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BitGo Offers Institutional Clients New Off-Chain Settlement System

Crypto custody provider BitGo is launching a new clearing and settlement service for its institutional clients.

BitGo’s new clearing and settlement service will be provided to its regulated BitGo Trust Company clients, and will ensure that assets never leave custody when being transferred, while the actual settlement is “fast, compliant and secure,” according to a press release. During a trade, BitGo will act as the custodian on either side, which the company claims will reduce counterparty risk.

In addition to counterparty risk, BitGo says its new offering will reduce security risks, prevent accidental compliance infringement and allow investors to more efficiently allocate their capital.

Under its new program, a transfer between two different companies will be recorded, but the assets being traded will remain in cold storage at all times. Trades would be settled off-chain, with transactions being reconciled with the relevant blockchain upon withdrawal.

Mike Belshe, BitGo’s chief executive, said in a statement that the new product is aimed at institutional investors.

In addition to counterparty risk, institutional investors at present face issues with having to store assets on multiple exchanges prior to conducting trades and settling transactions outside cold storage.

“Until now, in a digital asset trade, one party needed to assume all of the risk and act on the counterparty’s good faith, and this doesn’t really work for institutional investors,” Belshe said, adding:

“We are bringing to market a risk-less, efficient, and compliant digital asset clearing and settlement, and what makes this service possible is BitGo Trust’s strong client base.”

As such, BitGo is hoping to draw in over-the-counter trading desks, single-dealer platforms, exchanges, asset managers and broker-dealers. To take advantage of the new service, all participants in a transaction would need to custody their assets with BitGo.

“As a result of using a common custodian, participants will be able to choose which partners to clear and settle with, and check their trading limits pre-trade,” the company said.

Mike Belshe, CEO of BitGo, at Consensus: Invest in 2018

This news post is collected from CoinDesk

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‘We’ll Tokenize the House’: Mortgages Are Coming to Ethereum This Summer

On Thursday the fintech startup Fluidity will announce plans for the first ethereum-powered mortgages in California and New York, CoinDesk has learned.

Fluidity execs say the offering is slated for this summer, once all the licensing paperwork is finalized.

“We’ll tokenize the house, which will effectively take the collateral that is the equity of the house,” said Fluidity chief architect Todd Lippiatt. “You’re pledging the house and you get an advanced rate back in terms of dollars.”

Fluidity formed in early 2019 when the ConsenSys decentralized exchange (DEX) merged with the FINRA-registered broker-dealer Propellr. Fluidity co-founder Sam Tabar told CoinDesk that although ethereum mogul and ConsenSys founder Joe Lubin is still a major shareholder in AirSwap, now a Fluidity subsidiary, the newborn parent company has a distinct set of shareholders – including veteran crypto investors like Brock Pierce, Bill Tai and Lubin’s former college roommate, Mike Novogratz.

Fluidity’s upcoming mortgages will use smart contracts and cryptocurrency for back-end management. Lippiatt told CoinDesk his startup is currently exploring partnerships with ethereum-centric lending platforms, such as MakerDAO’s dollar-pegged DAI loans.

Although the ethereum-backed stablecoin is still struggling to achieve stability and liquidity in broader markets, Lippiatt said mortgages from any such prospective partnership would merely involve a “mitigatable” risk. This is, in part, because neither the borrower nor the property seller will directly touch cryptocurrency.

“We will deal with the inner workings of the decentralized system,” he said. “The borrowers pay back in dollars and we will also be managing the risk profile of the underlying securities.”

In short, borrowers will need to submit online credit checks and personal information just like any other online loan platform. Fluidity processes the information and creates a smart contract with a tokenized representation of the mortgage. Lippiatt said these loans could then be packaged together and resold as securities through an exchange like AirSwap.

In his view, underbanked and low-income borrowers who are able to make repayments represent a prime opportunity for such loans.

“The whole portfolio will be a composition of a bunch of different loans,” he said. “We’re looking at methodologies by which we can deploy [underwriting] more algorithmically.”

DeFi smart contracts will provide theoretically auditable records, plus Lippiatt said Fluidity plans to offer cheaper rates than banks. Still, the process itself offers the borrower a quasi-traditional mortgage. It’s the issuer and subsequent traders who gain the most functionality from this blockchain system.

In conclusion, Lippiatt added:

“Our methodology provides better pricing that is determined solely by the intrinsic credit of the transaction, as opposed to external factors like domestic central bank governance policies and political trade winds.”

The company plans to make the announcement later today at its second Fluidity Summit in Brooklyn. The one-day conference sold 900 tickets this year, 120 more than in 2018, according to event staff.

AirSwap co-founder Michael Oved and investor Mike Novogratz image via AirSwap

This news post is collected from CoinDesk

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The post ‘We’ll Tokenize the House’: Mortgages Are Coming to Ethereum This Summer appeared first on Click 2 Watch.

More Details Here → https://click2.watch/well-tokenize-the-house-mortgages-are-coming-to-ethereum-this-summer

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Morgan Creek Joins $65 Million Series B for Blockchain Home Equity Loan Firm

Blockchain-based home equity loan startup Figure Technologies has raised $65 million in a Series B round backed by Morgan Creek.

Announcing the news on Wednesday, Figure said the round was led by venture capital firms RPM Ventures and DST Global, with Ribbit Capital, DCM Ventures, Digital Currency Group, Nimble Ventures and others also participating.

The Series B investment brings the firm’s total equity funding to over $120 million, the firm said, adding that the new investment will go toward helping the firm strengthen its product offerings.

Founded last year, the firm launched its home equity loan product in October, which utilizes its native blockchain protocol called Provenance. The firm claims to provide loan approval in “as little as five minutes” and funding within five days.

Figure co-founder and CEO Mike Cagney said that the round “validates” its market potential, adding:

“We launched the fastest HELOC [home equity line of credit] in the market, and we originate, finance and sell every one of our loans on the Provenance blockchain, an industry first.”

Figure said in its announcement that it turned to blockchain tech for its “security, efficiencies and cost advantage” for loan origination, financing and sales.

A number of funds, banks and dealers are already using Provenance, it added. By mid-2019, Figure expects several other loan originators to use the platform by mid-2019. Other use cases, such as putting investment funds on the blockchain, will also be explored this year.

Figure said it has funded more than 1,500 HELOCs for customers across 36 U.S. states since September.

U.S. dollars image via Shutterstock 

This news post is collected from CoinDesk

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The post Morgan Creek Joins $65 Million Series B for Blockchain Home Equity Loan Firm appeared first on Click 2 Watch.

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BitGo Brings Banker Out of Retirement to Lead Institutional Crypto Custody

BitGo has hired Richard J. Corcoran, a long-time veteran of the trust company industry, to head the crypto security startup’s institutional custody business.

Announced Thursday, Corcoran will oversee billions of dollars in value as CEO of a recently formed division called BitGo Trust Company, one of a growing field of crypto custodians courting hedge funds, family offices and mutual funds as clients.  

“I understand the regulatory requirements and how to comply with those standards and maintain compliance as we serve customers,” Corcoran told CoinDesk, adding that the first big-ticket clients are now being on-boarded.

Indeed, Corcoran is especially familiar with the requirements of South Dakota, which granted BitGo a trust company license earlier this year, allowing the firm to hold cryptocurrency on behalf of institutional investors.

He retired from First National Bank in Sioux Falls, South Dakota, in 2016, after 25 years leading its trust department. That same year he met Mike Belshe, BitGo’s CEO.

“We met through the attorney representing BitGo who recommended that Mike talk to me about the trust industry in South Dakota in general,” Corcoran said, adding, somewhat cheekily:

“I think it was a setup.”

Crypto prairie?

Stepping back, institutional investors are generally required by U.S. law to use qualified custodians rather than safekeep assets themselves.

Although banks and broker-dealers can act as qualified custodians, the state trust company license has proved popular among crypto specialists such as BitGo, Kingdom Trust (which is also registered in South Dakota) and Coinbase (which set up a regulated trust company in New York this year).

South Dakota is “if not the top, one of the top trust jurisdictions in the country, and that’s because of our very favourable trust laws and the manner in which we monitor these laws,” said Corcoran, who served on the South Dakota Governor’s Task Force on Trust Administration and Reform.

“When I came here in 1979 there were a total of 12 trust institutions; now there are over 100 independent trust companies alone here,” he added.

An attorney by training who reportedly helped draft more than half a dozen statutes, Corcoran explained that being a chartered trust company in South Dakota involves certain basic requirements. These, he said, include governance structure and accountability; compliance with the Bank Secrecy Act’s anti-money-laundering strictures; insurance coverage; periodic external audits; and capital reserve levels.

“From a banking standards view, I think we would be considered well capitalized,” he said.

BitGo CEO Mike Belshe at Consensus: Invest 2018, image via CoinDesk archives.

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The post BitGo Brings Banker Out of Retirement to Lead Institutional Crypto Custody appeared first on Click 2 Watch.

More Details Here → https://click2.watch/bitgo-brings-banker-out-of-retirement-to-lead-institutional-crypto-custody