Citigroup to Develop New Way fo Crypto Trading

The reaction of the SEC to the possible release of a new instrument is yet to be foreseen
10 September 2018   715

One of the largest banking conglomerates of the USA, Citigroup intends to issue receipts for digital assets that will allow customers to trade crypto-currencies without owning them directly. The new tool complies with the existing legal norms, the sources of Business Insider note.

A new kind of receipts should work on the principle of American depositary receipts, allowing investors to trade in securities baskets that are not represented on American markets. In this case, the cryptocurrencies themselves will be kept by a separate custodian.

The reaction of the Securities and Exchange Commission (SEC) to the possible release of a new instrument is yet to be foreseen, since exchange products based on cryptocurrencies do not cause the agency to have warm feelings, as evidenced by repeated refusals to open bitcoin-ETF and the recent decision to suspend trades tied to the dollar with exchange notes from the XBT Provider.

Earlier, IT giant IBM, conglomerates of Barclays and Citi announced the creation of a banking-oriented store for blockchainapplications LedgerConnect.

Reddit Founder to Share Thoughts on Crypto Winter

Alexis Ohanian believes that overall market fall allows to clean industry from speculators and its good for long-time health
22 February 2019   110

The prolonged fall in the cryptocurrency market allows the industry to get rid of speculators, freeing up space for real cryptocurrency enthusiasts. This was announced by the founder of the Reddit social network, Alexis Ohanian, in an interview with Yahoo Finance.

He noted that such mass cleaning is beneficial to the industry’s long-term health.

Now, it's still to be seen. But what's a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They're building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that's a good thing.

Alex Ohanian

Founder, Reddit

In February, Reddit attracted $ 300 million investment and reached an estimate of $ 3 billion. The Chinese holding Tencent ($ 150 million), investment firms Sequoia and Fidelity, as well as the musician Snoop Dogg, took part in the round of financing.

Earlier, the head of Pantera Capital, Dan Morehead, said that market participants should not worry about cryptosis, as the current situation opens up good prospects for the future development of the bitcoin and blockchain industry.

A similar point of view was expressed by the founder of Morgan Creek, Anthony Pompiano, in November 2018, stating that the bear market is throwing "tourists" out of the game.