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The Problem with Fidelity’s Crypto Trading Platform

October 16, 2018

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Crypto Market Update (01 February 2019)

February 1, 2019

 

General Market Outlook

 

The market has slight reversal from the mild downturn yesterday. Making primarily sideways movement, there are still some coins seeing strong positive gains. Trading volume has slowed somewhat, now trending between $16 billion and $17 billion in 24 hours. HOLO (HOT) and Augur (REP) are the major stand outs of the top 100 coins by market cap - up over 25% and 7% respectively in the past 24 hours. The value of Bitcoin (BTC) is just under $3,500 for +0.5% and a total market dominance of 53.4%, and the value of Ethereum (ETH) is just over $105 for +0.5?% change in the past 24 hours. Market cap for the overall cryptocurrency market gain just $1 billion, now rising toward $115 billion total.

 

 

Major Headlines

 

Bison Finally Launches

 

After announcing plans for a cryptocurrency trading app early last year, Boerse Stuttgart Group has launched Bison. The mobile app was developed by Sowa Labs, and offers cryptocurrency trading available on iOS 9+ and Android 4.4+ devices in Germany. Users can trade bitcoin (BTC), ethereum (ETH), litecoin (LTC) and XRP. Deposits to the platform must be made with euros. The app is similar in many ways to the Robinhood app, and offers zero trading fees. However, unlike Robinhood, the platform is a true cryptocurrency wallet. It is not an OTC trading service, but rather offers customers the ability to use their cryptocurrencies freely. At this time trading is only available between 6 a.m. and midnight CET (05:00 and 23:00 UTC). However the company expects to expand those hours. The service is offered through its financial services subsidiary EUWAX AG, which will conduct the trades, and their other subsidiary Blocknox GmbH handles custody of the cryptocurrencies. SolarisBank AG acts as external banking partner for payments processing and custody of customers’ cash deposits. a subsidiary of Boerse Stuttgart Digital Ventures, developed the app.

 

Upcoming Fidelity’s Cryptocurrency Custody

 

Fidelity is well beyond the prototype phase for entering the cryptocurrency industry. The financial services company has already launched their storage service for in-house use. Fidelity Digital Asset Services LLC (FDAS) is live, and expected to formally launch to the public sometime next month. “We are currently serving a select set of eligible clients as we continue to build our initial solutions...Over the next several months, we will thoroughly engage with and prioritize prospective clients based on needs, jurisdiction and other factors.” - Fidelity press release

 

Cryptopia Hacked Again

 

The second hack within one month has occured on the Cryptopia exchange. The New Zealand-based exchange has encountered numerous nefarious accusations since its onset in 2014. The exchange has suffered from crippling liquidity, and now consistent security breaches. The Blockchain data analytics firm Elementus posted the breakdown the hack to their blog. Over the course of almost a week, 1,675 ether was stolen from 17,000 wallets. This equates to roughly $181,000 USD. Highlighting the importance of decentralized exchanges, and new developments in cold wallet technology, the hack was simply that the hacker gained access to the private keys of all Cryptopia users. The previous hack was much larger, totally $16 million worth of ether and ERC-20 tokens.

 

 

Top 5 Gainers

 

Mithril Ore (MORE) +213.89% at $32.01

Soma (SCT) +149.51% at $0.042689

Rate3 (RTE) +96.60% at $0.002095

Exosis (EXO) +62.69% at $0.920059

CariNet (CIT) +39.69% at $0.007935

 

 

Top 5 Losers

 

Dentacoin (DCN) -49.15% at $0.000035

BlackCoin (BLK) -21.68% at $0.049647

BANKEX (BKX) -18.31% at $0.015032

DPRating (RATING) -17.80% at $0.000246

CanonChain (CZR) -15.47% at $0.007461

 

 

New Coins Listed

 

The Moss Coin (MOC) listed to Bittrex US

Verasity (VRA) listed to HitBTC

BTU Protocol (BTU) listed to Bittrex International

Ark (ARK) listed to Cobinhood

Doge Coin (DOGE) listed to Cobinhood

 

 

 

By: BGN Editorial Staff

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