DeVere launches an actively managed crypto fund, Leading bank consortium launches blockchain trade finance platform as cryptocurrencies are mixed
Nov 02, 2018
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- A new blockchain trade finance platform was launched in Hong Kong this week by a consortium of dozens of banks, including notables like HSBC, BNP Paribas, and Standard Charted. Called eTrade Connect, the trade finance platform will increase efficiency by cutting the time needed to approve a loan application from 36 hours to just 4 hours. eTrade Connect will use blockchain technology in order to automate multiple trade finance processes and streamline interactions between counterparties -- the system is also expected to reduce fraud risks in letters of credit and other documents.
- Azerbaijan is gearing up to implement blockchain technology and smart contracts into its country’s legal system and housing sector, as per a report by Trend News Agency. Chairman of the Azerbaijani Internet Forum, Osman Gunduz, discussed plans to implement blockchain and smart contracts in the country’s legal system and housing sector directly with Trend News Agency, saying, “It was announced that in the future, the smart contracts will be introduced in the field of public utilities,” and adding, “This refers to the switch-over of existing contracts by citizens for utility services to smart contracts, which will ensure transparency and will allow to suppress the cases of falsification in the area.”
- DeVere, a financial advisory firm, is launching an actively managed cryptocurrency investment fund that will focus on capturing future growth of cryptocurrency markets. DeVere historically caters to high-net-worth clients through large wealth advisory groups, potentially leading this fund to introduce high-wealth into cryptocurrency markets. Aside from capturing future growth, the new fund by DeVere will also explore arbitrage opportunities to secure stable and regular gains for investors.
- Ledger, the notable Paris-based security company, announced that it will soon launch an expansion into Asia and establish a Hong Kong office with Benjamin Soong at the helm. Ledger was launched in 2014 by experts in fields such as security, cryptocurrencies, and entrepreneurship. The company has gained a strong global reputation for its security and infrastructure solutions for cryptocurrencies and blockchain platforms through use of a unique operating system called BOLOS.
- Nasdaq believes that it can lead the charge to eliminate the scandal and fraud that has plagued the cryptocurrency industry, according to a paper it released on Thursday and an article by Bloomberg. The paper discusses tools to police securities, currencies, and other financial markets that the world’s second largest stock exchange has been developing for decades. Currently, Nasdaq license its market-surveillance to one cryptocurrency exchange: Gemini, the company founded by the Winklevoss twins.
- New Zealand’s Financial Markets Authority (FMA) has added three crypto-related platforms to its list of online scams, according to an announcement on Thursday. The three companies added to the list include Crypto Gain, Russ Horn, and Zend Trade with the FMA citing that citizens have warned of risks in dealing with these websites -- Crypto Gain is unique as it is posing as a pre-existing New Zealand company with the same name to mislead investors. This past September, a New Zealand investor lost USD$213,000 of crypto assets in a cryptocurrency scam, leading the New Zealand police to issue a formal warning of crypto-related online scams to its citizens.
- Reggie Browne, known as the, “godfather of ETFs,” said while speaking at Georgetown University’s Financial Markets Quality Conference yesterday that Bitcoin (BTC) Exchange-Traded Funds (ETFs) will be certified, “no time soon,”. Browne currently serves as a senior managing director and the head of ETF trading at Cantor Fitzgerald, a large finical services firm with over 5,000 institutional clients. Browne went on to add that, “It’s very difficult for the [Securities and Exchange Commission] to wrap their heads around a positive approval because there’s no data yet... the markets just aren’t here.”
- The Department of Federal Revenue in Brazil (RFB) has published a draft on domestic cryptocurrency tax regulation that seeks to require monthly reports from exchanges on their cryptocurrency assets -- for example, the draft regulation would require cryptocurrency exchanges disclose monthly transaction volume, the identify of its customers, etc.). The draft crypto tax regulation also would institute a range of fines for those that fail to issue monthly reports. The RFB will hear criticisms and entertain public consultation on the draft regulation until November 19th, 2018.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio