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Custodial Bitgo Clients Can Now Access Genesis Global’s OTC Pools

On Wednesday, cryptocurrency custodial service Bitgo and over-the-counter (OTC) brokerage house Genesis Global announced a partnership to provide fast and secure trades directly from Genesis’ cold storage solution. Essentially, institutional investors who store their assets with Bitgo will be able to access cryptocurrency quotes in a high-frequency fashion similar to acquiring stocks or equities from traditional market makers. Also Read: New Full Node Client ‘Bitcoin Verde’ Joins the BCH Ecosystem Bitgo Partners With Genesis Global Cryptocurrency custodial platform Bitgo is adding a new service for its institutional clientele. According to the company announcement on Jan. 16, the firm has partnered with OTC operation Genesis Global Trading by adding a seamless integration to its custodial program with the market maker’s cold storage reserves. Now Bitgo customers can buy and sell with Genesis directly for no additional fees and purchase assets such as bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC), ripple (XRP), and zcash (ZEC). The Genesis OTC and loan service was granted a Bitlicense in the state of New York last May and has continued to expand into 2019. More recently, Genesis Global released a financial report in October for 2018’s third quarter that shows the lender provided $553 million worth of crypto-infused loans. In the company’s press statements, Bitgo CEO Mike Belshe indicates that he thinks custodial clients will appreciate access to the digital asset liquidity Genesis provides. Further, the executive explained during the announcement that because Genesis is a regulated U.S. institution, this builds confidence among institutional investors and high net worth individuals. “Some custodians are choosing to sacrifice security and safety by enabling fast withdrawals from cold-storage which makes their clients more susceptible to hacking, false instructions, and theft,” Belshe detailed. “Our partnership with Genesis, a FINRA and SEC regulated company, gives our clients access to liquidity through Genesis’ robust network of trading partners — And that solves the real problem which is the need to access liquidity – not the need to speed up withdrawals.” Clients can sell large amounts of bitcoins from Bitgo’s cold storage wallet and get a quote from Genesis. They can also get a quote to purchase a significant sum of BCH, ZEC, BTC, ETH, XRP, and LTC from its deep liquidity pools.  Deep Liquidity for Institutional Clientele Interested in Cryptocurrencies With the new partnership, Bitgo’s clients can maintain all their assets with the firm’s Bitgo Trust Company and get real-time pricing for buy and sell orders. Traders can access Genesis assets without having to manage private keys as everything is custodian purpose-built. Moreover, clients will find that Genesis has deep liquidity and the service provides same day settlement via the Bitgo Trust account. Bitgo originally launched its new custodial suite last year in May and was further granted regulatory approval to provide cryptocurrency storage services to U.S. investors last September. Genesis CEO Michael Moro explained that Bitgo will continue to be a long-term partner and he has “a lot of confidence in their institutional offerings.” “We are an industry leader in digital currency trading and lending, and providing liquidity for companies like Bitgo is an important part of our value proposition,” the Genesis executive stated on Wednesday. Services directed at institutional clients have flourished in recent months and custodial offerings and OTC desks were a major focal point in 2018. OTC desks like Cumberland Mining and Circle Trades have seen significant upticks in this area over the last six months. For instance, Circle told its investors that its over-the-counter operations swapped a notional volume of $24 billion last year. Other well-known companies such as Coinbase, Etoro, Blockchain, and Hodl Hodl all announced the launch of OTC desks and custodial solutions for institutional investors. Bitgo’s Trust solution and Genesis hope institutional investors and high net worth individuals will be enticed by “deep pools of liquidity” and Bitgo’s popular security solutions.   What do you think about the latest partnership between Bitgo and Genesis Global? Let us know what you think in the comments section below.   Image Credits: Shutterstock, Bitgo, and Genesis Global Trading. Need to calculate your bitcoin holdings? Check our tools section.   The post Custodial Bitgo Clients Can Now Access Genesis Global’s OTC Pools appeared first on Bitcoin News.
Bitcoin News

Altonomy to Provide OTC Trading Services and Liquidity for Grin and Beam

NEW YORK, Jan. 16, 2019 /PRNewswire/ -- Altonomy, the leading cryptocurrency trading, advisory and asset management firm, today announced that it will provide OTC services to Grin and Beam, two new Mimblewimble-based Privacy Coins. As applause for Grin and Beam's recent and successful mainnet launch, Altonomy is the first sales and trading desk to add BTC, ETH and USD/USDT to its trading pairs with Grin and Beam. Altonomy will utilize its global OTC network to assist both teams achieve mass adoption and overcome the challenges miners and coin users face by relying on the natural flow in the market. "Bear markets often help foster true innovation," said Ricky Li, Co-Founder and Head of North America for Altonomy. "2019 is shaping up to be a year of innovation and we are currently reliving the 2015 birth of Ethereum. Altonomy embraces ...Full story available on Benzinga.com
Benzinga

Bakkt Makes Its First Acquisition, And Bitrex Launches OTC Desk

The State of The Market — January 15, 2019BTC: $3,681.03 (+2.61%)XRP: $0.331375 (+2.75%)ETH: $127.78 (+7.80%)The market made an unexpected bounce today, with most of the cryptocurrencies flashing green right now. In fact, all of the top 20 cryptocurrencies made small gains today and the total crypto market cap added over $4.5 Billion. As Ethereum closes in on its upcoming hard fork, it made bigger gains. The difference in market caps between XRP and Ethereum is just $150 Million, and Ethereum could regain its second spot in the next few hours if the gains continue. However, an unexpected outcome from the hard fork could severely affect its price.In other news, a recent report published by the research firm Diar shows that cryptocurrency exchanges closed 2018 with “record transaction volumes,” as both the number of trades and the trade volume increased on major crypto exchanges in 2018 when compared to data from 2017. The USD markets on Coinbase increased by 21% in 2018 while Kraken saw an increase of 192% and Bitfinex saw an increase of 50%. Also, Chinese mining giant Bitmain has decided to shut down another one of its overseas offices. This time, it is Amsterdam. Bitmain claims it is a part of its process in making the business sustainable and scalable over the long term. Bitmain is estimated to have lost over $700 Million in Q4 2018 alone, and the company is laying off a large number of its employees worldwide to make up for these losses.1) On Monday Bakkt CEO Kelly Loeffler announced that Bakkt has acquired “certain assets of Rosenthal Collins Group (RCG), an independent futures commission merchant.” In a Medium post, Loeffler further explained that the acquisitions will “enhance our risk management and treasury operations with systems and expertise.” Loeffler also explained that the acquisition will bolster Bakkt’s regulatory, AML / KYC and customer service capacity. In a recent interview with Fortune, Loeffler said that this particular acquisition “confirms that the cryptocurrency trading company is speeding up its plans to revolutionize the way people pay for everything from coffee to cars.” At the moment Bakkt is waiting for regulatory approval from the CFTC. (Read More)2) Bittrex has revealed a new over-the-counter (OTC) trading desk which will allow authorized clients to “quickly and conveniently trade assets”. The trading desk will support all 200 digital assets available on the platform and traders looking to trade a minimum of $250,000 will have the option of “guaranteed pricing” on major trades. The platform is already live, and Bittrex CEO Bill Shihara said that “this offering will be another way for Bittrex to further advance the adoption of blockchain technology worldwide”. Coinbase Prime, Poloniex and Circle already offer OTC trading services and recent reporting has found that massive amounts of transaction volume occurred across OTC trading desks in 2018. (Read More)3) HSBC announced that is had settled more than $250 billion worth of transactions through the use of distributed ledger technology (DLT). According to HSBC, 3 million foreign exchange (FX) transactions were made, and 150,000 payments were sent using the HSBC FX Everywhere. The bank said that the platform has produced “significant efficiencies and opportunities” as the organization can verify that payments are settled without having to seek external confirmation and all intra-company trade data is unified on a “shared, single version of the truth.” Richard Bibbey, the HSBC global head of FX and commodities, explained that the bank and its clients manage thousands of foreign exchange transactions across the globe and he intimated that “we are now exploring how this technology could help our multinational clients who also have multiple treasury centers and cross-border supply chains.” (Read More)Subscribe to the Berminal Brief NewsletterDownload Berminal App for FreeThe Berminal WebsiteBerminal Official TelegramBerminal TwitterBakkt Makes Its First Acquisition, And Bitrex Launches OTC Desk was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

NEXUS to Provide Liquidity to TradAir’s OTC and Crypto Derivatives Trading Platform

Just two months after the recent launch of the NEXUS platform, which is a liquidity provider has already been able to attract partners in such a short time. On Monday the firm went ahead to announce that they will be working together with a trading technology company that has been referred to as the TradAir. The move is to ensure that they are able to provide adequate crypto liquidity akin to the exchanges that are in the foreign market. According to the CEO of NEXUS, Kerry Gan, it is the continual company strive to ensure that they have created a more conducive environment for efficient trading. He goes on to state that they are very pleased to be in collaboration with TradAir, as this will help in providing its institution to gather the intuitive trading platform technologies that can be used by the companies’ users. With this partnership in place, it will be able to open the platform for TradAir to all the users on the NEXUS platform. Currently, the TradAir company has been operating the HTML 5 that has been based on the crypto trading platform that can be used by the institutional clients. The TradAir The company has been able to be connected to an extensive network of the liquidity sources; this is also including the over the counter desks, custodians, the market makers and the crypto exchanges that are present. The users who are currently at the TradAir or the other integrations on the platform will be able to easily access the over the counter crypto coins and the liquidity derivatives. The CEO of TradAir, Ayal Jedeikin, states that the added cryptocurrency derivative liquidity that is being provided by the NEXUS is going to be a precious addition to the companies’ network. He also adds that the companies broker clients will also benefit from the unique liquidity streams that NEXUS will be able to provide as well as increase the current yield on all the client trading activity. The crypto trading, especially all those that are in the institutional sphere have been able to hit a stumbling block as there are more professional traders who are attempting to enter the growing market. However, it has been a little difficult for some of the brokers in the market as there has been a lack of stable price feeds or even any benchmark rates that could easily be used in the price of a crypto in the market. But with solutions coming into the market such as the NEXUS platform seems to be a step in the right direction in getting a solution to some of these problems. But it is important to note that those won’t be immediate as it will take some time before there is an institutional grade set of solutions to be used in the crypto world.
Bitcoin Exchange Guide

The Daily: Bittrex Opens OTC Desk, Bakkt Acquires Futures Team

In today’s edition of The Daily, we cover a number of stories that show how the cryptocurrency ecosystem is evolving to become more inviting to institutional investors. Bittrex exchange opens an OTC trading desk, Bakkt “acquihires” a futures compliance team, and Swiss investment bank Vontobel launches a custody solution. Also Read: Bitwise Asset Management Files With SEC for New Bitcoin ETF Bittrex Opens OTC Desk U.S.-based digital asset exchange Bittrex has announced that it has opened an over-the-counter (OTC) desk, which includes trading on nearly all 200 tokens available on the platform. It will offer approved customers with reduced price risk, rapid trade execution and guaranteed pricing for large trades, which are typically $250,000 or greater. The new OTC desk will also accept both cryptocurrency and USD wire transfers for deposits. “We’re excited to offer this new, game-changing trading option for our customers,” said Bittrex CEO Bill Shihara. “With one of the most extensive selections of digital assets of any OTC desk available, this offering will be another way for Bittrex to further advance adoption of blockchain technology worldwide, while also providing our customers with price certainty and a fast and easy way to trade large blocks of digital assets.” Bakkt Acquires Futures Team Bakkt, the digital asset subsidiary of  Intercontinental Exchange (NYSE: ICE) which recently raised $182.5 million, has completed its first acquisition. The company announced it entered into an agreement to acquire certain valuable assets of Rosenthal Collins Group (RCG), an independent futures commission merchant. The goal of the deal is to purchase capabilities needed for developing the bitcoin futures platform. The transaction is expect to close in February and will include the members of the RCG team joining Bakkt. It is said to enhance the company’s risk management and treasury operations with both systems and expertise, as well as to contribute to its regulatory, AML/KYC and customer service operations. “This acquisition underlines the fact we’re not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets,” stated Bakkt CEO Kelly Loeffle. “Our mission requires significant investment in technology to establish an innovative platform, as well as financial market expertise to deliver the most trusted fintech ecosystem for digital assets.” Vontobel Launches Crypto Vault Investment bank Vontobel, the third-largest provider of B2B custody and execution services in Switzerland, has launched a ‘Digital Asset Vault’. The service allows Vontobel’s clients, which include over 100 banks and wealth managers, to issue instructions for the purchase, custody and transfer of digital assets integrated within their familiar banking infrastructure and regulated environment. Financial intermediaries could also use the service to offer their own clients a solution for digital assets. “Digital Asset Vault represents the logical next step in the development of our range of services for digital assets. With our innovative strength and experience, we have thus closed the gap between existing and digital assets. By incorporating digital assets into our own banking infrastructure, we have also become the first provider to already meet the high standards required by financial intermediaries and their regulators,” stated Roger Studer, head of Vontobel Investment Banking. What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Daily: Bittrex Opens OTC Desk, Bakkt Acquires Futures Team appeared first on Bitcoin News.
Bitcoin News

Bittrex opens OTC desk with support for close to 200 tokens

CryptoNinjas Cryptocurrency exchange Bittrex announced today that it has opened an over-the-counter (OTC) desk for approved customers to quickly and conveniently trade digital assets supported by Bittrex, including nearly all 200 tokens on the platform.... Bittrex opens OTC desk with support for close to 200 tokens
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Traditional Investors shift to OTC Bitcoin markets, Pantera Capital raises $115M, Peter Thiel backs a $2.1M seed round for Layer1, Medici Ventures acquires shares of Chainstone Labs, Vostok Project secures $120M, Ubique Networks partners with SLT, INCX launches in partnership with Bittrex, Issuance partners with Prime Trust, Coinbase and TokenSoft partner up, TRON Arcade to work with Gumi Cryptos

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Finrazor together with ICORating conducted researches and checked the correlation between OTC and mentions of certain words and the originality of the news

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Warren Buffett invests $600M, Coinbase is worth $8B, StarkWare acquires $30M, USD issues over $125M in investments, NXMH obtains Bitstamp, Algorand receives $62M, Thailand alerts against investments in ICOs, Ripple confirms the institutional investments growing, Kevin O’Leary invests $100M, Nouvive provides an investment observation, OK Blockchain Capital conducts an Investment Sentiment Survey, Steve Wozniak discusses his BTC investment

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BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature

Brave Browser Announces BAT “Rewards” Feature On Tuesday, Brave Browser, a crypto-friendly internet application headed by the founder of Mozilla Firefox, Brendan Eich, made a surprising announcement, seemingly aiming to start of 2019 with a proverbial bang. Via a company release, conveyed through its in-house blog, the Brave and Basic Attention Token (BAT) team, which consists of Eich, coupled with an array of fintech, Silicon Valley, and crypto veterans, revealed that it would be previewing “opt-in ads in [the] desktop browser developer channel.” While this feature sounds nebulous, there’s more to this integration than meets the eye. In fact, as broken down in a PC Magazine feature article, this new advertising model will allow common Joes and Jills to earn crypto, in the form of BAT, and potentially other rewards in the feature. This new offering, dubbed Brave Rewards, will siphon 70% of earned ad revenue to users who agree to view advertisements. The remaining 30% will be paid to Brave’s war chest — a likely controversial play, but one necessary for the blockchain project’s long-term survival. Rewards will be available via Brave’s developer/test browser edition. It wasn’t exactly divulged when the innovative feature would hit the publics’ desktops, but the following GIF is how the feature will work: Looking outwards, the Brave team revealed that they expect opted-in users to earn upwards of $60 to $70 a year in the near future, with their preliminary projections predicting that $224 a year could be earned by 2020 through Brave’s in-house ecosystem. While this sounds great — an effective free $224/year for viewing ads — like all things too good to be true, there’s a catch. At the time of writing, Brave has announced support for BAT token withdrawal, as the company wants Rewards’ users to reward their favorite content creators, whether it be large new portals or Youtubers. After this feature goes live successfully, Brave intends to activate “publisher-integrated ads,” which will allow content creators to feature “private ads” on content creators’ pages through the startup’s systems. The company subsequently explained its Brave Ads offering and its applications/benefits from a top-down perspective, writing: With Brave Ads, we are reforming an online advertising system which has become invasive and unusable. Users have turned to ad blockers to reclaim their privacy from ads that track them and sometimes even infect them, and publishers are finding it increasingly difficult to earn ad revenue to sustain quality content with intermediaries that collect huge fees. It is important to reiterate that at this time, this newfangled feature is technically in its beta phase. Due to this positive news, the popular altcoin, which recently gained the support of industry powerhouse Coinbase, has posted a respectable price gain. At the time of writing, BAT is currently valued at $0.125 apiece, posting a 3% in the past 24 hours. The crypto, currently the 36th in this market’s standings, is currently outperforming Bitcoin (BTC) by 2.7%, and Ethereum (ETH) by 2.4%. Crypto Lulls: Bitcoin, Ethereum, XRP Post Barely Any Movement In the same vein of cryptocurrency prices, the broader market has posted close-to-zero movement in the past 24 hours. Per data from Coin Price Watch, BTC has found itself at $3,645 — a mere 0.58% gain over the past day. Other leading crypto assets have also posted slight gains, but have still underperformed BAT. XRP, the go-to asset for fintech upstart Ripple, is up 1.27%, as it sits just shy of the $0.33 price level at $0.3296. ETH, which recently tumbled due to the delayed Constantinople fork, has found itself up by 2%, regaining a portion of the losses incurred yesterday. While the market is trending slightly positive, some analysts expect that BTC is ready to dive. Speaking to MarketWatch, Jani Ziedens of Cracked Market claimed that BTC, if truly oversold, should be posting monumental gains right now, rather than finding itself in an extended lull. So, Ziedens added that this “lethargic base” indicates that demand is limited, “incredibly weak” even, and as such, lower crypto bottoms may be inbound. BAT Title Image Courtesy of Descryptive.com via Flickr The post BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature appeared first on Ethereum World News.
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Cryptopia Hacker Moves Stolen Crypto to Binance; Community Alerts CZ and Funds Are Frozen

It is clear that hackers gave themselves a place to stay in the cryptocurrency industry, which was only made more evident by a recent security breach that happened over the last few days. Cryptopia, a leading exchange in New Zealand, announced a breach that ended in a major theft on January 14th. However, unlike the unfortunate tale that many other exchanges succumb to, that is not the end of the story. The official statement notes that Cryptopia has placed itself into a maintenance mode, helping them to protect their accounts until the regulatory authorities of New Zealand provide other details. Both the High Tech Crimes Unit and the local police are pursuing investigative efforts, though they have commented that “a significant value of cryptocurrency may be involved.” At this point, the actual amount has not been released, and no substantial details have been provided. Still, that has not stopped local news portal Radionz from reporting that the loss is close to $3.6 million. A Twitter user, ShaftedTangu, seems to know where these digital assets are going. On the posts, the user said, Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down? https://t.co/0XllsBejUV — I Dream Of Alts (@ShaftedTangu) January 16, 2019 Through a string of additional tweets, the user continued to track the funds, as he mentioned wallet address 0x9007a0421145b06a0345d55a8c0f0327f62a2224. In another tweet, he claimed, “Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil” Luckily, just under four hours after the original tweet, CZ Binance replied. The reply said, Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 With such a nonchalant type of reply, it is quite a victory for Cryptopia and Binance that the funds could be frozen at all. However, the victory has not been won yet, considering there is no indication of exactly who performed the hack in the first place. Cryptopia has remained silent, though they posted to their own Twitter profile, saying, “We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.” As a result of these issues, Zhao posted that users should keep their holdings on exchanges, rather than a hardware wallet. However, his post caused an onslaught of negative replies, with some saying that his post implied that self-storage is substantially riskier than storing on a seemingly “reputable” exchange. Zhao later retracted, saying that he was not advising investors to store funds on exchanges. In the first half of 2018 last year, there was over $731 million lost in thefts involving exchange hacks. However, none have reached the severity experienced by the 2014 Mt. Gox hack.
Bitcoin Exchange Guide

Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack

Some of the stolen cryptocurrency from yesterday’s Cryptopia hack has been sent to Binance, which has confirmed already freezing some of the funds.  Binance Freezing Funds Stolen from Cryptopia Twitter account @ShaftedTangu has alleged that some funds stolen as a result of Cryptopia’s hack have been siphoned through Binance. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) 00, $6,750 in KyberNetwork coin (KNC) 00, $7,181 OmiseGO tokens (OMG) 00, and $8,724 in EnjinCoin (ENJ) 00. All of it totals around $30,000. Changpeng Zhao, CEO at Binance – the world’s largest cryptocurrency exchange by means of traded volumes, has confirmed the allegations, reassuring that they’ve already frozen some of the funds. Zhao commented: Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high-risk maneuver for them. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 Bitcoinist reported yesterday that Cryptopia’s security has been breached, resulting in ‘significant losses’. Police in New Zealand also confirmed. Binance Caught in the Fire Zhao’s tweet caused a reaction in crypto Twitter’s community as one user (@Crypto_Bitlord) expressed his bewilderment that Zhao referred to “social media” as a means of reporting rather than Binance’s own surveillance systems. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. How is that possible with modern blockchain analysis? — Sir Bitlord (@Crypto_Bitlord) January 16, 2019 On the matter, Binance’s CEO said: It’s quite easy to generate a brand new address. We (and no one) recognize every transaction out there. We already have very in-depth and detailed blockchain analysis. Yet, the question remains – if a regular Twitter user has been able to detect the transaction in question, how, and more importantly – why did Binance miss it? Perhaps the better question, as posed by @Crypto_Bitlord is: So you are saying criminals can steal funds and just create a brand new address to send to before binance? In the meantime, Binance announced today the launch of their Binance Jersey fiat exchange. The platform is aimed at traders from Europe and it offers BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs. What do you think of Binance missing the transactions in question? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock The post Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack appeared first on Bitcoinist.com.
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