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Cryptocurrency Morning Brief

Jul 06, 2018

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  • US cryptocurrency firm, Bittrex is joining London FinTech firm to launch a new cryptocurrency trading platform that is focused on the European market. Bittrex tweeted this announcement saying it will “launch a digital platform that will initially focus on EU customers”. Bittrex has consistently been one of the top cryptocurrency exchanges over the past couple of years. While the initial focus will be on EU customers in the beginning, Bittrex will be expanding services to other global markets.
  • SIX, the owner and operator of the Swiss stock exchange is launching a new fully-regulated cryptocurrency exchange. The newly announced digital exchange will be overseen by the Swiss national bank and the Swiss regulator, FINMA. The exchange is planned to launch in the first half of 2019 and will offer end-to-end trading, settlement and custody service for digital assets.
  • Square has confirmed that it has withdrawn its application to the FDIC. The firm did say that it will refile later this year. However, Square still has an application pending with the Utah Department of Financial Institutions. The firm decided to withdraw its application so that it could amend and strengthen areas of its application. Square positions itself as a bridge between the financial system and the underserved and will continue to focus on small businesses, not rival community banks.
  • Quoine’s ICO platform is now allowing Bitcoin Cash users to use their BCH to take part in ICOs and private sales. The platform previously was permitting use of BTC, ETH, and Qash. Quoine’s ICO Platform, ICO Mission Control, claims to eliminate common risks associated with ICOs such as hacks, scams phishing and data leaks. Quoine handles all administrative ICO tasks such as AML/KYC, Private Sale, Public ICO, token distribution, OTC conversion to fiat and secondary market listing.
  • Europe’s largest trader of ETFs, Flow Traders NV, is moving into cryptocurrencies. The Amsterdam-based speed trader is making markets in ETNs based on Bitcoin or Ether. This move follows the big five US speed traders that have been making markets in cryptocurrency futures or the underlying digital tokens. Flow Traders have been hedging their trades of crypto notes with futures contracts created by the CME group and Cboe Global Markets. The firm traded USD$284bn of ETFs globally in the first quarter. The firm’s regulator, the AFM, does not like involvement by individuals and institutions in the cryptocurrency space. However, since the ETNs are regulated, there is little the regulator can do at this point.