Salt LendingSalt Lending SALT news

Price, 24h
0.1675 USD / 0.00004219
-2.20% / -2.20%
Volume, 24h
664,821 USD
-31.33%
Marketcap
13,628,650 / 0.01%
Emission
Chart price/vol/NIS 7d
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Binance Delisting: Why were SALT lending, Substratum and others delisted from Binance?

Binance, one of the world’s top cryptocurrency exchanges announced on Friday that they will be delisting five altcoins, CLOAK, MOD, SALT, SUB and WINGS. Binance’s reasons for such delisting were articulated in their blog and included, commitment of the team to project, level and quality of development activity, evidence of unethical/fraudulent conduct, among other reasons. This isn’t a surprising development however as some of the delisted tokens do have a very dodgy history. Below is a small collection of facts that could have contributed to Binance’s decision to delist the select tokens. SALT The SALT token has quite a history since it once came under the SEC’s radar in February 2018 when it was subpoenaed for allegedly distributing securities tokens to insiders and seeking information on the $50 million it raised during its ICO. Moreover, as per the data obtained from CoinMarketCap, it can be seen that the price of SALT fell from approximately $18 to a low of $1 and the company were forced to remove the option of paying principal to the loans using SALT tokens. This was a major concern since SALT tokens were fixed at a constant retail price, marked much higher than the market value of the tokens. The price of SALT has suffered a huge blow due to the delisting announcement by Binance.  The token which was trading at $0.21 has collapsed massively in a single hourly candle to the bottom and was trading as low at a low of $0.17, which is a decrease of 19%. Considering that Binance is the major contributor to trading volume for SALT [~70% via trade pairs SALT/USDT, SALT/BTC], the actual delisting might cause another huge blow to the trading volume as well as the price. SUBSTRATUM Substratum has also received a lot of negative publicity ever since the ICO ended. Brian Li had reported that there were discrepancies in the ICO funds collected, soon after it ended. His report also suggested that tokens including 2.5 BTC, 702 BCH, 1142 ETH, and 35 LTC were missing from the ICO funds. This report was made worse after he mentioned that the CEO of Substratum was able to afford a ‘$400,000 home and a bunch of new toys in the first week of October 2017″. Moreover, the fact that Substratum’s Founder,  Justin Tabb, admitted to using the funds raised through ICO in his trades, for a company that is trying to decentralize the internet raises a huge red flag. The price for SUB followed the same course as SALT, as it fell from $0.044 to $0.026, which is a decrease of 40.9% within a span of a couple of hours of the announcement. The post Binance Delisting: Why were SALT lending, Substratum and others delisted from Binance? appeared first on AMBCrypto.
AMBCrypto

Binance delists five projects including SALT Lending

Binance, the largest crypto exchange by traded volume, announced Friday that it has decided to delist and cease trading of five tokens – CloakCoin, Modum, SALT, Substratum and Wings. Binance says that it periodically reviews projects to ensure that they “continue to meet the high level of standard.” Based on the recent reviews, the delisted projects no longer fulfill the standards. The tokens will be delisted in a week, on February 22 at 10am UTC. Withdrawals of the coins will be supported for three months after the coins are delisted. The post Binance delists five projects including SALT Lending appeared first on The Block.
The Block Crypto

What Is SALT Lending? | A Guide to the Blockchain Loan Platform

What Is SALT Lending? SALT lending is a platform that provides Blockchain-Backed Loans. SALT (Secured Automated Lending Platform) enables you to put up your crypto as collateral in exchange for a cash loan. This strategy is ideal if you need to pay-off an unexpected expense or want to make a big purchase without having to sell-off your blockchain assets.   In this SALT lending guide, we’re going to outline: How Does SALT Lending Work? SALT Lending Team & Progress SALT Token Trading Where to Buy SALT Where to Store SALT Conclusion Additional SALT Lending Resources How Does SALT Lending Work? SALT revolves around the company’s trademarked Blockchain-Backed Loans. Blockchain-Backed Loans are simply loans in which you hand over a blockchain asset, like Bitcoin, as collateral in exchange for traditional currencies. Unlike traditional auto or home loans, you can use these loans for any personal or business expense. Membership (UPDATED) Originally, to use the SALT lending platform, you first needed to pay to become a member. There were three tiers of membership: Base (1 SALT/year) Premier (10 SALT/year) Enterprise (100 SALT/year) Higher membership tiers enabled you to borrow more money across additional currencies and gave you more flexible loan terms. Higher tiers also enjoyed a range of other perks such as early access to new products, portfolio management, and credit/debit cards. Original SALT Lending Tier System UPDATE: As of this writing, the company is reorganizing their memberships, so you’re unable to sign up for one. However, you’re still able to take out a loan. And, you no longer need SALT to do so. If you stake SALT for your loan, though, you’ll receive a better rate and/or terms. You need to provide several pieces of personal information to create an account and become a member. This information includes your first name, last name, valid email address, and country. You’re also subject to Know Your Customer (KYC) and Anti-Money Laundering (AML) restrictions, so be prepared to upload an ID. Lenders On the other side of SALT are the lenders. Lenders have previously avoided dealing with cryptocurrencies because of the oftentimes complicated nature of the assets. SALT provides lenders with the infrastructure, compliance, and security they need to accept crypto collateral without adding additional costs to their current processes. In exchange for these services, lenders must also pay for a SALT membership. Loan Process Once again differing from traditional finance, SALT never inquires your credit score. Instead, the platform only uses the value of your crypto collateral to determine the terms of your loan. Lenders kick-off the loan process by posting the terms in which they’re willing to lend. As a borrower, you can look through the various terms and choose the one that’s best suited for you. SALT Lending Process Once you pick a loan, the loaners commit the cash funds while you provide collateral to a smart contract. The cash funds are sent directly to your bank account. You then pay monthly installments based on the loan terms, and when your loan is paid-off, SALT releases your collateral from the smart contract and returns it back to you. SALT Oracle The SALT Oracle creates the smart contracts for each loan and triggers the events of the loan. To lower the risk of default, the Oracle also records loan payments and monitors the changing value of the crypto collateral. Every loan starts with a loan-to-value ratio that’s calculated from the terms of the loan. This ratio is effectively the amount of the loan divided by the amount of collateral. For example, a $100,000 loan secured by $125,000 worth of Ethereum would have an original loan-to-value ratio of: $100,000 / $125,000 = 80.0% As you pay off the loan, this ratio decreases because the amount of the outstanding loan decreases. However, if the value of your collateral decreases due to a decline in the market price, this ratio will increase. If the ratio ever increases beyond the initial loan-to-value ratio, you’ll be required to either: provide more collateral, or pay-off an additional amount of the loan until the ratio returns to the original level. The Oracle autonomously tracks the loan-to-value ratios and notifies the borrowers when it becomes too high. The amount of time a borrower has to correct the ratio differs based on the velocity of the price decline. SALT Lending Team & Progress The SALT team is over 15 members strong and was led by Shawn Owen as CEO. Owen is a serial entrepreneur with years of experience in hospitality operations. In July 2018, Owen left the company leaving CTO Bill Sinclair to take his place. The most notable member of the SALT team is one of their advisors, Erik Voorhees. Voorhees is the founder and CEO of ShapeShift – one of the most popular crypto-to-crypto exchanges. SALT reached a big milestone in January 2018 by officially beginning to provide loans for top-tier members. The platform already has over 70,000 loans and has funded over $50,000,000 in those loans. Plans for 2018 included launching credit cards, creating loan funds, and expanding collateralization to other alternative coins as well. The team only hit some of those milestones. The company expanded support, adding Litecoin and Dogecoin loans. But, it looks as if credit cards and developer tools are still some time out. 2018 Roadmap Competition SALT is the current leader in blockchain-based loans; however, there are a few other competitors popping up in the space. ETHLend and Elix are two younger competitors that provide decentralized lending on the Ethereum blockchain. SALT differentiates itself by focusing on institutional cash loans that are backed by cryptocurrency while the other two projects appear to have taken a peer-to-peer approach. Both use-cases should have a solid place in the market.   Additionally, SALT is competing with more traditional platforms that provide crypto-backed loans but aren’t using a specific token. SALT Token SALT tokens, also known as membership tokens, are ERC20 tokens that you spend to become a member of the SALT lending platform. Furthermore, you can redeem these tokens to pay down loan interest, receive better rates on loans, and purchase items from SALT’s online store. At one point, these tokens held a different value on the lending platform than what they were trading for in the market. They used to be worth exactly $27.50 on the lending platform while trading at a value below that price. You could also previously pay-down the capital of your loans with SALT tokens. So, this created an interesting arbitrage opportunity. If you had the bankroll, you could technically get an Enterprise membership for $1200 and take out a $1M loan backed by $1.25M of Bitcoin. You could then turn around and buy $1M worth of SALT tokens from the market (~83,333 SALT). Because the SALT tokens were worth $27.50 on the platform you would only need to spend ~45,455 SALT tokens to pay back your loan. This would leave you with a little under 40,000 SALT tokens plus the original Bitcoin you put up as collateral – about a 40% return. The SALT team must have caught on to this scheme because they’ve since removed the opportunity. Trading SALT held their ICO in Q3 2017 in which you could purchase a membership token for $3.00 – $7.00 depending on the time that you bought it. There are a total of 120M SALT tokens, and just over 80M are currently circulating in the market. The SALT price briefly experienced the common “post-ICO” dip before spiking back up to a little over $7 in October 2017. Shortly after, the price fell to the $2-$4 (0.0003-0.0005 BTC) range and stayed there until December 2017. baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=SALT&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); Starting in December 2017, the price steadily rose and jumped to an all-time high of over $17 with the announcement that lending on the platform had finally begun. Since that high at the very end of 2017, the price has fallen drastically. Throughout 2018, the coin has lost over 98 percent of its value. It’s currently worth about $0.25. Because SALT isn’t required to use the lending platform, there’s not much that will cause the price to rise again. A healthy cryptocurrency market should help. And juicy enough membership incentives may also provide some positive demand-side pressure. Other than that, it’s tough to see this coin rising from the dead. Where to Buy SALT The most popular exchanges to purchase SALT are Binance and Bittrex. To trade for SALT on one of these exchanges you need to first have Bitcoin or Ethereum. If you don’t have either, you can purchase them with traditional currency on an exchange like Gemini and then transfer them over. For a full list of exchanges where you can buy SALT, check out CoinMarketCap. Where to Store SALT Because SALT is an ERC20 token, you have a few different options on where to store it. A popular online option is MyEtherWallet. The SALT website recommends that you use the Jaxx wallet and even provides instructions here. Jaxx is available on Android, iOS, Mac, Windows, Linux, and as a Chrome extension. The most secure way to store your tokens is by using a hardware wallet like Trezor or the Ledger Nano S. Using hardware wallets keeps your funds offline and out of the reach of hackers and ill-intended software. Conclusion The SALT lending platform is a great option if you want/need to make some real-world expenses and don’t want to lose the potential gains from your crypto holdings. Beyond that, the project works to solve a major problem of blockchain assets – illiquidity. By opening up an entirely new form of loans, the project brings more liquidity to the cryptocurrency market. The team has a solid foundation of blockchain experience and is advised by a leader in the industry. With a working platform in the market already, SALT is ahead of many other blockchain projects. That being said, there’s no requirement to use SALT tokens on the platform. So, it should make you wonder why the company has a specific token in the first place. Hopefully, the new membership tiers will make this more obvious. Editor’s Note: This article was updated by Steven Buchko on 12.04.2018 to reflect the recent changes of the project. Additional SALT Lending Resources Website Facebook Twitter Medium Reddit The post What Is SALT Lending? | A Guide to the Blockchain Loan Platform appeared first on CoinCentral.
Coin Central

SEC Investigates Salt Lending’s ICO, Huobi Advises Russian Bank on DLT

In recent regulatory news, the U.S. Securities and Exchange Commission (SEC) has reportedly launched an investigation into Salt Lending’s 2017 initial coin offering. Separately, the SEC revealed that it has stopped accepting public comments on nine bitcoin exchange-traded funds that it rejected in August, and digital asset exchange Huobi has announced that it is providing cryptocurrency consulting services to a Russian state-owned bank. Also Read: Indian Government Expects to Finalize Crypto Bill Next Month Crypto Loan Provider Subpoenaed by SEC Cryptocurrency loan platform Salt Lending and former board member Erik Voorhees are under investigation by the SEC, according to The Wall Street Journal, which cited “people familiar with the probe.” Voorhees has responded by publishing a separate article that describes the newspaper’s claims as “inaccurate and misleading.” Salt Lending was reportedly subpoenaed by the SEC in February, with the regulator seeking information regarding the $50 million ICO it held in 2017. The report states that the SEC aims to determine whether the ICO constituted an unlicensed securities offering, while also investigating how the proceeds were spent. Public Comment Closes on Nine Rejected ETFs Separately, the SEC has revealed that it recently stopped accepting feedback on nine proposed bitcoin ETFs that it rejected on Aug. 22. It said in October that it would review public comments on the proposed funds through early November. Two of the ETFs in question were filed by Proshares, in partnership with the NYSE Arca exchange. Two others were proposed by Graniteshares, while another five of the rejected ETFs were brought forward by Direxion. The day after the regulator rejected the ETFs, SEC Commissioner Hester Peirce took to Twitter to clarify that it had delegated the assessment of the proposed funds to its staff. She added that the commission would review the decisions made by its staff on the matter. At the time of writing, the SEC had not yet provided any further comment regarding the ETFs, nor had it set a deadline for its deliberations. Huobi Provides DLT Consulting Services to VEB Huobi has agreed to provide consulting services to Russia’s Vnesheconombank (VEB) relating to distributed ledger technology (DLT), according to Vladimir Demin, the head of VEB’s Center of Digital Transformations. He claimed the state-owned bank had started working on DLT projects that do not involve cryptocurrencies or tokens. “Using [DLT] only in a non-token way is like jumping halfway over the abyss,” Demin said, adding that VEB has also been talking to the Bank of Russia and State Duma about cryptocurrency regulations. “Huobi came out as the most suitable partner as they are already working with the governments of Australia, Singapore, [and] China.” Huobi is also reportedly finalizing a contract that will see the company provide training for a DLT program at the Plekhanov University of Economics. Reports about its partnerships in Russia follow the exchange’s launch of a office staffed by 30 people in Moscow earlier this month. Do you think that the SEC will reconsider its decision regarding the nine rejected ETFs? Share your thoughts in the comments section below. Images courtesy of Shutterstock At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post SEC Investigates Salt Lending’s ICO, Huobi Advises Russian Bank on DLT appeared first on Bitcoin News.
Bitcoin News

U.S. SEC Opens Investigation into Salt Lending and Former Director Eric Voorhees

Shapeshift CEO Eric Voorhees and cryptocurrency loans startup Salt Lending Ltd. is under investigation by the U.S. Securities and Exchange Commission (SEC) concerning its $50 million ICO in 2017, per a Wall Street Journal article, published November 15, 2018. SEC Seeks Clarity Regarding 2017 ICO Salt was founded in 2016 and is one of the first crypto to fiat loan...Read More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
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Cryptocurrency and Blockchain - Industry News (02.15.19 - 02.22.19)

Total Market Cap, as of 02.21.19 at 5:30pm (PST): $133,778,212,242 (+11.11% from last week) Missed last weeks update? Click here STORY OF THE WEEK •A developer in the community released Tippin.me, a Chrome and Firefox browser extension that enables Bitcoin (BTC) tipping on Twitter via the Lightning Network. CRYPTOCURRENCY EXCHANGES •Binance launches the test-net of its allegedly decentralized exchange, Binance DEX. Users can now manage their own private keys and the associated wallet. •Binance de-lists 5 projects – CloakCoin (CLOAK), Modum (MOD), Salt (SALT), Substratum (SUB) and Wings (WINGS). •Huobi.com lists 3 projects – Stellar Lumens (XLM), Monero (XMR) and Steem (STEEM). •Coinmama, a Slovakian based exchange suffers a security breach which leaked 450,000 user email and passwords. •KuCoin releases version 2.0 of its platform. The update introduces new interfaces across the web and mobile applications, additional 2FA options and order types for users. REGULATION •The U.S. state of Wyoming passed 3 bills that involve digital assets. Digital assets owned by consumers are now categorized as intangible personal property. Banks can now issue digital custodial services and issue securities in tokenized forms, provided they comply with accounting, control and other standards. •The U.S. Securities and Exchange Commission (SEC) settles unregistered securities charges against Gladius Network, whom have conducted an ICO near the end of 2017. There is no penalty as a result of self-reporting. •$430,000 USD worth of cryptocurrencies seized by Belgian law enforcement will be auctioned off on Feb.28 at 12:00pm GMT by Wilsons Auctions – the largest auction company in the UK and Ireland. •The Central Bank of Bahrain’s (CBB) is launching a regulatory sandbox for blockchain and crypto companies. This will allow firms to test solutions and expedite new companies entrance into the market. •2 Bitcoin ETF’s registered by financial firms VanEck/SolidX and Bitwise await approval from the U.S Securities and Exchange Commission (SEC). This kicks off a 45 day countdown to an initial decision. TECHNOLOGY •Samsung’s flagship phone, the Galaxy S10 will introduce “Samsung Knox”, a hardware security feature to store private keys for blockchain applications. •Facebook’s CEO Mark Zuckerberg considers utilizing a blockchain to allow users to login to other sites without going through an intermediary on its existing “sign-in with Facebook” feature, dubbed Facebook Connect. INSTITUTIONALIZATION •Eurex, a derivatives exchange operated by German financial giant Deutsche Boerse is looking to launch futures contracts tied to digital assets such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). •Latin America’s largest investment bank Banco BTG Pactual SA is releasing its own blockchain-based security token dubbed “ReitBZ”. The token’s value is backed by real estate assets within Brazil. PEOPLE •Ethereum loses Afri Schoedon, a core developer for the open-sourced project since 2015. •TrueDigital, a provider of institutional products for digital assets hires Thomas Kim – previously COO of Bridgewater Associates. Bridgewater is a U.S based asset management firm with currently $124.7 billion USD under management. •Digital Asset, a distributed ledger company for financial services loses head of business for Europe, Oliver Hugh-Jones. Key executives continue to depart from the firm. TWITTER •@jack – “I hooked [tippin.me] up and already got tipped some satoshi’s.” •@alecziupsnys – “Taxi reform didn't come from taxis, but from Uber. Hotel reform didn't come from hotels, but from AirBnB. Finance reform didn't come from banks, but from Bitcoin.“ •@cryptoshillnye – “We are either really early or really stupid. $crypto” •@jackdwagner – “If your boyfriend needs to be taken down a notch just start casually asking him how his bitcoin is doing.”
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Dogecoin / USD Technical Analysis: Failing To Capitalize

Dogecoin is neutral in the short-term after the recent rally in the pair failed to break above a former key swing-high DOGE / USD is bearish in the medium-term with price still trading below the neckline of a sizeable head and shoulders pattern Large amounts of bullish MACD divergence seen on the daily time frame Dogecoin / USD Short-term price analysis   In the short-term, Dogecoin is neutral due to the pair failing to move above a former key swing-high during its most recent upside rally. The cryptocurrency is starting to turn lower in the near-term, although price is still above the pair’s 200-period moving average on the four-hour time frame. Technical indicators on the mentioned time frame are turning lower with further scope to push the DOGE / USD even pair lower.     DOGE / USD H4 Chart                                                                         (Source: TradingView)     Pattern Watch The recent rally has created a bullish inverted head and shoulders pattern on the four-hour time frame, which should be monitored closely over the short-term.   MACD Indicator The MACD indicator is trending lower on the four-hour time frame with a bearish crossover underway.   Relative Strength Index The RSI indicator has turned bearish, with push bears taking control below the neutral line. Dogecoin / USD Medium-term price analysis   Dogecoin remains bearish over the medium-term, with buyers unable to move price above the neckline of a large head and shoulders pattern on the daily time frame. A long-term technical bottom has yet to be confirmed in the cryptocurrency, as price remains relatively close to the pair’s multi-year trading lows, despite the broader market rally. Interestingly, Dogecoin is showing bullish MACD divergence on the daily time frame from November of last year.     DOGE / USD Daily Chart                                                                         (Source: TradingView)     Pattern Watch The bearish head and shoulders pattern is the major theme to watch on the daily time frame.   MACD Indicator The MACD indicator remains neutral and is currently failing to generate a clear trading signal.   Relative Strength Index The Relative Strength Index has recently started to recover after an extended period of downward pressure. The indicator is showing that bullish momentum is growing across the daily time frame. Conclusion   Dogecoin is likely to remain under slight downside pressure over the short-term, while its medium-term outlook is decidedly bearish as buyers continually struggle to stage a rally above the neckline of the head and shoulder pattern. Some caution is advised in the medium-term, especially if the broader cryptocurrency market continues to trade higher, as Dogecoin shows a sizeable amount of bullish MACD price divergence that has yet to be reversed on the daily time frame.   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Dogecoin(DOGE) Price $0.0020 Market Cap$241,941,083.92 #ccpw-ticker-24522 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24522 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24522 a.tabperiods.tabperiods_active, #ccpw-ticker-24522 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24522 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24522 .coin-container:after, .ccpw-container_four #ccpw-ticker-24522 .coin-container:after {border-color:#ccc !Important;} Join the conversation on Telegram and Twitter!   Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment. The post Dogecoin / USD Technical Analysis: Failing To Capitalize appeared first on Crypto Briefing.
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Latin America’s Biggest Investment Bank Launches Security Token

Banks once refused to work with blockchain companies in Brazil. Now, BTG Pactual, Latin America’s largest standalone investment bank, is launching a security token of its own. A Wave of Change in Brazil There seems to be a wave of change happening in Brazil. Bitcoinist reported just a few days ago that Santander Bank was ordered by a Court to keep open Bitcoin Max’ checking account. Banks that were once hesitant to work with cryptocurrency exchanges are being forced to eat humble pie. That marked a small victory for the cryptocurrency space in this part of the world. And now, it seems that financial institutions here are realizing the worth of digital assets within their own portfolios. Banco BTG Pactual SA Is Leading the Way Brazil’s Banco BTG Pactual, the largest standalone investment bank in the region, has announced that it will be entering the cryptocurrency space with its own security token, the ReitBZ. With a plan to raise up to $15 million in its token sale, STO, initial offering, or whatever terminology you prefer, the bank will launch a security token backed by distressed real estate assets in Brazil. The ReitBZ token will use blockchain technology. And investors will be able to buy it using the Winklevoss twins’ Gemini Dollar or ETH. The token is indisputably a security token since investors will receive dividends periodically from the recovery of the distressed assets. Hold Up, What Are Distressed Assets? A distressed asset is one that is put on sale at a reduced price because its owner has been forced to sell it. This may be due to excessive debt, bankruptcy, or regulatory constraints. And it’s especially common when it comes to real estate, a market in which during times of financial crises, people often fail to make their mortgage payments. Distressed assets are an excellent opportunity to buy into a devalued asset and make gains as the market recovers. They’re not so awesome for the person forced to sell, of course, but this is capitalism, after all. The BTG distressed real estate assets will be managed by a BTG subsidiary called Enforce. The ReitBZ token will be available worldwide. With the notable exception of the U.S. (surprise, surprise), and Brazil. Wait, so investors around the world will be able to profit from the rising housing crisis in Brazil–but not the Brazilian people themselves? Right. How’s that for messed up? BTG, however, assures that once the regulatory landscape clears up in Brazil, the ReitBZ will be open to its country’s citizens and maybe even the United States as well. The Opportunity for High Yearly Returns According to the bank, investors can expect yearly returns from these assets between 15-20 percent. Moreover, BTG will be providing market-making services for its token to ensure that investors have sufficient liquidity to sell when they want to. CTO Gustavo Roxo told Bloomberg: BTG is deploying its own capital to provide liquidity because it really believes in the crypto business… We came up with this structure because we think investors in the digital world have a higher risk-taking appetite. By using a crypto asset, BTG can maximize returns from its distressed assets and allow investors to enter the market in a cheaper way. The initial sale period of ReitBZ will last for approximately 90 days and proceeds will be reinvested into the portfolio. Banks and Cryptocurrencies Starting to Gain Momentum The announcement comes off the back of the news last week that JPMorgan became the first U.S. bank to launch its own ‘cryptocurrency.’ With CEO Jamie Dimon well-known for ‘Bitcoin bashing’, JPMorgan introducing its own digital coin to accelerate payments was a shock to many in the industry. However, JPMorgan and BTG are not the only horses in this race. It seems that the banks haven’t been falling asleep at the wheel when it comes to cryptocurrency after all. Japanese Mitsubishi UFJ Financial Group started working on plans for their own token back in 2016. And now Brazil has stepped up to the plate. BTG’s partner and initiative head of the ReitBZ Andre Portilho said: We knew we needed to dominate this technology, so we started experimenting with it a few years back… We thought Bitcoin and other currencies were turning too volatile, but we saw an opportunity with this token to try something new–but also with our skin in the game. The question now isn’t whether other banks will launch their own digital currencies, but rather which ones? Will more banks follow with their own virtual currency? Share your thoughts below! Images courtesy of Shutterstock The post Latin America’s Biggest Investment Bank Launches Security Token appeared first on Bitcoinist.com.
Bitcoinist

Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market

Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market An official at South Korea’s sole securities exchange operator, the Korea Exchange (KRX), says the bourse is closely eyeing developments from United States regulators in regard to Bitcoin (BTC) exchange-traded funds (ETFs). The official, reportedly speaking on condition of anonymity, […] Cet article Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market est apparu en premier sur Bitcoin Central.
Bitcoin Central
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