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#CryptoCorner: #SEC Suspends Crypto ETNs, Gemini Launches US Dollar-Pegged #Stablecoin, #Citigroup to Introduce 'Digital Asset Receipt' for Crypto Trading and Singapore Exchange #KuCoin Invests $3 Million in Bitcoin Australia

#CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App

 

Point Roberts, WA and Delta, BC - September 10, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.

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#CryptoCorner: #SEC Suspends #Crypto ETNs, Gemini Launches US Dollar-Pegged #Stablecoin, #Citigroup to Introduce 'Digital Asset Receipt' for Crypto Trading and Singapore Exchange #KuCoin Invests $3 Million in Bitcoin Australia

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Crypto Corner

Market Cap at Lowest in 10 Months, SEC Suspends Crypto ETNs, Gemini Launches US Dollar-Pegged Stablecoin, Citigroup to Introduce 'Digital Asset Receipt' for Crypto Trading and Singapore Exchange KuCoin Invests $3 Million in Bitcoin Australia

The crypto market reached its lowest point in 10 months over the weekend and remains so as we open the week with a total market capitalization of $195 billion USD, according to data from CoinMarketCap. Ethereum (ETH) has continued its downtrend and is trading at $195 USD the first time it's been below $200 USD in over a year. Most of the top 100 coins listed by market capitalization are in the red.

The U.S. Securities and Exchanges Commission (SEC) announced yesterday that it was suspending trading in the securities Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF) until September 20. The rationale for suspending the two exchange-traded notes (ETNs), issued by Sweden's XBT Provider, was that there was a "a lack of current, consistent and accurate information" that resulted in "confusion amongst market participants".

The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above quoted company.

The Winklevoss brothers announced via Medium that their digital asset exchange Gemini was launching a stablecoin called the Gemini Dollar (GUSD). The coin, built on the Ethereum network, is pegged to the U.S. dollar and has approval from the New York State Department of Financial Services (NYDFS). From the press release:

We are excited to bring the Gemini dollar to market and provide a crucial link between the traditional banking system and the new, rapidly growing crypto economy. With the Gemini dollar, we continue to deliver on our mission — to build the future of money — and help transform the global financial system to enable possibilities previously unimaginable.

According to a report from Business Insider, investment bank Citigroup has developed a product, called a Digital Asset Receipt (DAR), that enables investors to trade cryptocurrencies without having to directly owning them. Sources say that the DAR works similarly to an American Depositary Receipt, a security that represents a security from a non-U.S. company, in that it utilizes a third-party custodian.

"The foreign stock is held by a bank, which then issues the depository receipt. In this case, the cryptocurrency is held by a custodian and the DAR is issued by Citigroup."

The Australian Financial Review reports that Singapore crypto exchange giant, KuCoin, has invested $3 million AUD into domestic exchange Bitcoin Australia. The move positions KuCoin to expand internationally, according to the piece. Bitcoin Australia CEO Rupert Hackett explained the relationship between the two companies.

"KuCoin is designed for speculative investors and offers 300 different cryptocurrencies to buy and sell and it doesn't do any onboarding. It will effectively create an exchange for intermediate and advanced traders, while we're a mass market approach, making us quite synergistic. We'll build the consumer-friendly retail experience for people entering the market, while supporting KuCoin for advanced traders."

Sam Mowers, Investorideas

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