#GENESISTRADE

[otzyvy-broker]

RESTBROK: ОТЗЫВЫ пострадавших, РАЗВОД, Как вывести средства

❗ GENESISTRADE - это Развод. Как вернуть деньги, если вас обманули 1️⃣ За малое время существования GENESISTRADE появилось много плохих отзывов в сети. 2️⃣ Они обещают хороший заработок ежемесячно. Дают аналитика, который постоянно требует пополнять брокерский счёт.  3️⃣ Принимают оплату клиентов на счета физических лиц (на карты, в криптовалюте, по номеру телефона) 4️⃣При выводе средств со счета заставляют оплачивать - комиссии, налоги, страховку, конвертацию и много другое - это все ОБМАН. -------------------------------------------------------------------

КАК ВЕРНУТЬ ДЕНЬГИ ИЗ GENESISTRADE

✅️Помогут вернуть деньги наши партнёры - юристы со стажем 12 лет. ✅️Возврат делают через заявления в Банк, Полицию и Суд. ✅️Закажите БЕСПЛАТНУЮ КОНСУЛЬТАЦИЮ на сайте: CHARGEBAC911

[rbastien1234]

Liam looks like the way I was at his age. #DCGco #GenesisTrading #Grayscale #FoundryService #LunoGlobal #CoinDesk #TradeBlock #SuperRare #seemecommunity #digitalcollector #guggenheimcollection #galleriesnow #galleriesnowzurich #digitalcurrencygroup #sothebysauction #sothebysnewyork #sothebysrealty #art https://www.instagram.com/p/CXmoClnrOug/?utm_medium=tumblr

[siberianwellnesseuropa]

Would you like to earn $ 10,000 a month?  Check out our website at our profile address .................... https://smarttradecoinworld.blogspot.com/2020/05/important-information-aim-of-this-white.html?m=1 ...................  #emprendiendoyganandodónde #cubemarkets #genesistrading #bmv #méxico #traders #psicologíatrading https://www.instagram.com/p/B_zZ3C0HAZJ60L-3bzfPXBNhgUuomXP36y9cGk0/?igshid=1f7w5fo504bdy

[primorcoin]

New Post has been published on https://primorcoin.com/genesis-owes-gemini-earn-users-900m-report/

Genesis Owes Gemini Earn Users $900M: Report

Embattled crypto broker Genesis and its parent company Digital Currency Group (DCG) owe users of Gemini Earn $900 million, the Financial Times reported on Saturday, citing anonymous sources.

Gemini had used Genesis as its primary lending partner for its high-yield Earn service, which allowed customers to deposit their cryptocurrency in exchange for interest, similar to a bank account, offering returns of between 0.45% and 8% depending on which token you deposited.

According to the FT, Gemini is working as part of a creditors’ committee to regain the funds from Genesis and DCG.

The Gemini Earn service has experienced severe disruption since the FTX contagion began at the start of last month.

Gemini, which Cameron and Tyler Winklevoss founded in 2015, told users it would be pausing withdrawals from Gemini Earn on November 16, and has yet to provide any clarity as to when they are expected to be reopened. The exchange attributed the move to “unprecedented market turmoil”.

The move came directly after Genesis suspended redemptions for customers and new loans due to “abnormal withdrawal requests” following the FTX collapse on the same day.

Genesis is now reportedly working with investment bank Moelis & Co about potential financing options according to the newspaper, and it was reported earlier this month that the lender attempted to raise $1 billion as part of attempts to avoid the “liquidity crunch” which forced it to stop withdrawals. 

Genesis had exposure to FTX of at least $175 million, coming via its derivatives trading business. 

As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.

— Genesis (@GenesisTrading) November 10, 2022

In addition, the complex financial relationship between Gemini and its parent company may be muddying the already worrying outlook for its creditors.

The newspaper reported that as of the time of writing, DCG, which also owns prominent crypto-focused investment house Greyscale Capital, owes Genesis $1.7 billion out of its total outstanding debts of $2 billion. 

All other Gemini services, including its exchange, Gemini credit card, and Gemini Staking remain fully functional and working as normal as of the time of writing. 

The exchange has repeatedly assured users that all the funds held in its exchange are backed 1:1. 

Decrypt has contacted both Gemini and Genesis for comment on the story.

Stay on top of crypto news, get daily updates in your inbox.

Source link

#Blockchain #Crypto #CryptoNews #TraedndingCrypto

[iampjr]

RT @CoinDesk: Crypto market maker @B2C2Group has offered to purchase loans from the lending arm of @GenesisTrading, which paused customer withdrawals earlier Wednesday citing @FTX_Official exposure. @BrandyBetz reports https://t.co/XXG0FsxhkJ

RT @CoinDesk: Crypto market maker @B2C2Group has offered to purchase loans from the lending arm of @GenesisTrading, which paused customer withdrawals earlier Wednesday citing @FTX_Official exposure. @BrandyBetz reports https://t.co/XXG0FsxhkJ — Patrick Rooney (@patrickrooney) Nov 16, 2022 https://platform.twitter.com/widgets.js from Twitter https://twitter.com/patrickrooney

[bydfi]

UPDATE: Yet again Genesis is admitting to hundreds of millions in losses on FTX, despite initially falsely denying exposure with fancy technical lawyer speak. Withdraw your loans to them, we dont know how deep this really goes or if they are solvent anymore.

Todays new admission to losses numbering at least in the hundreds of millions: https://twitter.com/genesistrading/status/1590836594382032896 As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities. Previously: Nov 8, 2022: With regard to today’s market events, we have managed our lending book and have no material net credit exposure. In addition, Genesis has no exposure to any tokens issued by centralized exchanges. We continue to meet the needs of our clients around the world across all products. https://twitter.com/genesistrading/status/1590106896698028032 Previously: Nov 9, 2022: We want to provide an update on where things currently stand with our lending business. In anticipation of the extreme market volatility yesterday, we hedged and sold collateral resulting in a total loss of ~$7M across all counterparties, including Alameda. https://twitter.com/GenesisTrading/status/1590391027214725120 Below is an analysis of their tweet information that was posted on reddit on the 9th of November when genesis was still being deceptive about their losses Link to the Previous Reddit thread: https://old.reddit.com/r/CryptoCurrency/comments/yqq49d/after_denying_exposure_yesterday_today_genesis/ Genesis has no material exposure to FTT Translation: We have no direct exposure to FTT but our borrowers who have our money do have exposure to FTT. Genesis has no lending relationship with FTX Translation: We have a lending relationship with Alameda which is the same thing as FTX. Genesis has a trading relationship with FTX, amongst other exchanges. Our exposure to FTX has no impact on our ability to serve our clients. Translation: We do have trading exposure to FTX (most likely assets on the exchange that cannot be withdrawn due to insolvency) but we arent insolvent yet, unless all customers request their funds back from Genesis. And we still pay workers to come in and answer phones. our balance sheet remains strong Translation: On paper we can use tricks to make it look like we arent insolvent yet even though we dont have the actual assets anymore and the borrowers have defaulted. 95% of the collateral in our lending book is comprised of USD/stables, BTC, and ETH Translation: However we gave many loans with no collateral at all, that were based on the balance sheets of the borrowers, who had FTT and other now worthless coins on their balance sheets which fooled us into giving them loans. Also when we do liquidate all our loans we will Dump ETH and BTC into oblivion because 95% of margin loans are backed by these 2 assets. These guys are liars and dont want a bank run, which could result in their insolvency. Going from $0 to $7 million in losses, might not sound like a lot, the issue is that they are lying and hiding behind balance sheets backed by worthless stuff, even for example Alamedas balance sheet, which looks "strong" but was backed by FTT tokens. So while Genesis may deny having FTT on their balance sheet, they gave loans to balance sheets of other companies that were completely backed by fake printable tokens and are not saying how many millions, or hundreds of millions in losses they may be facing. submitted by /u/big--if-true [link] [comments] http://dlvr.it/Scb1Sc

[coinhuntru]

Криптовалютная OTC-платформа Барри Силберта получила BitLicense штата Нью-Йорк

Genesis Global Trading, OTC-платформа для торговли цифровыми валютами, объявила, что Управление финансовых услуг Нью-Йорка (NYDFS) удовлетворило ее заявку на получение BitLicense – специальной лицензии на ведение деятельности в штате Нью-Йорк. Exciting step forward for @GenesisTrading as they receive BitLicense from @NYDFS:https://t.co/Rnj8eEY3wf — DigitalCurrencyGroup (@DCGco) 17 May 2018 Как говорится в официальном сообщении, ориентирующаяся на институциональных […]

Сообщение Криптовалютная OTC-платформа Барри Силберта получила BitLicense штата Нью-Йорк появились сначала на Охота за монетами.

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[matrixcoin]

[hyipblog]

genesistrade.fund - HYIP With a Nautical Theme Design

New Post has been published on https://blog.hyip.com/2020/02/genesistrade-fund-hyip-review/

genesistrade.fund - HYIP With a Nautical Theme Design

genesistrade.fund HYIP has been working since September 19, 2019. According to the website, the GenesisTrade Fund created the AI-based trade bot. These bots controlling 70% of the investment business area. The only thing which forbids us to make the same thing is trade

[rbastien1234]

#DCGco #GenesisTrading #Grayscale #FoundryService #LunoGlobal #CoinDesk #TradeBlock #SuperRare #seemecommunity #digitalcollector #guggenheimcollection #galleriesnow #galleriesnowzurich #digitalcurrencygroup #sothebysauction #sothebysnewyork #sothebysrealty #art https://www.instagram.com/p/CXmlo0QL53a/?utm_medium=tumblr

[michaelbennettcrypto]

Bitcoin Startup BitGo May Spark Wall Street Participation In Crypto

Since Bitcoin (BTC) began to falter in early-2018, optimistic investors, many of which are “HODLing,” have resorted to grasping for straws. Case in point,  the words, “Wall Street” and “institutional investors,” are incessantly mentioned, as crypto diehards have sought to find a light at the end of the proverbial tunnel. Yet, institutions have been effectively elusive, with whale sightings, if you will, remaining limited to dreamscapes, far from reality.

However, crypto’s prospects aren’t all doom and gloom for dreamers. On Wednesday, a leading industry upstart unveiled an offering that could single-handedly catalyze widespread institutional participation.

Bitcoin Powerhouse BitGo Launches OTC Desk

This nascent industry hasn’t performed well in recent days. New Zealand-headquartered Cryptopia, a former major crypto asset exchange, suffered a purportedly devastating hack, while Ethereum delayed its Constantinople hard fork, dragging BTC down with it.

Related Reading: Ethereum Consensus Shift Could Delay Any Derivatives Products

Yet, crypto’s outlook began to shift on Wednesday, as BitGo, a long-standing Bitcoin heavyweight based in Palo Alto, made a forward-thinking announcement. Via a Medium blog post, the upstart, which has serviced Ripple, Pantera Capital, Bitstamp, among others, revealed that it would be joining hands with Digital Currency group subsidiary Genesis Global Trading.

On the BitGo blog today: "Partnering with @GenesisTrading underscores our commitment to developing institutional-grade cryptocurrency infrastructure and represents the first of many trading integration partnerships." https://t.co/OttVxKoq06 #digitalcurrencies #custody

— BitGo (@BitGo) January 16, 2019

It was claimed that BitGo and Genesis’ collaboration will take the form of a pseudo-crypto exchange, which will allow clients to “buy and sell digital assets directly from the security of their BitGo Trust cold storage account.” Genesis, headed by Michael Moro, will provide its expertise in facilitating large-sum, institutionally-sourced transactions, while BitGo will leverage its veteran status in the Bitcoin custody subsector to provide security for the offering.

Keeping in line with underlying industry themes, this venture will take the form of an over-the-counter (OTC) desk — Genesis Trading’s specialty and de-facto raison d’etre. Bitcoin, Ethereum, Ripple’s XRP, ZCash, and three other leading digital assets will be available through this innovative exchange channel.

This newfangled offering comes just months after BitGo received a monumental injection of funding from Mike Novogratz’s Galaxy Digital, Valor, Craft Ventures, DRW, and Redpoint. Per previous reports from NewsBTC, the aforementioned financiers thrust a $58.5 million cheque in BitGo’s face, with the funding purportedly going towards the startup’s ambition to create a “$1 trillion crypto wallet.”

Crypto And Wall Street Poised To Collide

Although this desk seems the “same old, same old,” especially considering somewhat alike projects from Coinbase and Binance, there’s more to this venture than meets the eye. BitGo, somewhat tooting its own horn, explained that its desk upholds not only cold-storage, institutional-grade security, but liquidity, low pricing, and transactional speed too. The startup, often deemed one of the most firms within this budding sector, elaborated:

“BitGo’s seamless integration platform is a one-of-a-kind, full-scale solution that delivers critical infrastructure to investors and large volume traders, complete with a smooth user interface that makes it easy to buy and sell digital currencies.”

In an environment where Bitcoin startups, even notable exchanges, are hacked left and right, the amalgamation of these features could quickly pique interest from Wall Street’s household names. And with OTC volumes purportedly already increasing across the board, this novel program may push financial giants on the fence over to crypto’s side.

This isn’t baseless speculation. In fact, A handful of notable institutions have expressed interest in Bitcoin previously. However, such organizations have overtly remarked that finding proper startups to facilitate liquidity, transactions, custody, and other facets of large-scale capital allocation, has been difficult. But with this effort from BitGo and Genesis, Wall Streeters may need to fret no more, as this desk is effectively a one-stop shop for institutional clients.

While Mike Belshe, chief executive at BitGo, didn’t issue a comment in tandem with the launch of his firm’s OTC desk, the insider has remarked on Wall Street and Bitcoin previously. Speaking to CNBC amid BTC’s summer 2018 lull, Belshe noted that this market “needs” Wall Street capital, as buy-side pressure has slowed. He added that the “institutional herd” had begun to start to move its feet “a little bit.” But, with this new desk, along with upcoming vehicles from Bakkt, the institutional herd may begin to run soon.

Even skeptics of the traditional finance realm have claimed that institutions are inbound. Jeff Berwick, the so-called Dollar Vigilante, recently told BlockTV that he expects for 2019 to hail in Wall Street greenbacks, which will “change the game completely.” Berwick stated that as institutional capital floods in, crypto valuations will “explode” en bloc, as there are presumed trillions waiting on the sidelines.

Featured Image from Shutterstock

The post Bitcoin Startup BitGo May Spark Wall Street Participation In Crypto appeared first on NewsBTC.

from Cryptocracken WP http://bit.ly/2ASbU8y via IFTTT

[brettzjacksonblog]

Bitcoin Startup BitGo May Spark Wall Street Participation In Crypto

Since Bitcoin (BTC) began to falter in early-2018, optimistic investors, many of which are “HODLing,” have resorted to grasping for straws. Case in point,  the words, “Wall Street” and “institutional investors,” are incessantly mentioned, as crypto diehards have sought to find a light at the end of the proverbial tunnel. Yet, institutions have been effectively elusive, with whale sightings, if you will, remaining limited to dreamscapes, far from reality.

However, crypto’s prospects aren’t all doom and gloom for dreamers. On Wednesday, a leading industry upstart unveiled an offering that could single-handedly catalyze widespread institutional participation.

Bitcoin Powerhouse BitGo Launches OTC Desk

This nascent industry hasn’t performed well in recent days. New Zealand-headquartered Cryptopia, a former major crypto asset exchange, suffered a purportedly devastating hack, while Ethereum delayed its Constantinople hard fork, dragging BTC down with it.

Related Reading: Ethereum Consensus Shift Could Delay Any Derivatives Products

Yet, crypto’s outlook began to shift on Wednesday, as BitGo, a long-standing Bitcoin heavyweight based in Palo Alto, made a forward-thinking announcement. Via a Medium blog post, the upstart, which has serviced Ripple, Pantera Capital, Bitstamp, among others, revealed that it would be joining hands with Digital Currency group subsidiary Genesis Global Trading.

On the BitGo blog today: "Partnering with @GenesisTrading underscores our commitment to developing institutional-grade cryptocurrency infrastructure and represents the first of many trading integration partnerships." https://t.co/OttVxKoq06 #digitalcurrencies #custody

— BitGo (@BitGo) January 16, 2019

It was claimed that BitGo and Genesis’ collaboration will take the form of a pseudo-crypto exchange, which will allow clients to “buy and sell digital assets directly from the security of their BitGo Trust cold storage account.” Genesis, headed by Michael Moro, will provide its expertise in facilitating large-sum, institutionally-sourced transactions, while BitGo will leverage its veteran status in the Bitcoin custody subsector to provide security for the offering.

Keeping in line with underlying industry themes, this venture will take the form of an over-the-counter (OTC) desk — Genesis Trading’s specialty and de-facto raison d’etre. Bitcoin, Ethereum, Ripple’s XRP, ZCash, and three other leading digital assets will be available through this innovative exchange channel.

This newfangled offering comes just months after BitGo received a monumental injection of funding from Mike Novogratz’s Galaxy Digital, Valor, Craft Ventures, DRW, and Redpoint. Per previous reports from NewsBTC, the aforementioned financiers thrust a $58.5 million cheque in BitGo’s face, with the funding purportedly going towards the startup’s ambition to create a “$1 trillion crypto wallet.”

Crypto And Wall Street Poised To Collide

Although this desk seems the “same old, same old,” especially considering somewhat alike projects from Coinbase and Binance, there’s more to this venture than meets the eye. BitGo, somewhat tooting its own horn, explained that its desk upholds not only cold-storage, institutional-grade security, but liquidity, low pricing, and transactional speed too. The startup, often deemed one of the most firms within this budding sector, elaborated:

“BitGo’s seamless integration platform is a one-of-a-kind, full-scale solution that delivers critical infrastructure to investors and large volume traders, complete with a smooth user interface that makes it easy to buy and sell digital currencies.”

In an environment where Bitcoin startups, even notable exchanges, are hacked left and right, the amalgamation of these features could quickly pique interest from Wall Street’s household names. And with OTC volumes purportedly already increasing across the board, this novel program may push financial giants on the fence over to crypto’s side.

This isn’t baseless speculation. In fact, A handful of notable institutions have expressed interest in Bitcoin previously. However, such organizations have overtly remarked that finding proper startups to facilitate liquidity, transactions, custody, and other facets of large-scale capital allocation, has been difficult. But with this effort from BitGo and Genesis, Wall Streeters may need to fret no more, as this desk is effectively a one-stop shop for institutional clients.

While Mike Belshe, chief executive at BitGo, didn’t issue a comment in tandem with the launch of his firm’s OTC desk, the insider has remarked on Wall Street and Bitcoin previously. Speaking to CNBC amid BTC’s summer 2018 lull, Belshe noted that this market “needs” Wall Street capital, as buy-side pressure has slowed. He added that the “institutional herd” had begun to start to move its feet “a little bit.” But, with this new desk, along with upcoming vehicles from Bakkt, the institutional herd may begin to run soon.

Even skeptics of the traditional finance realm have claimed that institutions are inbound. Jeff Berwick, the so-called Dollar Vigilante, recently told BlockTV that he expects for 2019 to hail in Wall Street greenbacks, which will “change the game completely.” Berwick stated that as institutional capital floods in, crypto valuations will “explode” en bloc, as there are presumed trillions waiting on the sidelines.

Featured Image from Shutterstock

The post Bitcoin Startup BitGo May Spark Wall Street Participation In Crypto appeared first on NewsBTC.

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[jacobhinkley]

Genesis Trading CEO: Bears Are Running Out of Steam, Bitcoin at $10,000 is Likely

The usual suspects seem to be back at the Bitcoin game once again, with CNBC Fast Money hosting yet another guest to speculate on the future price action of the ever so volatile crypto market.

“We Are More Likely To See 10k, Than 5k”

On Wednesday, CNBC Fast Money, which covers the crypto industry on a near-daily basis, took on Michael Moro, CEO of Genesis Trading and Genesis Capital, as the guest industry insider.

.@michaelmoro of @GenesisTrading says #bitcoin $10k is coming soon. Here's why. pic.twitter.com/fdn79pwQ5K

— CNBC's Fast Money (@CNBCFastMoney) August 29, 2018

Over the past few days, Bitcoin surpassed the $7,000 price level for the first time in three weeks, with no clear catalyst to the surprise of many. Leading some, including CNBC host Mellisa Lee, to ask why has the crypto market seen a recovery. Responding to the query, Moro first drew attention to the SEC’s most recent crypto-backed ETF decision and the correlated increase in open Bitcoin short positions prior to the verdict. He elaborated, explaining:

“Once the news broke about the SEC rejection and the price actually held, we didn’t see the 5, 10, 15 percent sell-off that you’ve seen in previous (ETF) rejections and that the technicals right around the $5,800 to $5,900 level helped. So I think the bears have realized they’ve run out of steam.”

The Genesis Capital CEO brings up an interesting point about how the market did not react as many expected, leading a multitude of short sellers to cover their positions as Bitcoin found strength instead of falling through $6,000 and below. And the fact that Bitcoin has not only held $6,000 but seen a substantial recovery since the SEC’s denial of the ETFs clearly indicates that the bears are running out of crypto to sell.

Moro then went on to highlight his $10,000 prediction, doing his best to lay out his reasoning behind this bullish forecast, stating:

“I think that the number one that is going to have to happen is slow and steady growth. And as Bob Pisani mentioned before, volume. What you need to see is the less violent moves of 5 percent up or 10 percent up, and a slow and steady growth across the exchanges. What I also think is important is that I believe that the market now understands that the SEC’s ETF approval isn’t going to happen anytime soon. The market’s sentiment regarding the approval process is far more muted, which I think is a healthier outlook over the next 12 months.”

But it doesn’t seem to be all sunshine and rainbows, with Moro noting that the buy-side volume has not been seen as of yet, which indicates that bulls might not be ready to push this asset upwards.

Nonetheless, Genesis Capital executive revealed that $7,000, or $7,150 to be exact, will be the price to watch over the next week, as if Bitcoin holds above this level, $10,000 could be this asset’s next stop on the gravy train upwards. If the price of BTC somehow manages to break under $7,000, however, he added that the aforementioned $5,800-$6,000 line of support will continue to be a level of interest.

Featured Image from Shutterstock

The post Genesis Trading CEO: Bears Are Running Out of Steam, Bitcoin at $10,000 is Likely appeared first on NewsBTC.

Genesis Trading CEO: Bears Are Running Out of Steam, Bitcoin at $10,000 is Likely published first on https://medium.com/@smartoptions

[iampjr]

RT @GenesisTrading: Genesis prints first CME BTIC #Bitcoin contract with 4PM NY settle. See below for perspective from @Joshua_J_Lim, Head of Derivatives. https://t.co/eRxnSZl6AI

RT @GenesisTrading: Genesis prints first CME BTIC #Bitcoin contract with 4PM NY settle. See below for perspective from @Joshua_J_Lim, Head of Derivatives. https://t.co/eRxnSZl6AI — Patrick Rooney (@patrickrooney) Jul 25, 2022 https://platform.twitter.com/widgets.js from Twitter https://twitter.com/patrickrooney

[linabrigette]

Bitcoin Startup BitGo May Spark Wall Street Participation In Crypto

Since Bitcoin (BTC) began to falter in early-2018, optimistic investors, many of which are “HODLing,” have resorted to grasping for straws. Case in point,  the words, “Wall Street” and “institutional investors,” are incessantly mentioned, as crypto diehards have sought to find a light at the end of the proverbial tunnel. Yet, institutions have been effectively elusive, with whale sightings, if you will, remaining limited to dreamscapes, far from reality.

However, crypto’s prospects aren’t all doom and gloom for dreamers. On Wednesday, a leading industry upstart unveiled an offering that could single-handedly catalyze widespread institutional participation.

Bitcoin Powerhouse BitGo Launches OTC Desk

This nascent industry hasn’t performed well in recent days. New Zealand-headquartered Cryptopia, a former major crypto asset exchange, suffered a purportedly devastating hack, while Ethereum delayed its Constantinople hard fork, dragging BTC down with it.

Related Reading: Ethereum Consensus Shift Could Delay Any Derivatives Products

Yet, crypto’s outlook began to shift on Wednesday, as BitGo, a long-standing Bitcoin heavyweight based in Palo Alto, made a forward-thinking announcement. Via a Medium blog post, the upstart, which has serviced Ripple, Pantera Capital, Bitstamp, among others, revealed that it would be joining hands with Digital Currency group subsidiary Genesis Global Trading.

On the BitGo blog today: “Partnering with @GenesisTrading underscores our commitment to developing institutional-grade cryptocurrency infrastructure and represents the first of many trading integration partnerships.” https://t.co/OttVxKoq06 #digitalcurrencies #custody

— BitGo (@BitGo) January 16, 2019

It was claimed that BitGo and Genesis’ collaboration will take the form of a pseudo-crypto exchange, which will allow clients to “buy and sell digital assets directly from the security of their BitGo Trust cold storage account.” Genesis, headed by Michael Moro, will provide its expertise in facilitating large-sum, institutionally-sourced transactions, while BitGo will leverage its veteran status in the Bitcoin custody subsector to provide security for the offering.

Keeping in line with underlying industry themes, this venture will take the form of an over-the-counter (OTC) desk — Genesis Trading’s specialty and de-facto raison d’etre. Bitcoin, Ethereum, Ripple’s XRP, ZCash, and three other leading digital assets will be available through this innovative exchange channel.

This newfangled offering comes just months after BitGo received a monumental injection of funding from Mike Novogratz’s Galaxy Digital, Valor, Craft Ventures, DRW, and Redpoint. Per previous reports from NewsBTC, the aforementioned financiers thrust a $58.5 million cheque in BitGo’s face, with the funding purportedly going towards the startup’s ambition to create a “$1 trillion crypto wallet.”

Crypto And Wall Street Poised To Collide

Although this desk seems the “same old, same old,” especially considering somewhat alike projects from Coinbase and Binance, there’s more to this venture than meets the eye. BitGo, somewhat tooting its own horn, explained that its desk upholds not only cold-storage, institutional-grade security, but liquidity, low pricing, and transactional speed too. The startup, often deemed one of the most firms within this budding sector, elaborated:

“BitGo’s seamless integration platform is a one-of-a-kind, full-scale solution that delivers critical infrastructure to investors and large volume traders, complete with a smooth user interface that makes it easy to buy and sell digital currencies.”

In an environment where Bitcoin startups, even notable exchanges, are hacked left and right, the amalgamation of these features could quickly pique interest from Wall Street’s household names. And with OTC volumes purportedly already increasing across the board, this novel program may push financial giants on the fence over to crypto’s side.

This isn’t baseless speculation. In fact, A handful of notable institutions have expressed interest in Bitcoin previously. However, such organizations have overtly remarked that finding proper startups to facilitate liquidity, transactions, custody, and other facets of large-scale capital allocation, has been difficult. But with this effort from BitGo and Genesis, Wall Streeters may need to fret no more, as this desk is effectively a one-stop shop for institutional clients.

While Mike Belshe, chief executive at BitGo, didn’t issue a comment in tandem with the launch of his firm’s OTC desk, the insider has remarked on Wall Street and Bitcoin previously. Speaking to CNBC amid BTC’s summer 2018 lull, Belshe noted that this market “needs” Wall Street capital, as buy-side pressure has slowed. He added that the “institutional herd” had begun to start to move its feet “a little bit.” But, with this new desk, along with upcoming vehicles from Bakkt, the institutional herd may begin to run soon.

Even skeptics of the traditional finance realm have claimed that institutions are inbound. Jeff Berwick, the so-called Dollar Vigilante, recently told BlockTV that he expects for 2019 to hail in Wall Street greenbacks, which will “change the game completely.” Berwick stated that as institutional capital floods in, crypto valuations will “explode” en bloc, as there are presumed trillions waiting on the sidelines.

Featured Image from Shutterstock

source: http://bit.ly/2ASbU8y

The post Bitcoin Startup BitGo May Spark Wall Street Participation In Crypto appeared first on BTC News Today.

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[vanessawestwcrtr5]

Custody or Convenience: BitGo Offers Cold Storage Cryptocurrency Trading

Custody or Convenience: BitGo Offers Cold Storage Cryptocurrency Trading

There are tradeoffs between centralization and convenience in cryptocurrency trading. BitGo has partnered with Genesis Global Trading Inc. to introduce a new method for exchanging funds offline that could offer greater flexibility and security, but it may come at the cost of custody.

In partnership with @GenesisTrading, “BitGo Inc.’s customers will be able to buy or sell Bitcoin, Ether and other digital assets without the coins ever leaving cold storage.” @mattleising via @technology https://t.co/bXsqCSysfl #custody #digitalcurrencies

— BitGo (@BitGo) January 16, 2019

Mainstream investors have shied away from cryptocurrency investment. Not only because of the volatility, but because of rampant hacking and theft—as demonstrated by the recent Cryptopia hack and the infamous Mt. Gox heist of 2014.

BitGo wants to provide a way to mitigate some of these risks. The service will soon provide the ability to buy and sell bitcoin, ether, and other coins without the need to remove them from cold storage. This has the potential to provide peace of mind and could be one factor that institutional investors are looking for.

In a blog post citing the first exchange hack of 2019, @MandalaEx CEO @CryptoFlanders explains why they chose BitGo for custody: “to mitigate risk.” https://t.co/o6OYDY87C0

— BitGo (@BitGo) January 16, 2019

BitGo is a blockchain security company founded in 2013. The company claims to be a market leader in institutional and cryptocurrency financial services, touting the slogan “modern custody for modern assets.”

According to the company’s website, BitGo processes “15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies [supporting] over 100 coins and tokens, and has over $2 billion in assets in wallet.”

BitGo is partnering with Genesis Global Trading Inc., an over-the-counter (OTC) digital currency trading company serving institutional clients.

Examining the Partnership

According to the company’s blog, BitGo announced its partnership with Genesis, claiming that it demonstrates a “commitment to developing institutional-grade cryptocurrency infrastructure” and will provide a “one-of-a-kind, full-scale solution” for its clients:

“BitGo has developed a seamless integration to easily connect trading platforms with our industry-leading cold storage custody solution. Through this platform, Genesis [will] provide BitGo Trust clients with a deep liquidity network and access to competitive pricing and same day settlement.”

Accordingly, BitGo’s clients will have access to real-time pricing for buy and sell orders without the need to manage keys. Cryptocurrencies available through Genesis Global Trading include Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), XRP (XRP), and Zcash (ZEC).

Storage and Compliance

Cold storage is the process of storing cryptocurrency in a medium that’s disconnected from the internet. Such separation means fewer points of contact with the outside world, and consequently, fewer opportunities for hackers to steal those funds. In an article on Bloomberg, BitGo’s co-founder and CEO Mike Belshe had this to say about the storage method:

“Being able to buy or sell in offline-mode means coins aren’t sent to exchanges, cutting the risk of theft [and] human error.”

In addition to alleged liquidity and security, the newfound partnership also offers compliance. Genesis is a FINRA and SEC regulated company—and for many institutional investors compliance is a hurdle to speculating on cryptocurrency, and is especially so considering that the SEC has suggested that trading cryptocurrency—and any associated criminality—is not beyond the agency’s purview.

Institutional investors who may be hesitant to personally manage wallets and deal with exchanges (like Coinbase) will be relieved to transact in a “familiar way” through Genesis. If an investor, for instance, wants to buy or sell bitcoin from a BitGo wallet, then Genesis will act on behalf of the client—much the same way that a stock exchange does.

BitGo hopes that this familiarity, coupled with the security of cold storage, are the incentives needed to encourage institutional investors to commit to cryptocurrency.

“Partnering with Genesis underscores our commitment to developing institutional-grade cryptocurrency infrastructure and represents the first of many trading integration partnerships.”

In addition to a purported “seamless experience” and “smooth user interface,” there will be no fees for the service—a rare perk in an industry with relatively high fees when compared to traditional finance.

Questions Around Custody

The premise behind BitGo’s cold storage trading provides another layer of abstraction with potential for abuse. Once funds are taken offline and represented via BitGo’s databases, it becomes much more difficult, if not impossible, to trace where those funds are moving via the blockchain.

This is the antithesis to the recent “Proof of Keys” movement, an initiative by HODLers of Last Resort to encourage people to “take control of their monetary sovereignty” through regular, coordinated withdrawals of cryptocurrency to prove that the coins are accessible and not just fractional like the fiat banking system.

Trace Mayer, one of the leaders in the movement is the host of the Bitcoin Knowledge Podcast with degrees in law and accounting. According to him:

“Anyone who wants you not to hold your own private keys or not do your own network consensus, they’re your monetary enemy. They do not want you to be free and independent with your money.” [emphasis added]

Andreas Antonopoulos, the author of Mastering Bitcoin and vocal digital currency advocate iterated the anthem. “Not your keys, not your bitcoin,” he stated over Twitter. He also adheres to the idea of regularly withdrawing currency to a hardware wallet that the user has physical control over.

As asserted by Mayer, if people don’t hold their keys and perform their own network consensus, then:

“…if there’s anything that history in this space has taught us, it’s that they’re going to get wrecked.”

The proof of keys movement seems to run at odds with what BitGo is trying to accomplish. With the additional layer of cold storage, it may be even harder to track and withdraw cryptocurrency funds.

That in mind, it will be interesting to see how the cryptocurrency community and institutional investors respond to the service. Do institutional traders even care? To some, perhaps it’s worth the tradeoff to delegate control over private keys to companies like BitGo and Genesis.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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