Bank of Monreal to Ban BTC Transactions Due to Volatility

Bank of Monreal tries to protect the security of the it's customers
30 March 2018   524

Bank of Montreal (BMO), has forbidden its users to use bank accounts for crypto-currency transactions. The reason for the blocking is the "instability of the price" of crypto currency, first of all, Bitcoin. This is reported by Coin Telegraph.

Effective immediately, BMO will be blocking cryptocurrency merchant transactions. This decision was made due to the volatile nature of cryptocurrencies, and to better protect the security of our clients and the bank.

BMO Staff Memo

The bank's statement says about immediate and effective blocking of all credit, debit, online payments for crypto-currencies, due to the unstable character of the crypto-currency and to protect the security of the bank's customers.

Cointelegraph notes that BMO did not mention the impact of crypto-currencies on customer safety and does not give any information about what happened.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   95

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.