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Fireblocks announces its first Global Custodian Partners: CloudTech, Zodia Custody, Zerocap, Rakkar, and Komainu, enhancing secure digital asset custodianship. (Read More)
Singapore-based custody services provider, Liminal, has obtainedregulatory approvals in Abu Dhabi. Liminal's subsidiary, First Answer MiddleEast, has been granted Financial Services Permission from the Abu DhabiGlobal Market's Financial Services Regulatory Authority.
Regulatory Approvals in Key Markets
This approval enables the firm to offer custody serviceswithin the region, marking a crucial step in its international growth. Notably,the subsidiary had received in-principal approval last year.
The company has been pursuing regulatory approvals acrossvarious regions. In addition to its success in Abu Dhabi, Liminal's Dubaientity, First Answer Custody FZE, secured initial approval from the emirate'sVirtual Asset Regulatory Authority last month.
"We initiated a strategic drive two years ago to secureregulatory licenses in key markets across APAC and EMEA (Europe, Middle Eastand Africa), strategically positioning ourselves to cater to institutionalclients," said Manan Vora, Senior Vice President of Strategy and Business Operations.
"Our strategic vision is to expand from our present technology presence inEurope and Taiwan to pushing for regulatory victories there. In Indonesia, weare already working as a technology provider for the nation's sovereign digitalasset exchange."
Singapore-based custody solutions provider @liminalcustody has won the Abu Dhabi regulator's approval to operate as a regulated custodian within the Middle East, days after a regulatory win in India. By @amitojhttps://t.co/IdbIbuwq2Q
CoinDesk (@CoinDesk) May 13, 2024Singapore's Regulatory Landscape Shift
Furthermore, its Indiansubsidiary, First Answer India Technologies, has been registered as a reportingentity, positioning Liminal as the first digital asset custodian registeredwith India's Financial Intelligence Unit. This development followsLiminal's appointment by India's Central Bureau of Investigation tomanage seized digital assets in November.
Back in its home base of Singapore, with the introduction ofnew licensing requirements for custody solutions providers in April, thecompany was already providing custody solutions and thus grandfathered into thenew guidelines for six months. Liminal has taken steps by notifying theMonetary Authority of Singapore of its intent to apply for a license.
Amir Tabch, CEO of Liminal Custody Solutions Middle East andSenior Executive Officer of the Category 3C ADGM-regulated entity First AnswerMiddle East Limited, remarked: "Earning the ADGM FSP license is a clearindicator of Liminal's ironclad dedication to compliance and innovation. Thisachievement not only positions us at the forefront of digital asset custody butalso signals our pivotal role in its future evolution."
This article was written by Tareq Sikder at www.financemagnates.com.BitGo, a leading provider of cryptocurrency custody services, has successfully acquired a MiCA license in Germany. This milestone achievement positions BitGo as one of the first companies to obtain this license under the Markets in Crypto-Assets Regulation (MiCA) in Germany. The MiCA framework aims to regulate various crypto-asset service providers within the European Union, ensuring [...]
Using grain as an historical example, the importance of not having the same entity that hold funds in custody handle trade execution is demonstrated.
Cantor Fitzgerald and Anchorage Digital Partner to Provide Copper Bitcoin Custodianship Solutions Two industry giants, Cantor Fitzgerald and Anchorage Digital, have joined forces to offer institutional clients a secure and innovative solution for storing Copper Bitcoin. This partnership aims to combine Cantor Fitzgerald’s financial expertise with Anchorage Digital’s cutting-edge technology to create a robust custodial [...]
The post Cantor Fitzgerald Partners with Anchorage Digital and Copper as Bitcoin Custodians appeared first on Crypto Breaking News.
The cryptocurrency firm and bitcoin investment app, Coinbits, has announced the suspension of its services due to complications involving the Nevada-based custodian, Prime Trust. Following accusations of insolvency and breaches of fiduciary responsibilities, Nevada’s financial regulators mandated the closure of Prime Trust. Despite these challenges, Coinbits maintains confidence that the custodian “still has enough bitcoin [...]
The post Bitcoin Firm Coinbits Suspends Operations Amidst Custodian Prime Trust’s Financial Woes appeared first on Crypto Breaking News.
In a recent submission to the Eighth Judicial District Court in Las Vegas, the Nevada Financial Institutions Division has expressed its intention to take decisive action against the crypto custodian Prime Trust. The regulatory body seeks to not only shut down Prime Trust but also swiftly seize its property, assets, books, papers, documents, and records.
The post Nevada’s Financial Watchdog Seeks Receivership of Crypto Custodian Prime Trust Amidst Insolvency Concerns appeared first on BTC Ethereum Crypto Currency Blog.
On June 28, the crypto hardware wallet manufacturer and security firm Ledger unveiled its latest offering, a digital currency exchange and custodial solution service, specifically tailored for institutions. The new service, known as Tradelink, has been heralded by Ledger as “the first open network to enable custodial trading via exchange and custodial partners.” Ledger Targets [...]
The post Ledger Unveils Tradelink: A Custodial Crypto Trading Platform Tailored for Institutions appeared first on Crypto Breaking News.
Nasdaq intends to launch its custody services for digital assets like bitcoin by the end of this year’s second quarter. The exchange operator is among those traditional financial firms that want to play a role as intermediaries in the crypto sector which saw the collapse of some major players. Stock Exchange Nasdaq Seeks Regulatory Approval [...]
The post Nasdaq Aims to Launch Crypto Custody Services in Second Quarter appeared first on Crypto Breaking News.
After the Bitgo acquisition deal to purchase Prime Trust fell through, it seems that crypto firms that have worked with the custodian are experiencing problems. On Thursday, Seattle-based fintech startup Stably announced the need to “temporarily pause” certain services and operations. According to reports, the bitcoin payments platform, Strike, is also encountering difficulties and has
The post Crypto Firms Face Turmoil as Prime Trust Fallout Causes Service Disruptions and Concerns appeared first on BTC Ethereum Crypto Currency Blog.
Digital asset custodian BitGo has shelved its planned acquisition of rival Prime Trust despite preliminary agreement reached earlier in the month. The initial takeover agreement came amid speculation that Prime Trust was facing bankruptcy.
BitGo Shuns Prime Trust Takeover
“After considerable effort and work to find a path forward with Prime Trust, BitGo has made the hard decision to terminate its acquisition of Prime Trust,” the California-based firm said in a Twitter post published today (Thursday). “This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets.”
After considerable effort and work to find a path forward with Prime Trust, BitGo has made the hard decision to terminate its acquisition of Prime Trust. This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets.
— BitGo (@BitGo) June 22, 2023The speculation about Prime Trust’s health was fueled by recent developments at the Nevada-based firm. In January, the firm quit service provision in Texas after previously withdrawing its Texas Money Transmitter License (MTL) application. In the same month, the crypto custodian shredded one-third of its workforce, mostly staff members in the communications and compliance departments, according to CoinDesk.
Last week, Banq, a mobile software solutions provider and subsidiary of Prime Trust, filed for bankruptcy in a US court in Nevada, declaring $17.72 million in assets and $5.4 million in liabilities. Prime Trust itself was initially primed for a $1.2 billion acquisition by Galaxy Digital by late 2021. However, the deal fell apart in August last year, with Prime Trust’s claim of $100 million in damages later dismissed by a court in Delaware.
Prime Trust Stops Deposit
Meanwhile, Prime Trust has ceased all deposits of fiat and crypto assets for custody, according to Stably, which is a company that provides stablecoins and fiat-to-crypto on-ramps. The move is in line with an order by the Nevada Financial Institution Division.
Cryptocurrency exchange Coinmetro also made a similar move, saying it “is currently unable to process new USD transactions."
?? Important announcement: unexpected disruption in USD transactions. We regret to inform you that our partner for USD payments PrimeTrust has temporarily suspended USD deposits and withdrawals. This means that Coinmetro is currently unable to process new USD transactions.While…
— Coinmetro (@CoinMetro) June 22, 2023New exchange on TradingView; HKEX in New York; read today's news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.
On June 22, 2023, Bitgo, a digital assets firm and crypto custodian, declared the termination of its planned acquisition of custodian Prime Trust. The company cited a “considerable effort” in attempting to chart a course for Prime Trust’s future. Bitgo Cancels Prime Trust Acquisition A fortnight prior, Bitgo announced its intention to acquire Nevada-based crypto [...]
The post Bitgo Abandons Acquisition of Prime Trust Amidst Nevada-Based Custodian’s Ongoing Uncertainty appeared first on Crypto Breaking News.
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial [...]
The post Crypto VC Firm Pantera Used Silicon Valley Bank as a Custodian appeared first on Crypto Breaking News.
<p>DZ Bank, one of the largest German banks in terms of held assets, has announced its newest partnership with Metaco, a digital assets <a href="https://www.financemagnates.com/terms/t/technology-provider/" class="terms__main-term" id="35d66747-cf26-42b4-be1f-d75d2fdd8824" target="_blank">technology provider</a>, widening its current asset management and custody services with digital currencies. </p><p>Metaco Enters into Partnership with DZ Bank</p><p>According to Thursday's press release sent to Finance Magnates, the German lender selected Harmonize custody platform by Metaco to offer its institutional clients access to cryptocurrencies. The decision to cooperate with the Swiss-based company was made after extensive diligence and a proof-of-concept process.</p><p>Metaco's agnostic model allows for diverse deployment approaches and incorporates a hardware-based key management infrastructure, ensuring the security of various digital assets, such as tokenized securities like bonds and equities. Additionally, Harmonize provides a flexible governance framework that enables the customization of risk and compliance controls, while fully segregating multiple business units and clients to ensure policy, user, account, and asset isolation.</p><p>Nils Christopeit, the Lead Solution Design Digital Custody at DZ Bank, said the Harmonize platform proved a "powerful solution" supporting the DZ Bank operating model.</p><p>"With the offering we can build by using this technology, we trust to create a durable and fast-growing business cooperation as well as an attractive solution for our clients that can also meet the requirements of digital currencies and decentralized financial instruments," Christopeit added.</p><p>DZ Bank is a provider of various financial services, with a particular focus on asset management for institutional clients. It stands out as one of the largest German lenders and custodians, having €297 billion in assets under its administration by the end of 2022.</p><p>Metaco's Chief Sales Officer, Craig Perrin, stated that the company's infrastructure is an excellent fit for financial institutions looking to capitalize on the crypto assets industry.</p><p>Watch the recent FMLS22 panel discussion on: "Hodling on? Reimagining Crypto Market Structure."</p><p>Seven Years of Metaco's Expansion</p><p>Metaco is an enterprise technology company that was established in Switzerland in 2015. The company's primary goal is to empower financial and non-financial institutions to construct their digital asset operations securely.</p><p>In recent years, Metaco established partnerships with many leading companies in the broader financial industry. For example, in 2019, the leading insurance broker, <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-custody-platform-metaco-gets-insurance-coverage-from-aon/" target="_blank" rel="follow">Aon became a partner of the cryptocurrency firm</a>.</p><p>A year later, the crypto custody platform successfully <a href="https://www.financemagnates.com/cryptocurrency/metaco-raises-17m-in-series-a-funding-round/" target="_blank" rel="follow">closed a $17 million Series A funding round</a>. According to announcements at the time, the round was oversubscribed, with demand over double the initial target and led by Giesecke+Devrient, a German-based security technology company.</p><p>Additionally, Societe Generale <a href="https://www.financemagnates.com/fintech/societe-generale-counts-on-fintech-metaco-to-grow-digital-asset-activities/" target="_blank" rel="follow">bet on Metaco's cryptocurrency offering</a>, wanting to build "a solid foundation" for its digital asset business. Additionally, the collaboration enabled it to lead efforts to integrate security tokens into traditional finance.</p><p>Finance Magnates recently informed that the Swiss-based <a href="https://www.financemagnates.com/terms/f/fintech/" class="terms__secondary-term" id="891edcf3-475e-45f3-a8b8-3ba2e7d37339" target="_blank">fintech</a> company <a href="https://www.financemagnates.com/executives/metaco-gets-new-chief-growth-officer-seamus-donoghue/" target="_blank" rel="follow">appointed Seamus Donoghue</a> as its Chief Growth Officer. Until his appointment, Donoghue was the Vice President of Strategic Alliances.</p> This article was written by Damian Chmiel at www.financemagnates.com.
If a majority of the five-member SEC panel votes in favor of the draft proposal, it will proceed to the next stage, which will be reviewed by other members of the SEC.
Despite most of the cryptocurrency market being down 60% from all time highs, Demissie said the digital asset industry is “here to stay.”
The new partnership will mutually benefit Circle and Mellon Bank. (Read More)
The crypto exchange based in San Francisco, Kraken, has unveiled its latest offering, Kraken Institutional, a digital currency suite designed expressly for high-net-worth firms and institutional investors. Deep Liquidity and Low-Latency Trading: Kraken Institutional’s Promise to Elite Clients This new crypto service, Kraken Institutional, introduced by Tim Ogilvie, the global head of the business division, [...]
The post Amidst a Surge in Spot Bitcoin ETF Reserves, Kraken Institutional Enters the Market appeared first on Crypto Breaking News.
BitGo, a leading cryptocurrency security platform, has recently launched an over-the-counter (OTC) trading platform. This new service aims to cater to institutional investors looking to trade large sums of digital assets outside of traditional exchanges. The launch of BitGo’s OTC platform comes at an opportune time, as there have been reports suggesting that the company [...]
The post BitGo, a Leading Crypto Custodian, Expands to OTC Trading Ahead of Potential 2025 IPO appeared first on Crypto Breaking News.
Shortly after the custodian Bitgo announced its acquisition of the company Prime Trust, its payments subsidiary, a firm called Banq, filed for Chapter 11 bankruptcy protection in the United States. According to court documents, the filing reveals that Banq listed approximately $17.725 million in assets and around $5.4 billion in liabilities. Banq’s Bankruptcy Filing Exposes [...]
The post Custodian Prime Trust’s Payments Subsidiary Banq Files for Chapter 11 Bankruptcy Protection appeared first on Crypto Breaking News.
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