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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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First Yen-to-Bitcoin Stablecoin Approved for ‘Sandbox’ by Japanese Regulators

A Japanese yen-backed stablecoin has been approved for test usage and licensing by the Japanese Financial Services Agency (FSA), in Japan’s so-called “sandbox” legal regime. The license will last for one year, and has the stated objectives of: [testing] and [validating] i) the secure transfer of crypto assets on a sidechain network and ii) the possibility of building a stable and healthy OTC market by improving transparency for the price-making process……….

Source: CryptoGlobe

Crypto Adoption: New Ambitious Academic Plan Turns to Scientific Methods

The cryptocurrency markets have been a rollercoaster over the last few years. The hype of 2017 was quickly replaced by the crypto winter of 2018. Will 2019 be the year of cryptocurrency adoption? Even though Bitcoin and blockchain technology have been around for 10 years, there is currently very little evidence of mainstream adoption. Think about it: When you walk down your local high street, how many stores actually accept cryptocurrency as a payment method?

Source: Crypto Adoption: New Ambitious Academic Plan Turns to Scientific Methods | The Daily Hodl

New York to Have First Crypto Task Force – NullTX

Recently, New York State became the first state in the nation to create a cryptocurrency task force to study how to properly regulate, define and use cryptocurrency. Last week, NYS Governor Andrew Cuomo, signed into law THE DIGITAL CURRENCY STUDY BILL, A8783B/S9013. The members of the task force, appointed by the Governor, Senate and Assembly, are to submit reports by December 15, 2020. The members will include stakeholders such as, technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics. The group shall report on digital currency, cryptocurrency and blockchain technology.

Source: New York to Have First Crypto Task Force – NullTX

Trade Santa – Automated Crypto Trading Made Simple – NullTX

A cloud software with a Christmas-like name Trade Santa argues crypto-holders have the opportunity to benefit from crypto-market fluctuations by means of automated trading. Trade Santa is a cloud platform that enables crypto-holders to automate their trading on exchanges. They claim its software automates simple strategies relied upon by thousands of traders around the world, and the company hopes to ensure capitalizing on fluctuations in cryptocurrencies doesn’t need to be a full-time job. Users can accelerate the trading process as bots are able to simultaneously track market shifts for unlimited trading pairs and place hundreds times more orders compared to manual trading……

Source: Trade Santa – Automated Crypto Trading Made Simple – NullTX

Crypto exchange Huobi Russia launches legal lab – TokenPost

Earlier this month, Huobi Group officially announced the opening of its Russian office, launched in partnership with the VEB Digital Transformation Center and Russian experts in the field of blockchain and exchange trading. According to the latest announcement, the legal competence center has been launched with the support of VEB’s Digital Transformation Center. The legal lab will be led by Elina Sidorenko, Professor at Moscow State Institute of International Relations (MGIMO).

Source: Crypto exchange Huobi Russia launches legal lab – TokenPost

UK tax authority issues tax guidance for crypto users – TokenPost

Her Majesty’s Revenue and Customs, the UK government department responsible for the collection of taxes, on Wednesday published tax guidance for people who hold crypto assets. The paper, “Cryptoassets for individuals,” sets out the agency’s view of the appropriate tax treatment of cryptoassets, and outlines what taxes crypto users may need to pay, and what records they need to keep.

Source: UK tax authority issues tax guidance for crypto users – TokenPost

Indian Government to Present Draft Bill on Crypto Regulation in December, Documents Show – Ana Berman

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The Indian government is actively preparing a draft bill on crypto regulation, which is expected to see light this December, according to documents obtained by digital news website Quartz India Tuesday, Nov. 20. The government has filed a counter-affidavit yesterday, Nov. 19 in the Supreme Court of India, which is currently hearing a case filed by several crypto exchanges against the Reserve Bank of India (RBI). The document states that the Indian finance ministry panel, responsible for the draft and headed by secretary in the department of economic affairs Subhash Chandra Garg, will present its first version in December……….

Read more: https://cointelegraph.com/news/indian-government-to-present-draft-bill-on-crypto-regulation-in-december-documents-show

 

 

 

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