Singapore Moves to Help Crypto Startups Receive Banking Services

The Monetary Authority of Singapore (MAS), the city-state’s central bank, is working to ensure cryptocurrency startups receive domestic banking services as part of the country’s efforts to boost fintech development. In an interview with Bloomberg on Tuesday, Ravi Menon, the institution’s managing director, said the central bank is trying to “bring the banks and cryptocurrency fintech startups together to see if there’s some understanding they can reach.” Menon added that a major issue currently facing Singapore-based crypto startups is that traditional banks are reluctant to open bank accounts because some aspects of…

Middle East’s First Central Bank-Backed Crypto Exchange to Launch in 2019

Two blockchain veterans are gearing up to launch what could be the first cryptocurrency exchange in the Persian Gulf to be licensed by a central bank. Revealed exclusively to CoinDesk, Rain Financial has opened its public waiting list after a year in the Central Bank of Bahrain’s fintech sandbox. Co-founded by Saudi blockchain consultant Abdullah Almoaiqel and Egyptian investor-turned-meetup organizer Yehia Badawy, Rain aims to offer both a brokerage for retail crypto investors and an institutional platform along the lines of Coinbase Pro in Silicon Valley. Although at least five…

Binance to Disclose Crypto Listing Fees, Donate 100% to Charity

Binance, currently the world’s largest cryptocurrency exchange by trading volume, has announced that it will now disclose all cryptocurrency listing fees and donate the funds to charity. According to a company blog post published Monday, token projects seeking to be listed on the exchange will continue to be allowed to propose their own listing fees. The exchange will neither dictate such fees nor impose a minimum pricing level, the post indicates. Notably, Binance said it will donate 100 percent of listing fees to its recently launched charity division, the Blockchain Charity Foundation.…

Crypto Exchange Bitfinex Denies Accusation of Insolvency

Hong Kong-based crypto exchange Bitfinex has hit back against claims it is insolvent and disclosed wallet addresses that hold over $1.5 billion in crypto assets. The company, which shares management with Tether, the venture behind the U.S dollar-pegged crypto USDT, stated in a blog post on Sunday that it is not insolvent, and “a constant stream of Medium articles claiming otherwise is not going to change this.” Bitfinex called out such allegations as “a targeted campaign based on nothing but fiction.” The firm further revealed cold wallet addresses holding bitcoin, ethereum…

Early Coinbase Executive Adam White Is Leaving the Firm

Adam White, one of U.S.-based crypto exchange Coinbase’s most senior executives and fifth-ever employee, is leaving the company. White, whose most recently led the institution-focused section of the firm’s operations, was said to departing by Coinbase on Thursday, according to a Reuters report. According to his LinkedIn profile, he has held the dual roles of vice president and general manager of Coinbase Institutional for two years, having joined in 2013 as vice president, business development & product management. As reported by CoinDesk, the San Francisco-headquartered startup also revealed earlier this week that it…

Melonport’s Co-Founder Is Joining the Decentralized Crypto Exchange Race

A co-founder of one of the most talked-about blockchain projects of recent years has launched a decentralized exchange (DEX), aspiring to make such platforms easier to use. Announced today, Reto Trinkler has opened the new DEX, dubbed Agora Trade, in Malta – a nation that has become increasingly crypto-friendly with the passing of several pieces of legislation around the tech. Trinkler is best known in the industry for his work at Melonport, the crypto asset management platform he started in 2016 with Goldman Sachs veteran Mona El Isa. The project earned the…

Crypto Assets on Winklevoss Gemini Exchange Are Now Insured

Crypto exchange Gemini has obtained insurance coverage for the digital assets it holds in custody, it announced Wednesday. The Gemini Trust Company said in a press release that its insurance will be provided through a consortium of insurers under a system set up by global professional services firm Aon, which already provides “a broad range of risk, retirement and health solutions.” According to the release, the exchange received coverage after it could prove to underwriters that it “is a leading, best-in-class exchange and custodian.” This insurance comes on top of…

Retail Brokerage TD Ameritrade Backs New Crypto Exchange

Brokerage firm TD Ameritrade is investing in a brand new cryptocurrency exchange, Bloomberg reported Wednesday. Dubbed ErisX, the exchange will allow investors to trade bitcoin, bitcoin cash, ethereum, litecoin and bitcoin futures, as well as certain cryptocurrency futures, a spokesperson told the news source. The exchange, built by derivatives market provider Eris Exchange LLC, is also backed by DRW Holdings and Virtu Financial. The futures contracts traded by the exchange in particular will be physically delivered, not cash-settled. Moreover, while at present TD Ameritrade customers can trade bitcoin futures contracts…

Coinbase Rolls Out System to Free Up Stuck Bitcoin Payments

With transaction fees “volatile and unpredictable,” sending cryptocurrencies can sometimes be frustrating. So says U.S.-based crypto exchange Coinbase in a new blog post that sets out the issues rising from shifting miner fees, and exactly what it has been doing to address the problem. As most who have sent or received bitcoin will know, the primary problem is that the fee variations can mean significant changes in the amount of time it takes for transactions to be confirmed. Coinbase says this wastes company time in pointless support requests and provides…

Coinbase Adds Charles Schwab Advisor to Board of Directors

Coinbase’s leadership expansion continued Tuesday as it added Charles Schwab advisor Chris Dodds to its board of directors and tapped former Instinet CEO Jonathan Kellner to be its new managing director of the Institutional Coverage Group. In one blog post, Coinbase CEO Brian Armstrong introduced Dodds, who sits on the board of directors at Charles Schwab, one of the largest brokerage firms and banks in the U.S. Dodds is also a senior equity advisor for the firm, and has spent more than three decades in the financial industry to date.…