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South Korea’s Largest Bank Partners With Crypto Startup

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South Korea’s largest bank KB Kookmin has officially partnered with a crypto startup in order to develop custody solutions. More about the partnership we find out in the latest cryptocurrency news.

As reported in the local media outlet Business Korea, Kookmin will work with the crypto startup and local company Atomris Lab which is working in digital assets protection.

The new partnership marks a great change of tactic for South Korea’s largest bank which until recently appeared to have an unfriendly stance on cryptocurrency in general. South Korea aims to be a crypto hub for startups and small business since the crypto activity in areas such as trading is thriving in the country. The consumer enthusiasm, however, seems to have dampened this year. According to Lee Koo-il CEO of the Kookmin Bank:

 “We hope that the two companies will grow together by discovering innovative services in the field of digital asset management with this agreement.’’

The outcome of the new partnership between the bank and the startup remains less certain but does however incorporate a huge range of technologies that are associated with blockchain technology and cryptocurrencies. According to Business Korea, the two companies will ‘’jointly study digital asset protection technology and smart contract application methods and opted to actively explore new business opportunities in the field of digital assets.’’

The two companies have agreed to develop a digital asset management service that will combine the startup’s technology with the Bank’s internal control infrastructure. In addition, they will cooperate with each other in order to create a connection between the blockchain network and finance.

As reported in the coming altcoin news, South Korea’s largest bank had come under fire from the regulators of the country over its poor anti-money laundering procedures regarding the crypto transactions. Around the world, the banks which offer crypto custody solutions will become an ever-increasing trend. This week, the second-largest insurer in the world Metaco announced it has started offering crypto custody insurance via a deal with AON. The CEO of Metaco Adrien Treccani stated:

 “Insurance is an essential requirement for banking clients and METACO is excited to be able to facilitate insurance for our clients through the leading broker for crypto insurance solutions.’’

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Blockchain News

Bakkt’s Moonshot Futures Program To Start Testing Today

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Bakkt’s Moonshot bitcoin futures platform is scheduled to start testing today and in the coming altcoin news, we are about to refresh our memories and rear more about it. The bitcoin futures platform has been long-delayed and it is expected to start testing today. The platform is aimed mainly at institutions and it is widely expected to change and boost the markets and especially the price of the number one cryptocurrency. As it was reported by Fundstrat last week, the investors are waiting patiently for the launch on the sidelines.
 “There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch… The launch could be a huge accelerator for market growth.”
Bakkt’s Moonshot which was rolled by the Intercontinental Exchange (ICE) which is the parent company of the New York Stock Exchange and both Microsoft and Starbucks is not the most anticipated launch of the year. According to a post written on Medium by Adam White in June, the platform will begin the user acceptance testing today: Bank-rolled by the Intercontinental Exchange (ICE) - the parent company of the New York Stock Exchange - as well as Starbucks and Microsoft, Bakkt is the most anticipated launch of 2019.
 “On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.”
While the bitcoin futures trading is not a novelty, Bakkt brings fresh air on to the table. The futures contracts are basically settled in Bitcoin so the investors will receive a real allocation of BTC at the end of the contract period. Also, the CME bitcoin futures are tracking the spot price and are settled in cash but they never actually touch bitcoin. Bakkt will also provide institutional-grade custody for digital assets and this will be fully regulated. The company applied for a trust license which makes it possible to act as a qualified custodian with more than $100 million in insurance coverage. The market research company Fundstrat, stated last week that Bakkt will be a major booster for the price of bitcoin since more than 150 institutional investors and service providers who attended the digital asset summit last week responded positively on the project as it was reported in the latest cryptocurrency news.
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Robinhood App To Launch A Cash Management Account Soon

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Robinhood App is another crypto-related entity that scares the bank since the popular crypto trading app is going after the legacy banks by launching a cash management account in the future. As we can read in the coming altcoin news, the COO of Robinhood Gretchen Howard stated:
"We’re going to come out with a cash management account soon."
This feature was previously launched and discounted in 2018. The very existence of cryptocurrency already is considered as a threat to traditional banking because it is decentralized. When a decentralized financial system is trying to integrate a fintech platform such as the Robinhood App, the banks become very scared. The big banks are trying to use a policy that will slow adoption of such technologies or by creating their own alternatives. The launch of the new feature was scheduled now because the regulators pointed out that there is effectively offering an unregulated bank account that has no deposit insurance as it is required in the States. This time, the company has prepared a legacy investment banking establishment which aims to disrupt the business model. The approach seems to be innovative and disruptive. After the retraction in December, Robinhood now aims to prove that the new product is not a real bank account but rather a cash management tool that is embedded in the customers’ already existing brokerage accounts. It is very important to make this distinction because of regulator reason but this is more than just making clear because the new service still has the ability to replace a traditional banking account. The Robinhood app company has not been shy about sharing its plans to create a new investment paradigm which is focused on bringing many new retail investors. As noted in the latest cryptocurrency news, Robinhood also applied for a federal bank charter so in the long term, the goal is to disrupt the entire banking system as a whole. The banks have a lot to lose since many crypto companies are trying to develop a distinctive product that will attract retail investors and people who want to use decentralized platforms.
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Etoro CEO Yoni Assia Will Join The $4.5 Million Lunch With Warren Buffett

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Etoro CEO Yoni Assia will be joining the $4.5 million lunch with Warren  Buffet and Justin Sun. the crypto power lunch now has another person who should enrich the conversation between the businessmen and we are reading more about it in the latest cryptocurrency news below. Etoro CEO Yoni Assia tweeted:
 ‘’Would love to join as well ! I believe there is huge potential for social impact that can be done via #Crypto and would love to have @WarrenBuffett engaged with us !’’
With his major experience in the finances and business, Assia brings a whole lot of the table. The Israeli investor and businessman revolutionized the world of trading with his platform because he got to millions of users closer to the financial markets with the social trading strategies. Etoro has managed to raise more than $800 million in investments. Another guest that will be joining the lunch is the head of the Binance charity Foundation-Helen Hai. So far, Justin Sun invited the Huobi CEO Livio Weng, Litecoin’s creator Charlie Lee. Circle’s Jeremey Allaire and Binance’s Changpeng Zhao. The only person who declined to go to the lunch is Changpeng Zhao saying that New York is too far but he recommended inviting Anthony Pompliano instead. Many argued that Sun made a great decision when he chose his companions but others criticize the excess of people that come from the trading world and also that there are no Bitcoin advocates here. It is also weird that the people who are invited are an only crypto evangelist who could lead Buffet not to find any common ground on the subject on the crypto ecosystem. Some even believe that it would be a great idea to invite some institutional investors as well. Some of the names that were proposed by the community include Tony Vays, Andreas Antonopoulos and Vitalik Buterin. There is still a chance that Sun could invite these people but so far, nothing. As noted in the altcoin news before, the subject of conversation during the meal is still not set. It is expected that much of the discussion will revolve around business associated with the speculation of digital assets and the crypto markets security.
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Coinbase Closes Its Bundle Product After 8 Months On The Market

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Coinbase closes its Bundle project after being available for 8 months on the market after allegedly figuring out that it is the end of the altseason. More about their decision, we read in the coming altcoin news below. The altseason appears to be over and nobody is sure if it’s ever coming back. Coinbase reportedly got the message very fast and decided to bin its diversified crypto-bundle product. A FAQ from the company reads:
‘’Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Conibase Bundle have been redistributed to their respective individual asset wallets.’’
Coinbase Bundles were meant to provide the investors with a diversified digital asset portfolio which could be dollar-cost averaged by using the same tactic that the investors use in traditional asset classes. Investors could also spend up to $25 to purchase a bundle of five cryptocurrencies which were easily balanced in proportion to their own market cap. For example, Litecoin, Ethereum Classic, Ethereum, and Bitcoin comprised each bundle. In a combination with Coinbase Learn and Asset Pages, the bundles were meant to look good for crypto newbies that are aiming for the dollar cost average into some long positions without having to conduct a huge amount of technical analysis. When it was first introduced in 2018 in September, Coinbase noted:
‘’The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time.’’
Now, after 8 months, Coinbase closes the Bundle project and this decision is bound to draw some criticism but maybe pleasure as well from those who dislike the company. It could be a very smart move to bin the product since the altcoins have been crashing recently as bitcoin corrected and managed to get on the rallying track. As noted in the latest cryptocurrency news, the cancellation of the Coinbase Bundle product could add some credibility to the argument that the diversification does not always work for crypto despite the sector being too volatile or calm.
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