Tag: Ripple


BestX to Offer Crypto TCA

BestX is expanding its best execution analytics suite to include the main digital currencies of bitcoin, ether, litecoin, bitcoin cash and ripple.

In a release issued today, BestX says that as adoption of these cryptocurrencies increases across new markets, the firm will look to meet the demand from its clients and deliver analytics that provide them the same transparency as for the traditional ‘fiat’ currencies.

“We are proud to be the first independent TCA provider in the world to offer this service, enabling our clients to leverage the award-winning BestX analytics to provide transparency into otherwise quite opaque markets,” says BestX co-founder, Ollie Jerome. “We continue to future-proof our offering to meet client demand as digital currencies become increasingly legitimised by the professional investor community.”

Bloomberg, Galaxy Digital Launch Crypto Index

Bloomberg and Galaxy Digital Capital Management (GDCM), a digital asset management firm founded by Michael Novogratz, have launched the Bloomberg Galaxy Crypto Index (BGCI).

The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalisation-weighted and measures the performance of 10 USD-traded cryptocurrencies, including bitcoin, ether, monero, ripple, and Zcash.

The index constituents are diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets.

Genesis Launches Crypto Lending Service

Genesis Trading, which offers two-sided liquidity for digital currencies, has today launched a new affiliate, Genesis Global Capital, an institutional digital currency lending business. 

Genesis Capital will allow institutional investors the opportunity to borrow bitcoin, ether and other digital currencies in large quantities over fixed-terms.

“Having been incubated by our affiliated company, Genesis Trading, we feel we’re in a great position to truly understand the pulse of the market and identify evolving industry needs quicker than most. We believe now is a great time to offer an institutional-focused lending service because it will increase general li

One Cryptocurrency to Rule Them All?

Other cryptocurrencies will continue to catch up with bitcoin this year, but this is by no means a bad thing for this nascent industry, says Galen Stops.

“Whether it works out or not, the bitcoin story definitely has further to go. And regardless of its success or failure, it seems increasingly likely that virtual currency, in one form or another, is here to stay” – “Does Bitcoin Have a Future?” (Profit & Loss, December 2013).

A lot has changed in the intervening years since Profit & Loss published the above statement in conclusion to its first ever feature length article on bitcoin.

Blockchain Providers Remain Divided on Approach to Financial Firms

The schism between the blockchain providers and cryptocurrency users that want to in some way overturn the current financial system and those that want to work within it, was highlighted by comments made at the Swell conference hosted by Ripple this week in Toronto. 

On the opening day of the event, former US Federal Reserve chair, Ben Bernanke, made some fairly bearish comments regarding the future of bitcoin. He essentially said that the need for authorities to prevent criminal transactions occurring represents an existential threat to this particular cryptocurrency.

You can read the full Profit & Loss coverage of Bernanke’s speech here, but the key takeaway regarding bitcoin was that he believes it is “working against, rather than with, the regulators”.

No Answer to the Bitcoin KYC Problem in Sight Yet

Despite a growing desire from some mainstream regulated financial services firms to trade bitcoin and other cryptocurrencies that are based off a public blockchain, there doesn’t seem to be many solutions on the horizon for the Know Your Customer (KYC) challenges this presents.

At the Sibos conference being held in Toronto this week, Elisabeth Rochman, financial services chief technologist at Hewlett Packard Enterprise, noted that a lot of the “BigTech” firms – such as Google and Facebook – are behind the curve compared to banks when it comes to looking at use cases for blockchain.

Banks Proving Slow to Offer Corporates Blockchain Solutions

Banks aren’t actively engaging corporates about blockchain solutions, even though these could be beneficial to their businesses, according to speakers at the Swell event hosted by Ripple in Toronto this week. 

“[The banks] are all eager to work on blockchain, but what typically gets caught up is that they’re waiting for the use case and the ROI to be defined before they act, and what ends up happening is that they become fast followers, not leaders, and unfortunately in the problems that we’re trying to solve they can’t be followers, they have to lead,” explained Kapil Mokhat, global director payments programs and partnerships at Airbnb.

Similarly, Paul Snaith, manager of treasury operations for capital markets and banking and payments at the World Bank, noted that banks haven’t been knocking down his door to talk about how blockchain technology can be utilised for his business.

Waters Departs HSBC

Betsy Waters is leaving her role as head of transactional FX for the Americas at HSBC to join global financial settlement solutions provider, Ripple, as US sales director. She starts at Ripple on September 6. At HSBC, Waters focused on cross currency collections and payments for corporate and bank clients of HSBC. “It has been […]