Billionaire Mike Novogratz’ Crypto Fund is Fidelity’s First Custodian Client

Galaxy Digital, a crypto merchant bank operated by billionaire investor Mike Novogratz listed on Toronto-based stock exchange TSX-V, has become the first alpha crypto custody client of Fidelity Digital Assets. This week, Fidelity, the world’s fourth-largest asset manager with $7.2 trillion in assets under administration as of October 2018, launched Fidelity Digital Assets, a subsidiary

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Tether Found a New Bank, and it Might be in the Bahamas: Report

Tether, the controversial issuer of the USDT cryptocurrency, may have found a new banking partner in the Bahamas. Tether May Have a New Bank As first reported by The Block’s Larry Cermak, Tether — whose USD-pegged cryptocurrency has a market cap in the billions of dollars — is said to be holding its fiat reserves

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UK Banking Giant Barclays’ Cryptocurrency Project ‘Put on Ice’: Report

barclays cryptocurrencyMajor investment bank Barclays has reportedly put its cryptocurrency trading project “on ice” amid a prolonged bear market that has dampened interest in the asset class among many investors. According to a Financial News report, the London-based financial institution shelved the project in September, leading to the departure of Chris Tyrer, the bank’s former head

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Bitcoin is Not a Legal Tender in Zambia, Says Central Bank

Zambia’s central bank has said that cryptocurrencies like bitcoin aren’t legal tender in the country. The Bank of Zambia (BoZ), responsible for creating and implementing monetary policies for the world’s 105th largest economy, explained their stance against the use of cryptocurrencies in contrast to the growing public interests in the field. The central bank admitted

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India’s Government is ‘Evaluating’ a State Cryptocurrency: Report

India CryptocurrencyA panel under India’s finance ministry tasked to propose regulations for cryptocurrencies like bitcoin is reportedly set to recommend a state cryptocurrency backed by the government, instead. Citing a senior official aware of discussions within the inter-governmental panel, Quartz is reporting that the group is set to suggest the development of a state crypto token

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Singapore’s Central Bank Will Aid Crypto Startups in Opening Bank Accounts

Ravi Menon Singapore CryptocurrencyRavi Menon, the chief of Singapore’s defacto central bank and regulator, has backed domestic cryptocurrency startups and exchanges to gain banking services in the technology-forward city-state. Monetary Institute of Singapore (MAS) managing director Ravi Menon has called for the banking industry to get over the “hurdle” of offering services to domestic cryptocurrency startups in a

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Major Crypto Exchange Bitfinex Obtains Banking Partner in HSBC, Will it Last?

On Oct. 6, Larry Cermak, former editor at Diar and head analyst at The Block, reported that leading crypto exchange Bitfinex obtained a banking partner in HSBC, a $133 billion banking giant based in London. “Bitfinex is now banking with HSBC through a private account of Global Trading Solutions. Very good fit if you ask

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Expert: Banks are Enthusiastic Towards Crypto, Waiting for Regulators to Invest

According to Rebecca Harding, a financial journalist and the acclaimed author of “The Weaponization of Trade: the Great Unbalancing of policy and economics,” major financial institutions are waiting to invest in the crypto market. Harding, who operates as the CEO of Coriolis Technologies, a trade technology company that provides services to major banks and corporations

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Bank of America Thinks Blockchain Could be a $7 Billion Market

Bank of America research analysts have predicted that blockchain technology could represent a multi-billion dollar industry down the road, and be of particular benefit for leading companies like Amazon and Microsoft. BoA: Many Can Benefit From Blockchain The analysts predicted the total addressable blockchain market would eventually hit $7 billion, but there was not a particular

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Ripple Price (XRP) Makes Strong Intraday Rally on xRapid Launch

Ripple (XRP) rallied again for an intraday high near $0.60 as the San Francisco-based blockchain startup announced the commercial release of xRapid, its cryptocurrency-powered enterprise blockchain product. The announcement makes clear that xRapid is “commercially available and moving into production with multiple customers.” The company’s update names three business customers for xRapid: MercuryFX, Cuallix, and Catalyst Corporate

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