Cashaa Announces US Dollar Bank Accounts for Cryptocurrency Firms

Cashaa Announces U.S. Dollar Bank Accounts for Cryptocurrency Firms

                              

Bitcoin banking platform Cashaa will soon offer U.S. dollar bank accounts for cryptocurrency-focused businesses, except those operating in sanctioned countries. 

Cashaa offers banking services like International Bank Account Number (IBAN) accounts, international SWIFT transfers for fiat and credit card processing for cryptocurrency-based businesses, which often struggle to receive these services from traditional banks. It also enables businesses to accept cryptocurrencies and withdraw funds in fiat, including British pounds, euros and Indian rupees. Beginning November 25, 2019, clients based in the U.S. will be able to apply for USD accounts.

These accounts will include automated clearing house and SWIFT access without limits and incur a one-time setup fee of 250,000 CAS, Cashaa’s native token (about $1,500 at press time). Cashaa has integrated with New York-based Metropolitan Commercial Bank for provision of this service. As with Cashaa’s U.K. accounts, U.S. dollar account holders will have access to multisig wallet and exchange functionality for bitcoin purchases.  

Banking the Unbanked 

Cashaa’s new service is targeted at cryptocurrency businesses who encounter difficulty opening a corporate account in the U.S. As noted above, traditional banks have often shied away from the industry for reasons that range from regulatory uncertainty to the volatile nature of crypto assets. In some cases, cryptocurrency-based businesses have had their accounts closed. In a press release on the service, Cashaa noted that it formed a “pre-compliance team” in September 2019 following Barclays decision to stop serving Coinbase. Speaking on their rationale, Janina Lowisz, the co-founder and vice president of marketing, believes her company could help serve the “underserved businesses building new technologies.”

“Our goal is to create a hassle-free experience for all businesses who are building new technologies and business models,” Lowisz said in the release. “The addition of U.S. Dollar accounts is an important milestone for the crypto community and us. We want to thank our community and all businesses so far who have trusted Cashaa to solve their banking problems.” In April 2019, Cashaa began supporting cryptocurrency purchases with major debit and credit cards. In October 2019, the company enabled bitcoin purchasing options for customers in India using fiat currency.

Article Produced By
Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

https://bitcoinmagazine.com/articles/cashaa-announces-u-s-dollar-bank-accounts-for-cryptocurrency-firms

Thomas ClaimCo.in

A Wyoming loophole’ to Carry Out Crypto Transactions Without BitLicense in New York

A ‘Wyoming loophole’ to Carry Out Crypto Transactions Without BitLicense in New York

                               Wyoming

There may be a new way of by-passing the tough New York laws to carry out crypto-related transactions in the world’s capital without acquiring a BitLicense, a crypto license developed by the New York Department of Financial Services (NYDFS) in 2014.

Wyoming offers crypto companies a loophole

According to a report from members of the committee that drafted laws to govern the crypto banking sector in Wyoming, the state will have the power to charter Special Purpose Depository Institutions (SPDIs), a reserve bank that can act as a crypto custodian. Now, these SPDIs open a loophole that may well allow banks to open branches in NY and carry out their business without the need for a BitLicense.

Cool, right?

The loophole first came to light through a tweet sent out by Caitlin Long, member of the Wyoming blockchain taskforce, claiming a solution to the long-standing BitLicense problem. A number of companies have come out publicly rebuking the methods employed by the NYDFS before offering the license. With only 18 BitLicenses dished out since the launch half a decade ago, a multitude of crypto businesses has been locked out of the state during the period. Chris Land, general counsel of the Wyoming Division of Banking, spoke during the Coindesk Invest conference held in New York assuring companies a Wyoming SPDI can

start operations in the city.

“We are fairly confident that the Wyoming SPDI will be able to operate in New York without a BitLicense.”

How exactly do you bypass NYDFS BitLicense?

According to the thread of tweets by Caitlin, the SPDI license from Wyoming offers the banks a state charter which in turn allows operation in about 42 states across the U.S without need for additional licenses. According to Federal law, state-chartered banks of other states, similar to national banks, should have similar laws applying to them and exempted from them.

For instance, in our case, the NY law exempts national banking institutions from acquiring a BitLicense which means most certainly a state-chartered bank (such as Wyoming’s SPDIs) would be exempt from acquiring the license before setting up a business. However, for some states, NY included you will need to open a branch in the state before starting operations. With the cryptocurrency industry growing as more companies and SMEs integrate these innovative solutions to their business systems, and now an opportunity presenting itself, it is only a matter of time before firms take on the loophole. We’ll wait and see.

Article Produced By
Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist.

https://coingape.com/wyoming-loophole-crypto-transactions-without-bitlicense/

Thomas ClaimCo.in

Northern Trust Testing Fractionlized Bonds on Blockchain

  Northern Trust Testing Fractionlized Bonds on Blockchain        

                                

Custody bank Northern Trust is testing the trading of fractionalized bonds on a blockchain. 

Working with Singapore-based debt markets company BondEvalue, the bank is providing asset servicing for large, high-grade bonds that will be tokenized and divided for retail investors on Hyperledger Sawtooth. These bonds are normally too large for individual investors, but the quality of the bonds is attractive.

The move shows Northern Trust’s continued interest in the technology after it developed then sold its private equities blockchain, which shortens the time to market for new high-tech private equity funds. With $124.3 billion in assets, Northern Trust is the 24th largest bank in the U.S.

“We’re building capabilities we feel will be reusable across multiple asset classes and multiple jurisdictions,” Justin Chapman, global head of market advocacy and innovation research at Northern Trust, said of the new bond pilot. “Our focus on this initiative is to help bring the exchange to life and then we offer the highest grade asset servicing capability in that digital environment.”

Through the Monetary Authority of Singapore’s Sandbox Express, BondEvalue was given permission to launch a blockchain-based bond exchange in Singapore. Northern Trust will custody tokenized bonds and conduct transactions with the regulator’s oversight. If the pilot is successful, the bank plans to also participate in the development of BondEvalue’s business model. 

Article Produced By
Crypto News

https://www.coindesk.com/northern-trust-testing-fractionlized-bonds-on-blockchain

Thomas ClaimCo.in

Bitcoin Falls as Yuan Strengthens

Bitcoin Falls as Yuan Strengthens

 

                                 

Bitcoin has been falling slightly, dropping this week from $9,000 to $8,600 and down from last month’s $10,000.

Why it has turned somewhat downwards since the 24th of June when it reached $14,000 is not too clear, but it may be just profit taking after a very fast rise during spring and summer:As it stands, the chart is a bart, back to the circa $8,500 support level where it saw the biggest recent green candle upwards, and red candle downwards.

Where it goes next is anyone’s guess, but besides mere speculation, the rise and fall might also be due to Yuan’s fall and now slight rise: What we have here is bitcoin and CNY moving in tandem during spring and summer. CNY then falls further, with USD’s value against it up and up, but bitcoin doesn’t follow presumably because it had already risen and gone too far or who knows why. Now for this month CNY has strengthened a bit, with bitcoin so falling somewhat, but China’s economy is weakening and considerably.China’s growth has been falling, but more importantly, its inflation is rising significantly.

The big jump in October stands out, but even more stands out its rise from the beginning of the year at 1.5% to now 3.8%. That means real growth in China is at just 2.2%, far lower than the 5% plus they’re used to. Part of that is because arguably they’ve devalued too much, but also perhaps because the low hanging fruits have been caught already, so there might not be too much more room for productivity to increase the economy. There’s also the tariffs, with a trade deal apparently nearing an agreement , but China might be falling to the same trap as Japan before them and the west now, the trap of monetization.

Article Produced By
Crypto News

https://www.trustnodes.com/2019/11/14/bitcoin-falls-as-yuan-strengthens

Thomas ClaimCo.in

Three Fronts in the Global Digital Currency Wars

Three Fronts in the Global Digital Currency Wars

                                 

Jeremy Allaire is co-founder, CEO and chairman of Circle, a global financial services company that provides a platform for individuals, institutions and entrepreneurs to build businesses, invest and raise capital with open crypto technologies.

The views expressed here are his own.

The past several months have brought dramatic new technology, market and regulatory developments in the cryptocurrency sector, with major global technology and state actors pushing forward digital currency initiatives. These new initiatives are forcing global leaders everywhere to ask what the role of digital money will be in the next decade, and are ultimately a proxy for shifts in the broader political and economic landscape that are going to re-shape the future of the international monetary system.

Deep, fundamental digitalization of the economic system is now well underway as blockchain infrastructure moves from the fringe and early adopters and into the spotlight of major nation-state actors. Synthetic, crypto-powered central bank money tokens, and the introduction of smart contracts that can represent and tokenize other real-world financial assets and contracts are on the rise around the world. These rapid changes are leading regulators everywhere to grapple with an economic system that is beginning to mirror the open, global and connected internet of information and communications.

At the foundation of these shifts is the rapid development of public blockchain infrastructures, such as ethereum, which allow market participants to issue cryptocurrency tokens representing fiat currencies and other financial assets. This “base layer” of trusted computing, record-keeping and transaction processing can be compared to the base layer of TCP/IP and HTTP, protocols that allowed the vast global internet to come into everyday use. There are now several competing approaches to building a new financial system on this infrastructure.

1. Open finance

The first is represented by crypto-native ecosystem players, including Circle and Coinbase, who are building fiat-backed stablecoins such as USD Coin (USDC) on top of public blockchains. These developments are enabling a broad base of developers and companies to build higher-level financial constructs such as decentralized lending and credit markets, payments services and tools for trade finance. Regulated by existing payments banking rules in the US and EU, these private market-based approaches are growing rapidly and help to form a pillar of the open finance movement.

2. Government-run

The second approach is best represented by China’s forthcoming Digital Currency Electronic Payment (DCEP) infrastructure, which aims to build an entirely controlled, centralized and permissioned infrastructure for a digital currency version of the Chinese RMB. While likely appropriate for the Chinese economic and political model, this approach flies in the face of the open internet ethos and is not likely to receive much of an enthusiastic response from the broader internet development community.

3. Private consortia

The third approach, anchored in the proposed Libra Association and Libra Reserve Currency, attempts to build an “over the top” synthetic global digital currency. Like China’s effort, the Facebook proposal creates a centralized, permissioned infrastructure for this payment system, which will radically limit how open and accessible the infrastructure becomes for developers and companies wanting to build on top of it.

Competing worldviews

In each of these approaches, we can extrapolate a fundamental worldview. With the first, do we want an open financial system built on the public internet that allows value to move freely and easily anywhere in the world with strong privacy protection, one that enables people and companies to build financial arrangements in code, enforced by public blockchain infrastructure and enabling commerce and transaction arrangements between people everywhere? In short, do we want a global financial system built in the image of the internet?

Or, if the world embraces the Chinese approach, do we want a world with tightly controlled access to innovation in the financial system, with extremely tight controls on where capital moves and who can access the system? Such a system may enhance efficiency and global reach for the Chinese RMB. But will it mirror the tightly controlled internet that exists in China today? Will it be offered on equal terms to people and companies globally who seek to transact with China?

The worldview put forward by Facebook and Libra suggests a new global financial system that is controlled and run by the largest private companies in the world. And rather than building on existing sovereign money, the Facebook construct seeks to create a new global currency that stands above the state. Do we want a new global financial system controlled by a few private companies, where permission to participate and innovate is mediated on a closed infrastructure?

The largest governments in the world, especially those responsible for major global trade currencies, must now grapple with the innovation of public cryptocurrencies that have the reach of the global internet. The choices they face, and the decisions that are ultimately made by relevant policymakers, will have a dramatic impact on what our future global economic system looks like. Meanwhile, while governments study and debate these topics, bit by bit and block by block, technical innovators all around the world are using crypto to rebuild the global economic system in front of our eyes in a marvel of human ingenuity.

Article Produced By
Jeremy Allaire

Jeremy Allaire is co-founder, CEO and chairman of Circle, a global financial services company that provides a platform for individuals, institutions and entrepreneurs to build businesses, invest and raise capital with open crypto technologies. He has co-founded and led multiple global internet technology firms with thousands of employees, hundreds of millions of consumers served, and multiple successful public offerings on NASDAQ.

https://www.coindesk.com/three-fronts-in-the-global-digital-currency-wars

Thomas ClaimCo.in

ASX-Listed DigitalX Seeds New Fund With Half Its Bitcoin Holdings

ASX-Listed DigitalX Seeds New Fund With Half Its Bitcoin Holdings

                                    

 

The first ever cryptocurrency firm to be listed on a major stock exchange has launched a new bitcoin fund.

DigitalX, which debuted on the Australian Securities Exchange (ASX) under its previous name DigitalBTC as far back as 2015, announced the new fund on Wednesday. The firm said it’s offering qualifying wholesale and professional investors such as family offices and high-net-worth individuals exposure to the cryptocurrency via a “standard unlisted fund structure” without the effort and risk of holding it directly. DigitalX executive director Leigh Travers

said in the announcement:

“DigitalX has held its bitcoin position through the 2017 bull market and 2018 drawdown because of our fundamental long-term belief in the value of the asset. What has become more and more apparent to us as we speak to investors and market participants generally, is that there is a growing interest in accessing bitcoin from people who have traditionally not considered investment in digital assets.”

To get the fund off the ground, DigitalX will provide 215 of its total 431 bitcoin, valuing its investment at around US$1.89 million at current prices. The firm said it aims to quickly grow the investment vehicle and hence its funds under management, and will see income via the fees receivable from the fund. Management fees are disclosed as being set at 1.65 percent annually, while no performance fees will be charged. The fund’s holdings will be secured via custody services provided by insurance-backed BitGo. DigitalX further plans to use “blockchain-based security” for the registration and transfer of units in the fund.

The Bitcoin Fund is licensed and administered by Boutique Capital, which is also the licensee of DigitalX’s existing indexed crypto fund. Launched last April, that fund was said to give exposure to “leading” crypto assets and potentially ICO tokens. DigitalX, following a move into bitcoin mining that was later abandoned, has morphed into a company offering blockchain consulting and development services and asset management. It’s not been without its controversies, having been taken to court by investors over an ICO for which it acted as adviser. Its former executive chairman was also indicted by the US government for alleged involvement in a fraudulent text messaging scheme.

Article Produced By
Daniel Palmer

One of CoinDesk's longest-tenured contributors, and now one of our news editors, Daniel has authored over 600 stories for the site. When not writing or editing, he likes to paint, play guitar, hammer hot steel and spin clay. Daniel holds a small amount of BTC currently

https://www.coindesk.com/asx-listed-digitalx-seeds-new-fund-with-half-its-bitcoin-holdings

Thomas ClaimCo.in

Unilever O2 and Sky Join Blockchain Pilot for Digital Ad Transparency

Unilever, O2 and Sky Join Blockchain Pilot for Digital Ad Transparency

                                 

Unilever, O2 and Sky are among the latest big firms to sign on to Jicwebs’ blockchain pilot program designed to improve trust and transparency in digital advertising. The news was revealed in a Nov. 12 report from United Kingdom-based industry magazine Campaign.

Industry involvement

Jicwebs — an acronym for the U.K. digital ad trading standards body, the Joint Industry Committee for Web Standards — first announced its blockchain pilot initiative in May 2019. It counts the participation of major global media agencies Zenith, OMD UK and Manning Gottlieb OMD, who have been evaluating the potential for blockchain technology to bolster transparency in the sector and increase operational efficiency. According to Campaign’s report, the U.K.’s popular online platforms Gumtree, Netmums and Rightmove have also all signed on to the project.

To complement the Jicwebs pilot, ISBA — an entity representing the U.K.’s leading advertisers — is also conducting an end-to-end audit of some of the problems that plague the digital ad sector, notably in regard to trust and brand safety. Richard Reeves, managing director of the Association of Online Publishers, said that the body welcomes “all initiatives that increase transparency for our members and shed light on where advertising spend is being distributed across the digital supply chain." If the pilot proves successful, Jicwebs reportedly plans to consult the digital ad industry on how to implement the blockchain solution in 2020.

An embattled industry

As previously reported, McDonald's, Nestlé and Virgin Media joined Jicwebs’ initiative this July. Blockchain technology is increasingly gaining traction in a sector that is battling the increasing threat of fraudulent activity, “deepfakes” and opaque financing. In late 2018, major Japanese car manufacturer Toyota partnered with blockchain advertising analytics firm Lucidity to reduce fraud in its digital ad campaign buys.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/unilever-o2-and-sky-join-blockchain-pilot-for-digital-ad-transparency

 

Thomas ClaimCo.in

China Scraps Plan to Categorize Bitcoin Mining as Industry to Be Eliminated

China Scraps Plan to Categorize Bitcoin Mining as Industry to Be Eliminated

                                  

More than six months after the China National Development and Reform Commission proposed to categorize bitcoin mining as an industry to be phased out from the country,

it appears the agency has now scrapped that plan. The National Development and Reform Commission (NDRC), a top-level economic planning agency under China’s State Council, published a finalized new Catalog for Guiding Industry Restructuring on Wednesday that will take effect from Jan 1, 2020.

In the final version, which will replace the current one published in 2011, the agency has removed bitcoin mining or other virtual currency mining activities from the initially proposed category of industries that should be eliminated from China. Description related to virtual currency or bitcoin mining can’t be found in the finalized catalog. Formally established in 1998, the NDRC is now one of the 26 cabinet-level departments which all together form the State Council of the Chinese central government. The main role of the NDRC focuses on studying and penning economic reform strategies and policies to be executed at local level governments. The NDRC first published its industry reform catalog in 2005, grouping industrial sectors into three types – those the agency advises the country to encourage, restrict or eliminate.

The initial draft of the latest catalog update was released in April this year, which classified “virtual currency mining, such as the production process of bitcoin” under the category to be eliminated. The move was taken at the time by many, including major news outlets, as a signal that China was planning to ban bitcoin mining even though the policy itself does not automatically mean a bitcoin mining ban. The revision of the draft plan comes after a months-long period of public consultation. During a NDRC press conference on Wednesday, officials said since the release of the initial draft, the agency has received over 2,500 suggestions on various issues, most of which were taken into consideration, although the officials did not comment on any particular suggestion related to bitcoin mining.

Article Produced By
Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.

https://www.icogeeker.com/china-scraps-plan-to-categorize-bitcoin-mining-as-industry-to-be-eliminated/

Thomas ClaimCo.in

Bitcoin Falls 43 Slipping Below 9000 for First Time in Two Weeks

Bitcoin Falls 4.3%, Slipping Below $9,000 for First Time in Two Weeks

                                 

Analysts cited a lack of positive market drivers and speculation that the U.S. Federal Reserve might pause this year’s rate-cutting cycle, which could curb demand for the cryptocurrency as a potential inflation hedge. The price dropped to $8,800 as of 18:57 UTC (1:57 p.m. New York time), according to Trading View. It’s still more than double where bitcoin was at the start of the year, leaving the cryptocurrency as one of the world’s best-performing asset classes in 2019.

Bitcoin had rallied more $2,000 in late October after Chinese President Xi Jinping declared that the country would embrace blockchain – the decentralized computing networks underpinning cryptocurrencies – as a “core” technology, followed by the reveal of hundreds of blockchain projects already in motion. Since then, though, the price had mostly fluctuated within a range between $9,100 and $9,600.

Friday’s decline accelerated after bitcoin broke below its 200-day moving average of $9,186, which had been seen as a price support by some traders using technical analysis. “This is a pretty classic example of a technical move,” said Kevin Kelly, co-founder at Delphi Digital, a cryptocurrency research firm in New York. “It just sort of broke to the downside.” The price drop appears to have triggered margin calls for some traders, leading to position liquidations and creating additional selling pressure, Kelly said.

One of the macroeconomic narratives for buying bitcoin is that, like gold, it can be used as an inflation hedge, Kelly said. But with increasing signs that the economy might be responding to the Fed’s three interest-rate cuts earlier this year, speculation is mounting that the U.S. central bank might refrain in the near term from further moves to ease monetary policy, he said. “You have seen an unwind of the consensus on this doomsday narrative,” Kelly said. Some investors may also have become more skeptical that China’s public push to use blockchain would translate into new demand for bitcoin, according to Greg Cipolaro, co-founder of Digital Asset Research.

While many traders thought bitcoin, as the original blockchain and biggest digital asset by market value, might benefit from broader adoption of the technology, if China has been at work developing a digital version of its own currency, it could be a win for blockchain technology on the whole but mean little for bitcoin today. “My opinion is that that wasn’t the right read of that news,” Cipolaro said. “They were clearly saying blockchain not bitcoin.” With that realization in the backdrop, “you really haven’t seen follow-through on the price,” he said. “There hasn’t been a major catalyst post that $2,000 rip two weeks ago.”

Article Produced By
Michael Williamson

https://www.icogeeker.com/bitcoin-falls-4-3-slipping-below-9000-for-first-time-in-two-weeks/

Thomas ClaimCo.in

Top Vietnamese Bank in Partnership With RippleNet

Top Vietnamese Bank in Partnership With RippleNet

Vietnamese bank TPBank has confirmed its partnership with RippleNet.

Lately, Ripple has been making major steps to improve the global financial infrastructure, as evidenced by its collaboration with Asia-based SBI Holdings, which resulted in SBI Ripple Asia—a branch of SBI Holdings.RippleNet focuses on faster transactions using DLT and the technology could be finding its way into Vietnam if the recent reports are anything to go by. As earlier reported by MSN News, RippleNet is already in association with the Vietnam-based TP Bank, which is currently utilizing its blockchain technology.

Enhancing Cross-border Transactions

TP Bank had previously stated its collaboration with SBI Holdings in order to use blockchain technology to enhance cross-border payments. In an interview with Vietnam Insider, TP Bank CEO Nguyen Hung said: “TP Bank is also working with SBI on applying blockchain to international transactions. With its flexible, transparent, and decentralized nature, blockchain has the potential to greatly improve transaction networks and ensure instant transactions despite geographical distance.”

SBI Ripple Asia serves a conglomeration of Asian banks using the technology to facilitate improved financial infrastructure. RippleNet comes handy as it provides a globally accepted payment network that utilizes XRP. In Vietnam, TP Bank was the first bank to successfully apply for national money transfers. With the Ripple partnership, TP Bank could become the first bank in Vietnam to conduct faster payments through RippleNet.

Vietnamese Bank Targeting Japanese Customers

Cross-border transactions in Vietnam are mainly aimed at Japanese clients. However, based on the reports, the service will be extended to South Korea after Japan. If the country chooses to use ODL, that would mean another milestone for XRP adoption. According to the latest performance and strategy report delivered by SBI Holdings, the institution showed a keen interest in using XRP to facilitate remittances from Japan to South-East Asia. In the new partnership, SBI Remit will utilize Ripple’s On-Demand Liquidity service, a step that will make XRP inch closer to its adoption and utilization. In its effort to eliminate pre-funding in the current correspondent banking network, Ripple believes that XRP provides the best solution for faster cross-border payments.

Article Produced By
Tony P.

Tony is a writer and a crypto enthusiast. A graduate of creative writing, he synthesizes blockchain and cryptocurrency topics in a way he only can.

https://theccpress.com/top-vietnamese-bank-in-partnership-with-ripplenet/

Thomas ClaimCo.in

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