What QuadrigaCX Says About Institutional Crypto Investment

Noelle Acheson is a veteran of company analysis and member of CoinDesk’s product team. The following article originally appeared in Institutional Crypto by CoinDesk, a newsletter for the institutional market, with news and views on crypto infrastructure delivered every Tuesday. Sign up here. _______ Open pretty much any mainstream financial media source and it’s hard to feel cheerful. Economic growth is slowing. The yield curve is flattening. Trade tensions are tensing. There’s plenty for an institutional investor to fret about. Yet none of those worries are top-of-mind for institutional investors these days when…

Crypto Institutional Investment Coming | So Says Mike Novogratz

According to a Bloomberg report, Galaxy Digital Holdings founder Mike Novogratz believes that crypto institutional investment will be coming by next year. If this were to be the case, digital coins would most likely rally significantly. Crypto Institutional Investment In an interview with Bloomberg Television, the crypto magnate said the following about digital currency, which he dubs ‘smart money’: “All the architecture that institutions need to feel comfortable with this is being put in place […] You’re going to start to see custody come online.” Crypto Institutional Investment Needs Custody Solution The…

Philippines Union Bank Launches Crypto ATMs

One of the Philippines largest banks, Union Bank, is set to launch the first two-way crypto ATMs in the country. Union Bank Crypto ATMs Customers will be able to buy and sell cryptocurrencies for cash through the ATM. The idea is to provide an easy and accessible means for crypto to fiat conversion and vice versa. The move may help to spur on adoption for the digital asset. Union Bank said the following on the crypto ATMs: “In the bank’s continued quest to cater to the evolving needs and tastes…

Fake Bakkt Website Emerges but Fails to Scam Crypto Investors

A new Bitcoin (BTC) scam website has emerged. Back in 2017, when the cryptocurrency market hit mainstream news, scam sites began blowing up. Since everyone was so desperate to get their hands on digital currency or invest in a project that could give them 10X the return, the scammers often won. Now, cryptocurrency investors are much more cautious, and this new fake Bakkt website was easily identified. Fake Bakkt Website Caught In August of 2018, the Intercontinental Exchange (ICE) announced Bakkt would be launched in late-January 2019. ICE currently operates…

A Fight Is Brewing Among QuadrigaCX Crypto Exchange’s Creditors

Creditors of the failed cryptocurrency exchange QuadrigaCX are bracing for a fight – among themselves. Customers who had fiat currency balances at the exchange before it went offline and sought protection from creditors in a Canadian court last week are beginning to argue they should be paid back first from recovered assets. But they expect customers who stored crypto at QuadrigaCX to push back on such demands. And even some fiat holders say such prioritization would be unfair. “There seems to be a conflict going on between creditors themselves,” Canadian resident and…

Crypto Exchange Bithumb Launches OTC Trading Desk for Digital Assets

Bithumb Global has launched an over-the-counter (OTC) trading desk for digital assets. Announcing the news on Thursday, the firm said that the new Hong Kong-based venture – Ortus – is a “block deal, matchmaking service” for institutional clients. In an OTC deal, two parties trade directly with each other, unlike on an exchange where orders are matched between buyers and sellers. “Ortus will operate to allow institutions to buy and sell digital assets through a network of global liquidity providers and benefit from a competitive and best price execution service,”…

Crypto Futures Platform ErisX Hires Execs From Barclays and YouTube

ErisX, a digital assets trading platform, has recruited three top-level officers from major companies in the financial and tech industries. Announced today, Robert Thrash joined the company as chief operating officer from Barclays, where he spent more than 11 years in various leadership positions. Most recently, he was the global bank’s managing director of agency derivatives services, a business that encompasses over-the-counter (OTC) derivatives clearing, futures execution and clearing and foreign exchange prime brokerage. Explaining his interest in the cryptocurrency markets, Thrash told CoinDesk: “Crypto sits at the intersection of technology, finance…

Binance’s Crypto Winter Strategy: Build and Beef Up Partnerships

Malta-based cryptocurrency exchange Binance has an ambitious mandate for its 400 employees in 2019: leverage industry partnerships to diversify the brand beyond its primary trading platform. Trust Wallet, which Binance acquired last summer, recently joined the Foundation for Interwallet Operability (FIO), CoinDesk has learned. The coalition includes the exchange ShapeShift, and wallet startups BRD and MyCrypto, among many others. Guided by the foundation’s instigator, a Denver-based startup called Dapix, the coalition plans to build a protocol to standardize crypto wallet addresses across currencies and platforms. Boosters say this protocol could…

UK Firm Gets Regulatory Green Light to Offer Crypto Derivatives

B2C2, an electronic OTC trading firm and crypto liquidity provider, has just got the green light to offer crypto derivatives in the U.K. The London-based firm announced Thursday that its subsidiary B2C2 OTC Ltd. is now authorized and regulated by country’s financial watchdog, the Financial Conduct Authority (FCA), to arrange and deal in crypto contracts for difference (CFDs). Crypto CFDs allow traders to predict the future price change of specific cryptocurrencies, and in turn, provide an opportunity to make profit in both rising and falling markets by going long or short.…

Crypto Exchange QuadrigaCX Files for Creditor Protection

Canadian crypto exchange QuadrigaCX is filing for protection from creditors, a step taken to avoid bankruptcy. In a statement posted to its website nearly a week after the portal became inaccessible, the exchange announced that it had filed “an application for creditor protection in accordance with the Companies’ Creditors Arrangement Act,” as part of a move to “address” financial issues. In its application, QuadrigaCX is asking the Nova Scotia Supreme Court to appoint professional services firm Ernst & Young to act as independent third party to oversee its proceedings. The…