Gazprombank Launching Crypto Custody Service Next Year

According to news reports, one the banking division of one of the largest companies in Russia, Gasprombank has partnered with Abaloq and Metaco to provide asset custody services for institutional clients sometime next year.

Abaloq is a Swiss Fintech leader while Metaco is a crypto-asset custody infrastructure specialist.

The aim of the initiative is to provide banks and wealth managers with fully integrated solutions for the management of client portfolios across all asset classes including cryptocurrencies.

The tripartite hope to bring the highly secure crypto-asset custody solution in the second quarter of the year 2019.

Metaco will provide its SILO technology for the cryptocurrency aspect of the solution letting in run under Avaloq Banking suite.

The CTO at Avaloq, Thomas Beck, states that the partnership will ensure that the product they offer will not only be of high-quality standards but also highly user-friendly.

Further stating that the close integration of Metaco storage solutions enables banks and wealth managers to deal with cryptocurrencies in a familiar environment without trusting additional third parties.

Despite its relatively restrictive stance of Russia on crypto, the Russian government has shown great interest on its underlying technology blockchain and for its development.

It must be noted that Gasprombank is headquartered in Switzerland therefore no legal problems should complicate the operation of the said initiative.

Neufund Partnering With Ledger To Launch Platform For Security Tokens

Securities Tokenization Platform Neufund and France-based cold-wallet manufacturer Ledger has partnered together to launched ]a secure blockchain platform the enable users to manage real-world security tokens.](https://btcmanager.com/neufund-partners-ledger-launch-blockchain-based-platform-managing-security-tokens/)

This was according to a recent press release by ledger. The partnership is reported to be an end-to-end solution for tokenization of securities.

This announcement was made at the time when Securities Token Offering is fast gaining ground and is seen by experts to replace the controversial Initial Coin Offering (ICOs).

Security Tokens are digital assets that backed by real asset such as artworks, shares, bonds, and other real world assets that hold value.

Holders of security tokens are given dividends proportionate to the number of tokens they hold.

Ledger has hinted that it is working in supporting ERC-20 tokens in its ledger live desktop app and also allows users to manage all security tokens issued via Neufund.

According to Neufund CEO Zoe Adamovicz ledger is the most secure way to set up and manage investment through Neufund’s set of protocols adding that big investors will be able to manage their ERC-20 based equity tokens straight from a desktop app.

Crypto Recommendations Submitted By Indian Government Panel

The government of India has recently appointed a panel of experts to submit recommendations regarding cryptocurrency measures.

This seems to bolster speculations that the government of India is preparing to regulate the nascent industry.

It has been reported that the panel has already submitted its recommendation the country’s finance minister suggesting a new legal framework for cryptocurrencies is currently in the works.

The panel is headed by the country’s Economic Affairs Secretary Subhash Chandra Garg and is tasked to deliberate the draft report and the provisions of the draft bill on virtual currencies.

There are sources suggesting that a possible sovereign backed virtual currency might be proposed depending on global circumstances.

Although there is no concrete evidence what was in the recommendation a news outlet has recently cited an anonymous source stating that the panel has suggested that a new legal framework would bring in the Reserve Bank of India (RBI) guidelines that would effectively ban cryptocurrencies and the law would clearly specify that any kind of dealing in such currencies should be treated as illegal.

However cryptocurrency proponents have said that they have heard the use of Ban in main stream news before and it has been open to interpretations.

Proposal To Use Bitcoin For Tax Payments In UK Parliament

It has been reported that a member of the UK Parliament is seeking to allow UK residence to pay their local taxes and utility bills using Bitcoin.

According to Eddie Hughes, a conservative member of the Parliament for the Warshall North constituency, this initiative will be the first great step towards mainstream adoption of the new asset class.

In addition to his proposal he states that it is time for other members of the Parliament to familiarize themselves with cryptocurrencies and its underlying technology as they are not going away anytime soon.

If fact many are predicting that this will be the new evolutionary step to currencies and a revolution of sorts in the whole world of finance.

He further states that it is a duty as MP to understand it.

Hughes says that UK can take a leading role in this financial revolution that can prove very beneficial in the future. He also argues that reason why cryptocurrencies are not more widely adopted is because many people are not familiar with them and once they get to know what it is and what it is trying to accomplish they will embrace the emerging asset class.

Trust Wallet Starts Supporting Bitcoin

The Trust wallet which was once focused only on Ethereum-based tokens has recently announced to support Bitcoin.

This comes a few weeks after expressing its support for several other blockchain crypto such as TRON, POA, ETHEREUM Classic, Wanchain, ICON and Vechain.

Trust wallet is a US-based mobile crypto wallet provider which has been acquired by Binance a few months ago as part of their effort on developing a new Binance Decentralized Exchange (DEX).

It seems that the wallet will be developed to be the primary interface when interacting with the Binance DEX which is set to launch early next year 2019.

It seems that the new feature aims to attract Bitcoin holders and encourage Trust wallet customers to use the service more actively.

Only time will tell if this development will help attract more customers into the platform or stimulate activity on its current customers.

However one thing is for sure with the backing of Binance and Binance DEX just around the corner things will get a lot more interesting around Trust wallet sooner than later.

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