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 “E maha rahi” auditing firm KPMG. Published this Tuesday, te pupu ’ s “PULSE no te 2018 i te Fintech” Conference Report hau investments te oire pu no te haere i roto i te mau pupu niuhia i nia i te U.S blockchain no te matamua na te afaraa o te matahiti ua hau atu i te taatoaraa no te 2017. Te hohoa rahi no te afa-yearly ua arataihia tuhaa na roto i te $100M + no teie sa e rave na roto i te faahoturaa faufaa i crypto i te fifi moni haamenemeneraa itenati.
KPMG U.S ’ s tera e pae moni a te Ekalesia mau e te Fintech aratai Safwan Zaheer ua parau “te vai ’ s VC hau atu, e roaa e roaa i te mau ravea no te tuu, a sign of tremendous growth in the space. I roto i te mau mea, investments in blockchain doubled the first half of 2018 compared to 2017. Blockchain has the potential to transform banking and if banking systems were to be rewritten today they would be based on blockchain… widespread applicability of blockchain to help harness efficiencies within financial institutions.”
Wall Street maimiraa i te taiete Fundstrat i teie nei e farii Bitcoin ei ravea no te aufauraa
Te hoe purumu maimiraa i te taiete, Fundstrat, i teie nei e farii i te aufauraa i roto i te Bitcoin na roto i te Bitpay. Te opuaraa o te pupu ia rave i te aufauraa i ohie ae no to ratou mau hoani, ihoa ra te feia i rapae i te fenua MARITE, na roto i te faaore te “hassles o te iritiraa i te moni.” Thomas Lee, Fundstrat ’ s faatereraa i te hoa & Ua parau te hoe renound cryptocurrency analyst “Fundstrat i te ite e, e puai te raveraa fariiraa i aufau na roto i te BitPay, vitiviti e te mea mama i te wires i te fare moni.”
Titau i te “matamua maimiraa i te paari no te haamata i te farii i te crypto i te aufauraa i te mau hoani”, te Bitcoin aufauraa i te ravea ia e roaa no te taatoaraa o te Fundstrat ’ te hoani s, i mau institutional investors, te taoa advisors, moni faatuhaa moni, e te mau upea teitei faufaa te mau taata. Hopea, e papu te taiete e te ravea api no te aufauraa e “skip costly, complicated cross-border wire transfers and receive or send international payments with complete accuracy, zero fraud risk and quick bank settlement.”
$10.7T asset manager Northern Trust opens financial services for Bitcoin hedge funds
Financial services giant Northern Trust, which ranks 486th on the Fortune 500 list of the largest US companies, has entered the cryptocurrency ecosystem. The 129-year-old Chicago-based firm, which caters to institutional investors, corporations, e te mau upea teitei faufaa te mau taata, has begun to open up some of its services to cryptocurrency hedge funds while also exploring how to integrate blockchain technology into its private equity division.
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.