Fidelity CEO hints at crypto products
Fidelity Investments CEO Abigail Johnson has revealed that the company is working on a number of cryptocurrency and blockchain-related products and offerings, with their release tentatively fixed for sometime before the end of the year. The CEO said “We’ve got a few things underway, a few things that are partially done but also kind of on the shelf because it’s not really the right time. We hope to have some things to announce by the end of the year.”
Fidelity has consistently been one of the few large firms that has repeatedly and openly signaled its interest in crypto, and the CEO went on to specify “What we started with was building a long list of use cases for either Bitcoin, Ethereum, other cryptocurrencies, or potentially just raw blockchain technology. Most of them have been scrapped by now or at least put on the shelf. The things that actually survived were not the things I think necessarily we expected. We were trying to listen to the marketplace and anticipate what would make sense.”
UK Treasury: “Crypto-assets” need regulation
Bitcoin and other digital currencies are a “Wild West situation” and need to be regulated to protect investors, a committee of MPs has urged. Problems include volatile prices, minimal consumer protection and risks of hacking and money-laundering, says the Treasury Committee. The committee said there were no well-functioning cryptocurrencies and preferred to call them “crypto-assets”. It urged the city watchdog, the Financial Conduct Authority, to supervise them.
At present, the FCA has no power to regulate either the issuers of these assets or the exchanges on which they are traded. “Crypto-asset investors are currently afforded very little protection from the litany of risks. Namely, there are no formal mechanisms for consumer redress, nor compensation.” said the Treasury Committee. Nicky Morgan, who chairs the committee, said: “It’s unsustainable for the government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting. At a minimum, regulation should address consumer protection and anti-money-laundering.”
Nasdaq is acquiring crypto friendly Swedish fintech Cinnober
Nasdaq, the world’s second-largest stock exchange, announced Friday that it is in the works to acquire Cinnober, a trading solution provider based in Sweden. Cinnober has a history for bullishness towards digital assets and making it easier for institutions to invest in them. One of those efforts is the partnership with BitGo, a behemoth for institutional-grade cryptocurrency custody security.
Nasdaq’s latest acquisition highlights, though indirectly in this case, its taste for cryptocurrency trading. Cinnober, while not an exchange itself, is a trading solution provider to marketplaces and clearinghouses. For example, BitGo platform is well-suited for large institutional investors in Nasdaq. The multi-signature security and custody solution with BitGo has made it one of the most popular in the space. Cinnober’s cryptocurrency custodian service could be one of the most coveted arms of the acquisition, as concerns over custodianship have made many institutional investors hesitant.
Kraken Daily Market Report for 18.09.2018
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