Former OKEx Chief Joins Rival Cryptocurrency Exchange Huobi

Chris Lee, the former CEO of Hong Kong-based crypto exchange OKEx, has announced he is joining rival platform Huobi as its vice president of global business development. According to an announcement by Singapore-based Huobi on Monday, Lee will head the group’s global mergers and acquisitions strategy and supervise international development as the exchange moves towards global expansion. “I am a big believer in blockchain technology and view exchanges as the heart of the industry,” Lee said in the announcement. The new appointment comes just a week after Lee announced his resignation…

Tel-Aviv Stock Exchange Turns to Blockchain for New Lending Platform

The Tel Aviv Stock Exchange (TASE) is teaming up with Accenture and The Floor, an Israeli fintech hub, to build a blockchain securities lending (BSL) platform aimed to allow direct lending of all financial instruments. The BSL will act as a “one-stop-shop for all securities lending activities, permitting access to larger securities volumes within shorter time-frames, even operating in shorter-term positions,” a press release states. With the use of distributed ledger technology from blockchain consortium Hyperledger, the platform is designed to reduce costs, increase security and provide more flexible lending…

NY Grants Fifth-Ever BitLicense to Crypto Exchange Genesis Global Trading

Genesis Global Trading has obtained a BitLicense from the state Department of Financial Services (DFS), making it only the fifth firm in three years to receive the controversial license. The cryptocurrency exchange, based in New York City, and DFS announced the news in separate press releases Thursday. In the regulator’s release, New York financial services superintendent Maria Vullo said, “New York continues to lead the nation in regulating the growing fintech industry.” But the BitLicense has come in for intense criticism from cryptocurrency entrepreneurs. Speaking at CoinDesk’s Consensus 2018 conference Tuesday, ShapeShift…

Winklevoss Crypto Exchange Wins Approval to Trade Zcash

The Winklevoss twins’ Gemini digital currency exchange has become the first in New York to receive a license to trade the privacy-focused cryptocurrency zcash. Alongside the news, Gemini announced support for trading zcash on Monday. Starting from May 19, Gemini users will be able to start depositing zcash (ZEC) into their accounts, the exchange said in a blog announcement. Trading will commence on May 22. Gemini will be offering three new pairs for trading the cryptocurrency: ZEC/USD, ZEC/BTC and ZEC/ETH. Eric Winer, VP of engineering at Gemini, said in the post: “We…

Coinbase Rolls Out Crypto Custody Product for Institutions

Cryptocurrency exchange Coinbase announced Tuesday it is formally launching Coinbase Custody, a product aimed at aiding institutional cryptocurrency adoption. First announced last year, Coinbase Custody is a crypto storage service directed specifically at large financial institutions, as previously reported by CoinDesk. At the time, the exchange said users would have to pay a $100,000 set-up fee and keep a minimum of $10 million in deposits. Further, there is a minimum monthly fee based on the assets stored. “We have leveraged our experience safely storing more than $20 billion of cryptocurrency…

BitGo Courts Wall Street With New Bitcoin Custody Products

Big Wall Street firms now have new options for storing bitcoin. Announced Sunday, Palo Alto-based startup BitGo has unveiled a new suite of custodial services aimed at institutional investors who may be eying the market with interest. The product launch notably builds on BitGo’s move to buy Kingdom Trust, a US qualified custodian of traditional financial assets, in January. But while that acquisition is still awaiting regulatory approval, that isn’t stopping BitGo from bolstering its offerings. BitGo head of product Tracy Olson indicated that the launch – which finds BitGo…

Korea’s Biggest Crypto Exchange Raided Over Suspected Fraud: Report

Prosecutors in South Korea have reportedly raided the largest cryptocurrency exchange in the country, UPbit. According to CoinDesk Korea, investigators from the Prosecutors’ Office of the southern district of Seoul, the country’s capital, searched the head office of the exchange in the Gangnam-gu district on May 10-11. UPbit is suspected of fraud for allegedly selling cryptocurrency to customers that it does not actually hold, according to the report. The Prosecutors’ Office stated: “We have secured hard disks and accounting books through confiscation. Analysis is expected to take days. “ When asked…

Crypto Exchange Coinone Taps Ripple for New Remittance Service

South Korean cryptocurrency exchange Coinone is turning to Ripple’s enterprise blockchain network for cross-border payments. Coinone Transfer, a subsidiary of the exchange that focuses on remittances, joined RippleNet on Monday, making it the first exchange in the nation to do so. The exchange will be using xCurrent, Ripple’s enterprise blockchain solution for cross-border payments that enables end-to-end tracking, a press release states Citing World Bank data that shows that there has been an increase in volume of international remittances from South Korea over the past decade, the firm said it plans to launch a new remittance service called…

Winklevoss Brothers Win Crypto Exchange Patent

Winklevoss IP, the company owned by Gemini founders Cameron and Tyler Winklevoss, has been awarded with a patent claim that aims to settle exchange traded products (ETPs) holding cryptocurrencies. The company outlined a system that can execute transactions for ETPs holding cryptocurrencies “such as bitcoins … ripple, dogecoins … ether” as well as BBQCoin, among others, according to patent published by the U.S. Patent and Trademark Office on Tuesday. The company first filed the application in December of last year. ETPs, which include exchange-traded-funds (ETF), are a type of security whose prices…

Binance CEO Blasts VCs and Calls ICOs ‘Necessary’

Zhao Changpeng, the CEO of popular crypto exchange Binance, said that the initial coin offering (ICO) model is preferred to venture capital – even with the risk of fraud. In a blog post published Monday entitled “ICOs — Not Just ‘Good-to-Have,’ But Necessary,” the Binance chief took aim at the VC world, notably writing that he believes “raising money through ICOs is about 100 times easier than through traditional VCs, if not more.” It’s a notable statement, considering Binance’s position as one of the world’s largest crypto exchanges. Nor is it perhaps…