German Stock Exchange Boerse Stuttgart Group Is Launching Crypto Trading Platform

German Stock Exchange Launching Crypto Trading Platform

Boerse Stuttgart Group, the second-largest stock exchange in Germany, is planning to launch a crypto trading platform early next year. The exchange announced its partnership with a local fintech company, SolarisBank. Together, the two aim to create an engineering infrastructure for digital asset trading.

Alexander Hoptner, the CEO of Boerse Stuttgart stated

“With its combination of technology and banking expertise, SolarisBank is a great partner for us to offer central services along the value chain for digital assets.”

Users may be able to trade ether and bitcoin on the exchange and there may also be support for other tokens after their initial coin offering.

Boerse Stuttgart’s exchange will be accessible to both individual and institutional investors. The exchange will also have features similar to the traditional stock trading platform, such as open order books and order execution.

Currently, the exchange has applied for regulatory approval from the Multilateral Trading Facility that will enable it to function as a crypto trading marketplace. SolarisBank has also partnered with Bitwala, another crypto exchange, to promote crypto banking services.

Why Has Coinbase Not Added Ripple (XRP) Into Its Crypto Trading Platforms?

Just under a week back (on Dec 7), a spokesperson for Coinbase announced that his firm was looking to integrate a total of 31 different crypto assets onto their native exchange platform.

In this regard, one of the alt currencies that the platform was looking to incorporate was the XRP token (currently the world’s second most valuable crypto coin by total market cap).

Over the course of the past few months, the folks over at Coinbase have repeatedly expressed their desire to list XRP on their exchange-interface. However, it now appears as though many investors are not satisfied by the firm’s recent actions since they have time and again avoided listing XRP, even though they have added support for tokens like Decentraland (MANA) earlier this month.

So Why is Coinbase Not Listing XRP?

Some of our readers may remember that earlier this week, Coinbase VP, Dan Romero, stated in an interview that he wants his company to eventually list “90 percent of the world’s legally compliant assets” as long as they fulfill certain quality requirements.

Additionally, he also spoke about how in the near future Coinbase wants to provide people with a host of trading options (much like the way in which the conventional traditional stock market works).

Romero then went on to add:

“Our recent shift in strategy is really driven by customers. When we asked customers the number one thing they want, they told us it’s adding new cryptocurrencies to the platform. With a traditional stock exchange, they list everything above a certain quality bar. And ultimately investors and individuals make decisions on what to invest.”

More On The Matter

With Coinbase repeatedly claiming that its number one priority right now is to “add new and unique crypto assets” to its native platform, over the past month or so, there have been many investors who have questioned the inability of the exchange to add XRP (despite it being the second largest cryptocurrency in the world).

In this regard, this cautious approach taken by Coinbase could be due to a pending court case between Ripple Labs and a group of investors who are alleging that the asset is a ‘security’.

Also, on the matter, SEC chairman Jay Clayton said that the commission is still awaiting a decision on whether the Federal court deems XRP to be a security or not (so as to then take further action on the matter). On the aforementioned issue, Clayton went on to say:

“The question I get most frequently: ‘do you think XRP is a security?’ Unfortunately, I can’t answer without giving legal advice. Even if I could, I’d only be speculating about what a judge or jury may decide and what Ripple is willing to accept in a settlement. Just have to wait.”

Final Take

Till we hear more from the US federal court in relation to the above stated matter, it is quite safe to assume that we will not be seeing XRP on Coinbase anytime soon.

This New Lightning Wallet Allows You to Receive Tips Without Running a Node

A new program to set up Lightning Network micropayments,, has recently entered beta testing.

The developer for this project described some of its details on a Reddit thread to the r/Bitcoin subreddit. The dev says that it “allows you to receive tips (micro-payments) over the Lightning Network, anytime, anywhere, without needing a LN node,” by means of “a simple web custodial wallet.”

Upon signup, “gives you a personal tippin’ link to be shared that contains a fresh QR Invoice with an undefined amount to be paid. If anyone sends you money to that QR Invoice, this amount will appear in your dashboard.” The overall plan is for people to “share it to receive tips across webs, blogs, patreons, forums, etc. using Lightning Network.”

It should be noted that, since payments must be routed through the program, the wallet is custodial. If you’re going to use it, you’re temporarily trusting your funds to the developer, so some might find it less secure than a trustless, non-custodial solution.

The project is still in beta and, as a result, it hasn’t been adopted by or extended to blogs, forums or other third-party platforms. However, the developer claimed that such functionality can be implemented later down the line if there is sufficient demand.

Shortly after the project’s announcement, the lone, semi-anonymous developer announced that the website was operational, as his “personal contribution to push Lightning Network adoption.”

The Lightning Network has attracted a large level of interest from the crypto space for its ability to send micropayments over the Bitcoin Network and tackle the blockchain’s latency and scalability issues. The developer of claimed that he is “doing it for free, with no support, and on [his] own servers,” with the express purpose of streamlining Lightning’s adoption. Additionally, he later announced a free airdrop of 500 satoshis to the first 500 users to request it, all using the Lightning Network.

The project is in beta currently, and it is unclear where exactly the roadmap will go from here. Nevertheless, it is important to note that this project is not part of a startup company and is instead a totally free program made by a single developer.

This article originally appeared on BitcoinLinux.

Delphi Blockchain Analysis Shows Four Out Of Five Bitcoin Wallet Addresses Hodl Under $100 USD

80% of Bitcoin Wallets Contain Less Than $100

There are 23 million bitcoin wallets in the world today. The vast majority of those bitcoin wallets, however, are virtually empty, according to a new report.

An analysis released by digital asset research firm Delphi uncovered 22.9 million bitcoin addresses that were holding at least some amount of bitcoin (an amount greater than zero). Of those 22.9 million addresses, however, most contain less than $100.

The information was published in a report called, “The State of Bitcoin”. The 59-page report explores the long-term value potential of bitcoin, including an analysis of where bitcoin could be going in the future.

Delphi cautioned that many of the 22.9 million bitcoin addresses will belong to a single user. One user might split his bitcoin into 10 addresses or 100 addresses, for example. The fact that there are 22.9 million accounts holding bitcoin does not mean that there are 22.9 million bitcoin hodlers out there.

In the chart published by Delphi, we can see that 50% of bitcoin addresses have less than 0.001 BTC (around $3.70). Additionally, only 20% of addresses store more than $100 USD. In other words, 80% of bitcoin wallets contain less than $100.

Meanwhile, fewer than 700,000 bitcoin addresses own more than 1 BTC (worth approximately $3,400). Of those accounts, 588 addresses are richer than $10 million.

Delphi Digital is a New York-based research and consulting company focused on exploring the digital asset space.

The report identifies a number of other crucial points about the future of bitcoin. It explores the risks to bitcoin, for example, and the problems that could affect bitcoin moving forward. Some of the risks include PoW energy consumption, competition, failed infrastructure development, and continued volatility or hard forks. All of these things could reduce the value of bitcoin – or even destroy bitcoin – moving forward.

The report also highlights the power of bitcoin in emerging markets. Venezuela and Argentina are both mentioned. The two South American countries are home to some of the highest bitcoin-using rates per capita. Delphi’s analysis finds that people in developed economies may not have great motivation to use bitcoin at this time, but those in emerging markets have motivation to use bitcoin today. In Argentina and Venezuela, for example, fiat currency prices can be volatile, and bitcoin is seen as an alternative type of currency insulated from local economic troubles.

Delphi also analyzes where the price of bitcoin could go:

“The upside potential for bitcoin is immense assuming it captures even a modest portion of the total assets held in offshore bank accounts, the investible gold market, and central bank gold reserves,” explains the report.

The report explains that if bitcoin is able to capture 10% of this market, then the price of bitcoin has a 75% chance of being $54,816 within 10 years. If bitcoin can capture 75% of the market, then it will be worth as much as $411,117.

“While we remain very constructive on the long-term outlook for bitcoin, there are many hurdles it most overcome before it can become an alternative means of storing value,” explains Delphi. “Price volatility, secure custody solutions, and global regulatory uncertainty are just a few of the challenges currently suppressing demand for bitcoin.”

Nevertheless, Delphi believes that bitcoin has a good chance of surpassing these problems:

“Barring any major disruptions to its network, however, over the long run we foresee bitcoin serving as a staple allocation in traditional investment portfolios, central bank reserves, and as a suitable alternative for a portion of assets held in offshore accounts.”

If bitcoin can capture even a small slice of this market, then it could surge in value over the next 10 years.

Bitwala Begins Offering Bank Accounts With Bitcoin Wallet and Debit Card

Cryptocurrency banking provider Bitwala has started offering its banking service to cryptocurrency users in Germany, starting with 40,000 pre-registered customers. A spokesperson for the company has shared details with about this new service which will soon add support for additional countries and cryptocurrencies.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

New Banking Service for Crypto Users

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit CardBitwala announced on Wednesday, Dec. 12, that it has started offering banking service to cryptocurrency users. “New users along with the 40,000 pre-registered customers will be onboarded one after the other based on their waitlist place,” the announcement read.

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit CardThe bank accounts are hosted by Berlin-based Solarisbank. This Bitwala partner has a banking license, so it is supervised by Bafin and Bundesbank, Germany’s banking authorities.

Roman Kessler, a spokesperson for Bitwala, told

For now, only German residents can go through the KYC [know-your-customer] process. Very soon, hopefully already in January, this will be extended to other jurisdictions inside of the EU.

Account opening takes a few minutes, the company noted, adding that customers need an ID to open an account. They must also complete the KYC process which includes video verification. The company also explained that “As with any bank account in Germany, all euro deposits up to €100,000 [~$113,274] are protected by the German Deposit Guarantee Scheme (DGS).”

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit Card

Bank Account With Crypto Support

With the new Bitwala bank accounts, users will receive an Iban and a contactless debit card which will allow them to buy and sell BTC and manage expenses. The Bitwala account comes with a bitcoin wallet. Users can manage both their BTC and euro deposits in one place, the announcement describes.

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit Card
A Bitwala debit card.

“The new bank account offers users SEPA transactions, easy management of recurring payments, and comes with a debit card for on-the-go payments and ATM cash withdrawals,” Christoph Iwaniez, the company’s chief financial officer, commented. “For instance, customers will be able to use their Bitwala account to receive salary payments and pay their rent. And if you want to trade bitcoin, you can draw liquidity from the same current account.”

Kessler further shared with

Only bitcoin [is supported] at the moment. You can access them through a multi-sig wallet to which only you have the private key. Other cryptocurrencies to follow shortly.

He also emphasized that “The online bank account and the [debit] card are free,” but trading between BTC and EUR costs 1 percent. “According to our market research that is 5 percentage points below market average.”

What do you think of Bitwala’s new service? Let us know in the comments section below.

Images courtesy of Shutterstock and Bitwala.

Need to calculate your bitcoin holdings? Check our tools section.

The post Bitwala Begins Offering Bank Accounts With Bitcoin Wallet and Debit Card appeared first on BitcoinLinux.

Infinito Wallet And Blockpass Release Secure KYC-Enabled Security Token Crypto Wallet

The World’s Most Secure Digital Asset Wallet By Blockpass And Infinito Wallet

Regulation of the cryptocurrency industry has become a hot topic in the world today. The anonymous nature and sometimes private nature has been blamed for the slow adoption of the digital assets. This has led to measures being taken both by the government regulators and the blockchain companies to ease out the field. One of the most common compliance measures, Know Your Customer (KYC) has seen great adoption by the industry.

In the latest announcement, Blockpass and Infinito Wallet are partnering to launch a KYC-enabled security token wallet. Termed as the ‘world’s most secure and convenient wallet’ the wallet will provide regulatory compliance while putting traders in full control of their security tokens.

The future of global trade and transfer of value lies in decentralized networks hence the key focus by Blockpass to form meaningful partnerships to achieving this. This recent partnership with Infinito Wallet will allow users to seamlessly exchange security tokens over its wallet. More so, Infinito Wallet is also working on developments to improve security tokens transfer. Blockpass and Infinito Wallet will bring easy access to securities tokens and other Blockchain services as they enter into mainstream adoption.

Speaking on the partnership, Jack Thang Nguyen, Project Director of Infinito Wallet, commended the partnership as a futuristic move that will strengthen its position as a crypto market leader. He further said,

“Today’s announcement with identity system leader Blockpass is another solid step in building our authority in the security token space and consolidating our position as leader in the cryptocurrency wallet ecosystem. Partnering with Blockpass will allow Infinito Wallet users to store, send, receive and utilize their security token.”

Adding praise to the partnership the CEO of Blockpass, Adam Vaziri said that the future of blockchains and trade lies in having efficient security token transfers. Blockpass is currently working on improving the field of security tokens transfers as well as the overall blockchain developments. He continued saying,

“Our longstanding partners, Infinito Wallet, were perfectly suited to work with us to provide this regulatory compliant solution which will give users control in such a vital area. We are excited to be at the forefront of the security token revolution.”

In addition to the partnership to Infinito Wallet, Blockpass has also announced key collaborations with Edinburgh Napier University to develop the Blockpass Identity Lab. The Blockpass Lab will focus on creating innovative and real-world problem solving systems to improve the current rights to privacy on blockchains. Blockpass will partner with Professor Bill Buchanan to offer five studentships to innovative and creative students across the world.

Crypto Exchange Now Requires AML Verification

UK-based cryptocurrency exchange recently announced a major change to its operations: will require users to complete anti-money laundering (AML) verification moving forward.

The news was announced via a press release earlier today.

The London-based crypto exchange has declined the option of allowing users to remain anonymous. Moving forward, users will be required to verify their identities to help prevent criminal activity on the platform. The move is expected to help stay abreast of financial services regulations in the EU and around the world.

Earlier this week, a G7-funded research group discovered that many UK-based cryptocurrency exchanges were ignoring the UK’s laws on money laundering and counter-terrorism financing regulations. CEX appears to have made the AML announcement in response to this news.

CEX was founded in 2013 and claims to be a self-regulated entity. In the U.K., virtual currency exchanges are required to abide by the European Union’s Fifth Anti-Money Laundering Directive, which specifically covers custodian wallet providers and crypto exchanges.

In the press release announcing the news, claimed the move was made to “provide users with high-level and reliable service” moving forward.

“We have always understood the importance of dealing with virtual currency within a legal framework, so mandatory verification for customers who transact in fiat currency was introduced long before the Fifth Anti-Money Laundering Directive was adopted in the EU,”

explains CEX’s Regulatory Affairs Counsel, Serhii Mokhniev, as quoted by Finance Magnates.

The Fifth Anti-Money Laundering Directive is not scheduled to take effect until January 2020. However, financial firms – including cryptocurrency exchanges – are preparing for the changes today.

Complicating things even further is that the United Kingdom may not be an EU state by that point.

Nevertheless, exchanges like cater to international audiences, so it’s in their best interest to stay up-to-date with major regulatory changes like the one announced by the EU.

Today, claims to have 2.5 million users worldwide. The exchange is also a registered member of America’s FinCEN, which is a regulatory branch of the U.S. Department of the Treasury.

CEX has played a crucial role in British crypto exchange history. Founded in 2013, the exchange has 5 years of experience attracting users from across the UK and around the world. CEX is also a founding member of CryptoUK, an organization dedicated to representing crypto businesses in the country while also influencing government policy. supports eight of the world’s most popular cryptocurrencies along with four fiat currencies. However, the exchange is relatively small compared to some of the biggest entities in the world, handling just $5 million in volume over the last 24 hours, placing it in the #71 position of the top cryptocurrency exchanges by trading volume.

Top pairs on the exchange include BTC/USD, BTC/EUR, and ETH/USD.

Kraken Considers Private Offering, Seeks Out To High-Value Clients With $4 Billion Exchange Valuation

Kraken Considers Private Offering By Reaching Out To High-Value Clients

The Kraken exchange is one of the most successful crypto endeavors to come out of the United States. They’ve been continually successful, but the time has come for them to move on to their next venture. In a recent email to their high-value clients, Kraken inquired about their desire to be involved with a new investment opportunity.

Based on the information offered in the email, completion of an online survey is required before any additional information is offered. The exchange emphasizes to their clients that they don’t require financing, but the bear market and “significant reserves” are a sign that this is a good opportunity to participate in acquisitions.

Presently, as the message indicates, Kraken’s listing shares are for sale for $4 billion, though the minimum investment needed for participation is $100,000. Continuing, the email says,

“The transaction process will be done by a 3rd party service, who will run accredited investor checks, facilitate the execution of transaction documents, and the funding of your investment.”

Every investor will be checked to see if they meet eligibility requirement in order to participate. The survey will be open until December 16th for potential investors to respond. Additional details are promised to be released soon, though the opportunity looks as if it is targeting banked crypto enthusiasts.

In December, when the market was succeeding, Kraken went through some tech glitches that prevented its services from functioning properly. However, the team has been adamant about improving the staff behind its tech and support, while also creating and launched a matching engine. Though they condensed their staff through the summer, the company has used this room to grow as they have continued updating their product through 2018.

Some people may take notice of the $4 billion valuation for Kraken. After all, the company is ranked 20th in trading volume, even though they’ve repeated how profitable they are during this slump. Earlier in the year, it saw an $8 billion valuation after a $500 million investment, when Bitcoin was holding its ground at $6,600.

Even with the problems that the Kraken exchange has had to deal with, they have maintained their numerous crypto listings. However, that advantage over other exchanges could be challenged as the market for altcoin contracts and Bitcoin dominance flourishes. In the meantime, for investors that qualify, contributing the $100,000 to risk the shares in Kraken could turn out to be more advantageous than purchasing cryptocurrency alone.

Best Bytecoin Wallets For 2019: Which Bytecoin Wallet Should You Use?

Best Bytecoin Wallets For 2019: Which Bytecoin Wallet Should You Use?

Bytecoin (BCN) is an altcoin that offers untraceable transactions and relatively profitable mining rewards. After it was created in 2012, Bytecoin weathered a number of controversies, but it has since largely repaired its image. Although it is overshadowed by its more popular descendant, Monero, Bytecoin has managed to maintain a fairly prominent position in the crypto market.

Over the past few years, the Bytecoin development team has rebranded the coin, introducing several new wallets that can be used to store Bytecoin. A number of third party wallets have added support for the coin as well. This guide will outline some of the best choices.


Here are the primary factors you’ll want to consider when choosing a Bytecoin wallet:

  • Security: What security features does the wallet offer? Does the wallet provide two-factor authentication (2FA), passphrase login, cold storage or recovery seeds?
  • Supported platforms: Which platforms is the wallet available on?
  • Compatible coins: Does the wallet support coins other than Bytecoin?
  • Ease of use: How difficult is the wallet to download, set up, and use? Is the user interface attractive and intuitive?
  • Development activity: When was the wallet created? Is the wallet still updated regularly? Outdated wallets may introduce security risks, or they may simply no longer work with the most recent version of a coin.

Bytecoin Wallet – Best Desktop Bytecoin Wallet

Security: Good | Platform: Desktop | Compatible coins: Bytecoin (BCN)
Ease of use: Simple (with dev features) | Active since: Unknown

The Bytecoin team provides an official desktop wallet that offers all of the standard crypto transaction tools that you will need. It has tabs for sending and receiving funds, as well as a built-in address book to facilitate repeat transactions. Plus, it displays your total balance and past transactions front and center.

The wallet also doubles as a mining app, meaning that you can start earning Bytecoin with the click of a button — although you should probably consider whether mining Bytecoin is profitable before you begin.

Advanced users can also control the wallet daemon through a console window or a separate command-line daemon. This feature allows Bytecoin transactions to be carried out via RPC commands, an option that is useful for developers who are programming e-commerce applications.

These features are cleanly separated into categories on the sidebar, as shown below:

In terms of security, the Bytecoin wallet provides many basic but important features. First of all, it stores private keys locally on your device – this deters remote attackers, who usually attack centralized wallet services. The app also secures your wallet with an extra password in case your wallet file falls into the wrong hands.

Lastly, the wallet implements a feature called SendProof, which is unique to Bytecoin. This feature can be used to prove that funds have been sent — in other words, it provides verifiable dispute resolution.

Something important to note is that when you create a new wallet, the program will attempt to sync with and download the entire Bytecoin blockchain (a few gigabytes of data). Although this process makes transactions more secure, it is not necessary for basic transactions. You can connect to remote nodes to skip this process.

The desktop wallet is available for all three major desktop operating systems: Windows, Mac OSX, and Linux. The RPC daemon also supports all three platforms and can be downloaded separately.

FreeWallet – Best Mobile Wallet

Security: Acceptable | Platform: Mobile (and web)
Compatible coins: Bytecoin (BCN) +25 others
Ease of use: Simple | Active since: 2016

Bytecoin provides an official mobile wallet, but it is only compatible with Android devices. An alternative third-party wallet called FreeWallet has been endorsed by the official Bytecoin team, and it offers plenty of features that make it a good choice for mobile users.

Most importantly, FreeWallet is supported by both iOS and Android. Your FreeWallet account can also be accessed via a web interface, meaning that you can access your funds even if you don’t have your mobile device on hand. Plus, FreeWallet supports many additional coins, so you can easily exchange Bytecoin for whatever cryptocurrency you might need.

FreeWallet has several high-quality security features, including two-factor authentication, PIN code verification, and fingerprint-based login. It also offers transaction limits – a preventative measure that can stop attackers from withdrawing your money all at once. Finally, it provides multi-signature technology so that you can require authorization from more than one person in order to withdraw money.

These features keep your personal wallet safe. Unfortunately, FreeWallet stores keys and funds on a centrally hosted account, making the wallet a potential target for hackers or corrupt service providers. The wallet suffered from a controversy in mid-2017 involving allegations of stolen Ethereum, but the wallet remains highly rated on most review sites.

Be aware that the wallet’s features do give third parties control over your funds, and retrieving your coins can be very difficult if they become stuck during the trading, deposit, or withdrawal process. If you prefer to maintain direct control over your funds, a desktop Bytecoin wallet is your best option.

Suggested Reading Take a look at the best Verge wallets.

Bytecoin Web Wallet – Best Web Wallet

Security: Acceptable | Platform: Web | Compatible coins: Bytecoin (BCN)
Ease of use: Simple | Active since: 2017

Bytecoin’s official web wallet allows you to access your funds wherever you happen to be. To create a Bytecoin web wallet, you will first need to sign up with a username and email account. This account can also be used to log in to the official Bytecoin Android wallet.

The web wallet offers fewer features than the desktop wallet, but it does have basic send and receive functions. It also shows your recent transactions and address balances. Additionally, it is integrated with an exchange, which allows you to instantly buy Bytecoin if you have Bitcoin or Ethereum on hand. These basic functions are all accessible from the main page, as seen below:

Unfortunately, web wallets are rarely as secure as desktop wallets, and Bytecoin’s web wallet is no exception. Although it offers two-factor authentication, which is a standard security practice, it nevertheless is susceptible to hacking. The Bytecoin web wallet stores keys and funds centrally, just like Bytecoin’s mobile wallets do.

That said, if you use many different computers and devices, you may value convenience and availability over security. In that case, a web wallet may be a good choice.

Bytecoin Ninja – Best Cold Storage Wallet

Security: High | Platform: Web | Compatible coins: Bytecoin (BCN)
Ease of use: Intermediate | Active since: Unknown

Offline wallets (aka “cold storage”) are a good way to securely store large amounts of cryptocurrency for an extended period of time. Cold storage can also be used in tandem with less secure wallets — simply move Bytecoin from cold storage to your mobile or web wallet only when you need to spend it.

Hardware wallets are the best way to create a cold storage wallet. However, none of the three major hardware wallets (Trezor, Ledger, and Keepkey) support Bytecoin. In the absence of a hardware wallet, paper wallets are the next best approach to cold storage.

Bytecoin Ninja is a community-created paper wallet generator for Bytecoin. Although the original site has gone offline, other sites provide a mirror, such as this one. Ideally, you should download the ZIP file, disconnect from the Internet, and open the web page offline to ensure that nobody is logging your keystrokes.

As you can see below, the paper wallet created by the generator is not as flashy or decorative as other paper wallets — but it certainly does what it needs to do. It provides standard public and private keys, which you can use to send money to and from another wallet. Here is what the printable page looks like:

The generator also provides high-resolution QR codes, which are easy to scan when you need to transfer money to or from a mobile wallet — no typing required. Meanwhile, the red lettering serves as a color code that makes it clear which keys are private and which are meant to be shared.

The post Best Bytecoin Wallets For 2019: Which Bytecoin Wallet Should You Use? appeared first on BitcoinLinux.

Gibraltar Blockchain Exchange (GBX) Secures Crypto Asset Insurance Via Callaghan Insurance

Amidst Risit Cyber Attack Rates, Gibraltar Exchange Obtains Insurance For Its Crypto Assets

Owing to the rising rates of cyber attacks these days, a spokesperson for the Gibraltar Blockchain Exchange (GBX) has just announced that his company has obtained an insurance policy that will effectively cover all of the firms’ digital assets (the deal will be facilitated in conjunction with Gibraltar-based Callaghan Insurance). To be even more specific, we have received word that GBX has gotten both its hot as well as cold wallets insured for added security.

In relation to the matter, Nick Cowan, CEO of GBX, had the following words:

“We are delighted to announce the introduction of insurance coverage … this represents an important step in attracting users who require strict assurances around the security of their assets. We are committed to building a platform focused on the highest regulatory standards and the strictest due diligence processes.”

Cybercrime Rates Are On The Rise

Over the course of 2018, losses due to attacks by hackers on different crypto exchanges have amounted to a staggering $930 million (so far). Not only that, latest data obtained from U.S. security firm ‘Ciphertrace’ also shows that the global IT industry is at a massive risk of third party threats due to which many firms have started implementing better security protocols (so as to safeguard investor funds more effectively).

Is Gibraltar The Next Global Crypto Hub?

It is worth noting that over the last 6-8 months, the Gibraltar government has been making it easier for crypto enthusiasts to set up base within the British-territory. On the matter, Bruno Callaghan, the MD for Callaghan Insurance Brokers, was quoted as saying the following:

“I am delighted that Callaghan have been able to procure, after much research and collaboration with the London insurance market, a bespoke, fit for purpose coverage option that affords our clients and the jurisdiction the necessary protection to move forward confidently in the distributed ledger technology arena.”

Final Take

Some of our readers may be intrigued to learn that GBX is administered by the same company that also owns the Gibraltar Stock Exchange. Lastly, it is also worth noting that GBX was recently granted a full license to operate within Gibraltar by the nation’s financial regulator.