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Grayscale To Move Billions In Bitcoin, Ripple’s XRP, Ethereum, And Litecoin To Coinbase In One Of The Largest Ever Crypto Transfers

Bitcoin and cryptocurrency asset manager Grayscale Investments is today planning to move billions of dollars worth of holdings to U.S. crypto wallet provider and trading platform Coinbase in what could be one of the largest single day transfers of bitcoin and crypto assets ever.

Grayscale, which claims to be the world’s largest bitcoin and digital currency asset manager, is today announcing Coinbase Custody will serve as custodian of the underlying assets for its products, and is expected to transfer nearly $3 billion of assets in fewer than 12 hours to Coinbase.

Coinbase Custody, which is operated as a standalone, independently-capitalized business to Coinbase, will now will oversee Grayscale’s cryptocurrency holdings, including bitcoin, bitcoin cash, ethereum, litecoin, and Ripple’s XRP, among other major tokens, as well as Grayscale’s publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund, which provides exposure to bitcoin and crypto through a market cap-weighted portfolio.

“Grayscale and Coinbase have led the way in providing safe, secure, trustworthy, and regulated access to digital assets. Grayscale is an established, trusted, and valuable partner to its clients and its service providers should be the same,” said Sam McIngvale, Coinbase Custody chief executive.

“As a NY State-chartered trust company, Coinbase Custody is held to the same fiduciary standards as national banks. We also offer some of the broadest and deepest insurance coverage in the crypto industry.”

The move comes as bitcoin and cryptocurrency investors nervously look for signs of how global regulators will react to Facebook’s plans to launch its own cryptocurrency sometime next year, dubbed libra.

Expectations that some of Silicon Valley’s biggest companies, including iPhone-maker Apple and micro-blogging platform Twitter, are increasingly looking to bitcoin and cryptocurrencies as a potential source of revenue has been largely responsible for the rise in the bitcoin price so far this year.

Earlier this month, the New York-based Grayscale reported assets under management of $2.7 billion, an all-time high for the company and up three-fold on the previous quarter.

Last month, Coinbase, the largest U.S. cryptocurrency exchange and wallet service, boasted it has signed up 30 million users since launching in 2012, with eight million new users added over the last 12 months.

Meanwhile, Grayscale last week found that more than a third (36%) of U.S. investors would consider buying bitcoin, representing a potential market of more than 21 million investors.

“Since its introduction in 2009, bitcoin has steadily grown in popularity and today has expanded its reach to a broad mainstream audience,” Grayscale reported.

“Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Grayscale To Move Billions In Bitcoin, Ripple’s XRP, Ethereum, And Litecoin To Coinbase In One Of The Largest Ever Crypto Transfers

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Indian Police Uncover Cryptocurrency Scam Involving BitConnect Promoter

Indian police have reportedly discovered an alleged multi-million dollar cryptocurrency scam, involving a BitConnect promoter, local media outlet the Times of India reported on June 3.

The Criminal Investigation Department (CID) in Gujarat, India, has accused Divyesh Darji — a promoter of now-defunct cryptocurrency investment program BitConnect that ceased its operations in January of last year — of luring people to invest into “Regal Coin,” promising unrealistic returns of as high as 5,000% on investment. A CID official said that the estimated amount of the scam reaches into the tens of millions of rupees.

Per the CID, Darji began offering the investment scheme back in 2017, asking potential investors to buy the coin with an investment of $2 to get $100 on each Regal Coin. A CID official said that “Darji had promised that the investor would get the principal amount in 99 days. He had also promised to give interest on principal amount as per robotic trading profit along with 1% to 1.6% bonus as referral bonus at every 11 days.”

The scam was discovered after a Surat resident, Vishal Savalia approached the CID saying that he had lost around $26,783 in the Regal Coin scam. A CID official further explained that “Savalia had allegedly given the money to Darji’s daughter, Dimki through another accused and Darji’s aide, Ramdayal Purohit and Dimki herself had downloaded Regal Coin app in Savalia’s cellphone and get him registered on its website.”

According to the police, only Purohit is presently under arrest, while Darji was released on bail a month ago and is on the lam. This is reportedly the third case involving Darji.

At the end of August 2018, Indian police arrested Darji for allegedly promoting BitConnect and scamming investors. Darji reportedly said that he had been the India head of BitConnect. The CID claims that staff at the BitCoinnect office in Surat admitted that promoters had amassed “crores of rupees from thousands of investors.”

In February of this year, India’s Union Home Minister Rajnath Singh inaugurated the cyber forensic lab and Cyber Protection Awareness and Detection Centre, with a special unit focused on cryptocurrency.

Source: Pivot – Blockchain Community

Stellar XLM/USD Above $0.1130: Latest Updates Regarding XRP’s Competitor

The 8th largest cryptocoin by market capitalization [current – $2.1 bln] is one of the only in the green as today’s market performance with 3.65% in the green leading the BTC market by 4.00%.

The aforementioned value movement marks out a monthly [30 days of trading] gain of 36.144 percent with the positive April crypto trending tending to go higher. Breaking above the monthly declining trend-line opened gates for further increase at least for the days ahead.

Source: Stellar XLM/USD Above $0.1130: Latest Updates Regarding XRP’s Competitor

BTC will rise 80%, XLM 260%, ADA +99% and ETH 55%. DOGE will dump -77% by Dec 31, 2019. TRX -52% this Month, Panel of Experts Predicts – Ethereum World News

A group of experts in the field of crypto/blockchain and fintech leaders from around the world predicted that 2019 will be a good year for the crypto ecosystem, with significant price growth – albeit well below the figures recorded during 2017. According to a report published by Finder.com, a monthly survey made to a group of 6 experts concluded that most of them have a bullish vision for 2018. However, the forecast for the next 30 days does not seem to be very optimistic……..

Source: BTC will rise 80%, XLM 260%, ADA +99% and ETH 55%. DOGE will dump -77% by Dec 31, 2019. TRX -52% this Month, Panel of Experts Predicts – Ethereum World News

Gold Backed Crypto Exchange Offers Safe Haven for Crypto Investors | The Daily Hodl

GOLD.IO Seeks to develop a decentralised and self-regulating community exchange.

Turbulence in the global markets is nothing new but the cryptocurrency community has faced an unprecedented 18-month period of flux. The need for a fully decentralized, stable, self-regulated and community-led exchange that can offer investor confidence amidst a chaotic global economy has never been stronger…….

Source: Gold Backed Crypto Exchange Offers Safe Haven for Crypto Investors | The Daily Hodl

Reserves Bank of India shelves central bank digital currency plans – Report – TokenPost

The Reserve Bank of India (RBI) has reportedly shelved its plans to launch its own digital currency, according to The Hindu Business Line.The RBI had revealed its plans about central bank digital currency (RBI) in…

Source: Reserves Bank of India shelves central bank digital currency plans – Report – TokenPost

Crypto Critic Elizabeth Warren Officially Exploring Presidential Run

Senator Elizabeth Warren has joined the 2020 United States presidential race, after announcing on Monday that she will be developing an exploratory committee, according to a report on the Wall Street Journal. With the exploratory committee,

Source: Crypto Critic Elizabeth Warren Officially Exploring Presidential Run

Gemini Set To Offer Bitcoin Block Trading – Priyeshu Garg

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Block trading appears to be the latest focus of big players in the crypto market. With institutional investors looking to make substantial trades in the market, providing crypto block trading services can be a profitable proposition. In March 2018, Independence Reserve, an Australian crypto exchange platform launched an over-the-counter (OTC) crypto trading desk that is targeted at offering block trading services to big-time crypto traders. Now, it appears that Gemini, the crypto exchange platform owned by the Winklevoss twins is about to do the same. The service will enable big trades to occur outside of the platform’s order books…………

Read more: https://btcmanager.com/gemini-set-to-offer-bitcoin-block-trading/

 

 

 

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