Goldman Sachs launches limited BTC derivatives trading desk

One of the largest investment banks in the world just launched a cryptocurrency trading desk — though executives made sure to specify they would only be trading derivatives, and will not have actual digital assets on the books.  A CNBC report this morning revealed a internal Goldman Sachs memo announcing the launch of a cryptocurrency trading desk. The desk will be part of Goldman’s Global Currencies and Emerging Markets division, and overseen by Digital Assets head Mathew McDermott. The news comes shortly after a report yesterday that Goldman had begun…

Early Bitcoin bull market buyers are hodling strong, but short term trading increasing

Bitcoin buyers from the early phases of the bull run are still hodling despite BTC’s meteoric surge into new all-time highs, according to data shared by Glassnode. The on-chain analytics provider shared its “Realized Cap HODL Waves” chart, noting that the number of coins that were last realized on-chain in the past six months has nearly doubled from roughly 40% to 80% since the third quarter of 2020 — showing that much of the BTC purchased during this period has not been touched since. HODL Waves are used to estimate…

US banks to allow Bitcoin trading in 2021, says NYDIG execs

The era of American banks regarding cryptocurrencies as anathema might be coming to an end. According to a report by CNBC on Wednesday, New Digital Investment Group has inked a partnership with fintech staple Fidelity National Information Services to provide a framework for U.S. banks to offer crypto trading services to their customers. Patrick Sells, bank solutions chief at NYDIG told CNBC that several banks have already signed up for the program with the majority being smaller financial institutions. However, major Sells also added that the company is in talks…

Blockchain trading platform INX completes $125M SEC-approved token IPO

INX Limited has completed the first-ever Securities and Exchange Commission-approved token sale event via an initial public offering. According to a release issued by the company, the blockchain trading platform raised $85 million in gross proceeds from over 7,200 investors — both retail and qualified institutional actors. Details from the announcement show that the average of investors who participated in the token IPO was 42. As previously reported by Cointelegraph, the SEC-registered INX was looking to wrap up its token IPO before the end of April. The company had previously…

Uzbek presidential agency proposes legalizing domestic crypto trading

A major governmental agency in Uzbekistan seems to be rethinking its stance on cryptocurrencies. The National Agency for Project Management under the President of the Republic of Uzbekistan, or NAFT, issued an official document proposing several amendments to licensing procedures for crypto trading. NAFT proposed to officially allow local residents to conduct “all types of crypto exchange trades involving crypto assets and tokens in exchange for the national currency and the foreign currency.” The authority stressed that crypto investors would trade and invest at their own risk. The proposal also aims…

Robinhood announces new COO to lead crypto trading desk

Retail trading app Robinhood has appointed Christine Brown as the chief operating officer of its crypto division. The company announced the appointment a statement on its website on Thursday. Brown, who is the current vice president of operations at Robinhood Markets, will now also oversee Robinhood Crypto following the appointment. Commenting on her new role, Brown expressed excitement at pivoting from traditional finance to the crypto space. “I couldn’t be more excited to lead our crypto operations, help our teams build amazing products, and deliver a great experience for our…

Synthetic FAANG stocks are trading in DeFi — but do gas fees make them uncompetitive?

Decentralized finance protocol Kwenta has launched a series of synthetic tokens for popular stocks — but current gas prices could make trading them more expensive than buying the real thing. In a blog post on April 23, derivatives trading protocol Kwenta —an Ethereum dApp which is powered by Synthetix — announced the listing of various synths that track the prices of stocks from the top five tech firms known by the acronym FAANG. These comprise Facebook, Apple, Amazon, Netflix, and Google. Tesla was already available and there are plans to…

South Korea to Curb Illegal Cross-Border Crypto Trading

Key Takeaways According to a report from Korea Economic Daily, there has been a sudden rise in bank transactions from Korea to China. Regulators suspect the transactions may be related to crypto traders looking for cross-border arbitrage opportunities. South Korea’s leading financial regulator is reportedly formulating new guidelines to strengthen the monitoring of cross-border transactions connected with cryptocurrency. Share this article South Korea may soon curb overseas cryptocurrency transactions that take advantage of arbitrage trading opportunities. The Kimchi Premium According to a report from Korea Economic Daily, there has been…

Binance Stock Trading Draws Attention of Regulators

Key Takeaways Regulators are examining Binance’s stock trading features.  The FCA and others are concerned about whether Binance’s tokenized stocks represent securities.  Binance maintains that Coinbase and Tesla stock tokens are traded with regulated entities, so there is nothing to worry about.   Share this article The U.K. Financial Conduct Authority (FCA) and other European regulators are concerned about whether Binance’s new stock trading feature complies with security laws.  Binance Under Scrutiny for Listing Stock Tokens Leading crypto exchange Binance launched stock trading on Apr. 12. While cryptocurrency enthusiasts celebrated the…