BitGo Gets Approval From State Regulators to Launch Custody Service

BitGo has received the green light from the South Dakota Division of Banking to act as a qualified custodian for digital assets, according to a Business Wire press release. The approval means the BitGo Trust Company can now offer secure storage for digital assets “designed for institutional customers,” Chief Compliance Officer Shahla Ali told Bitcoin Magazine. “Built on BitGo’s multisignature security, BitGo Custody delivers modern security for modern assets,” Ali continued. Ali went on to explain that “BitGo has been working on its application for its charter to be a…

Morgan Stanley Eyes Bitcoin Swap Contracts Tied to Futures Prices

Morgan Stanley is joining Wall Street’s race toward an institutional-friendly bitcoin derivative. According to anonymous sources reporting to Bloomberg, the financial institution is devising price return swaps tied to bitcoin. These derivatives would allow investors to indirectly invest in the market’s flagship currency, allotting them the option to buy into long or short positions through the contracts. Taking their prices from bitcoin futures, the swaps will not handle bitcoin directly. Seeing as Morgan Stanley is a regulated and established financial institution, tying the product to futures contracts is a safer…

Huobi Enters Japanese Market With BitTrade Acquisition

Huobi Japan Holding Ltd. has acquired a majority stake in Japanese cryptocurrency exchange BitTrade, marking the top-three exchange’s formal entry into the Japanese market. BitTrade, which is one of the 16 government-approved crypto exchanges in the country, announced the news yesterday, September 12, 2018. Japan’s Financial Services Agency (FSA) began issuing exchange operating licenses in 2017, but in light of the Coincheck hack in January 2018, the approval rate has plummeted as the agency has tightened its requirements. Huobi Japan, which is a wholly owned subsidiary of Huobi Global, plans…

Constantinople Ahead: What You Need to Know About Ethereum’s Big Upgrade

Constantinople, ethereum’s next system-wide upgrade, is coming soon to a node near you. Finalized August 31, Constantinople includes five different ethereum improvement proposals (EIPs). Once released on ethereum, the proposals will permanently alter the blockchain with a host of new backwards-incompatible upgrades. This means that nodes — the network of computers that run ethereum software — must either update together with the whole system or continue running as a separate blockchain entity. More formally known as a “hard fork,” system-wide upgrades have instigated a fair amount of drama in the…

Central Bank’s Blockchain Trade Finance Platform Pilots in Shenzhen

A new trade and finance blockchain platform, backed by the People’s Bank of China (PBoC), has started official pilot operations in Shenzhen, local news outlet 21jingi reports September 12. The “Guangdong, Hong Kong and Macao Dawan District Trade Finance Blockchain Platform” aims to provide a blockchain-powered ecosystem for cross-border trading across Guangdong, Hong Kong, and Macau Bay Area. The platform is reportedly being jointly promoted and organized by the PBoC’s Central Bank Digital Currency Research Lab and the Central Bank Shenzhen Central Branch. 21jinji cites Xu Honghui, vice president of…

BitGo Receives Regulatory Approval to Custody Crypto Assets

Crypto security startup BitGo has received approval in the U.S. to act as a qualified custodian for digital assets. The company, which has spent most of 2018 attempting to launch a regulated custodian entity, announced that the BitGo Trust had been approved by the South Dakota Division of Banking on Thursday, meaning it can now offer institutional clients a regulated storage solution for digital assets, said chief compliance and legal officer Shahla Ali. Ali told CoinDesk that this may mark the first time a regulated custodian was designed and built from scratch specifically…

New Crypto Exchange Aims to Become Leading Platform in Europe by 2020

An upcoming cryptocurrency exchange is aiming to become a leading player in Europe by 2020 — listing cryptocurrency altcoins as well as helping startups to get their Initial Coin Offerings off the ground. Blockchain.io says it will keep exhaustive accounting records that are regularly audited — and give peace of mind to customers by making extensive efforts to comply with the regulations in their jurisdiction, along with international laws. In the long run, it hopes this will help prevent scenarios where customers’ assets are seized or frozen by government officials.…

Vault Launches Crypto Collectibles Wallet on Apple’s App Store

Crypto wallet startup Vault has announced that it’s launching a wallet that stores non-fungible tokens and other crypto collectibles on Apple’s App Store. Co-founder John Egan told CoinDesk that the company is looking to make it easier for new users unfamiliar with blockchain to purchase these collectibles and hold them. An issue with many current wallets and other tools, he said, is that they are focused on developers, rather than casual users. Decentralized apps (dapps) are one area he sees drawing potential new users into the space. “The motivation here is no…

ConsenSys Exec. Predicted Ethereum Price Would Hit $2,000 in 2018

The unfortunate side effect of making specific predictions about future events is that you eventually have to measure your claims against reality. For cryptocurrency bulls who made 2018 price targets in December and early January, that reckoning is rapidly approaching, and one such price prediction has been making the rounds on social media this week. Revisiting One Ethereum Bull’s ‘Flippening’ Call On Jan. 2, ConsenSys Capital co-founder Andrew Keys rang in the new year with an article titled “18 Blockchain Predictions for 2018.” Like many cryptocurrency analysts at the time,…

Blockchain Could Bring $1.1 Trillion in New Global Trade, Says WEF

A new report from the World Economic Forum has high hopes for blockchain with revenue growth predicted to be over $1 trillion in world trade. The white paper published in June examines supply chain management and the enormous role that blockchain will play in the near future, particularly with SMEs (small or medium-sized businesses). The Asian Development Bank estimates that there is a $1.5 trillion trade gap/trade deficit which is projected to increase to $2.4 trillion by 2025. The gap is largely due to smaller businesses having insufficient access to…