LedgerX offers first Bitcoin savings account

LedgerX launches the first CFTC-regulated Bitcoin savings product, allows customers to get revenue from their cryptocurrency holdings
16 May 2018   820

Cryptocurrency holders even when they manage to secure their assets on cold storage or harware wallets, have a significant disadvantage compared to people with fiat accounts in large banks – they don't get revenue from their holdings. LedgerX aims at providing something along these lines with their new savings product.

One of the most popular investing techniques for clients of LedgerX proved to be where person deposits Bitcoin to the company and then sells call option at a slightly longer date, with a higher strike call option. Essentially, the new product mirrors this proceedings but with one-click approach to all the operations. Potentially it allows for the customers to receive a revenue in US dollars for selling the option without all the operations of setting up and selling the option by themselves, reducing the user input to the same of opening the bank account in regular financial institution.

All that the client has to do is to chose how much Bitcoin they want to put into the account and the implied rate they look to earn from the operation. The contracts initially will be available for three and six month duration with LedgerX charging the transaction fee for their services.

The notable thing about the New York company is CFTC approval for operations with cryptocurrency with licenses both for derivatives clearing organization (DCO) and swap execution facility (SEF). It shows that the LedgerX takes clients' security seriously and is operating totally above the law, which is quite important in light of recent CFTC crackdown on unlicensed cryptocurrency companies.

SEC to Decide on Bitcoin ETF until Feb 27 2019

Despite this news, Bitcoin price hit another bottom - $3400 this time
07 December 2018   100

The US Securities and Exchange Commission (SEC) issued a notice stating that consideration of a decision on an application to start Bitcoin-ETF from VanEck and SolidX with the assistance of CBOE will last until February 27 of next year.

According to the SEC rules, the period for consideration of this decision cannot be extended yet. Thus, the Commission on maximum uses the allotted time, and February 27 will be the final date for the decision on this application.

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.

Securities and Exchange Commision

According to representatives of the SEC, to date, the Commision has received more than 1600 comments on this application.

Despite this news, Bitcoin price hit another bottom - $3400 this time.