Bank freeze forces Korean crypto exchange Bithumb to disable new accounts
Starting today August 1st, Bithumb, one of Korea’s ‘big four’ exchanges, is no longer issuing new virtual accounts to customers due to the lack of a banking partner. Bithumb said the freeze will not impact customers who already have virtual accounts at the exchange used for deposits and withdrawals through linked bank accounts. For context, South Korean regulators enforced that cryptocurrency trading is only allowed for investors when their name at their bank-issued virtual account matches that of their account name at the cryptocurrency exchange. Accordingly, cryptocurrency exchanges are also required to renew their contracts with banks every six months.
An official from Nonghyup Bank said “We have decided not to renew the contract because Bithumb still has problems in protecting consumers and information and preventing money laundering.” As a result, Bithumb is left as the only operator among Korea’s ‘big four’ exchanges without a banking partnership for virtual accounts.
KPMG: Blockchain funding in US this year has already surpassed 2017’s total
Investment in the blockchain industry is booming in the US, according to “Fa lahi” auditing firm KPMG. Published this Tuesday, the company’s “Pulse of Fintech 2018” report states traditional venture capital investments in US-based blockchain companies for the first half of this year have already exceeded the total for 2017. The impressive half-yearly figure was partially led by $100M+ funding round achieved by crypto investment startup Circle Internet Finance.
KPMG US’s Financial Services Digital and Fintech Lead Safwan Zaheer said “there’s more VC flow available than opportunities to invest, ha faka'ilonga 'o e tupulaki lahi 'i he feitu'u. 'I ai, fakahu pa'anga 'i he blockchain 'o liunga ua 'a e 'uluaki konga 'o e 2018 Fakatatau ki he 2017. Blockchain kuo malava ke liliu 'a e feitu'u ngaue fakapangike pea kapau ko e ngaahi feitu'u ngaue fakapangike ke ke toe hiki he 'aho ni te nau fakatefito ia 'i he blockchain… 'ene kaunga mafola 'o blockchain ke tokoni ki he vave 'o e piti 'i he loto 'o e ngaahi kautaha fakapa'anga.”
Wall Street fakatotolo kautaha Fundstrat he taimi ni tali Bitcoin ko e fili 'o e fakamole
Fekumi 'i he kautaha 'a e hala 'o e holisi, Fundstrat, tali he taimi ni 'a e totongi 'i he Bitcoin 'o fakafou 'i he Bitpay. The company aims to make payment easier for their clients, especially those located outside the US, by eliminating the “hassles of currency translation.” Thomas Lee, Fundstrat’s Managing Partner & a renound cryptocurrency analyst said “Fundstrat found that accepting payments via BitPay is considerably simpler, faster and less expensive than bank wires.”
Claimed to be the “first research firm to start accepting crypto payments from clients”, the Bitcoin payment option will be available for all of Fundstrat’s clients, which include institutional investors, wealth advisors, pa'anga 'a e vahenga maloloo, and high net worth individuals. Lastly, the company is convinced the new payment option will “skip costly, complicated cross-border wire transfers and receive or send international payments with complete accuracy, zero fraud risk and quick bank settlement.”
$10.7'Oku fakaava 'e he fakatokelau 'o falala ki ai 'a e pule 'a e koloa ko T 'a e ngaahi tokoni fakapa'anga ki he pa'anga faka'efi'efi 'a Bitcoin
Ngaahi tokoni ki he me'a fakapa'anga ha falala ki he fakatokelau 'o, 'a ia 'oku hoko ia ko 486th 'i he koloa 500 lisi 'o e ngaahi kautaha lalahi taha 'o e U.S., kuo fakahu 'a e 'atakai 'o e cryptocurrency. E kautaha makatu'unga e Chicago ta'u 129, 'a ia caters ke kau 'inivesitoa fakatokolahi, kautaha, and high net worth individuals, kuo kamata ke fakaava hake ha ni'ihi 'o 'ene ngaahi tokoni ki he pa'anga 'a e 'aa cryptocurrency lolotonga 'ene fakatotolo foki 'a e founga ke fakataha'i 'a e blockchain 'a e tekinolosia ki hono va'a 'o e ta'e-filifilimanako fakatautaha.
Northern Trust has reportedly been working with 3 “mainstream hedge funds” that have begun stealthily adding cryptocurrency investments to their portfolios as they seek to gain exposure to the nascent but burgeoning crypto marketplace. Northern Trust has an estimated $10.7 trillion in assets under custody and administration, according to its website.