The popular US crypto exchange and wallet provider Coinbase is in today’s crypto news for launching OTC (over-the-counter) trading for institutional investors yesterday on November 27.
Over-the-counter crypto trading will help all of the institutional investors to carry out direct trades between each other. The head of sales at Coinbase, Christine Sandler, said that this is a strategic move since the demand for OTC crypto trading is increasing and that Coinbase is considering covering both OTC businesses and exchange ones as well. Sandler noted:
“We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading.”
She also pointed out that the OTC service will be ultimately combined with the Coinbase Custody service that provides crypto custodian tools for institutional investors that were launched back in July. Coinbase has also offered their clients to trade any asset that is available on the separate institutional investing platform-Coinbase Prime.
The major exchange began its journey to become a fully regulated broker back in June by fulfilling all the requests from the US Securities and Exchange Commission and earned to offer a number of crypto services such as this OTC trade service.
According to Business Insider, the crypto giant first announced their plans to bring in block trades in May 2018 and many other crypto-focused companies followed. For example, Circle which is a crypto-based financial company has a similar OTC service and was first introduced in February when the company acquired the Poloniex exchange.
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“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
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New Privacy Mechanism For ETH Smart Contracts Developed By Stanford Researchers
“We describe an extension to Zether that can also hide the sender and receiver involved in a transaction among a group of users chosen by the sender. Though the overhead associated with anonymity scales linearly with the size of the group, no trusted set-up is needed and no changes to the underlying smart contract platform are required.”The report specifies that the Zether contract will never transfer funds without checking a transfer proof in order to prevent illegal transfers. This new design makes sure that the security of Zether depends on itself and not on third-parties or outside smart contracts. All of the privacy coins that provide users with a higher level of anonymity are still receiving mixed feelings from the community. For example, Charlie Lee declared he is focused on making Litecoin more fungible and private and to implement confidential transactions sometime in 2019.
Two Ohio-Based Companies Officially Paid Taxes With Cryptocurrency
“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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