Danske Bank which is one of the biggest banks in Denmark published in a document indicating that it would not be involved in any cryptocurrency transactions. Established in 1871, the document highlights a number of concerns it has regarding cryptocurrency market, with a statement
“They lack the investor and consumer protection typically connected with traditional currencies and investments.”
Reasons cited by the bank is the inability for any investor or customer to determine how the market works and the high risks incurred by the investor if their investment goes south. Also, the high volatility of the virtual currency market is emphasized.
Any market transaction that can not be regulated or be carried out in a transparent manner leaves room for criminally minded individuals. Citing the recent hacks that took place in Asia in January, the biggest cryptocurrency hack yet. Danske adds that it has “an obligation to assist in the fight against financial crime and money laundering,” concluding that “At the current stage, cryptocurrencies do not offer the sufficient level of transparency in order for us to live up to our obligations within anti-money laundering regulation.” These are the reasons why it is not possible to trade cryptocurrency on our trading platforms, Danske states.
However, measures have been put in place in order to maintain its stand stating that it “do[es] not in any way want to support the investment environment surrounding cryptocurrencies.”
One of the measures includes phasing out the possibility to buy financial instruments directly related to the price of cryptocurrencies,” such as “derivatives or ETNs [Exchange Traded Notes]” that mirror the price of a cryptocurrency. “These types of securities,” Danske asserts, “are characterized by high volatility and risk.”
Danske has said it will monitor the market closely and would consider investing into cryptocurrency if the market shows a high level of transparency and maturity. However, the bank has also stated that it would not block the usage of a Danske Bank issued credit cards in connection with trading cryptocurrencies. Danske bank will also treat “deposited funds originating from cryptocurrencies the same as deposited funds stemming from other types of investments.” irrespective of the measures being put in place.
Yahoo Finance Adds Cryptocurrency Market Data on its Website
US based financial news firm, Yahoo Finance has partnered with Coinmarketcap to add cryptocurrency market data on its website amongst other financial reporting data.
The data which is supplied by the popular cryptocurrency market data aggregator Coinmarketcap now allow visitors on the website to track the prices of cryptocurrencies daily.
Currently available on the website are 118 cryptocurrencies ranked in the order of their market capitalization. The price data on the website are denomination in USD.
The website has a feature which it calls Heatmap View. It allows visitors to see the price actions on each crypto assets. A red signal shows the asset has dipped while a green signal reveals a gain in the asset.
Registered users can add any cryptocurrency to their portfolios.
Just like coinmarketcap reports, the Yahoo Finance website also reports detailed information on each cryptocurrency it has listed in its website.
The website reports on each website various market data such as current price, changes in percentage and amount, market capitalization, volume and circulating supply.
Yahoo finance also have individual pages for each cryptocurrency listed on the website. Yahoo Finance was quoted saying “We are thrilled about this partnership which comes timely as we continue to level up our game with the new liquidity-based metrics for ranking market-pairs and an improved pricing algorithm coming soon.”
Other than data from Coinmarketcap, Yahoo Finance also have two indices Crypto 200 (including Bitcoin) and Crypto 200 EX (i.e. excluding Bitcoin)
The data on the website incorporates pricing from over 200 exchanges, according to the Finance reporting organization, the indices provide exposure to the broader cryptocurrency market by including the cryptocurrencies that represent more than 90% of global market capitalization as of the index launch date.
Its daily newsletter and blog content will also be integrated into the news stream on finance site’s cryptocurrency screener landing page as well as the individual cryptocurrency pages.
The firm said in the future, it will plan to produce more educational video features, which it hopes will further add to the educational content on the website.
Image: Yahoo Finance
Facebook to launch Facebook Pay to Provide Users With Secure and Convenient Payment Experience
Is Facebook Pay an alternative to Libra?
Facebook has announced it will be launching the Facebook Pay service to provide people with a convenient, secure and consistent payment experience across its platform.
According to Facebook, people already use payments across its platform to shop, donate to causes and send money to each other. The Facebook pay will make these economic events easier while continuing to ensure user transaction information is secure and protected.
In order to use the service, users are to add their preferred payment method once and then use the service where it is available to make payments and purchases on the facebook’s platform apps. This will ensure users are not inconvenience as they wouldn’t be required to enter their payment information again.
The Facebook Pay will be available on Facebook and Messenger this week for US customers for fundraising, in-game payments, and event tickets, person-to-person payments on Messenger and purchases from select pages and businesses on Facebook marketplace.
According to Facebook, over time, the service will become available to more people and places including on its Instagram and WhatsApp platforms.
Facebook iterates its desire to continue investment in security of its platform.
Facebook said “We designed Facebook Pay to securely store and encrypt your card and bank account numbers, perform anti-fraud monitoring on our systems to detect unauthorized activity and provide notifications for account activity”.
To the Future
The Facebook Pay is part of our ongoing work to make commerce more convenient, Facebook said and this also will make it accessible and secure for people on its app.
And it will continue to develop Facebook Pay and look for ways to make it even more valuable for people on our apps.
Bankera Announces the Release Its Crypto Lending Solution, the Bankera Loan
Bankera has announced the release Bankera Loan, its crypto lending solution. The Bankera Loan according to Bankera is geared to providing flexible and secure crypto-backed loans to cryptocurrency holders globally.
The Loans are to start with a minimum of at least 100 EUR and to as high as 1 million EUR.
Bankera Loans act as an option for cryptocurrency owners who desire access to financing, but do not want to liquidate their assets. The solution offers cryptocurrency holders the ability to access funds by using their cryptocurrencies holdings as collateral while retaining ownership of their crypto assets.
According to Bankera, the solution aims to democratize access to core banking services for all cryptocurrency market participants by giving them facility better suited for either individual or enterprise needs.
Co-founder of Bankera Vytautas Karalevicius expatiating on the solution said “We see a big interest from the community in smaller crypto-backed loans. This market has been heavily underserved, and typical loan minimums in the current market are often too high”.
Continuing, Vytautas said “Bankera Loans solution offers our clients the possibility to take a loan as low as 100 EUR so that all clients can obtain the financing they need”.
Enterprise clients can also use their crypto asses to get quick facilities for leveraging positions, for expansions or other needs.
Taking a loan is simple, Bankera revealed. It can be achieved by a sign up which is followed after by a deposit of crypto assets to Bankera Loan wallet. This deposit are required and used for as collateral.
Once this is done, Bankera said a customer can then personalize the facility by selecting amount, duration, withdrawal and collateral currencies. Once approval is achieved, the customer/clients receive the facility to his/her Bankera Loans account.
Though the more assets or currencies will be added to the platform in the future, the Banker Loans platform currently supports just over half a dozen currencies such as the EURO, Banker (BNK), Tether (USDT), Bitcoin (BTC), Ether (ETH), NEM (XEM) and privacy coin Dash (DASH).
Bankera aims to revolutionize banking by taking advantage of what blockchain technology has to offer while still focusing on scale by becoming a one-stop store for all financial services, in the same way traditional brick and mortar banks are now, while using technology to reduce the number of counterparties, thus lowering the cost of banking for the end consumer.
25-Year-old pleads Guilty to Running Unlicensed Crypto Exchange.
Kunal Kalra, a 25-year-old from West wood Los Angeles has been said to have pleaded guilty to federal charges of having exchanged over $25million in cash and cryptocurrencies.
Kunal, also known as “Kumar,” “shecklemayne” and “coinman,” was indicted on Friday, August 23 for allegedly trading cash and cryptocurrencies including drug dealers partially via his Bitcoin ATM kiosk.
The exchange was a front for other illegal activities
Kalra was said to have agreed to engagements in other illicit activities such asd distributionof methamphetamine, operating an unlicensed money transmitting virtual platform, laundering money and failing to maintain an effective anti-money laundering instrument.
According to an announcement made by the U.S Department of Justice last Friday, Kalra had said that he has agreed to plead guilty to the offence of converting Bitcoin for cash for criminals, drug dealers who acquired cryptocurrencies from trading narcotics on the dark web, as well as a number of other persons involved in various illicit activities. He had also confessed that he used platforms such as Localbitcoin and a company known as Paxful.
It was alleged that Kalra had been running this cryptocurrency exchange from May 2015 through October 2017. The justice department also went ahead bro say that without the implementation of an anti-money laundering program, Kalra facilities these kinds of transactions with a commission knowing fully well that the proceeds came from drug trafficking.
As at the time of this report the law enforcement agency had already seized about $889,000 in liquid cash from Kalra, about 54.3 Bitcoin and other cryptocurrencies, worth more than half-million dollars.
The announcement also said that the maximum sentence that Kalra stood a chance of facing was life imprisonment.