Coinbase custody is open for business now

custody.pngCoinbase has officially launched its custody service for institutional clients. Due to the digital nature of the crypto assets, a specialized service for storing them safely was in demand, and Coinbase move in custody service is supposed to fill this gap. According to Sam Mcingvale product lead “Coinbase Custody is a combination of Coinbase’s battle-tested cold storage for crypto assets, an institutional-grade broker-dealer and its reporting services, and a comprehensive client coverage program.”

Coinbase says that its custody service will have unique features like “On-chain segregation of crypto assets,” “offline,multi-sig and geographically distributed transaction protection” besides having a robust cold storage, auditing, and reporting.

Coinbase has already been a custodian of $ 20 billion worth of crypto assets in the past six years, and this custody offering will be secured through SEC and FINRA regulated Electronic transaction clearing.

The service as of now will be limited to Europe and US and is expected to arrive in Asia before the end of this year. The currency available will be similar to the ones offered through coinbase.com, and more coins will be added, so expect ethereum classic to arrive as soon as it is available for trading through coinbase.com.

Features like hot wallets, scheduled withdrawals will also be added after obtaining regulatory clearance

The service as of now requires a minimum of $10 million worth of digital assets and a $100,000 initiation fees. According to coinbase around $10 billion worth of institutional money waiting on the sidelines will enter in the crypto market due to the introduction of this service.

Coinbase has been quite active recently in terms of launching services. It recently started an index fund last month for “US-accredited” investors and has revealed plans to open its service for Japanese investors.

EOS ranks first according to the ​Chinese government rating

The second monthly rating of cryptocurrencies by the Chinese government is out, ranking EOS as the best followed by Ethereum, NEO, Stellar and Lisk. Bitcoin which was ranked 13th last month dropped to 17th this month.

It is quite ironical that EOS is first, considering the latest mishaps during its main-net launch besides not having a long enough timeline of its operation to gauge its utility as the best blockchain.

The monthly rating is known as “Global Public Chain Technology Evaluation Index” and is a Chinese government initiative launched by Center for Information Industry Development (CCID) of the Ministry of Industry and Information Technology. The basis for calculating the ratings is a mystery, though the agency responsible for giving out the rating has mentioned that it is predominantly based on technological capability, usefulness, and innovation.

The first rating was launched in May 2018, and the purpose of the initiative was to make Chinese public aware of investible blockchain assets given the recent bout of frauds happening in the ICO market.

 

 

Now Bithumb Hacked

Bithumb, Second largest trading exchange,with a volume of $330 million,of South Korea announced that it has lost $31 million worth of cryptos to hackers. Due to the hack, withdrawal and deposit service has​ been stopped and all the assets are being moved to cold storage.The amount hacked will be refunded from bithumb’s own reserve.

It is not clear which currencies has been hacked but the tweet did have negative effects on the crypto markets, bitcoin fell from around $6718 to a low of $6561 following the tweet from bithumb.This is a second hack of a south korean exchange, the last being coinrail on June 10 this month where $37.2 million worth of cryptos were lost.

Cambodia makes it illegal to operate in cryptocurrency space without a ​license

Screen Shot 2018-06-20 at 07.48.13 The Cambodian government has come up with a joint statement of various regulatory authorities stating that it will be illegal to operate cryptocurrency operation without a license. This move is seen to save it public from getting duped into buying shitcoins. The statement has specifically mentioned coins like KH Coin, Suncoin, K Coin, One-coin, Forex coin which are clearly riding on the speculation boom.

Since the issuance of cryptocurrencies is not backed by collateral besides the volatility and the anonymous nature of many cryptocurrencies is not suitable for the general public to buy such coins from exchanges

Overall the tone of the statement is cautionary rather than coming out of measures in case the law is broken.

“Competent authorities strongly believe that the public shall strictly implement the spirit of this statement”

 

 

Radar Relay completes beta phase.

Screen Shot 2018-06-19 at 22.16.20Radar Relay, a wallet-to-wallet trading platform for Ethereum-based tokens built on the 0x Protocol has completed its beta phase. Overall the beta phase can be considered successful (emphasis mine) as it completed 35,000 trades providing $150 million in trading volumes. Besides 170 ERC20 tokens were added and 200,000 API requests were served.

The new update has brought major changes in onboarding, stability and API/SDK.

Better onboarding solutions regarding educational resources for explaining the nitty gritty before you make your first trade. For instance, there are videos and documentation for how to connect to the wallet, wrapping ETH and enabling tokens for trading.

On the stability side, infrastructure has been scaled up beside improvement in site performance and incident response process.

API has improved, and open source SDK has been released for sophisticated automated traders. In the beta phase SDK had to be connected to a node but now that necessity has been removed. A new website  developers.radarrelay.com has been released to provide tools and documentation for using API/SDK.

Binance to help Malta stock exchange’s accelerator program

binanceAccording to Finance Magnate article, Binance will be supporting Malta stock exchange’s MSX fintech accelerator program. It also has Thomson Reuters as one of the other supporter. As the name suggests MSX program is geared towards Fintech and crypto startups and support will be in the forms services and facilities like in-house accounting services and payroll, office space, conference rooms, and a training center.The program is specifically targeted towards foreign entrepreneurs as the local talent in terms of entrepreneurs is minuscule.

Malta has been promoting itself as a blockchain-hub by coming out with benign regulatory frameworks. The move has been successful and has attracted foreign companies like Binance to open their offices in Malta. For instance, Binance has opened its office in Malta to provide crypto-fiat trading. This move was a stamp of approval for Malta’s policy as Binance is one of the largest trading venues for cryptocurrencies.

According to a binance spokesperson:

“We moved our operations to Malta precisely because it has demonstrated its progressive approach to supporting and developing the crypto and blockchain industry. Malta is creating a safe and legislated environment for the industry to become reputable, attracting companies like ours and many others. The Malta Stock Exchange reflects these values, providing the infrastructure for entrepreneurs and start-ups to flourish in what is otherwise a highly competitive industry.”

 

Roger Thomas Clark a silk road alumni (pun intended​) to be extradited to US.

Roger Thomas Clark known online as “Variety Jones,” “VJ” and “Cimon” is finally being extradited to the US after getting caught two and a half years back in Thailand. He was a close confidante of Ross Ulbricht, the man behind Silk Road. Ross had high regards for Clark, in 2011 he wrote of Clark:

“This was the biggest and strongest willed character I had met through the site thus far. He quickly proved to me that he had value by pointing out a major security hole in the site I was unaware of… He has advised me on many technical aspects of what we are doing, helped me speed up the site and squeeze more out of my current servers. He also has helped me better interact with the community around Silk Road, delivering proclamations, handling troublesome characters, running a sale, changing my name, devising rules, and on and on. He also helped me get my head straight regarding legal protection, cover stories, devising a will, finding a successor, and so on. He’s been a real mentor.”

The indictment was unsealed on Jun 15,2018, according to the indictments

“CLARK, 56, a citizen of Canada, is charged with narcotics trafficking conspiracy; narcotics trafficking; distributing narcotics using the internet; conspiracy to commit, and aid and abet, a computer hacking conspiracy; conspiracy to traffic in fraudulent identification documents; and money laundering conspiracy.  If convicted, he faces, among other penalties, a mandatory minimum sentence of 10 years in prison and a maximum sentence of life in prison.”

Note: Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.