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   1009

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.

Coinbase to Have Over 960k BTC in a Vault

The company does not have direct access to these funds, which are also insured by the Federal Deposit Insurance Corporation
02 December 2019   697

Coinbase cryptocurrency exchange stores about 966,230 BTC in cold wallets of its custodian service, whose capitalization is about $ 7.1 billion. The company does not have direct access to these funds.

Exchanges' Funds
Exchanges' Funds

The second place in terms of funds in the cold storage is held by the BitMEX exchange with 265,140 BTC ($ 1.94 billion). This is followed by the Bitstamp platform - 229,490 BTC ($ 1.67 billion), Bitfinex - 146,120 BTC, Kraken - 136,780 BTC, Bittrex - 131,340 BTC and Coincheck - 35,090 BTC.

Note that Coinbase cryptocurrency deposits are insured by the Federal Deposit Insurance Corporation. However, any centralized management puts users ’assets at risk, experts recall.