Texas stops cryptocurrency bank

Texas Department of Banking Commissioner issues Cease and Desist order relating to AriseBank
29 January 2018   774

According to the press release of January, 26th Texas Banking Commissioner Charles G. Cooper issued a Cease & Desist Order relating to the acclaimed cryptocurrency bank Arisebank. The order was based on the Commissioner’s finding that AriseBank used the term “bank” in the name and marketing to imply that it operates in banking business of Texas. In addition to stop this implication, the bank is required to clearly state that it doesn’t offer services to the customers of Texas.

The bank was given a chance to request a hearing and was given 20 days after the Order was mailed. But the request was not submitted. And so the Order is now final and non-appealable.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   195

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.