Gemini Exchange May Soon Offer Litecoin and Bitcoin Cash

Gemini Exchange May Soon Offer Litecoin and Bitcoin Cash

The Winklevoss brothers want to add extra cryptocurrencies to the Gemini Exchange, whereas additionally praising the U.S. Securities and Exchange Commission’s latest statements.

Expanding Gemini
The Winklevoss twins’ cryptocurrency change Gemini Exchange is seeking to broaden with the addition of Litecoin (LTC) and Bitcoin Cash (BCH). Currently, Gemini Exchange solely gives Bitcoin and Ethereum trades.
Tyler Winklevoss claimed that the obvious additions to Gemini’s roster of choices “are from the Satoshi Nakamoto household tree – Bitcoin Cash, Litecoin.”

As famous by Bloomberg, the Winklevoss’ twins plans will not be solely vital for the Gemini Exchange however for its Bitcoin futures companion Cboe Global Markets Inc. Cboe relies out of Chicago and is focused on providing futures contracts on extra cryptocurrencies. In order to perform this, nonetheless, Cboe wants Gemini’s help.
Cboe completely makes use of Gemini’s knowledge provide when calculating Bitcoin contracts. While Ethereum is presently accessible – because the second-largest cryptocurrency by market cap is already traded on Gemini – Cboe wants Gemini so as to add extra cash if it needs to supply extra futures contracts.
Supporting the SEC
Bloomberg additionally notes that, on the Cboe occasion in Florida, the Winklevoss twins stated they “applaud” the U.S. Securities and Exchange Commission’s assertion that exchanges providing digital belongings which qualify as securities should register, or meet standards for exemption.

Bitcoin’s Still Moving within the Right Direction
The Winklevoss twins, who’re closely invested in Bitcoin, additionally claimed to be unconcerned with the dramatic slowdown in Bitcoin buying and selling quantity — citing the truth that, traditionally, it’s simply par for the course. In the long-term, they see Bitcoin as trending upwards, and likewise claimed that “futures have gotten off to an unbelievable begin.”
Tyler Winklevoss additionally famous:
In 2018, you’re actually going to see establishments and Wall Street actually get in, and it’s going to look very totally different.

Previously, Cameron Winklevoss matched his brother’s bullish sentiment by claiming Bitcoin may see a 40x improve in valuation “sometime.” He said:
So in case you take a look at a $100 billion market cap as we speak, now final week it might need been extra like 200, so it’s really a shopping for alternative, we predict that there’s a possible appreciation of 30 to 40 occasions since you take a look at the gold market as we speak, it’s a $7 trillion market. And so lots of people are beginning to see that, they acknowledge the shop of worth properties. So we predict whatever the value strikes in the previous couple of weeks, it’s nonetheless a really under-appreciated asset.
Which cash would you wish to see added to Gemini? Would you wish to see totally different futures contracts supplied? Let us know within the feedback under!

Images courtesy of AdobeStock, Bloomberg, Pixabay
The put up Gemini Exchange May Soon Offer Litecoin and Bitcoin Cash appeared first on Bitcoinist.com.

(more…)

Liechtenstein’s Bank Frick is Offering Cryptocurrency Investments and Cold Storage

Liechtenstein’s Bank Frick is Offering Cryptocurrency Investments and Cold Storage

Liechtenstein-based Bank Frick is now giving its purchasers the flexibility to purchase Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum, whereas additionally promising to safe their cryptocurrency purchases from cyber assaults with backed-up cold-storage wallets.

You Don’t Have to ‘Be Your Own Bank’
While lots of Europe’s bigger banks have taken a unfavorable stance in direction of digital currencies, Bank Frick – a small impartial family-run financial institution in Liechtenstein – is opening its doorways to purchasers trying to put money into the younger cryptocurrency market. Explained Chief Client Officer Hubert Büchel:
Our providers are in excessive demand from firms throughout Europe. The firms know that we reliably help them in implementing their cryptocurrency and blockchain enterprise fashions in accordance with current European laws. Our purpose is to deliver crypto banking at the least to the extent of high quality of basic banking.
According to ZeroHedge, Bank Frick can be defending purchasers’ cryptocurrencies with chilly storage wallets – broadly thought of to be the most secure possibility for safeguarding cryptocurrency investments long-term, because of their offline nature. Additionally, backup copies of purchasers’ wallets shall be saved in a “geo-redundant and safe method.”

Bank Frick’s new providing is about to open cryptocurrency’s doorways to a complete new base of purchasers. Explains Büchel:
With our new providing, monetary intermediaries comparable to asset managers and trustees can efficiently differentiate themselves out there and provide their prospects added worth. Intermediaries and their purchasers can simply get to know a brand new, thrilling universe with these direct purchases, diversifying them and investing them with out correlation to different asset courses. Investments in cryptocurrencies are extremely speculative, which is why solely a small quantity of admixture within the portfolio is advisable.
Playing by the Rules, Ahead of the Curve
Bank Frick will not be solely trying to defend their purchasers’ investments, but additionally their very own operations.
The financial institution is regulated based on each Liechtenstein and EU/EEA regulation and can safeguard itself from cash laundering or different prison exercise by totally making certain funding sources are reliable.

Bank Frick has lengthy been taking a crypto-friendly focus, successfully placing themselves forward of the curve when in comparison with Europe’s massive banks. Chief Executive Edi Wögerer beforehand acknowledged:
There are dangers concerned however there are additionally actually massive alternatives. We know what to do from a safety perspective so this can be a massive alternative for banks like us.
Wögerer additionally beforehand claimed that bigger banks have been “scared” of crypto and that “as a result of they don’t perceive them, they really feel threatened.”
Would you be considering straight investing in cryptocurrency with a family-owned financial institution providing cold-storage wallets? Let us know within the feedback beneath!

Images courtesy of Wikimedia Commons, BankFrick.li
The submit Liechtenstein’s Bank Frick is Offering Cryptocurrency Investments and Cold Storage appeared first on Bitcoinist.com.

(more…)

Liechtenstein’s Bank Frick is Offering Cryptocurrency Investments and Cold Storage

Liechtenstein’s Bank Frick is Offering Cryptocurrency Investments and Cold Storage

Liechtenstein-based Bank Frick is now giving its shoppers the power to purchase Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum, whereas additionally promising to safe their cryptocurrency purchases from cyber assaults with backed-up cold-storage wallets.

You Don’t Have to ‘Be Your Own Bank’
While a lot of Europe’s bigger banks have taken a adverse stance in the direction of digital currencies, Bank Frick – a small impartial family-run financial institution in Liechtenstein – is opening its doorways to shoppers trying to put money into the younger cryptocurrency market. Explained Chief Client Officer Hubert Büchel:
Our providers are in excessive demand from corporations throughout Europe. The corporations know that we reliably assist them in implementing their cryptocurrency and blockchain enterprise fashions in accordance with current European laws. Our purpose is to convey crypto banking at the least to the extent of high quality of traditional banking.
According to ZeroHedge, Bank Frick can also be defending shoppers’ cryptocurrencies with chilly storage wallets – broadly thought of to be the most secure possibility for shielding cryptocurrency investments long-term, because of their offline nature. Additionally, backup copies of shoppers’ wallets shall be saved in a “geo-redundant and safe method.”

Bank Frick’s new providing is about to open cryptocurrency’s doorways to an entire new base of shoppers. Explains Büchel:
With our new providing, monetary intermediaries equivalent to asset managers and trustees can efficiently differentiate themselves out there and provide their prospects added worth. Intermediaries and their shoppers can simply get to know a brand new, thrilling universe with these direct purchases, diversifying them and investing them with out correlation to different asset courses. Investments in cryptocurrencies are extremely speculative, which is why solely a small quantity of admixture within the portfolio is advisable.
Playing by the Rules, Ahead of the Curve
Bank Frick just isn’t solely trying to shield their shoppers’ investments, but additionally their very own operations.
The financial institution is regulated in line with each Liechtenstein and EU/EEA legislation and can safeguard itself from cash laundering or different prison exercise by completely guaranteeing funding sources are reputable.

Bank Frick has lengthy been taking a crypto-friendly focus, successfully placing themselves forward of the curve when in comparison with Europe’s massive banks. Chief Executive Edi Wögerer beforehand acknowledged:
There are dangers concerned however there are additionally actually massive alternatives. We know what to do from a safety perspective so it is a massive alternative for banks like us.
Wögerer additionally beforehand claimed that bigger banks have been “scared” of crypto and that “as a result of they don’t perceive them, they really feel threatened.”
Would you be curious about instantly investing in cryptocurrency with a family-owned financial institution providing cold-storage wallets? Let us know within the feedback under!

Images courtesy of Wikimedia Commons, BankFrick.li
The put up Liechtenstein’s Bank Frick is Offering Cryptocurrency Investments and Cold Storage appeared first on Bitcoinist.com.

(more…)

JPMorgan Misses the Point, Says Crypto Isn’t Currency

JPMorgan Misses the Point, Says Crypto Isn’t Currency

Crypto isn’t forex — no less than, based on American multinational banking and monetary providers holding firm JPMorgan Chase & Co.

Missing the Point
JPMorgan, a New York-based establishment with a historical past that’s removed from pro-crypto, claimed in a wide-ranging word to purchasers that cryptocurrencies solely make sense as a hedge in a single’s funding portfolio — and are neither viable shops of worth nor efficient currencies. Wrote the corporate:
The big volatility of the worth of cryptocurrencies — with respect to both conventional currencies or to a basket of products and providers — has made use of cryptocurrencies as a unit of account impractical. Only hobbyists are utilizing cryptocurrencies as a medium of trade, no less than for standard transactions for items and providers.
Indeed, cryptocurrencies like Bitcoin and Litecoin have struggled to realize mainstream adoption. However, the word fails to say potential improvements — resembling Bitcoin’s Lightning Network or the upcoming Visa-based Litecoin transaction service LitePay — which might make cryptocurrencies act extra like conventional currencies and, thus, assist foster widespread adoption.

JPMorgan additional claims that, even when the worth of cryptocurrencies wasn’t unstable, they’d have a tough time difficult conventional currencies, writing:
At any fee, even a hypothetically stable-value cryptocurrency is unlikely to compete with the greenback for transactions in items and providers, in say, Chicago, or to compete with the euro in Stuttgart.
Again, JPMorgan glosses over the cross-border advantages of cryptocurrencies. For instance, a store in Chicago is nearly definitely not going to simply accept Hungarian forint as a type of fee — however Bitcoin’s solely impartial standing makes it doubtlessly enticing to distributors the world over.
The firm tries to justify its stance by explaining the monopoly conventional currencies have on their native market, writing:
Economists have lengthy considered profitable (i.e. comparatively price-stable) currencies as pure monopolies in a given geographic space. This specific pure monopoly arises on account of the inherent community externalities: pricing a New York meal in yen makes little sense, as nearly all clients will likely be holding dollars.

Once extra, the worth of cryptocurrency as a monopoly-transcending type of forex out there to everybody on this planet seems misplaced on the corporate — whose CEO, Jamie Dimon, as soon as known as Bitcoin a fraud.
Do you suppose Bitcoin and different cryptocurrencies are viable currencies and/or shops of worth? Does JPMorgan’s argument make sense to you? Let us know within the feedback under!

Images courtesy of Reuters, Bitcoinist archives.
The publish JPMorgan Misses the Point, Says Crypto Isn’t Currency appeared first on Bitcoinist.com.

(more…)

Chicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency

Chicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency

A Chicago dealer is dealing with as much as 20 years in jail for stealing over $2 million in Bitcoin and Litecoin cryptocurrency from his employer.

Most 24-year-olds could be fairly completely satisfied to be connected to a brand new cryptocurrency unit for a serious monetary entity. That’s not a foul profession path for somebody who beforehand labored as a cryptocurrency dealer in South Korea earlier than becoming a member of Consolidated Trading LLC to turn out to be an assistant bond dealer in July 2016. A brand new division seeking to dive into the burgeoning crypto world is a good stepping stone for transferring up. That is until that individual is a degenerate gambler. Such is the case of Joseph Kim, who stole over $2 million in Litecoin and Bitcoin cryptocurrency from his employer.

Stealing Begins Almost Immediately
The cryptocurrency group was created by Consolidated in September 2017, and Joseph Kim joined the unit someday throughout that month. He had his personal private cryptocurrency accounts, which he knowledgeable his employer of, and he was instructed to stop all private buying and selling to keep away from a battle of curiosity.
However, Kim transferred 980 litecoins (price $48,000) on a weekend shortly after becoming a member of the brand new unit. When a supervisor discovered, Kim mentioned he transferred the cash to a “private digital pockets for security causes” on account of points he was having with Bitfinex, the cryptocurrency change in Hong Kong. He then mentioned that the cash had been transferred to a Consolidated pockets (which was unfaithful).
In November, the dealer then despatched 55 bitcoins (worth of $433,000) from Consolidated into an unknown account. When confronted on this switch, Kim mentioned that the switch had been blocked and that he was taking steps to unblock it. He later despatched again 27 bitcoins into the company account, leaving 28 in his possession.
The Sizes Get Bigger
Eventually, Kim transferred 284 bitcoins (price $2.8 million) from the corporate’s account into a private pockets. He later despatched again 102 of these cash into the Consolidated account, after which he then transferred the remaining 182 cash into a special account. Of that final quantity, Kim misplaced a portion of it by personally buying and selling.

When ultimately confronted over all of the transfers, Kim admitted to investing in brief future positions utilizing 55 bitcoins. He continued stealing cryptocurrency from the corporate to cowl his margin calls, losses, and private investments. After being arrested, Kim mentioned that he was a degenerate gambler and admitted to changing the stolen Litecoin into Bitcoin for funding functions.
Eventually, Consolidated managed to recuperate roughly 144 bitcoins from Kim’s numerous private wallets. The monetary firm misplaced about $603,000 total from the rogue dealer’s playing habit.
In an e-mail to his superiors at Consolidated, Kim mentioned:
It was not my intention to steal for myself. I used to be perversely making an attempt to repair what I had already accomplished. I can’t imagine I didn’t cease.
Investment playing is actual, and cryptocurrency is only a new avenue for some to indulge within the apply. The US Attorney has charged Joseph Kim with wire fraud, which might web him as much as 20 years in jail. Kim has additionally made historical past, of a form. He’s the primary individual in Chicago to be charged with wire fraud with regard to cryptocurrency.
Do you assume that we’ll see extra circumstances of merchants pilfering cryptocurrency to gasoline their playing habit sooner or later? Let us know within the feedback beneath.

Images courtesy of Pixabay and Bitcoinist archives.
The put up Chicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency appeared first on Bitcoinist.com.

(more…)

A Lite to Guide Us — LitePay, Lcash Helps Litecoin Lead the Crypto Recovery

A Lite to Guide Us — LitePay, Lcash Helps Litecoin Lead the Crypto Recovery

Litecoin has dominated the cryptocurrency market this week. The fifth largest cryptocurrency by market cap has surged upwards of 50 p.c from Tuesday morning to the time of this writing, arguably bringing the remainder of the market with it. Litecoin is at the moment buying and selling at $233.81, after buying and selling as little as $153.51 earlier this week.

Let There Be LitePay!
The cryptocurrency’s dramatic worth improve has largely been pushed by the announcement that LitePay — an instantaneous cost processor permitting distributors to immediately convert Litecoin transactions into fiat foreign money — will launch on February 28th.

We began as a result of the folks requested @Bitpay to just accept LTC. They wouldn’t, so we took the problem. Infrastructure for LTC February 26 #PayWithLitecoin #LitePay
— LitePay, Inc. (@LitePayInc) February 13, 2018

According to Palwasha Saaim, a analysis analyst at Lombardi Financial, LitePay is ready to redefine the “foreign money” facet of cryptocurrencies. Saaim explains:
Litecoin customers will be capable of convert Litecoins to dollars and vice versa by way of their Visa-compatible LitePay playing cards, which shall be usable in any respect ATMs or companies that help Visa funds.
LitePay’s potential is critical, to say the least. Cryptocurrencies have largely been hindered by restricted use circumstances and minimal acceptance. The means to make use of VISA-powered Litecoin debit playing cards to conduct transactions may certainly be a sport changer for the cryptocurrency house — and traders are possible shopping for into that hypothesis.

The announcement of LitePay was additionally adopted by an announcement from main cryptocurrency market Coinbase, which has launched a brand new service affording retailers the flexibility to just accept Bitcoin, Bitcoin Cash, Ethereum, and Litecoin funds.
Cash Me Outside
The digital foreign money has additionally obtained an additional increase due to a deliberate weekend forking of Litecoin into Litecoin Cash. Not completely dissimilar to Bitcoin Cash’s forking from Bitcoin, Litecoin Cash claims to be higher than its predecessor — although there’s little proof to help such a declare.
The fork is scheduled to happen on Sunday and can award Litecoin holders free Litecoin Cash. For each one Litecoin, traders will obtain 10 Litecoin Cash.
Charlie Lee, the founding father of Litecoin, has referred to as the proposed fork a “rip-off”, tweeting:

PSA: The Litecoin crew and I usually are not forking Litecoin. Any forks that you simply hear about is a rip-off attempting to confuse you to assume it’s associated to Litecoin. Don’t fall for it and positively don’t enter your personal keys or seed into their web site or shopper. Be cautious on the market! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018

Lee isn’t the one one with a damaging view on forks, which have turn out to be considerably of a nuisance in cryptocurrency as of late.
Many view Litecoin Cash as simply one other try and get wealthy fast by using a widely known model’s likeness to confuse inexperienced traders. However, a consultant for Litecoin Cash informed CNBC:
Charlie Lee is completely proper to be skeptical and to warn the group about potential scams […] in the end, what’s good for miners is nice for the community.

Regardless of 1’s opinion of Litecoin Cash, hypothesis and the will at no cost cash has undoubtedly helped drive the value of Litecoin even greater.
Are you excited in regards to the potential for instantaneous Visa-powered Litecoin transactions by way of LitePay? Do you assume Litecoin Cash is a rip-off? Let us know within the feedback under!

Images courtesy of AdobeStock, Twitter/@SatoshiLite, Twitter/@LitePayInc, and Bitcoinist archives.
The publish A Lite to Guide Us — LitePay, Lcash Helps Litecoin Lead the Crypto Recovery appeared first on Bitcoinist.com.

(more…)