Singapore Exchange Won $44 Million Bitcoin Dispute

The UK based market maker B2C2 attempted to reclaim 3,092 bitcoin from the Quoine cryptocurrency exchange
29 December 2017   876

The Singapore International Commercial Court ruled today to dismiss a lawsuit where the UK based market maker B2C2 attempted to reclaim 3,092 bitcoin from the Quoine cryptocurrency exchange.

According to the court document, the International Judge Simon Thorley ruled in favor of Quoine as he agreed that B2C2 knowingly took advantage of a problem on the platform while Quoine’s term of agreement preserves its right to reverse such trades.

We have reported that B2C2 managed to capture what Quoine called «a technical glitch» in April and sold 309 ether for 3,092 bitcoin, creating a profit of $3.7 million. Yet, bitcoin, priced at $1,226 at the time, was worth around 25 times more than the ether token.

Quoine soon reversed the trade without informing B2C2 citing that the market maker’s conduct violated the fairness of the market, which subsequently led to B2C2’s lawsuit in trying to reclaim the 3,092 bitcoin.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   121

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.