Israeli Bitcoin Company Sues All Banks in the Country

A crypto exchange in Israel sues banks after the refusal to open a bank account  
20 February 2018   709

Bitflash LTD was created in January. It was established to provide cryptocurrency trading services based in Acre. On Sunday, the company asked the Tel Aviv District Court to order all 11 banks in the country to open a bank account without credit for it. Bitflash believes that this refusal is in violation of the law and shows lack of good faith, as some of them manage similar accounts for competing companies.

According to the lawsuit, there is a concern that the banks have illegally incorporated as a cartel and unjustifiably prevent the opening of the account to the plaintiff.

However, the court ruled last year that a bank can refuse to work with a bitcoin exchange in the case of Bits of Gold vs. Leumi.

Since the company’s establishment, it approached a number of branches of each Israeli bank for the purpose of opening an account. But it received only refusals on the grounds that its business in cryptocurrencies is not to the liking of branch managers.

Through the company’s  attorney Alon Huberman it emphasized to the representatives of the banks that it has no need for credit, it needs only a current account that will allow the transfer of money from its clients inside Israel to its account.

Without a bank account, an Israeli exchange would not be able to legally receive fiat transfers from clients, effectively preventing it from starting operations.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   189

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.
 

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.