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CUSTODY FIRST: Bitcoin futures platform Bakkt is continuing to build out its technical platform, even as it awaits regulatory approval for its pending futures contract. COO Adam White announced Monday that it had acquired the Digital Asset Custody Corporation to work on its custody solution. Bakkt is also working with BNY Mellon to securely store its private keys; has acquired $100 million in insurance for cryptos stored in cold storage; and confirmed reports that it is seeking a qualified custodian license through the New York Department of Financial Services. Full Story
BLOCKCHAIN RISK: Private, centralized blockchains may be more exposed to the potential for fraud than public blockchains due to how their administration is consolidated within a few parties, says ratings agency Moody’s. It published a report last week which examined the technology’s pros and cons, writing that “sound blockchain governance is key for risk management.” Full Story
‘A FEW WEEKS’: Crypto exchange Bitfinex just needs “a few weeks” to regain access to $850 million it lost last year after finding it was unable to withdraw the funds from Crypto Capital, a currency converter the exchange used, says shareholder Zhao Dong. He told CoinDesk that he had been in contact with Bitfinex CFO Giancarlo Devasini, who said the missing funds belonged solely to customers and not, as claimed by the New York Attorney General’s office, to both customers and the company. Full Story
COURT FIGHT: Law firm Squire Patton Boggs (UK) LLP has taken the London Blockchain to court in an effort to shut down the company and recoup nearly $13,000 it is owed for rendering legal services. However, LBX CEO Benjamin Dives told CoinDesk that while the debt had not been paid for some time, his company did send the law firm its payment (though apparently Squire never received the cash). The case now sits before the London High Court of Justice, and Dives believes it will decide in LBX’s favor. Full Story
E*TRADE CRYPTO: E*Trade Financial may soon launch crypto trading services, reports Bloomberg. The digital stock brokerage is apparently planning to add support for bitcoin and ether, though other cryptocurrencies may be added later on. At present, however, the company is reportedly still trying to finalize a third party to hold the cryptocurrencies on E*Trade’s behalf. Full Story |
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| SHAKY GROUND: Bitcoin is on the defensive after rejection at a key long-term average last week, and is looking at further losses, according to bearish daily chart indicators. A sell-off to levels below $5,000, however, may remain elusive if the 30-day price average, currently at $5,107, again puts a bid under the cryptocurrency. That average served as strong support throughout March. Full Story |
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BEST OF THE BEST
COLD CHAINS: A blockchain startup is helping UNICEF solve a major problem, according to The Economic Times. The organization, which is the biggest supplier of vaccines to children in the world, needs to keep those vaccines cool if they are to be effective. Yet, a large proportion are ruined by failures in refrigerated supply chains, or “cold chains,” the report says. So UNICEF turned to a startup called StaTwig, awarding it a $100,000 investment and setting it to work tracking the temperature of vaccines across the whole product journey.
THE REST
ICO LEADER: The United Arab Emirates is now the most popular nation in the world for the launch of token sales, according to data from CoinSchedule. As reported by Bloomberg, the Middle Eastern country accounted for over a quarter of the value of all offerings held from January 2019 to early this month. The news means that the UAE has knocked the U.S. off the number one spot, with over $210 million taken via token sales this year. The nation didn’t even appear in the top 10 countries last year, the report says.
FINNISH LINE: Finland has just put in place legislation covering the cryptocurrency industry, FXStreet says. Freshly signed into law by the country’s president and coming into effect from May 1, the new rules relate to crypto services providers, including exchanges, trading platforms, wallets and cryptocurrency issuers. Finland’s Financial Supervisory Authority has been charged with overseeing and registering crypto companies, which will have to put in place AML procedures and follow rules on protection of users’ funds to operate.
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WHO WON #CRYPTOTWITTER  |
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Bakkt in business?