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The right to be me and the rise of self-sovereign identity

Identity is more than a document that proves who you are. In very real terms, it is the key that grants its holders access to the world of economic, social and political opportunity. And yet, over 20% of the world’s population cannot prove their identi…

Identity is more than a document that proves who you are. In very real terms, it is the key that grants its holders access to the world of economic, social and political opportunity. And yet, over 20% of the world’s population cannot prove their identity. Something has to change.

Bitcoin Remains Range-Bound At $7000, Analysts Bearish – Ethereum World News (blog)

Ethereum World News (blog)Bitcoin Remains Range-Bound At $7000, Analysts BearishEthereum World News (blog)At the time of writing, Bitcoin has situated itself in the low $7,000s, currently posting a 24-hour gain of 1.2% at the price of $7,051.66. The as…


Ethereum World News (blog)

Bitcoin Remains Range-Bound At $7000, Analysts Bearish
Ethereum World News (blog)
At the time of writing, Bitcoin has situated itself in the low $7,000s, currently posting a 24-hour gain of 1.2% at the price of $7,051.66. The asset is now on track to record its third “winning week” in a row, which may allude to the fact that ...

Word on the Street: Square wins crypto patent

US-listed payment app Square has been on a tear recently with its stock price surging 130% this year alone — and this week had a patent for a new crypto payment solution accepted by the US Patent and Trademark Office. 

US-listed payment app Square has been on a tear recently with its stock price surging 130% this year alone — and this week had a patent for a new crypto payment solution accepted by the US Patent and Trademark Office. 

Satis Group Issues Crypto Forecast, Expects $3.6 Trillion Market Cap by 2028

Satis Group has released an in-depth forecast of the crypto market through 2028, expecting that the total crypto market cap will rise significantly year over year and hit USD 3.6 trillion by 2028. By that year, it expects Bitcoin will be the top cryptocurrency with a price of USD 144,000, Monero second with a price …

The post Satis Group Issues Crypto Forecast, Expects $3.6 Trillion Market Cap by 2028 appeared first on BitcoinNews.com.

Satis Group has released an in-depth forecast of the crypto market through 2028, expecting that the total crypto market cap will rise significantly year over year and hit USD 3.6 trillion by 2028. By that year, it expects Bitcoin will be the top cryptocurrency with a price of USD 144,000, Monero second with a price of USD 40,000, and Dash third at USD 3,000. On the other hand, Satis Group expects Ripple, Ethereum, and Bitcoin Cash to be quite insignificant by the time 2028 rolls around.

The ICO advisory expects the total crypto market cap to first exceed USD 1 trillion by 2021, USD 2 trillion by 2024, and USD 3 trillion by 2027. There is a strong uptrend all the way up to the end of the forecast in 2028, when the crypto market cap hits USD 3.6 trillion, suggesting Satis Group expects crypto to rise far into the future. This is in agreement with crypto experts who think Bitcoin and other cryptos will eventually replace fiat currency as the dominant global currency.

Satis Group says that penetration of offshore capital will be the main thing driving the crypto markets, which makes privacy coins like Monero the best bet for the biggest gains long term. Monero is sitting at USD 109 as of this writing on 31 August 2018, but Satis is saying it will rally to USD 1,500 in the next year, and that will be just the beginning of a prolific rally that will bring Monero to USD 40,000 by 2028. This is because the privacy-centric cryptocurrency will be an excellent way to transact and store crypto while dodging government regulations.

Bitcoin will reign as king according to Satis Group, hitting USD 33,000 in the next year, breaching USD 100,000 in five years and USD 144,000 by the end of the forecast in 2028. Regarding Bitcoin, Satis Group says, “Despite a lack of appeal during retail frenzies, we continue to believe that BTC and its network effect will dominate end-market share within currencies and the overall cryptoasset market, driven by: 1) increasing liquidity and purchasing avenues, 2) increasing brand recognition, 3) its position as the default base-pair within the crypto markets, 4) declining relative volatility, 5) relative lack of attack vectors, 6) network capacity alleviation through the maturity of layer-2 solutions, and 7) an increasingly high attack and overthrow cost”.

Other currencies that stand to gain long term are Litecoin and Dash, although their market share compared to Bitcoin and Monero will be small. Perhaps surprisingly, Satis Group says the current top-ranked altcoin, Ethereum, will struggle long term and only be worth USD 600 in 2028. This is because Satis Group thinks penetration of offshore capital will drive the crypto markets, not Dapp usage.

According to Satis Group, cryptocurrencies that are imitations and don’t offer any real technological advantages, like Bitcoin Cash, won’t grow long term. It says that in 2028, Bitcoin Cash will be worth USD 180 at the same time Bitcoin is worth USD 144,000.

Additionally, Satis Group thinks Ripple is centralized and misleading since it’s not even required to use the Ripple network, and they expect its price to decline to USD 0.004 by 2028, from USD 0.334 currently. The group actually says Ripple will crash 90% and EOS to experience a violent 99% crash in the next year, likely due to centralization issues.

 

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Crypto Onslaught in China Continues as Guangzhou Bans Cryptocurrency Events

In an ongoing onslaught on the once-booming Chinese cryptocurrency industry, China’s Guangzhou Development District government has prohibited all physical venues from hosting digital currency-related promotions or events. Guangzhou Development District, which is one of China’s special economic zones, reportedly issued a circular to all local business on August 24 outlawing them from hosting any crypto-related […]

In an ongoing onslaught on the once-booming Chinese cryptocurrency industry, China’s Guangzhou Development District government has prohibited all physical venues from hosting digital currency-related promotions or events. Guangzhou Development District, which is one of China’s special economic zones, reportedly issued a circular to all local business on August 24 outlawing them from hosting any crypto-related activities. The new ban is meant to help “maintain the security and stability of the financial system,” the circular read.

The Onslaught Continues

The move by the Guangzhou financial watchdogs comes after a similar ban was imposed upon local businesses in Beijing’s Chaoyang district two weeks ago. As reported by local media, the ban forbids all public venues in the region — including hotels, offices, business centers and malls – from hosting any form of crypto-related activities.

Among the whys and wherefores given by the Beijing Chaoyang district financial bureau to justify the new ban is the protection of public property rights, prevention of money laundering and the upholding of the security and stability of the financial system.

As far as anti-crypto rhetoric goes, China has a history of inauspicious digital currency sentiments. The Chinese government banned virtual currency trading and initial coin offerings late last year and intensified its efforts to clamp down on the domestic cryptocurrency market this year. While Chinese authorities prohibited cryptocurrency exchanges last year, they’ve lately noted an uptick in activity on alternative platforms.

China’s has this month deepened its crackdown on cryptocurrency space, targeting online platforms and communication channels through which Chinese crypto-enthusiasts can gain exposure to crypto trading and ICOs.

On Aug. 21, the China National Fintech Risk Rectification Office initiated a move to restrict 124 overseas cryptocurrency exchanges from offering trading services to local crypto investors. Additionally, the watchdog also announced that it plans on setting up measures to monitor the crypto space as well as block internet access to these trading platforms.

At around the same time, WeChat, China’s top social media platform and payment app permanently blocked a dozen blockchain and crypto related accounts that were alleged of publishing material related to crypto trading and ICOs.  The reason given by WeChat to justify its actions was that these users flouted the new rules. WeChat follows in the footsteps of Baidu, the Chinese multinational technology company which shut down two of their famous cryptocurrency related chat forums.  Citing a similar reason to that offered by WeChat, Baidu sent a notice to their users   that the move comes “in accordance with relevant laws, regulations, and policies.”

In a bulletin released by multiple Chinese financial regulators on Friday, the regulators issued a blunt caution about unlawful fundraising efforts claiming affiliation with the cryptocurrency space. The bulletin, inked by the People’s Bank of China (PBoC), the Banking Regulatory Commission and the Ministry of Public Security issued a risk alert against “illegal” ICOs.

While the Guangzhou Development District financial bureau strives to crack down further on the trading of cryptos, the government of Guangdong province, in which the city is located, is taking a divergent stance.  In mid-August, Guangdong province government published a circular that foisted county and municipal level administrations to initiate the process of rolling out policies to support blockchain companies and hasten the adoption of systems based on this nascent technology. The text urges the crypto enthusiasts to be “lucid” about blockchain-related information.

OKEx and Huobi, formerly two of the leading digital currency exchanges in China prior to the Chinese government ban on crypto trading, relocated immediately after the ban on digital currency trading was imposed in late 2017 to Hong Kong.

The two cryptocurrency exchanges have continued to flourish over the past several months. OKEx is presently the second largest crypto exchange in the world by 24-hour trading volume, seeing about $916 million in trades on the day to press time, with Huobi ranking third and processing about $679 million in trades.

Litecoin Price Analysis: Litecoin Will NEVER Test $400 Predicts Sabis Group

The crypto verse is can be dramatic and depending on your preference, Litecoin and Bitcoin enjoy wide media coverage—and sometimes from research groups as Satis. They claim Litecoin gains shall average at $255 in the next decade and despite on-chain developments and adoption levels, LTC will never rise to $400. From the News Perhaps a

The post Litecoin Price Analysis: Litecoin Will NEVER Test $400 Predicts Sabis Group appeared first on NewsBTC.

The crypto verse is can be dramatic and depending on your preference, Litecoin and Bitcoin enjoy wide media coverage—and sometimes from research groups as Satis. They claim Litecoin gains shall average at $255 in the next decade and despite on-chain developments and adoption levels, LTC will never rise to $400.

From the News

Perhaps a stand out as the week concludes is this ruffling price prediction from Satis Group. While no one can accurately predict the future value of an asset even with the help of the latest valuation software, the research group has churned out some rather bold prediction of Bitcoin and its proxy, Litecoin.

Understandably, the crypto market is still nascent and that’s part of the reason why institutional investors are wary of sinking investors’ money. As a market that’s still trying to find a footing in a fast moving environment underpinned by technology, Litecoin and the rest of the markets are volatile but that didn’t stop Sherwin Dowlat and Michael Hodapp the authors of this controversial report from laying out their expert predictions.

Basing their forecast on peer-peer metrics and various traditional valuation models, they project that prices will never see the light of $400. That’s where Litecoin peaked before sinking to current levels.

What’s odd is that they took the John MacAfee route, placing Bitcoin at $144,000 in 10 years and $60,000 by the end of 2018. While all these are potential prices tags, many remain upbeat of Bitcoin but end up placing Litecoin at the dredges as they completely ignore the positive co-relation between Bitcoin and Litecoin.

Besides the obvious relationship, the network continues to find broad support from businesses, exchanges and investment firms with the foundation further oiling the systems by implementing solutions that deal with scalability, speed and most importantly adoption.

Litecoin Technical Analysis

Weekly Chart

Odds are, Litecoin will end up higher this week. So far, prices are up six percent and while they remain higher than last week, we must acknowledge that LTC prices are still in range mode. Not only are they moving within the last two week’s high lows but week ending Aug 12 bearish engulfing candlestick shadows any attempts of higher highs.

This is why LTC is most likely to dip provided prices are oscillating below $70 and more importantly below week ending Aug 12 highs at $80. In any case, prices might end up moving horizontally for some time as price accumulate/distribute ready to break below $50 or above $70.

Daily Chart

In this time frame, the reason for our neutral proposal is technical and clear from the chart. Notice that LTC prices are moving inside Aug 17 high low and are yet to break above $70—the immediate resistance line despite trend continuation following that high volume thrust of Aug 27.

Either way, risk on traders can load up longs with stops at $55 and targets at $70 and later $90. The safest route is the conservative way of trading and that dictates either a break above $70-asuming Aug 17 and 27 bull bears are confirmed or a dip below $50—in case there is trend resumption.

Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.

The post Litecoin Price Analysis: Litecoin Will NEVER Test $400 Predicts Sabis Group appeared first on NewsBTC.

University College Oxford Set to Launch Blockchain Research Center

University College Oxford has become the latest institution to establish a blockchain research facility. The university will now have an ultra-modern research center explicitly designed to research blockchain technology. The initiative will be spearheaded by the university’s cryptography expert, Professor Bill Roscoe, who has been researching automated verification and cryptography for over three decades. The […]

University College Oxford has become the latest institution to establish a blockchain research facility. The university will now have an ultra-modern research center explicitly designed to research blockchain technology. The initiative will be spearheaded by the university’s cryptography expert, Professor Bill Roscoe, who has been researching automated verification and cryptography for over three decades. The institution joins many other leading universities which are making major strides in becoming blockchain research hubs.

Universities Leading In Blockchain Research

Professor Roscoe will work alongside a team of experts in various subject areas of the distributed ledger technology initiative. Their primary task will be to work jointly to come up with technology that reduces the vast amount of energy consumed in the mining process, better known as green mining technology. They will also be expected to set blockchain technology standards as well as discuss privacy, trust and protocols for digital asset exchange platforms.

Commenting on the launch, the professor who joined Oxford in 1975 said:

The new blockchain research facility focuses on bringing blockchain to the mainstream. We will achieve this by embracing regulation through know your clients (KYC) guidelines and also through the use of green mining technology.

In even more good news for academic blockchain research, the University of Malta has set up a €300,000 blockchain and distributed ledger technology scholarship fund. The fund is as a result of a partnership between the university and the Malta Information Technology Agency and will be split over three years. It will benefit Masters’ and Ph.D. students whose dissertations are related to blockchain technology. To further increase the scope of the scholarship, the university stated that it will review other courses in the fields of finance, law and ICT to include blockchain tech, AI and fintech.

Oxford joins the likes of Stanford University which announced the launch of a blockchain technology research center in June. Stanford’s Center for Blockchain Research focuses on improving the current state of blockchain technology and developing a curriculum that will facilitate the use of blockchain tech in other fields. The center also intends to work closely with notable technology institutions like OmiseGo, Ethereum Foundation and Protocol Labs to solve blockchain scalability and privacy issues.

In the Philippines, the University of Ateneo de Manila inked an agreement with the NEM Foundation to launch a blockchain lab aimed at developing the state of blockchain tech in the country. The university, which has been in existence for 59 years, operates the Ateneo MediXserve Blockchain Education and Research lab which develops blockchain-based healthcare platforms for developing countries. The University of Arkansas also recently set up a blockchain research center aimed at boosting the national economy by encouraging more investors to adopt blockchain technology.

The spread of blockchain technology in institutions of higher learning was recently affirmed by a survey carried out by Coinbase and London-based research firm, Qriously. The survey revealed that 42 percent of the world’s top 50 universities are offering blockchain courses. The universities are responding to increasing interest from students who want to get a solid footing in the emerging technology, with some universities having to make new arrangements to accommodate the unexpectedly high number of blockchain students

Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese Market

Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese MarketJapanese mega e-commerce and internet company Rakuten Inc. is entering the crypto space. Instead of submitting a new application to the country’s financial regulator, Rakuten is acquiring an existing crypto exchange to fast-track into the Japanese crypto market. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Rakuten to Operate Crypto Exchange Rakuten Inc. announced […]

The post Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese Market appeared first on Bitcoin News.

Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese Market

Japanese mega e-commerce and internet company Rakuten Inc. is entering the crypto space. Instead of submitting a new application to the country’s financial regulator, Rakuten is acquiring an existing crypto exchange to fast-track into the Japanese crypto market.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Rakuten to Operate Crypto Exchange

Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese MarketRakuten Inc. announced Friday that “it decided to acquire Everybody’s Bitcoin Inc. through its subsidiary, Rakuten Card Co. Ltd.” After the stock acquisition, which is expected to take place on October 1, Everybody’s Bitcoin will become a wholly-owned subsidiary of Rakuten. The acquisition cost is listed as 256 million yen (~US$2,305,484).

The e-commerce giant wrote:

We expect that the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future. In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function, and have been considering entry into the cryptocurrency exchange industry as the Rakuten Group.

Furthermore, the company revealed that a growing number of its FX and securities customers “have been calling for the provision of a cryptocurrency exchange service.”

Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese MarketFounded in 1997, Rakuten claims to have more than 1.2 billion members globally. The company has over 70 businesses across e-commerce, digital content, communications, and fintech. It owns messaging app Viber and has invested heavily in car-hailing service Lyft. In 2016, the firm established a dedicated research and development unit in Belfast called Rakuten Blockchain Lab. In addition, the Japanese government gave Rakuten a concession in April to operate Japan’s fourth major wireless carrier.

About Everybody’s Bitcoin

Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese MarketKnown in Japanese as Minnano Bitcoin, Everybody’s Bitcoin began operating a crypto exchange service on March 30 last year. The exchange currently offers the trading of BTC, BCH, and ETH against the yen.

In April last year, the revised Payment Services Act went into effect in Japan, legalizing cryptocurrency as a means of payment and requiring all crypto exchanges in the country to register with the Financial Services Agency (FSA).

Everybody’s Bitcoin applied for a license on September 7, 2017, but its application is still under review. The FSA has, however, approved 16 crypto exchanges. As for those companies Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese Marketthat were already operating crypto exchanges prior to the regulation taking effect, the agency has allowed them to keep operating while their applications are being reviewed. These companies are referred to as “quasi-operators” of crypto exchanges or “deemed” crypto exchanges.

Rakuten described:

Currently, Everybody’s Bitcoin operates the business as a deemed cryptocurrency exchange and is waiting for approval of the official registration.

A Fast Track to Registration

Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese MarketSince the hack of Coincheck in January, the FSA has tightened its review process of crypto exchanges. The agency has issued a number of business improvement orders and has temporarily shut down some quasi-operators.

On April 25, Everybody’s Bitcoin received a business improvement order from the Kanto Local Finance Bureau. “Everybody’s Bitcoin is working to implement improvements in the items outlined in the business improvement order,” Rakuten detailed.

Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese MarketDue to the stricter review process, most of the 16 quasi-operators have exited the industry. The FSA confirmed this week to news.Bitcoin.com that only three applications from these operators are left. They are for Coincheck, Lastroots and Everybody’s Bitcoin.

Coincheck was acquired by Monex Group after the hack. Lastroots just had more investments from SBI Group, which also has its own crypto subsidiary, SBI Virtual Currencies, and offers a crypto trading service called Vctrade.

According to Friday’s announcement:

Rakuten Group decided to acquire Everybody’s Bitcoin shares so that it can realize the early registration as a cryptocurrency exchange and develop cryptocurrency services to customers.

According to the e-commerce giant, Everybody’s Bitcoin “decided to expand the business under the Rakuten Group to maximize synergies…in order to further promote its cryptocurrency business.”

What do you think of Rakuten fast-tracking into the Japanese crypto market? Let us know in the comments section below.


Images courtesy of Shutterstock, Rakuten Inc, Everybody’s Bitcoin, Coincheck, and Lastroots.


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Bitcoin Spotted At This Year’s Burning Man – Bitcoinist


Bitcoinist

Bitcoin Spotted At This Year’s Burning Man
Bitcoinist
So it’s Burning Man time again, and this year one of the ‘art’ installations featured some prominent bitcoin logos. Well, you weren’t expecting physical bitcoins, were you? They’re just to impress no-coiners!

and more »


Bitcoinist

Bitcoin Spotted At This Year's Burning Man
Bitcoinist
So it's Burning Man time again, and this year one of the 'art' installations featured some prominent bitcoin logos. Well, you weren't expecting physical bitcoins, were you? They're just to impress no-coiners!

and more »

Yahoo Finance Users Can Now Trade Bitcoin, Ether, and Litecoin

2018 seems to be a year of mainstream cryptocurrency adoption, as Yahoo Finance has joined the party by integrating buy and sell options for three cryptos. Yahoo Finance users can now buy and sell Bitcoin, Ethereum and Litecoin through the site’s portal. The three digital assets are currently ranked first, second, and seventh respectively in […]

2018 seems to be a year of mainstream cryptocurrency adoption, as Yahoo Finance has joined the party by integrating buy and sell options for three cryptos. Yahoo Finance users can now buy and sell Bitcoin, Ethereum and Litecoin through the site’s portal. The three digital assets are currently ranked first, second, and seventh respectively in market capitalization, with Bitcoin trading at $6,900, Ethereum at $280 and Litecoin at $60 at press time. The move has been lauded by the crypto community, with many commending the direction taken by Yahoo at a time when many internet giants have shunned the industry. Anthony Pompliano, the founder of crypto-focused VC firm Morgan Creek Digital, euphorically broke the news on Twitter, stating that the crypto adoption virus is spreading.

Spreading To The Masses

Yahoo Finance platform uses Coinbase, a top US crypto exchange and trading app Robinhood as third-party brokers for the transactions. Consequently, the platform does not hold any user data, but the users must have an account from at least one of the two platforms when they want to trade in crypto assets through its platform.

While many of the top ten cryptos such as XRP, Bitcoin Cash, EOS and Stellar Lumens are not yet available on the platform, users can access their statistical data. Yahoo Finance is yet to disclose whether it intends to add support for the trading of other cryptos. In 2017, Yahoo Finance integrated numerous key features to its platform to allow investors to track dozens of cryptocurrencies on its platform. In partnership with crypto data aggregator CryptoCompare, the platform added such features as the support for quote pages, data on currency pairs, market capitalization and coins’ outstanding and historical data.

Historically, Yahoo Finance has been one of the most comprehensive financial portals regarding equities and other financial instruments, specifically for the United States and North American investors. With plenty of free and exclusive information, traders use such data to guide their investment decisions. However, since last year, the offering has extended rapidly to include dozens of digital currency pages.

The move by Yahoo Finance to integrate cryptocurrencies into its platform comes a month after Canada-based information and news provider Thomson Reuters partnered with CryptoCompare to track a number of digital assets on one of its desktop finance feeds. Under the partnership, CryptoCompare collates order book, trading information and statistical data for over 50 digital currencies sourced from trusted exchanges to be provided to investors through Thomson Reuters’ Eikon platform.

This latest move follows up on other efforts by the company to make inroads into the crypto trading industry such as the acquisition of a 40 percent stake in Tokyo-based BitARG crypto exchange. The acquisition was done in April through Yahoo Japan’s wholly owned subsidiary YJFX, costing the company $19 million (2 billion yen). The company further revealed its plan to launch an easy-to-use digital currency exchange in the next year.

Yahoo Finance platform is currently reported to have about 165 million users monthly, of which 70 percent reside in the United States. Hopefully, the new service will be expanded to accommodate those living outside the US as the buy and sell option is only currently available for US citizens.

Bitcoin At $7000, Undervalued Or Overvalued? – Forbes

ForbesBitcoin At $7000, Undervalued Or Overvalued?ForbesAt $7,000, Bitcoin can be both undervalued or overvalued, depending on how the “intrinsic” value of the digital currency is calculated. After testing the $6000-mark for a while, Bitcoin has staged…


Forbes

Bitcoin At $7000, Undervalued Or Overvalued?
Forbes
At $7,000, Bitcoin can be both undervalued or overvalued, depending on how the “intrinsic” value of the digital currency is calculated. After testing the $6000-mark for a while, Bitcoin has staged a big comeback lately. In the last seven days, the ...

Bitcoin Custodians with $12 Billion Assets Secures Lloyds Insurance

Lloyds of London, the world’s leading insurance market providing specialist insurance services to businesses in over 200 countries and territories, has moved into underwriting crypto with a new account through its business syndication. UK underwriter Lloyds, which was established in 1765 when button maker John Taylor and iron dealer Samson Lloyd first set up a …

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Lloyds of London, the world’s leading insurance market providing specialist insurance services to businesses in over 200 countries and territories, has moved into underwriting crypto with a new account through its business syndication.

UK underwriter Lloyds, which was established in 1765 when button maker John Taylor and iron dealer Samson Lloyd first set up a business together, has added another page to its long history through its connection with South Dakota registered Kingdom Trust, a company which provides customized and innovative digital currency custody solutions for institutional clients.

The trend is clearly changing with more insurers considering providing services to cover custodied digital assets, with AIG, XL Catlin, Chubb and Mitsui Sumitomo Insurance all looking at this insurance sector as cryptocurrency grows in stature and popularity.

Until now insurance companies have very much stood back from the industry and some have not disclosed whether they are actually covering institutional assets such as cryptocurrency, due to the risk of compromised client accounts due to fraud and technical errors. Despite such risks, the sector is opening up.

“Insurance for cryptocurrency storage will be a big opportunity,” said Christian Weishuber, a spokesman for Allianz, who offer individual coverage for digital-coin theft. “Digital assets are becoming more relevant, important and prevalent on the real economy and we are exploring product and coverage options in this area.”

Its reported that Kingdom Trust, who has USD 12 billion in assets, secured the account due to the company’s cold storage protocol with the client’s digital currency stored offline. The broker who secured the account, Illinois-based Safe Deposit Box Insurance Coverage (SDBIC), says that Kingdom Trust’s level of security earned them a “drastic discount”.

SDBIC president Jerry Pluard suggests that Lloyds are comfortable with the direction it is moving in with this account and that more syndicates are looking at crypto. He commented:

“About ten syndicates in Lloyds have indicated a willingness and are somewhat active in evaluating crypto exposures… Of those ten, I would say there are five that have the level of expertise that allows them to be comfortable enough to do the analysis and underwriting of the risk, and then the other five will follow on with those leads in writing exposure.”

Kingdom trust reportedly stores 30 different digital assets including Bitcoin, Ethereum, Litecoin, Ripple and ZCash.

 

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