Swiss Bank Launches Crypto Wallet With Fiat Withdrawals
According to news reports online, a Swiss bank has recently launch a new financial service that allows its customers to directly transfer and store cryptocurrencies to its wallet.
The name of the bank that is offering this custodial service is Falcon Private Bank.
The bank said that private and institutional investors can now directly transfer cryptocurrencies to and from its cryptocurrency wallets. Users are also offered to withdraw their crypto into fiat.
Initially the Bank will support for major cryptocurrencies into its platform. These include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).
Falcom claims that with this initiative it has made blockchain assets fully bankable.
All the cryptos that they are supporting will be included in the bank’s portfolio statements and tax reports.
Falcon Bank reveals that its proprietary custody solution will provide secure storage of digital assets and will be audited and examined by 3rd party providers.
It also adds that the service they offer is fully compliant to KYC and AML regulations.
Coinbase Expanding Its Business To Asia and Europe With New Services
One of the largest American cryptocurrency exchanges in the United States, Coinbase has opened cross-border wire transfers for high volume traders in Asia and Europe.
The service will be available for Coinbase Pro and Prime platform.
According to Kayvon Pirestani, Head of Coinbase’s Institutional sales in Asia, the continent is a very important part of the ecosystem due to the number of active retail and institutional investors operating out of that region.
He also reveals that the top five clients by revenue of the company come from Asia.
The exchange also informed the public that select Coinbase Prime customers around the world will have access to US and European Over-the-counter (OTC) trading desks and custody services in the company’s cold storage-as-a-service platform.
Interestingly the company reveals that it will be using SWIFT for inbound and outbound transfers from non-US bank accounts.
Celebrities Are Taking Positions on Bitcoin
A recent article reveals that celebrities and well known individuals have been accumulating cryptocurrencies throughout the years.
While this is not entirely surprising as these individuals are humans too and have the same sentiments and feeling as an ordinary individual.
They experience FOMO too and would like to get into the action.
In fact there has been celebrities that have been into the cryptos quite early.
These celebrities include Snoop Doogg who began selling one of his albums for bitcoin back in 2013.
Another was Mel B when she sold her 2014 Christmas single for BTC using Cloud Hashing. Other celebrities did not use the new asset class for product promotion.
Take for example Madonna who together with Ripple leverage the technology for online fundraising campaign. Johnny Depp on the other hand has partnered with TaTaTu, a blockchain startup focused on providing consumers with rewards from content interaction.
However not all celebrities have a positive experience with crypto-related activities.
Take for example boxing star Floyd Mayweather who has been recently been indicted by the U.S. Securities exchange (SEC) for promoting a fraudulent ICO.
This only highlights the need for individual to practice due diligence when dealing with cryptocurrencies.
Huobi To Release Own Stablecoin
One of the largest cryptocurrency exchange in the world, Huobi has recently revealed that that they are planning of releasing their very own Stablecoin.
This was revealed by Chris Lee Huob’s Chief Finance Officer during a presentation in Singapore.
According to the executive this year will be huge for stablecoins, it would be a matter of time before Huobi will create one for their platform.
Huobi seems to be taking a hands-on approach to stablecoins where they have revealed to support four USD-backed stablecoin assets and making one themselves which is planned to be release at the first half of 2019.
Stablecoins are cryptocurrencies whose values are pegged to a specific fiat currency or algorithmically calculated to have a stable value.
It is yet to be disclose what type of stablecoin the exchange will release.
It is good to know that despite the current market conditions where most crypto companies are cutting down in size or seize to exist some companies continues to expand and develop their service offering to exchange the whole ecosystem.
By continuing to develop crypto solutions and expanding their operations overseas Huobi is one of these companies that have taken on the challenge and continue to grow.
Nasdaq CEO States That Crypto Will Be The Global Currency Of The Future
Adena Friedman, the CEO of Nasdag has recently revealed that she still thinks that cryptocurrencies have a bright future ahead despite current market trend.
She adds that 2019 will be the year of disruption and innovation for the nascent industry.
Cryptocurrencies which she describes as the tremendous demonstration of genius and creativity could still be a global currency if it finds practical utility.
She believes that the cryptocurrency industry have gone through the first stage of classic invention life cycle which starts with the early pioneers, followed by hype, followed by proliferation of newcomers and then a dose of reality.
The dose of reality is a hard hitter has it has wiped out $400 billion of the crypto market and have caused the leading crypto asset to fall 80% off its all-time-high values.
The executive then liken cryptocurrencies to be the internet or could be the segway.
The former finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric, the latter means failure to achieve broad adoption and its commercial applications.
Despite this challenges she acknowledges that it is difficult to ignore such a genius invention saying that it deserves an opportunity to find sustainable future in the economy and this will depend on good governance and regulatory clarity.
Nasdaq is working very hard with different participants in the cryptocurrency ecosystem as well as regulators to achieve the same level of investor confidence found in the more traditional asset classes.
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