Tag: Cryptocurrency

Cryptocurrency

Bakkt Looks to Scale with New Acquisition

Bakkt, a platform for buying, selling, storing and spending digital assets that was launched by Intercontinental Exchange (ICE), has acquired Digital Asset Custody Company (DACC), a firm that specialises in providing custody services for digital assets. “Think of that [acquisition] as helping us scale our existing offering that we’ve built over the last two years […]

SJMBT Receives First Client Deposit for Digital Asset Services

The San Juan Mercantile Bank & Trust International (SJMBT) has received its first client deposit and commenced operations, following the bank’s receipt last month of its license to operate from Puerto Rico’s Office of the Commission of Financial Institutions. SJMBT offers fiat and digital asset custody and settlement services, and it is expected to be integrated with the digital currency trading platforms offered by its affiliate, the San Juan Mercantile Exchange (SJMX).This means that customers will have the ability to hold and manage both fiat currency and digital assets on a single, integrated platform. Deposits of fiat currency are held by the bank on behalf of its clients with its regulated correspondent banks, and digital assets are held by approved digital asset custodians.

Digital Asset Settlement Service Launches

Zero Hash, Seed CX’s digital asset and fiat currency custodian subsidiary, has launched a suite of OTC trade settlement services for digital assets. The new settlement service aims to widen the number of counterparties that market participants can transact with, streamline reconciliation and reporting, and enable frictionless settlement of trades.At launch, Zero Hash supports spot settlement of 19 fiat pairs, in addition to BTC, ETH, LTC and BCH, and will be launching support for repos, forwards, and other product types in the coming months.

P&L Talk Series with Integral’s Harpal Sandhu

Harpal Sandhu, CEO of Integral, talks to Profit & Loss about the launch of his new cryptocurrency exchange, and how he sees the crypto markets evolving in the future.Profit & Loss: What was the genesis of Mint Exchange?Harpal Sandhu: A lot of people don’t realise that the derivatives markets in cryptoassets is actually quite a lot larger than the physical market. Because of this, we were speaking to a lot of FX brokers, people who were trading large amounts of crypto and CFDs, and they were having problems trying to hedge those positions because, unlike FX they can’t go to prime brokers or prime-of-primes in order to access liquidity, so there’s very few places that these firms can go in order to hedge their crypto exposures.

Seed CX Launches Bitcoin Cash, Litecoin Trading

Seed CX, which through its subsidiaries offers a licensed exchange for the institutional trading and settlement of spot digital asset products, is now offering trading in bitcoin cash (BCH) and litecoin (LTC).Prior to this, Seed CX has offered spot trading in bitcoin (BTC) and ethereum (ETH) and the firm has plans to offer a market for Commodity Futures Trading Commission (CFTC)-regulated digital asset derivatives.“We’re very excited to have started live trading of BCH and LTC,” says Edward Woodford, co-founder and CEO of Seed CX, “and we’ll continue to offer more digital asset pairs in the coming months, giving institutional investors the ability to trade a variety of assets on an exchange that provides the market safeguards and technological infrastructure they demand.”

LMAX Exchange: Master of Its Own Destiny

“2018 was a transitional year for foreign exchange,” reflects David Mercer, CEO of LMAX Exchange Group. The first thing he points to in order to back up this claim is the impact of new regulations, which changed the way that LMAX Exchange did business in a number of areas. For example, because of Mifid II, it had to separate its brokerage and its Multilateral Trading Facility (MTF) businesses, LMAX Global and LMAX Exchange, respectively. This process largely consisted of vast piles of paperwork as the firm was forced to re-paper clients. In addition, Mercer says that in 2018 there was a reconfigurement of the FX market structure, driven in large part by the FX Global Code and the entrance of larger exchange groups into the OTC market via platform acquisitions.

LMAX Exchange: Master of Its Own Destiny

“2018 was a transitional year for foreign exchange,” reflects David Mercer, CEO of LMAX Exchange Group. The first thing he points to in order to back up this claim is the impact of new regulations, which changed the way that LMAX Exchange did business in a number of areas. For example, because of Mifid II, it had to separate its brokerage and its Multilateral Trading Facility (MTF) businesses, LMAX Global and LMAX Exchange, respectively. This process largely consisted of vast piles of paperwork as the firm was forced to re-paper clients. In addition, Mercer says that in 2018 there was a reconfigurement of the FX market structure, driven in large part by the FX Global Code and the entrance of larger exchange groups into the OTC market via platform acquisitions.

Prime Factor Launches Cryptocurrency Fund

Prime Factor Capital (PFC), a cryptoasset investment firm headquartered in London, has launched a cryptocurrency fund.The fund caters to professional and institutional investors such as sophisticated high net-worth individuals, family offices, and private wealth managers, who the firm says are seeking a regulated solution managed by experienced professionals to access the crypto asset class.PFC also announced that it has closed an equity financing round, raising €500,000 for the firm at a valuation of approximately €6 million with Speedinvest, a European fintech investor, and participation from talent investor Entrepreneur First.

B2C2 Looks Towards Traditional FX with New Launch

B2C2, a cryptocurrency liquidity provider, has launched streaming pricing with point-and-click execution on its OTC platform.For the first time, B2C2’s clients will be able to view and execute trades on a real-time, two-way market via the firm’s secure web interface. The new functionality allows market participants to monitor live pricing in user defined quantities and execute with the click of a button, as they would on traditional FX trading platforms.Speaking to Profit & Loss about the launch, Philip Gillespie, CEO of B2C2 Japan, says: “We were one of the first firms to issue RFQ trading electronically and we already have a web portal where clients can go for trading and settlement. What we have done now is the next step forward, so that when a client goes onto the web-based GUI, not only do they have the RFQ and settlement request, but they can also see continuously streaming, two-way pricing.”

BitGo Partners with Genesis

BitGo, a provider of cryptocurrency financial services, has partnered with Genesis Global Trading, an OTC digital currency trading firm, to provide clients with the ability to trade digital assets directly from BitGo custody.Through this partnership, client firms will be able to maintain assets in custody with BitGo Trust Company, a qualified custodian purpose-built for digital assets, while being able to get online, real-time pricing for buy and sell orders.Clients firms will also be able to execute transactions from cold storage without having to manage keys and can access Genesis’ liquidity through a network of trading partners with same day settlement directly through a BitGo Trust account.