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Coinbase Custody now allows Maker holders to participate in the project’s governance. Coinbase Custody now allows Maker (MKR) holders to participate in the project’s governance without withdrawing their funds. The announcement comes from a Coinbase blog post published on Oct. 11. By implementing the governance feature, Coinbase Custody enables MKR holders to participate in on-chain governance directly on the platform, avoiding the need to withdraw their funds from third-party custodians. This, according to the post, will purportedly attract more participants to the MakerDAO Multi-Collateral Dai (MCD) voting, which is expected on Nov. 15. MakerDAO’s upcoming voteThe launch of MCD is expected to introduce new features to the Maker Protocol such as Dai Savings Rate and additional CDP collateral types. The project is planning to provide MKR holders with a range of documents to review, while the announcement specifically states: “MKR holders will also soon review and vote on the terms of t..
Coinbase announces that it will provide custodial support for the forthcoming cryptocurrency from the popular encrypted messaging service Telegram. Major United States-based crypto exchange and wallet provider Coinbase has announced that it will provide custodial support for the forthcoming cryptocurrency from the popular encrypted messaging service Telegram. In an official blog post published on Oct. 10, the exchange revealed that Coinbase Custody — its digital assets custodian solution for institutional investors — will launch support for the Telegram Open Network’s (TON) native token Gram (GRM) when it goes live. Insured offline storage at network’s launchCoinbase’s announcement reveals that it will support the secure storage of three forthcoming tokens in total — GRM, Sola (SOL) and OXT (OXT) — at each network’s respective launch. Custodial support will provide GRM token holders with offline storage and insurance coverage, according to the announcement. As the exchange reiterates,..
Digital asset financial services firm BitGo will offer secure storage for digital assets under the management of crypto exchange Bitstamp. Digital asset financial services firm BitGo will provide secure storage for crypto assets under management at major cryptocurrency exchange Bitstamp. $100 million insurance policyIn a press release on Oct. 9, the Luxembourg-based cryptocurrency exchange announced that BitGo will offer custodianship of its digital assets. The Bitcoin (BTC) exchange will start transferring assets to BitGo’s wallets on Oct. 10, 2019. Bitstamp CTO, David Osojnik, said: “BitGo has been one of our most trusted partners for many years and this is a natural extension of our relationship. Their exclusive focus on institutional services has allowed them to develop the tech and processes necessary for running a robust and compliant cryptocurrency exchange.” The press release further states that with BitGo Custody, Bitstamp’s assets will be secured completely in cold storage i..
After long-standing limits, new advances in custodial solutions for Bitcoin are enabling larger financial institutions to enter the market. Bitcoin (BTC) has a unique advantage: self custody, which the traditional financial system cannot compete with. It is important that the Bitcoin ecosystem maximizes this competitive advantage in order to compete with the legacy system. Custodial solutions are important for financial markets, whether traditional or innovative, and have been historically limited for Bitcoin. But why do institutional investors need custodial services, and what are the unique challenges of Bitcoin custody? Why institutional investors need custodial servicesThere are two main reasons why institutional investors need custodial services: reducing risk and regulatory compliance. By separating the entity that stores assets from the entity that manages assets, financial institutions can specialize in what they are best at. This separation also reduces the risk that one empl..
Coinbase Custody Trust Company has appointed Richard Neiman and Robert Easton to its Board of Directors, who previously held various leadership positions in the New York State financial regulatory system. Coinbase Custody Trust Company has appointed two new members, previously of the New York State Banking Department and the New York Department of Financial Services, to its Board of Directors. Welcoming banking regulatory veteransPer a blog post published on Aug. 8, New York banking regulatory experts Richard Neiman and Robert Easton will now be a part of Coinbase Custody’s Board of Directors. The company claims Neiman and Easton to be particularly important for its further development as Coinbase Custody is regulated by the New York Department of Financial Services (NYDFS). Prior to joining Coinbase Custody, Neiman held positions as superintendent of the New York State Banking Department, president of TD Bank USA, vice chairman of PwC’s global financial regulatory practice, and is cu..
Royal Mint, the sole manufacturer of coins in the U.K., will store private keys for crypto in its digital vault for the first time. Royal Mint, a government-owned manufacturer of coins in the United Kingdom, will provide crypto custodial services for the first time ever, according to a press release shared with Cointelegraph on July 15. The 1,100 year-old financial institution is participating in the launch of new cryptocurrency temtum (TEM), which is expected to go live on July 17. Specifically, Royal Mint will act as the storage for temtum genesis private keys and currency reserve, while the original private keys will be stored in the Royal Mint vault forever, the press release notes. The transaction data will be written on temtum’s Temporal blockchain, the company said, adding that TEM will be initially launched for purchases and trading on CoinAll, a major Hong Kong-based crypto exchange and a strategic partner of major global exchange OKEx. On the official website of the project..
The U.S. SEC and FINRA have issued a statement on regulatory compliance issues for crypto custodians. The United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) outlined regulatory compliance issues for cryptocurrency custodians in an announcement on July 8. According to the joint statement, the organizations have yet to discover a set of circumstances in which a crypto custodian could comply with the SEC’s Customer Protection Rule, which is described as follows: “Put simply, the Customer Protection Rule requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets, thus increasing the likelihood that customers’ securities and cash can be returned to them in the event of the broker-dealer’s failure.” The report further claims that a crypto custody service may not be able to sufficiently demonstrate that it actually controls the assets it purports to hold. The SEC and FINRA discus..
Coinbase Custody announced that it holds $1.3 billion in assets under custody and the firm expects to hit $2 billion soon. Coinbase Custody revealed that it holds $1.3 billion in assets under custody (AUC) and the firm expects to hit $2 billion AUC soon in a Twitter thread published on June 13. In a series of tweets, what is evidently the official Coinbase Custody Twitter account reported that last week the company’s CEO, Sam McIngvale, and its chief information security officer, Philip Martin, visited the United Kingdom. The purpose of the visit was reportedly “to discuss the institutional cryptoeconomy with a range of prospects and clients.” During the meeting, the firm’s representatives argued that, while many believe that there are no institutional-grade offerings in the cryptocurrency space, Coinbase Custody is in fact such an offering. The firm’s representatives stated that the company is insured, regulated and secure custodian. The thread also specifies: “We have $1.3bn AUC and..
Ledger Vault, the custody arm of French hardware wallet manufacturer Ledger, will provide its services to Canadian cryptocurrency broker Voyager Digital. Ledger Vault, the custody arm of hardware wallet manufacturer Ledger, will provide its services to Canadian cryptocurrency broker Voyager Digital, according to a press release shared with Cointelegraph on May 21. Per the release, Voyager Digital will integrate Ledger Vault’s multi-authorization cryptocurrency wallet management system into its trading platform with the aim to increase its overall cybersecurity. Voyager CEO Steve Ehrlich said that Ledger Value ensures “security of our customer assets on the Voyager platform without compromising the speed and liquidity they’ve come to expect from Voyager. It's also a crucial step in our efforts to deliver crypto wallet transfers.” As Cointelegraph previously reported, Voyager Digital acquired crypto wallet startup Ethos in February. This acquisition builds on a strategic partnershi..
Global Conglomerate Believes Insured Custody Services to Be the ‘Key’ to Cryptocurrency Institutional Investment Growth. Registered custodial services, which are common in traditional investment classes, have been on the rise in the digital asset sphere, including for cryptocurrencies. Branding China Group (BC Group) has recently unveiled its plans for an insured custody service specifically for cryptocurrencies. A conglomerate with a diversified portfolio of blockchain-focused businesses in marketing communications and technology, believes its custody service removes one of the key barriers that have prevented professional traders and institutions from adding digital assets to their portfolios to date. Leading United States crypto exchange and wallet provider Coinbase launched its custody services for institutional investors in July 2018. In an apparent effort to expand on these services, Coinbase is currently in advanced negotiations to buy custody provider Xapo, one of the largest ..