Square Receives Prestigious BitLicense in New York State

Square has recently been issued BitLicense by New Your’s Department of Financial Services (DFS).

This approval is a significant milestone in Square’s journey in being one of the leaders in the crypto space.

With this license Square users in New York will be able to bu and sell bitcoin.

Incidentally the news came as the prices of bitcoin started to move up after suffering several days of losses.

Bitcoin price was higher by about $211 and was trading at around $6,720. It has been said the securing such a license is extremely difficult due to the strict restrictions of DFS has in place.

Square is just the ninth firm to be approve with the license which includes Coinbase, Circle, Gemini Trust, Paxos, Xapo, Genesis Global Trading, bitflyer USA and XRP II.

Biggest Banks In Russia Piloting Crypto Portfolios

Under the supervision of Bank of Russia, Sberbank and Alfa Bank will offer their clients shares in a special fund that will be trading the six most popular cryptocurrencies on the major exchanges, including Kraken and Bitstamp.

Sberbank is said to be the main state-owned bank that is primarily responsible in processing government employee paychecks while Alfa Bank is the largest private bank.

Both banks is said to be planning to enter crypto trading with the help of AddCapital investment fund and National Settlement Depository and Group IB.

The portfolio includes the six most popular cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

Combination of the coins will be revised four times a year and proportions will be balanced by a trading algorithm.

SBI of Japan Adding Two Major Cryptocurrencies

One of Japan’s 16 fully licensed crypto exchange, SBI Virtual Currencies has launched the Vctrade last June 6, 2018 with XRP/JPY as the only trading pair to a limited number of users who pre-registered.

Recently it has announced that it will be adding two more trading pairs ahead of its full launch next month.

These trading pairs include Bitcoin (BTC) and Bitcoin Cash (BCH) both paired with Japanese Yen. Customers is said to be able to trade between 500 yen and 5 million yen.

Customers can place orders between 0.0001-40 BCH, 0.0001-5 BTC and 10-70k XRP.

There is some indication that ETH will be included but smaller cryptocurrencies will not be supported.

To gain market share SBI group plans to convert its existing users from their securities business. SBI securities currently have approximately 4.17 million accounts.

eToro Offers Cardano Trading

One of the world’s leading social trading platform, eToro, has started offering its customers Cardano (ADA).

The asset has wiped most of its gains in recent weeks but remains a very good long-term investment opportunity and one of 2018’s hottest digital assets.

With its latest move eToro has expanded its cryptocurrency portfolio which includes Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Ethereum Classic, Dash, Stellar, Neo and Eos.

eToro is expected to roll-out its services to US-based traders soon after dealing with legal restrictions, adding more popularity to the new asset class.

It has been said that ADA is one of the few cryptocurrency that has seen de-coupling from BTC prices that potentially appreciate in value even in a Bitcoin bear market due to its large volume trading against other crypto like Tether USDT which accounts for more than 43%.

IEEE Blockchain Summit Korea 2018

IEEE the largest technology organization for electrical and electronic engineering who has around 350,000 members in 150 countries has hosted the 2018 IEEE Blockchain Summit Korea and was sponsored by ICON, one of the largest blockchain networks in the world.

It was held last June 7 to June 8 at SKT Tower in Seoul.

ICON presented in the summit real use cases and trends in blockchain industry.

In the summit the ICON team presented the attendees their core engine technology and what has been the development process of Dapps built atop of it.

It was said that the summit was a great exposure for ICON as the IEEE community was very receptive of this emerging technology and was a great opportunity to bring in decision makers, developers and users to discuss the opportunities as well as the challenges in the said space.

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