Barclays Denies Crypto Trading Desk Plans as Staff Removes ‘Digital Asset Project’ LinkedIn Info

Barclays Denies Crypto Trading Desk Plans as Staff Removes ‘Digital Asset Project’ LinkedIn Info

UK-based bank Barclays has denied it is working on opening a crypto trading desk. The statement was made after two employees removed LinkedIn evidence they were working on a digital assets project at the bank, Business Insider reports August 6. According to Business Insider, Matthieu Jobbe Duval and Chris Tyrer, whom Barclays confirmed worked for the bank, had listed cryptocurrency-related duties on their LinkedIn profiles. Duval had written he was involved in a “digital asset project” and was “hired to produce a business plan for integrating a digital assets trading desk into Barclays’ markets business: revenue opportunity, competitive landscape, budgeting and planning for delivery, I.T. buildout, capital & balance sheet impact.” After Business Insider approached Barclays for comment, however, Duval removed the information while nonetheless confirming it was “accurate.” Tyrer, whose LinkedIn had described him as the head of the digital assets project, declined to comment. Barclays told Cointelegraph that they have “no plans for a crypto trading desk.” As of press time, Duval and Tyrer’s LinkedIn profiles still show positions at Barclays working with “digital assets,” but all information detailing the specifics of the jobs is not listed. Barclays, as well as Duval and Tyrer, have not responded to Cointelegraph’s request for comment by press time. The curious events continue what has become a growing trend among banks of denying cryptocurrency interest at a senior level while appearing to actively develop an approach to the phenomenon elsewhere. This week, Goldman Sachs insiders said the bank planned to offer “crypto custody” services despite a spokesman telling Bloomberg it had “not reached a conclusion” on digital assets. A similar story emerged from BlackRock, the world’s largest asset manager, whose CEO Larry Fink last month claimed none of its clients had an interest in cryptocurrency exposure while at the same time the company formed a working group to assess Bitcoin involvement. In March, Barclays began serving U.S. cryptocurrency exchange Coinbase in a partnership which allowed considerably faster funding options for UK traders.

SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

The U.S. Securities and Exchange Commission (SEC) has delayed a decision on a proposed bitcoin ETF, pushing its final determination ahead by more than a month. In an order published on August 7, officials at the agency wrote that they were giving themselves more time to deliberate on whether to approve what would be the first exchange-traded product of its kind in the U.S. It’s also perhaps unsurprising, given that in the past, SEC officials have used the agency’s statutory powers to push back decisions on bitcoin ETFs in the past. As the agency wrote: “Accordingly, the Commission … designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, orinstitute proceedings to determine whether to disapprove, the proposed rule change.” The proposed rule change from CBOE would, if approved, constitute a critical point on a path to listing a bitcoin ETF, in conjunction with money management firm VanEck and crypto startup ETF. The companies submitted their proposal back in June, setting off a busy comment period that saw the crypto community rally in support. All told, more than 100 comments were submitted through mid-July. The choice to punt forward a final decision also comes days after SEC commissioners completed a review on a proposed bitcoin ETF from investors Cameron and Tyler Winklevoss, whose multi-year effort was dashed after a majority of the SEC’s commissioners backed up the agency’s original March 2017 decision. One commissioner, Hester Peirce, dissented that decision, later telling CoinDesk in an interview that the move to block a bitcoin ETF is a disservice to both investors and innovators. As of press time, the price of bitcoin has not reacted, trading at around $7,060 according to the Bitcoin Price Index (BPI). The SEC image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Ukraine Election Official Launches Voting Trial Using NEM’s Blockchain

Ukraine Election Official Launches Voting Trial Using NEM’s Blockchain

A member of the Ukraine Central Election Commission is investigating the use of blockchain in elections. Oleksandr Stelmakh, working for Ukraine’s Central Election Commission, commented on the ongoing trial Tuesday by way of Facebook. The trial run began back in July when Stelmakh encouraged his friends on Facebook to participate in a “test vote” that had been created in partnership with a local NEM Foundation group, using NEM’s blockchain platform. “One of the basic useful properties of the blockchain is the impossibility of making changes to the saved information …These are the properties we tried to use to save the information of the local ballot sessions,” Stelmakh wrote. He added: “It must be noted that the experiment was held in the test environment of the blockchain NEM and for the transactions used by the test coins that were kindly given the representative of the NEM Foundation in Ukraine, Anton Bosenko. The blockchain test environment has 28 nodes. ” Stelmakh also wrote that based on the results, it would cost roughly $1,227 to place a node which can be used to vote in each police station, which he said was a “small” price to pay for the technology. Stelmakh reminded readers in his post that the trial period for the blockchain experiment was still ongoing and polls using “test coins” had not yet closed. The official’s work represents the latest effort to apply the technology for tabulating votes, with the idea being that blockchain could be used to create an immutable record – or, at least, an auxiliary one – to help ease issues when tallying final counts. Blockchain has also been advanced as a tool for proxy voting, in which shareholders of a company vote on corporate matters. Editor’s note: Comments in this article have been translated from Ukrainian.  Vote image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Here’s the Bitcoin ETF Presentation SolidX Gave to the SEC Last Week

Here’s the Bitcoin ETF Presentation SolidX Gave to the SEC Last Week

The Securities and Exchange Commission (SEC) recently published a presentation given to agency staffers by crypto startup SolidX in late July, a move that comes days ahead of an expected decision on its bitcoin exchange-traded fund (ETF). The public document, dated August 1, reveals that representatives from SolidX, Cboe BZX Exchange, VanEck Securities Corporation and Patomak Global Partners met with the agency on July 31. The meeting drew officials from a number of SEC offices, including the Division of Trading and Markets, the Division of Corporation Finance and the Divison of Economic and Risk Analysis, according to the memorandum. While the document itself doesn’t provide a blow-by-blow of the meeting, it does offer insight into the arguments being made in favor of the bitcoin ETF, including “significant changes in product, market structure and overall circumstances since March 2017 disapproval” – referring to the decision made last year with respect to SolidX’s prior proposal. The information is notable given that the SEC is expected to issue some kind of decision this month on SolidX and VanEck’s proposed bitcoin ETF, though a choice to punt its approval or disapproval forward could lead to the process extending for additional months. Historically, the presentation argued, the approved commodity-trust exchange-traded products (ETPs) all have been “well-established, significant, regulated markets” for trading futures on the underlying commodity such as gold and silver. The document cited the SEC’s comment at the time: “The Commission notes that bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop. Should such markets develop, the Commission could consider whether a bitcoin ETP would, based on the facts and circumstances then presented, be consistent with the requirements of the Exchange Act” With that being said, the presentation made it clear that “significant changes” in bitcoin and its market structure have been made since then, for example, multiple derivatives markets are now available for bitcoin such as CME bitcoin futures, and Cboe bitcoin futures. “All of the above are markets regulated by the CFTC (the U.S. Commodity Futures Trading Commission) and all are cleared products,” the presentation added. See the full presentation document below: srcboebzx2018040-4152607-172036 The SEC building in Washington D.C. image via Shutterstock The leader in blockchain…

Ethereum Classic (ETC) is launching on Coinbase Pro

Ethereum Classic (ETC) is launching on Coinbase Pro

Transfer ETC immediately to your exchange account, and start trading within the next few days We announced final testing for Ethereum Classic (ETC) last Friday, with a goal of accepting ETC transfers for exchange users by Tuesday August 7th. Our testing has gone according to plan and we will be launching ETC support first on our exchanges, and then at Coinbase.com. Our launch will proceed in four stages: transfer-only, post-only, limit-only, and full-trading mode. Ethereum Classic launches first on Coinbase Pro We are beginning the launch of ETC on our exchange at Coinbase Pro. We plan to add support for ETC at Coinbase.com when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Coinbase Pro. As background, we recently split GDAX into Coinbase Pro and Prime. Coinbase Pro is our exchange for individual traders, and Coinbase Prime is our exchange for institutions. Institutional customers will be contacted directly from the Coinbase Prime team. Unless you have received an email from our institutional team, if you traded on GDAX you are a Coinbase Pro user. The Stages of the Ethereum Classic Launch There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book: ETC–USD, ETC–BTC and ETC–EUR. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules. Transfer-only. Customers will be able to transfer Ethereum Classic beginning at 10am PT on Tuesday August 7th. Traders cannot place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for 24–48 hours. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of 10 minutes. Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes. Full trading. In the final stage, full trading services will be available, including limit, market, and…

KB Financial Group Report Finds Only 2% of South Koreans Interested in Crypto Investing

KB Financial Group Report Finds Only 2% of South Koreans Interested in Crypto Investing

South Korean financial holding company KB Financial Group Inc. has released an Aug. 6  report on crypto investments in 2018, finding the majority of domestic respondents revealed no intention to invest in crypto. KB Financial Group Inc. is headquartered in Seoul, South Korea and focuses on a range of banking and related financial services. Their survey involved 600 households that had financial assets of more than KRW 500 million (around $447,000) from April to May, as well as 400 respondents with over KRW 1 billion in financial assets (around $894,000). According to their latest publication, 74.8 percent of domestic respondents revealed no intentions to invest in cryptocurrencies, 23 percent said that investments depended on the situation, and only around 2 percent intended to invest in cryptocurrencies in the future. Meanwhile, the global situation showed more positive dynamics, local Korean news outlet Token Post writes. The KB Financial Group report notes that 29 percent of global asset holders and 52 percent of Asian asset holders — excluding those in Japan — are interested in cryptocurrency investments. South Korea’s relationship to cryptocurrency has oscillated with the crypto craze, as the country has both banned anonymous trading and forbidden minor and government official from trading, as well as legalized Bitcoin (BTC) as a remittance method and lifted the ban on Initial Coin Offerings (ICO). Earlier in July, the Bank of Korea had released a report noting that crypto does not pose any threat to the local financial market, underling that “the amount of crypto-asset investment is not really big.”

Poor Russians More Aware of Crypto Than the Rich, Poll Finds

Poor Russians More Aware of Crypto Than the Rich, Poll Finds

Featured A recently conducted survey has produced interesting results regarding how much Russians know about cryptocurrencies. People with lower incomes have been found to have a better idea of digital money than their rich compatriots. At the same time, general awareness of cryptos seems to be falling along with their prices. Also read: Crypto Markets Moods Change Two Months After New Trends Number of Crypto-Aware Russians Drops The majority of Russians do not quite understand what cryptocurrency is and have no intentions to acquire digital assets, according to a new poll released by Romir Holding, one of Russia’s largest market research companies. The survey has been carried out among 1,500 adults, 18 years and up, from across the vast country to determine how important the crypto topic is for Russians these days. “It became clear that despite the increased attention to the matter, less than half of Russians have any idea about cryptocurrencies – 44 percent. At the same time, a large portion of the respondents – 56 percent – said they did not know what that was,” noted the authors of the study, quoted by RIA Novosti. They found that 31 percent of the respondents had an “approximate idea” of what cryptos are but admitted they didn’t have an accurate and clear understanding of these financial assets. The results also suggest that the number of crypto-aware Russians is dropping, probably along with the prices of the digital coins this year. 56 percent of the respondents in an earlier poll, published in January by VCIOM, said they knew about Bitcoin. The results for active internet users were even higher – 66 percent: men – 71 percent, residents of Moscow – 74 percent, and young Russians – 75 percent. Poor Russians Know More About Cryptocurrency The ability of cryptocurrencies to provide people of lesser means with permissionless access to a financial system is a well-known characteristic that many around the world are taking advantage of. Ask people in inflation-hit Zimbabwe, Venezuela, or Argentina. The latest Russian crypto survey has made another interesting discovery regarding the attitudes of rich and poor towards the crypto space. According to the researchers at Romir, the respondents from the lower income bracket – less than 10,000 rubles (~$160) monthly per family…

Here’s the Bitcoin ETF Presentation Given to the SEC Last Week

Here’s the Bitcoin ETF Presentation Given to the SEC Last Week

The Securities and Exchange Commission (SEC) recently published a presentation given to agency staffers by crypto startup SolidX in late July, a move that comes days ahead of an expected decision on a bitcoin exchange-traded fund. The public document, dated August 1, reveals that representatives from SolidX, Cboe BZX Exchange, VanEck Securities Corporation and Patomak Global Partners met with the agency on July 31. The meeting drew officials from a number of SEC offices, including the Division of Trading and Markets, the Division of Corporation Finance and the Divison of Economic and Risk Analysis, according to the memorandum. While the document itself doesn’t provide a blow-by-blow of the meeting, it does offer insight into the arguments being made in favor of the bitcoin, including “significant changes in product, market structure and overall circumstances since March 2017 disapproval” – referring to the decision made last year with respect to SolidX’s prior proposal. The information is notable given that the SEC is expected to issue some kind of decision this month on SolidX and VanEck’s proposed bitcoin ETF, though a choice to punt its approval or disapproval forward could lead to the process extending for additional months. Historically, the presentation argued, the approved commodity-trust exchange-traded products (ETPs) all have been “well-established, significant, regulated markets” for trading futures on the underlying commodity such as gold and silver. The document cited the SEC’s comment at the time: “The Commission notes that bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop. Should such markets develop, the Commission could consider whether a bitcoin ETP would, based on the facts and circumstances then presented, be consistent with the requirements of the Exchange Act” With that being said, the presentation made it clear that “significant changes” in bitcoin and its market structure have been made since then, for example, multiple derivatives markets are now available for bitcoin such as CME bitcoin futures, and Cboe bitcoin futures. “All of the above are markets regulated by the CFTC (the U.S. Commodity Futures Trading Commission) and all are cleared products,” the presentation added. See the full presentation document below: srcboebzx2018040-4152607-172036 The SEC building in Washington D.C. image via Shutterstock The leader in blockchain news, CoinDesk…

Coinbase Is Boosting Its Crypto Buying Limit to $25K a Day

Coinbase Is Boosting Its Crypto Buying Limit to $25K a Day

Cryptocurrency startup Coinbase will boost its daily purchase limits and allow for “instant” trading following user bank transfers, the company announced Tuesday. Currently, according to the startup, clients have to wait five days for those funds to settle. But that’s about to change, with Coinbase reasoning that “when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency.” Coinbase went on to note: “While we do support instant transfers via wire transfer and debit cards, purchases via direct debits from your bank account can take days to appear. With this update, customers will receive an immediate credit for the funds being sent from their bank account. They can then buy and sell crypto to and from their USD wallet right away, but cannot send their funds off the Coinbase platform until the funds coming from their bank have settled.” Daily purchase limits are being lifted to $25,000, according to Coinbase, though only customers who have completed the site’s identity verification process will have access to these changes. Coinbase is still in the process of adding these changes for its non-U.S. customers. A Coinbase spokesperson told CoinDesk that “these improvements are built on our [six]-year history of focusing entirely on cryptocurrency and building the most trusted, compliant cryptocurrency exchange in the world.” “We’ve focused on building a state-of-the-art fraud detection system that relies on machine learning and, over the past year, we’ve made significant improvements to our systems that help us balance a good user experience with preventing losses due to fraud,” the representative said. Image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Buy and sell immediately and higher daily limits

Buy and sell immediately and higher daily limits

Increasing daily limits to $25,000 and enabling immediate trading Today we’re announcing immediate trading and significantly higher default limits for Coinbase accounts. Starting today, we are rolling out the ability to trade cryptocurrency immediately after a purchase — no more waiting five days for funds to settle. Most customers will also see their trading limits increased to $25,000 per day. This functionality will be available for US customers over the next few weeks. Empowering customers to trade when they want Millions of people turn to Coinbase to get started buying and selling cryptocurrencies. But when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency. While we do support instant transfers via wire transfer and debit cards, purchases via direct debits from your bank account can take days to appear. With this update, customers will receive an immediate credit for the funds being sent from their bank account. They can then buy and sell crypto to and from their USD wallet right away, but cannot send their funds off the Coinbase platform until the funds coming from their bank have settled. We are also increasing limits for the majority of our US customers. Until now, the maximum allowable purchase was $25,000 weekly. For verified customers, the limit will now be $25,000 daily, a 7x increase over our prior limits. And once your funds are transferred to Coinbase, there are no longer any limits to how much you can buy or sell at a time. We’ve begun making these updates available and are now beginning to roll them out more broadly. They will be available over the next month to US customers who have completed the identity verification process with Coinbase. Customers who have not yet completed this process will be required to do so before having access to instant purchases, new trading limits and the ability to withdraw or send coins off-platform. We’ll also be working hard to bring these same improvements to our customers around the world. How much cryptocurrency you can purchase at a time and limits on withdrawals based on the payment method