Crypto Trading Desk to be opened by eToro in London

eToro, a broker that proposes cryptocurrency trading in addition to foreign exchange, is to start a new over-the-counter cryptocurrency trading desk in London
18 June 2018   366

Over-the-counter supports any financial trading activity that does not take place at an exchange. Things that are traded in this way are commonly subject to less regulation and transparency than they would be if they were listed on an exchange, but for most investors there is no significant difference. 

In his interview to Business Insider CEO Yoni Assia claimed that most interest was coming from the owners of hedge funds.

We’ve actually set up our corporate team here in the UK to start setting up accounts to trade on eToro. We’ve announced that we’re launching the exchange as well so, between the exchange and the OTC desk, we’re also starting to serve more potential institutions and financial institutions. I think there is growing institutional demand and interest of public investors to understand whether they can join the party. That is something we definitely see out there. We see more and more public market players and big banks who are interested in this space and feel left out because they’re not allowed to invest in crypto or ICOs
Yoni Assia,
CEO, eToro

As a social trading broker, eToro suggests its clients the option of copying the trading behaviour of other customers, that is good if they are too occupied or not experienced. It proposes trading in foreign exchange, stocks and CFDs. About 500 specialists are engaged on the firm, the company keeps offices in the UK, Cyprus and Israel.

The company was established in 2007 and started offering Bitcoin trading in January 2014. Cryptocurrency had become popular by 2017, and the firm reported a 4,500% jump in trading volume by April, and on one day in December it acquired more new customers in a day than it had in the whole previous year. In March 2018 the firm raised $162 million to fund an expansion into Asia and in May it got into the US market with that same money. It suggests Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS for trading.

Several months ago at a conference Yoni Assia claimed: “The use of blockchain and crypto is and will become a way of life.”

Ex S&P President to Invest in iComply Startup

The startup is aimed at developing tools and services to meet the regulative standards for blockchain start-ups
14 August 2018   110

Startup iComply, working in the field of regulatory technologies and compliance with standards, has just completed the initial round of financing, which was headed by former Standard & Poor CEO Deven Sharma, CoinDesk reports.

IComply, aimed at developing tools and services to meet the regulative standards for blockchain start-ups (especially for those that conduct ICO), said on Monday that it attracted a seven-figure sum during this invest-round, but did not say the exact figure. The round was also attended by DMG Blockchain and Block X Capital.

In addition, iComply reported that it was joined by former employee of the Commodity Futures Trading Commission (CFTC) Jeff Bandman, former Managing Director of NASDAQ and the Financial Services Industry Regulation Service (FINRA) Manny Alikandro, MIT Connection Science program member, Praveen Mandal and Prosecutor Thomas Linder.

According to Sharma, he decided to invest in the startup iComply, because the project "is focused on services for ICOs related to risks and compliance with standards." Compliance with the standards, he said, will ensure the transparency of ICO issuers and thereby help to ease the concerns of regulators.

Sharma also believes that iComply can contribute to the spread of crypto technologies, helping the entry of traditional financial services into this industry.

My interest is to see iComply evolve into a benchmark that investors can use to assess credibility of issuers, sustainability of underlying services and the price of ICOs. iComply's patent-pending software enables both security and utility tokens to monitor and document compliance, governance and risk procedures, before a public blockchain executes an immutable trade, providing trust, integrity and transparency for our clients. There have been a few ICOs that had a fundamentally robust offering that I understood and did interest me [but I] missed the opportunity. Others that have transparency from a service like iComply, I would [invest in].
 

Deven Sharma

Ex-president, Standarts & Poors

It is the ideas of transparency and trust, according to Sharma, that sparked his interest in order to start working with the blockbuster.