Trader’s Journal #25

News
23/08/2019

1. Japanese corporation Rakuten launched its cryptocurrency exchange

The marketplace has a mobile application and supports three coins: Bitcoin, Ethereum and Bitcoin Cash

On August 19, the Japanese corporation Rakuten announced the launch of its own cryptocurrency exchange Rakuten Wallet. Customers of the new trading platform got the opportunity to conclude deals on the spot market in three coins: Bitcoin, Bitcoin Cash, and Ethereum. The company has also released an application for mobile devices on the Android operating system, the release of the iOS version is scheduled for early September.

Funds of users of the new exchange are stored in a cold wallet, and private keys are managed through a multi-signature system. For all accounts, two-factor authentication is mandatory, Rakuten has also noted that customer assets are stored separately from their own.

Registration at the Rakuten Wallet site was opened in April through Rakuten Bank. In May, the company, together with CipherTrace, began to implement anti-money laundering measures.

2. The amount of funds in cryptocurrency managed by Coinbase reached $ 7 billion

The exchange acquired Xapo custody service for $ 55 million. Most of its customers agreed to transfer their assets to the American trading platform.

The Coinbase cryptocurrency exchange began to store cryptocurrency worth $ 7 billion after purchasing the Xapo custodian service for $ 55 million. The US market convinced to conduct a deal due to the high level of security and the recommendations of regulators.

Fidelity Investment and other financial organizations, such as, for example, Grayscale Investment, also planned to buy a service for storing digital money. According to Xapo CEO Wences Casares, the company’s primary goal was to service stock exchange transactions of retail customers.

According to a portal source, most of Xapo’s customers agreed to give their funds under the management of Coinbase. As a result, the amount was about 514,000 BTC. The remaining accounts, presumably, contain digital money worth more than $ 3.5 billion.

3. Santander will start using Ripple technology. But not an XRP token

Spanish Bank to create payment corridor in South America using xCurrent system

Santander, Spain’s largest bank, uses Ripple xCurrent technology to create payment corridors in South America. Clients of a financial institution from Latin America will be able to instantly and free to conduct transactions in the United States through the One Pay FX application.

At the moment, the system operates between the UK and Spain. In the future, Brazil, Uruguay, Chile, and Mexico will be connected to it. Payment corridors will open for countries one at a time, at the moment it is not known which one will get access to xCurrent first.

“Customers who have not previously made international payments now use this service. Those who already worked with it began to do this more often, and users who left competitors from the sphere of fintech are returning to the One Pay offer”, said the head of the application, Cedric Menager.

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