a challenging month, we saw a sharp increase of unique new counter-parties,” Circle founder and CEO Jeremy Allaire told CNBC in a phone interview. “A lot of folks on the institutional side are on-boarding, and getting their ducks in the row.”Until recently, Circle employees would have to manually quote a price over an instant messaging platform such as Skype, then authorize those trades. Now the platform, which facilitates around $2 billion in trades every month, will be able to handle orders and settlements through an automated process.
On May 3, CCN reported that Goldman Sachs is entering the bitcoin market by launching a futures market targeted at investors in the traditional finance sector and stock market. At the time, Goldman Sachs executive Rana Yared stated that despite the personal skepticisms of the bank’s executives, Goldman Sachs decided to operate a bitcoin trading desk to facilitate growing demand from its clients and investors.
On May 8, less than a week after the plans of Goldman Sachs to operate a bitcoin futures market were revealed to the public, NYTimes reported that several emails and documents reviewed by the NYTimes team showed the parent company of NYSE has been developing an online bitcoin trading platform.
“The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential,” the New York Times reported.
Bitcoin cash was up more than 7%, outpacing other major cryptocurrencies, Wednesday morning after London Block Exchange said it would support trading of the fourth-largest cryptocurrency.
“As we open our doors to UK crypto enthusiasts, we’re listening and acting on what the community wants – and that’s an array of good quality coin options to trade; all backed by a reliable, comprehensive and user-friendly service that they can trust,” Benjamin Dives, CEO of the exchange, said in a press release.
The exchange also said it would support Ethereum classic, currently the 15th largest cryptocurrency, which split from the flagship ethereum in July 2015. The cryptocurrency was up 0.8% Wednesday morning.
Authorities across the world are either opening their doors to crypto or shutting them. Exchanges want to keep up with this fast-paced ecosystem and seek out favorable nations and markets. Japan is a known haven for crypto and Tokyo exchange BitFlyer has recently obtained approval to operate in Europe.
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Japanese e-commerce and entertainment giant DMM Group has launched its crypto exchange, supporting 7 cryptocurrencies and 14 trading pairs. The group is also preparing to launch another crypto exchange in the Spring aimed at inexperienced investors.