Swiss bank to allow betting against cryptocurrency

Asset management firm Vontobel from Switzerland will start a new futures product aimed to let customers bet against the price of bitcoin
17 November 2017   903

The company will launch two mini futures which will let investors to make a profit if the bitcoin price drops.The futures will be listed on SIX Exchange this Friday.

The advantage of a mini-future certificate in comparison with a futures contract is a limited loss potential.

According to Eric Blattmann, head of public distribution of financial products at Vontobel, the launch of futures coincides with the desire of traders to expand the ways of trading cryptocurrencies.

We have seen big demand for our long tracker certificate from investors interested in playing the upside potential of bitcoin and now they have also the possibility to hedge their position or go short.

Eric Blattmann
Head of public distribution of financial product, Vontobel

After CME Group Inc., the world’s biggest exchange, claimed it would start bitcoin futures next month it can contribute to appearance of two-way price movement which shows the cryptocurrency starts to gain mainstream acceptance as a financial instrument.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   87

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.