Copper
December 2, 2019
Highlighting what went right, and what went wrong, in this week’s crypto news analysis. Who knew Black Friday / Cyber Monday sales would extend to crypto? Perhaps blockchains are more clever than we realised? #skynet
On a more serious note, last week saw some important developments, perhaps most notably for those in the trading and storage infrastructure game: the German federal parliament has approved a bill that will allow German banks to provide custody and offer trading of crypto assets.
It remains to be seen what guidance they receive in terms of proper storage, or whether that will even be legislated. This matters greatly if you care about private key management. But there are those for whom this is less of an issue. It’s more important for them that an established bank is responsible for holding their crypto assets.
To some extent it doesn’t matter which camp you’re in. The result could/should be that more qualified investors and institutions enter the space, which is good for everyone.
Below is our weekly roundup of industry and coin specific news. If you’d like to get in touch with us about any of our products or services, we look forward to hearing from you. Just send us a note.
Latest Industry News
Trump isn’t sold on Bakkt CEO becoming US Senator
Georgia Governor Brian Kemp is expected to appoint Kelly Loeffler, CEO of institutional Bitcoin (BTC) futures platform Bakkt, for a United States Senate seat next week
[Governor] Kemp met with the President and Loeffler last week to try to obtain Trump’s approval of his pick for the Senate seat but to no avail
Galaxy Digital saw first three quarter net income surge by 133%
The firm disclosed that it hit a net loss of $68.2 million in Q3, despite the overall gain in the first nine months of 2019
As of September 30, 2019, the firm has made a total investment of $156.5 million, a $22,9 million decrease from the end of 2018, and had a total digital asset holding of $133.5 million, a $63.7 million increase from the end of last year
German Banks Allowed to Sell and Custody Crypto Assets From 2020
The bill goes further than had been previously planned. Originally, banks were not allowed to act as crypto custodians, and were to have relied on external custodians
Some commentators expressed concerns over a perceived threat to consumer protections arising from the new law
Latest Coin News
BTC
Canadian fund manager
for Bitcoin fund IPO
What is
and why should Bitcoin holders care?
ETH
US
for training North Koreans to evade sanctions
South Korean crypto exchange
; loses nearly $50M worth of ether
XRP
Ripple-backed rental firm
Remittance firm
plans to move to Ripple
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