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Coinbase Custody Adds New York Banking Regulatory Experts to Its Board

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..

UK Royal Mint to Provide Custody for New Cryptocurrency

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..

US SEC and FINRA Issue Statement on Crypto Custody Issues

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 Holds $1.3B in Assets Under Custody, Expects to Hit...

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..

Crypto Custody Firm Ledger Vault to Provide Services to Crypto Broker...

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..

Insured Cryptocurrency Custody Services and Their Potential Impact: The Key to...

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 ..

Report: Coinbase Negotiates Acquisition of Xapo’s Bitcoin Custody Business

Coinbase is reportedly negotiating the acquisition of the bitcoin custody business of cryptocurrency wallet provider Xapo for $50 million in cash. American major cryptocurrency exchange Coinbase is reportedly negotiating the acquisition of the bitcoin (BTC) custody business of cryptocurrency wallet provider Xapo, technology-focused media outlet the Block reported on May 16. Sources familiar with the matter reportedly told the Block that Coinbase has been vying with the digital currency wing of United States financial services giant Fidelity, Fidelity Digital Assets, for Xapo over the past several weeks to advance its custody business. Following the closure of the deal, Coinbase will reportedly pay about $50 million in cash to Xapo, with a contingent earn-out for remaining with the company. Founded in 2014, Xapo is a Hong Kong-based firm that provides a BTC wallet and a cold storage vault, as well as bitcoin-based debit card services. The company is backed by leading industry players s..

Brian Armstrong: Coinbase Custody Has $1 Billion of Crypto Under Management

Coinbase CEO Brian Armstrong says the exchange’s custody service received the $1 billion in the 12 months after its launch. During an on-stage discussion at Consensus, Brian Armstrong, CEO of major United States cryptocurrency exchange Coinbase, said that its custody service has already received $1 billion in crypto under management. Coindesk reported on Armstrong’s comments on Wednesday, May 15. Panel moderator and Wall Street Journal reporter Paul Vigna asked Armstrong about the perspectives of institutional investments in the crypto industry. In response, the Coinbase CEO provided an example of his own company, noting that Coinbase Custody managed to get $1 billion in assets under management in just 12 months after its launch. He also mentioned that 70 institutions signed up to the service during that period. Moreover, Armstrong believes that investments in the sphere will grow rapidly, as institutions want their funds to be active while in custody. The Coinbase CEO stated that ins..

ICE Pushes for Bakkt Bitcoin Custody License — CFTC Approval Imminent?

Bakkt is pursuing self-certification as a licensed bitcoin custodian, as it looks to obtain CFTC approval for the launch of its physically backed BTC futures contracts. The Intercontinental Exchange (ICE) is reportedly taking steps to ensure approval from the United States Commodity Futures Trading Commission (CFTC) for its bitcoin futures contracts platform — Bakkt. ICE, the operator of the New York Stock Exchange (NYSE), recently acquired a cryptocurrency custodial service and are mulling plans to register Bakkt as a licensed trust in the state of New York. If successful, these latest moves would see Bakkt become a registered bitcoin (BTC) custody platform. Recent reports also indicate that the company is in partnership with Bank of New York (BNY) Mellon for the storage of cryptocurrency security keys. DACC acquisition and bitcoin custody plansAs reported by Cointelegraph on Monday, April 29, 2018, Bakkt’s parent company, ICE, acquired Digital Asset Custody Company (DACC) — a crypto..

White-Label Exchange and Insured Custody Uptake Lays Foundation for Institutional Digital...

Australian exchange Mine to leverage BC Group’s full suite of trading solutions, adopting ANXONE’s white-label exchange and intending to roll out BC Group’s custody offering Hong Kong – 8 May 2019 – BC Group (00863.HK), a Hong Kong-listed company and parent company of ANXONE and OSL, today announced that Mine, an Australian digital asset exchange, will adopt ANXONE’s white label trading solution. This milestone comes as the improving outlook for digital assets draws a growing number of professional and institutional traders into the asset class, driving demand for increasingly sophisticated trading solutions and services that go beyond the capabilities of The post White-Label Exchange and Insured Custody Uptake Lays Foundation for Institutional Digital Asset Trading appeared first on CCN Markets
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