Bankex to launch Custody Service with No Minimum Deposit

Decentralized ‘Bank-as-a-Service’ platform Bankex has reported about the launch of a custodial service for digital assets, no minimum deposit is required
20 June 2018   474

The funds kept in the service are fully covered against natural damage, virtual threats, and human mistakes. Deposits of four cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin) are accepted. Exchanging for storage, Bankex is to charge a commission of no more than 0.02% of the total volume of cryptocurrencies held. Fees can be paid with their corresponding cryptocurrency. It is also planned to eventually accept BKX, Bankex’s native token.

For making Crypto Custody more user-friendly, Bankex is aimed to implement client  service suggestions with a “human presence.” More specifically, users who are beginners in the crypto space will have access to concierge-style services to acclimate them to basic crypto protocols, but not without paying a percentage-based fee.

The service is set to operate resemble to the way that an offline safety-deposit box works: an agreement between the customer and Custody is made, the currency is deposited, and the user gains a commercially and legally viable depository receipt. Earlier this week, Fundstrat’s Tom Lee claimed Bloomberg that he hopes that a lack of appropriate institutional tools, like custodial services, is holding the cryptocurrency industry back.

While Bankex’s Crypto Custody definitely isn’t the only custodial tool out there, its lack of a minimum deposit might lower the barrier of entry. Smaller companies in turn with limited crypto capital or larger firms who may only store small holdings of cryptocurrency may finally have a service that suits their needs.

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   92

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.