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SoftBank-Backed Startup to Offer Crypto Trading (CNBC Report)

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DriveWealth – a SoftBank-backed start-up that assists fintech firms in offering stocks – will reportedly provide cryptocurrency trading services to clients. To do so, the company will acquire Crypto-Systems – a separate digital asset organization based in the United States.

DriveWealth to Compete with Coinbase

CNBC reported that shortly after the acquisition, the start-up will launch two subsidiaries to offer Bitcoin and Ethereum trading opportunities to partners in April or May this year.

Bob Cortright – CEO at DriveWealth – raised hopes that the end-to-end crypto trading system and the algorithmic-trading platform, which his company utilizes, could bring greater transparency to the digital asset market:

“In the crypto space right now, it’s still the Wild West, prices are all over the place. There’s very little price discovery and there’s little consistency with spreads. We want to change that.”

Cortright, who has co-created Bank of America’s electronic-trading platform, believes that trade fees would collapse as watchdogs get involved, and competition increases. As such, DriveWealth aims to be a crypto liquidity provider to compete with Coinbase’s “unsustainable” transaction speed:

“We can’t continue in a world where you can charge 200 basis points on a transaction.”

Coinbase – a leading digital asset exchange – charges retail customers with fees as high as 4.5% and more. It also collects a spread on top of transaction costs.

DriveWealth’s CEO opposed such a transaction policy. “It’s coming out of the wallets of the customers,” Cortright maintained.

Bob Cortright
Bob Cortright, Source: Meta Trader

The executive concluded that numerous companies across various fields are lining up to allow customers to earn rewards in digital assets:

“Even the established, large e-commerce players are finding that, when surveying their clients, a huge percentage want to own some crypto.”

Valued at $2.85 billion, DriveWealth is backed by the Japanese financial institution SoftBank.

Coinbase’s Recent Updates

Speaking of the US-based cryptocurrency platform, it is worth noting the latest developments around it.

Nearly a month ago, it partnered with Yield Guild Games (YGG) to bring more assets available for scholarships. At the same time, Coinbase acquired FairX – a CFTC-regulated trading venue – to offer crypto derivatives to retail and institutional investors in the States.

A week later, the platform joined forces with Mastercard to simplify purchasing non-fungible tokens (NFTs):

“Thanks to our work with Mastercard, we’ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem.”

Subsequently, the trading venue appointed Tobias “Tobi” Lütke as its newest member of its Board of Directors. The German is the Chief Executive Officer of the e-commerce giant Shopify.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

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