XRP And Credit Card Purchases Now Available At Binance’s Official Wallet

The official wallet of Binance, Trust Wallet has added support for credit card purchases and Ripple’s XRP token.

This was announced in a press release in a crypto-centric online news outlet last March 12, 2019.

Trust Wallet is a cryptocurrency wallet provider that was acquired by Binance last year year.

The current version of the wallet supports several cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) as well as ERC20, ERC223 and ERC721 tokens.

Credit card purchases were made possible with its partnership with Simplex, a payment processing firm.

Tron Wallet is an open source, cross-platform software that allows other developers to integrate new blockchains with the wallet.

The wallet will be the official wallet of Binance’s soon-to-be released Decentralized Exchange and will be integrated with several hardware wallets including the Ledger Nano S.

IBM Offers Crypto Custody Solutions For Banks

According to news reports IBM will be coming to the crypto custody space.

The first of its customers will be Shuttle Holdings, a New York investment firm, which will be launching the beta version of custody solutions for digital assets built on IBM’s Private cloud and encryption technologies.

The investment firm will not use it for its own operation but will offer the services to banks, brokers, custodians, funds, family office, exchanges and high net worth investors who want to do self-custody.

While most crypto custodians prefer a cold solution for the IBM Cloud will be built on a hardware security module (HSM) which will be as secure as a cold storage wallet solution.

HSM is a kind of lockbox that safeguards and manages digital keys in a tamper-proof environment.

The solution will be a more convenient way of holding digital assets securely without the hassles of getting assets out of a cold storage.

However not all custody service providers are at ease with using HSM and prefers the use of cold storage wallets.

CEO of BitGo Mike Belshe argues that that latency and human involvement are small price to pay for the security afforded by cold storage.

U.S SEC Chairman Hints Ethereum Is Not A Security

Securities and Exchange Commission Chairman Jay Clayton in an official response to a U.S. house representative inquiry confirms that Ethereum has the characteristics of not being a Security.

This was in response to US house representative Tedd Budd who requested a formal pronouncement from the commission on its stand on regarding cryptocurrencies as well as to clarify whether the opinion of a Director of the Division of Corporate Finance, William Hinman adheres to what the commission believes.

In an event organized by Yahoo Finance last year Mr. Hinman explained that because of certain characteristics Ethereum was not considered a security.

Chairman Clayton states that he agrees with Director Hinman’s assertions that Eth and other tokens of similar characteristics were not considered Securities.

He further states that a digital asset can be classified as a Security if: It is an investing of money, there is an expectation of profits from the investment, the investment of money is in a common enterprise and profit comes from the efforts of a promoter or third party.

The concurrence of Chairman Clayton that Ethereum is not a Security is of special importance for traders as it will clear some regulatory uncertainty in the platform.

Thailand Approves Its First ICO Portal

According to local news outlets Thailand has recently approved its first initial coin offering (ICO) portal in the country.

The said ICO portal is will be operated by a foreign entity and is authorized to screen ICOs, perform due diligence, confirm smart contract source codes and conduct Know Your Customer (KYC) procedures.

The director of the fintech department of the SEC, Archari Suppiroj states that that first authorized ICO portal is being finalized for official approval with the relevant agencies of the government.

He adds that the portal should be available to the general public in the near future under the digital asset royal decree.

He also expresses that the ICO market as begun to mature from project-based and intangible ideas to ICOs backed by physical assets, revealing that soon the SEC will issue criteria that enables companies to tokenize securities and other assets.

This is part of the government’s effort to find greater equilibrium in the regulatory process and reduce regulatory impediments while taking into account risk management and investor protection.

Nasdaq Shares Technology To Crypto Mining/Trading Startup

It has been reported that Bcause LCC, a full stack cryptocurrency ecosystem will use Nasdaq’s technology to operate its markets.

According to the company it will be using Nasdag’s matching engine, clearing and market surveillance tools through the Nasdaq Financial Framework platform.

The firm reveals that it will be using these technologies to create a Spot cryptocurrency market and it plans to release the platform in a couple of months.

Aside from creating a spot cryptocurrency market it also filed to become a designated contract market and plans to launch a derivatives clearing organization with the U.S. Commodity Futures Trading Commission (CFTC).

To position itself as a one stop crypto shop it has also established its bitcoin mining operation in the U.S. city of Virginia.

It seems that Bcause has created a unique ecosystem that gives investors, partners and market players a holistic experience in tapping the cryptocurrency market and value chain.

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