Coinbase Taps Amazon Web Services Vet as Engineering VP

Cryptocurrency exchange startup Coinbase has hired Amazon Web Services veteran Tim Wagner as its new vice president of engineering. Wagner was with AWS for five years, serving as a general manager and overseeing its API gateway, as well as various serverless services. Prior to that, he spent six years at Microsoft as director of development for Visual Studio Ultimate. The development continues Coinbase’s 2018 hiring spree. Since the start of the year, the company has hired Tina Bhatnagar to serve as vice president of operations and technology; Emilie Choi as its…

Robinhood Adds Ethereum Classic to Crypto Trading App

Robinhood announced Monday that its customers can now invest in ethereum classic (ETC), just a day before Coinbase adds the option too. The company said in a blog post that the option went live today on its Robinhood Crypto app, adding that only those in the 19 U.S. states with access to the service can trade ETC at this time. Users can also trade in bitcoin, ethereum, bitcoin cash, litecoin and dogecoin, “as well as track market data for 10 other cryptocurrencies,” the post states. As mentioned, crypto exchange Coinbase is also…

First Crypto Firm IPO on London Stock Exchange Raises $32.5 Million

A crypto mining company has raised £25 million (about $32.5 million) through an IPO on the London Stock Exchange (LSE).  U.K.-based Argo Mining (ticker: ARB), which provides “accessible” crypto mining via a subscription service, is the first crypto company to be listed on the LSE. The company raised £5 million (about $6.5 million) more than its initial goal of £20 million through the IPO.  Argo kicked off on the exchange with about 156 million shares accounting for 53.2% of its issued shared capital, according to a company document. Shares were priced at 16…

NYSE Parent ICE’s New Futures Contract Will Deliver Real Bitcoin

Intercontinental Exchange (ICE), the Atlanta-based firm that owns the New York Stock Exchange, announced Friday that it plans to launch a digital assets platform and a bitcoin futures product. Called Bakkt, the platform will leverage Microsoft’s cloud to build “an open and regulated, global ecosystem for digital assets,” according to a press release. Effectively, it will allow consumers and institutions to trade, store and spend digital assets over a worldwide network. The company said that it believes that the regulated venues will create new protocols for managing “the specific security and…

Bithumb Sees 40% Trading Volume Drop After User Registration Suspension

Trading volume at one of the world’s largest cryptocurrency exchanges has plummeted by 40 percent in three days after it temporarily stopped opening new user accounts. South Korea’s Bithumb exchange – which suffered a $31 million hack in June – said in a blog post on July 31 that it will suspend the opening of new customer accounts from Aug. 1 as it is undergoing a “service improvement process” regarding so-called virtual customer accounts. While the exchange did not give further details as to the reason for the suspension, a…

OKEx Confirms $9M Clawback After ‘Enormous’ Bitcoin Futures Position Fails

After a user made an “enormous” gamble on bitcoin futures, and lost, Hong Kong-based cryptocurrency exchange OKEx said it is having to claw back millions from counterparties. The exchange explained on Friday that it force-liquidated an “unusually large” long position of 4,168,515 bitcoin futures contracts held by a client on July 31 after the user declined the exchange’s request to lower the position. Each futures contract has a notional value of $100, according to OKEx, so the total value of the position was over $400 million. The platform said it subsequently…

Mt Gox Creditors Are Preparing to Claim for Bitcoin Repayments

A group of creditors of the defunct bitcoin exchange Mt. Gox have started preparing to claim for bitcoin repayments following a court’s decision in June. Lawyers representing several Mt. Gox creditors – who filed a petition in November to move Mt. Gox out of bankruptcy and into a process of civil rehabilitation – on Thursday published an updated proposal for the process. The lawyers released an initial basic policy for the plan on June 29, just one week after a court in Tokyo approved creditors’ civil rehabilitation petition from late last…

Coinbase Adds British Pound for UK Crypto Users

Crypto exchange Coinbase is now offering deposits and withdrawals denominated in the British pound (GBP), the firm announced Wednesday. The exchange’s U.K. division will now offer same-day deposits and withdrawals from the platform, allowing transfers to happen almost immediately. In a statement, Coinbase U.K. chief executive Zeeshan Feroz wrote that this system will replace the previous method, which had customers convert cryptocurrencies into euros before converting a second time into pounds. The old process took several days, he said, an aspect that the new process will skip altogether. Feroz explained: “Customers…

Binance Acquires Anonymous Mobile Wallet for Ethereum Tokens

Cryptocurrency exchange Binance has acquired mobile ethereum wallet Trust Wallet, the startups announced Tuesday. The acquisition will enable Binance to add a mobile wallet to its services, while Trust Wallet will be able to tap into advantages offered by the exchange, including both its existing user base and a proposed decentralized exchange, according to a press release. Although Trust Wallet has been acquired, its team will continue operating autonomously, the founders said. Compatible with ethereum-based tokens, the platform is open-source, decentralized and anonymous, and is capable of storing more than 20,000…

Coinbase Taps Regulation Veteran for First-Ever Crypto Compliance Chief

Cryptocurrency exchange Coinbase has announced the appointment of its first-ever chief compliance officer as it moves to become a licensed broker-dealer in the U.S. According to a blog post published on Tuesday, the company is tapping the experience of Jeff Horowitz, who joins the firm following decades working for both banks and regulatory bodies. Horowitz has spent the last 12 years leading the compliance team at Pershing, a BNY Mellon company and also one of the largest providers of brokerage custody. Before that, he worked at Citigroup and Goldman Sachs,…