Bitcoin 

Fidelity Digital Asset Services Now Authorized to Operate Crypto Custody Platform

Fidelity Digital Asset Services, LLC (FDAS) has procured a charter from the New York State Department of Financial Services (NYDFS) to operate a virtual currency custody and execution platform. Per a Nov. 19 press release, the NYDFS authorized FDAS to operate as a limited liability trust company and run a cryptocurrency custody and execution platform where both institutional investors and individuals can store, buy, sell and transfer Bitcoin (BTC). Superintendent of Financial Services Linda A. Lacewell noted that “this approval is further evidence that innovation and consumer protection can coexist…

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Blockchain 

Wyoming Unveils First-Ever Crypto Custody Rules for ‘Blockchain Banks’

The United States’ state of Wyoming has unveiled a series of opt-in custody rules for its so-dubbed “blockchain banks,” covering areas such as forks, airdrops and staking.  The rules were announced during the Fordham Law Blockchain Regulatory Symposium in New York on Nov. 11, according to a thread of tweets published by Wyoming Blockchain Task Force president Caitlin Long. “First-ever” regulatory provisions for crypto custodians in many areas  Wyoming’s “blockchain banks” — legally known as “special purpose depository institutions” (SPDIs) — were approved by the Wyoming state legislature in February…

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Bitcoin 

Bakkt Rolls Out ‘Critical’ Bitcoin Custody After NY Gives Green Light

Institutional Bitcoin (BTC) trading platform Bakkt has announced it has launched its custody feature for its entire client base following regulatory approval. Bakkt: custody is “critical link” in BTC adoption In a blog post on Nov. 11, Bakkt said it had received the go-ahead from the New York Department of Financial Services (NYDFS) to offer custody services to any institution. Previously, the option was only available for those trading its Bitcoin futures. Commenting on the release, Bakkt described the custody tool as “the critical link in the institutional adoption of…

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Bitcoin 

‘Is That Still Bitcoin?’ CoinShares CSO Questions Crypto Custody

Bitcoin (BTC) may not benefit from an influx of institutional traders, a senior executive at one of the industry’s best-known businesses warned. Wall Street and Unexchanged Bitcoins Speaking in an interview on financial news network RealVision on Oct. 18, Meltem Demirors, chief strategy officer at asset manager CoinShares, said Wall Street involvement in Bitcoin was not a straightforward win-win for adoption. Many commentators expect increased attention from big finance to transform Bitcoin’s image globally. The debut of products such as Bakkt’s regulated Bitcoin futures in September shows a desire to…

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Bitcoin 

Fidelity Investments Fully Rolls Out Crypto Custody Service, Exec Says

American financial services company Fidelity Investments has fully launched its cryptocurrency custody service. Abigail Johnson, CEO of Fidelity Investments, revealed the development in an interview with the Financial Times published on Oct. 18. Johnson said that the company is ready to roll out its crypto custody business following a year-long preparation and accumulation of clients. A nascent, but promising business Last fall, Fidelity specifically indicated that it would provide an enterprise-grade crypto custody service to hedge funds, family offices and financial advisors. Johnson called that kind of service nascent and…

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Blockchain 

BitGo to Provide Custody for Crypto Assets Under Bitstamp Management

Digital asset financial services firm BitGo will provide secure storage for crypto assets under management at major cryptocurrency exchange Bitstamp. $100 million insurance policy In 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…

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Ethereum 

Arab Bank Switzerland Opens Bitcoin Custody, Brokerage Services

Arab Bank Switzerland has partnered with blockchain technology firm Taurus to offer Bitcoin  (BTC) and Ether (ETH) custody and brokerage services to its clients. Swissinfo reported the development on Sept. 19.  Serge Robin, the CEO of Arab Bank Switzerland — a Swiss institution that forms part of the Jordan-headquartered Arab Bank group — said:  “We firmly believe that blockchain will disrupt the financial industry as we know it and we intend to be amongst the first banks to offer digital asset services to our clients in a secure and regulated…

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Bitcoin 

Winklevoss’ Gemini Crypto Exchange Launches Custody Service

The New York-based cryptocurrency exchange Gemini, founded in 2014 by twin brothers Cameron and Tyler Winklevoss, has launched its own custody service, Gemini Custody. In a press release shared with Cointelegraph on Sept. 10, Gemini states that the newly launched custody solution will allow its customers to check balances, download account statements, initiate withdrawals, and grant auditors view-only access to confirm balances, transactions and activity.  Customers will also be able to trade their assets in custody on the Gemini exchange without waiting for them to be transferred from cold storage. …

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Ethereum 

Crypto Custody Market Overview — Who Are the Biggest Players?

Cryptocurrency custody providers seem to be springing up all over the global digital landscape in 2019, and the crypto platform Coinbase emerging as the leader in the sector. At their very core, custody platforms are designed to serve as independent storage/security units that are aimed primarily at institutional investors. These solutions, more often than not, tend to make use of a combination of various hot and cold storage technologies. Also, while cryptocurrency exchanges and regular wallet systems conventionally utilize private keys (and other such security protocols) to protect an individual’s…

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Bitcoin 

Estonia Grants Crypto Trading and Custody License to WEG Bank

German bank WEG Bank obtained a cryptocurrency trading and custody in Estonia. WEG Bank confirmed in a tweet published on Aug. 25 that it obtained a crypto trading and custody license in Estonia.  Estonia greenlights German bank to trade and hold crypto Furthermore, the firm also announced that it is now trying to take hold of a securities trading and custody license in Germany. The bank stated: “We announce that as of today we have secured full access to a crypto trading and custody license in Estonia and are equally…

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