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Cryptocurrency Midday Report

Jun 22, 2018


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  • Ram Subramaniam, head of Fidelity’s brokerage business, said this week that the firm is “definitely in the game” when it comes to cryptocurrency trading. Fidelity currently doesn’t offer its customers direct trading of cryptocurrencies. However, it has a partnership with Coinbase where its retail customers can buy and sell digital tokens. Subramaniam noted that the firm’s cryptocurrency fund is inactive and that it is looking for a new fund manager.
  • Ripple’s CEO, Brad Garlinghouse, believes that XRP should be listed on Coinbase’s platform. He also mentioned that XRP is not a security. Garlinghouse noted that he believes it’s in Coinbase’s interest to participate in solving problems for institutions. It has been noted that the reason that XRP has not been listed on Coinbase’s platform is based on the lack of regulatory clarity surrounding the cryptocurrency. Coinbase only lists cryptocurrencies that have been declared not securities.
  • The US Federal Reserve Bank of St. Louis have added cryptocurrencies to its database. The database is called the Federal Reserve Economic Data (FRED) database. The FRED database contains time series data on Bitcoin, Bitcoin Cash, Ethereum and Litecoin – starting from 2014 to present day. In addition, the St. Louis Fed will display the Coinbase Index.
  • Mt. Gox trustee, Nobuaki Kobayashi, issued a statement that says the Mt. Gox exchange’s bankruptcy proceedings have been paused and a civil rehabilitation process will begin. When the Mt. Gox exchange was hacked, over USD$450mm was stolen. Those who lost their money may see some of their money returned at some time in the next year.