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Silvergate Bank, Lender Becomes Major Funding Force For Crypto Exchanges

A small community money-lender in San Diego, by the name of Silvergate Bank, received a lot of attention during this year’s Consensus. According to reports, the bank has played a crucial part in crypto exchanges and several enterprises with which the Wall Street banks refused deal.

A small bank with a large impact

Although banks and financial institutions have lately started to consider working with cryptos, this was not always the situation and digital currencies have struggled to survive. However, in that difficult period, one bank decided to open its doors to cryptos and crypto exchanges as early as 2014.

The Silvergate Bank from San Diego was a tiny community bank, which decided to trust cryptos, despite accusations that the currencies were being used for illegal activities like money laundering. In only a few years, the bank’s increased to $1.9 billion, and it currently has over 250 clients from around the world.

The bank has been operating for around 30 years and has branches throughout California. The CEO of Silvergate, Alan Lane, stated that he saw an opportunity in opening the bank’s doors to crypto exchanges and he realized that cryptos might disrupt banking in the long run. However, the companies still needed banks, and he was happy to lend them a hand.

Lane even invested in Bitcoin himself, then quickly realized that everyone who started working with cryptos soon lost all privileges from banks on Wall Street. With a situation like that, Lane realized that opening up to cryptos could mean some serious profit for Silvergate.

The bank changed its business to help out exchanges

After talking to the exchanges back in 2013, Lane understood what they needed and how Silvergate could help them. He also realized that the bank would have to start conducting their business in a different way, as a state-chartered bank. Naturally, this meant that Silvergate needed California State Banking Department’s certification, as well as the one from San Francisco’s Federal Reserve Bank.

Despite the fact that this move was very risky at the time, Silvergate decided to go through with it anyway. They did not care about bucking the trend across the rest of the States, and the bank soon became a clearinghouse and facility for exchanges’ transactions in real time. The number of their customers increased, and the bank has been on the rise ever since.


Bitcoin Tumbled Following South Korean Exchange Hack

The price of bitcoin fell sharply on Sunday and early Monday morning after Coinrail, South Korea’s 7th biggest exchange said it was hacked, possibly to the tune of over USD 37.3 million.

According to data from Coinbase, bitcoin dropped 10% to around USD 6,770 – the lowest level for the cryptocurrency since April 12. On Monday morning, the price was still hovering below the USD 6,800 level, after a slight increase during the early hours of the Asian trading session.

The sell-off on Sunday followed news reports about a hack at Coinrail. The exchange said it was the victim of a “dawn raid” on its wallets on June 10, with hackers active on its system for up to 40 minutes, where they succeeded in accessing Pundi X (NPXS), Aston (ATX) and NPER funds. Some media reports claim Tron funds were also affected, and that the total losses may actually exceed USD 40 million, but the company has not yet issued confirmation.

The company, which is the seventh biggest in the country by trading volume, says it has suspended all operations, and has safeguarded 70% of its customers’ funds. Also, Coinrail says it has successfully “frozen or recalled” some 66% of the hacked funds and stated that all of its assets are now in a cold wallet, where they will remain until the company’s network “has been stabilized.”

Per a company statement, Coinrail also said it was working in close collaboration with the police. While most media sources in South Korea are claiming that over USD 37 million was taken, Coinrail is yet to confirm or deny these estimates, stating, “The exact extent of the damage is currently being calculated, and this may take some time.”

The company said that it was unable to reveal many of the details of the hack as doing so “may interfere with the police investigation,” but added that it was in close talks with the coins’ developers.

Joongang Ilbo points out that Coinrail had run into trouble with the Fair Trade Commission this year over clauses in its terms and conditions that appeared to absolve the company of blame in the event of “damages.” As reported previously on, a total of 12 exchanges (of which Coinrail was one) were ordered to make significant changes to “unfair” customer policies in April.

The FTC claimed that exchanges’ terms “did not exempt them from liability” in the event of the loss or theft of customer funds.

Exchange hackings have become a major issue for the cryptocurrency market in recent years, and continues to shake the market every time they occur. It is estimated that since 2014, hackings on exchanges have cost investors at least USD 1.4 billion.

CFTC Investigating Bitcoin Price Manipulation

Other cryptocurrencies such as ethereum, ripple XRP and bitcoin cash all dropped more than 11 percent on Sunday.

The sharp declines in crypto prices on Sunday also followed news that the US regulator known as the Commodity Futures Trading Commission (CFTC) has launched an investigation into potential price manipulation at four major cryptocurrency exchanges: Bitstamp, Coinbase, itBit and Kraken.

According to news reports, the CFTC has subpoenaed the exchanges to hand over sensitive trading data to help in the investigation.

This guy Ridley Robert claims to arrange loans from HNI’s and corporates against seeking advances from borrowers upfront to a tune of 100K in the name of DD fees.  Its a pottential scam and supposed to deliverately fool people. He uses a company in Hong Kong to collect the upfront fee .

ACCOUNT NO.:614010700838

LOAN AGREEMENT.  He shall make you fill up this long and tedious pathetic self drafted aggrement which is in the name of other company.

Borrowers kindly stay away form this person. his email id is



This could be latest upcoming scam . Investors be alert.

CASH FUNDS (unrestricted) of at least 100M USD/Euro on deposit in Top Banks, in acceptable countries/jurisdictions (Most European, Hong Kong, Singapore, etc.), are accepted for Private Placement, with no Swifts, and in most cases no formal blocking required. Funds are NOT required to move. Tier One. I am DIRECT. Contact me with specifics of what you have, what bank the funds are in, and in what country, for further discussion.
— Kevin Strunk
    CEO, Pacific investment group.
Incase you find this is not scam, provide evidence that what you are promissing is not scam.

FOMC News Updates

The minutes of the May FOMC meeting got released yesterday, and the Greenback tossed and turned, but ultimately tanked as a result. What’s up with that?

Well, here are the key highlights from the latest FOMC meeting minutes that you need to know about.

1. Next rate hike appropriate “soon”

Other than stating that it has a hiking bias, the Fed didn’t really provide any detailed forward guidance during the May 2 FOMC statement.

However, the minutes of the meeting heavily implied that the Fed will likely hike in June.As for specifics, the minutes noted that (emphasis mine)

“Most participants judged that if incoming information broadly confirmed their current economic outlook, it would likely soon be appropriate for the Committee to take another step in removing policy accommodation.”

It should be pointed out, though, that a rate hike is conditional on economic conditions evolving within the Fed’s forecasts (or better).

2. “Some” expect PCE inflation to exceed 2% target

The PCE price index is the Fed’s preferred measure for inflation.

With that said, the Fed happily noted in the minutes that “12-month changes in overall and core PCE prices moved up in March, to 2 percent and 1.9 percent, respectively.”

And from the perspective of “most participants,” the firming of the PCE price index provides “some reassurance that inflation was on a trajectory to achieve the Committee’s symmetric 2 percent objective on a sustained basis.”

In short, some Fed officials expects an inflation overshoot because of the robust U.S. economy and higher oil prices.

3. Fed is worried about inflation expectations

Despite the recent rise in the PCE price index and expectations that inflation may even temporarily overshoot the Fed’s 2% target, the minutes revealed that Fed officials agreed that “it was premature to conclude that inflation would remain at levels around 2 percent, especially after several years in which inflation had persistently run below the Committee’s 2 percent objective.”

And Fed officials were not too convinced that the recent rise in inflation is sustainable because “Market-based measures of inflation compensation remained low, and survey-based measures of longer-term inflation expectations were little changed, on balance.”

4. Fed may let inflation overshoot for a while

Since “some” Fed officials think that inflation may overshoot the Fed’s 2% target and since Fed officials generally agreed that inflation expectations were still low, the minutes revealed that the Fed may allow inflation to temporarily overshoot its target when it noted that:

This is a rather dovish message since it basically states that the Fed will not react to stronger-than-expected inflation by hiking aggressively. In fact, the Fed welcomes stronger-than-expected inflation.

In summary, the minutes revealed that the Fed thinks that another rate hike is likely “soon” which is a hawkish message.

However, the minutes also revealed that the Fed is not confident that the recent rise in inflation is sustainable because inflation expectations remain low.

And since inflation expectations are low, the Fed thinks that it would be A-Okay to let inflation temporarily overshoot the Fed’s 2% target, which implies that the Fed will not hike aggressively in response to stronger-than-expected inflation, which is a rather dovish message and likely dismayed some traders.


Goldman Sachs Bitcoin Endorsement Leads Institutional Investor Cryptocurrency Push

The wall street titan is now all in when it comes to allowing clients to trade Bitcoin futures via one of its New York desks. Goldman Sachs becomes the first regulated financial institution to offer such a service. Part of the reason the firm decided to go this route is due to several inquiries received from hedge funds, foundations and endowments which had received donations from Bitcoin millionaires. Will Goldman Sachs cosign of Bitcoin increase confidence in the digital currency?

The Breakdown You Need to Know

The legitimacy bar for digital currencies has been raised now that Goldman Sachs is going to facilitate the institutional trading of Bitcoin. They’re proceeding cautiously and will not trade actual Bitcoin initially. Instead, the bank will use its own money to trade Bitcoin futures contracts for clients. It will also trade non-deliverable forward futures where trades will be settled in the regulated currency it’s quoted in.

Bitcoin had been on a rebound the past couple of months. Interest in the currency increased over the course of 2017, which also caused volatility to skyrocket. The price of the digital currency tripled in the second half of last year, topping out at $20,000 before dropping to $8,000 in February of 2018. The cryptocurrency traded as high as $9,300 before South Korean officials raided South Korea’s largest cryptocurrency exchange, sending prices to $8,650.

While Goldman Sachs dips its toes in the cryptocurrency markets, CultureBanx found BitMEX is way ahead of the game. CEO Arthur Hayes helms this leading cryptocurrency derivative exchange. The company offers derivative products to retail investors and has a daily trading volume approaching $3 billion. BitMEX made revenue of $83 million in 2017 and posted $21 million in revenue during January of this year. The company is on track to exceed its 2018 performance. “This is the best thing you could ever have. We make more money when the market goes down. We love this volatility,” Hayes said to Bloomberg.

As institutional investors engage in these derivatives, they’ll be looking to ease their cautiousness by having a reliable benchmark for their performance. Goldman Sachs alumnus and billionaire cryptocurrency advocate Mike Novogratz announced a partnership with Bloomberg to launch the Bloomberg Galaxy Crypto Index. It will track the performance of the 10 most liquid cryptocurrencies. “This is just one more building block in the foundation which will get, at one point, pension funds and family offices and sovereign wealth funds all participating in the crypto economy,” Novogratz told Business Insider.

Cryptocurrency Mindfulness

Bitcoin had a rough start to the year and suffered a major loss during the first quarter causing the price to plummet down 48%. Hayes noted we should be on the lookout for increased volatility in Bitcoin prices as more players enter the derivatives market for the cryptocurrency.  “People have been lulled into complacency with a market that keeps going up every day,” Hayes said on the Flux Podcast. The market got a taste of this volatility in December 2017 when the Chicago Mercantile Exchange (CME) launched Bitcoin futures trading. The Federal Reserve Bank of San Francisco went on to confirm this volatility relationship. “It is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset,” the bank said. It will be interesting to see just how much volatility institutional investors are willing to stomach as more players enter the cryptocurrency derivatives market.

, I’m the CEO of CultureBanx, redefining business news for minorities. Opinions expressed by Forbes Contributors are their own.

Australia’s $10,000 cash ban – a move to a cashless society?

Could a move to limit cash purchases in Australia give cryptocurrency and blockchain a boost?

The Australian government has banned cash for all purchases over $10,000 (€4,728) in a bid to curb tax evasion and money-laundering.

The hard limit comes into force on 1 July 2019. It was announced by the country’s Liberal Party Treasury spokesman Scott Morrison on 8 May. It means that any payment totalling over $10,000 Australian dollars will have to be made by credit card, debit card or cheque. But opinion is split as to whether this represents a real trend of a move to a cashless society.

Australians are still fond of cash – it makes up 37% of all transactions in the country – and this is perhaps why person-to-person and person-to-bank transactions are excluded from the legislation.

“It is very unlikely that cash will become obsolete,” says Sasha Ivanov, CEO of Waves, a blockchain platform that features a multiple-currency wallet and decentralised exchange.

“It will stay, but you won’t be able to use it as freely as you can now.”

Bitcoin and other crypto tokens were supposed to represent a democratisation of money – levelling the playing field for users with the lowest financial capital. It hasn’t quite worked out like this, but “current fintech is unable to provide ease of use, transparency and security for users and governments,” says Ivanov.

Are we moving towards a cashless society? Blockchain enthusiasts seem to think so, but opinion is split on how long it will take, and what the benefits to society at large will be.

Where cash goes we follow

Australia is certainly not the first country to limit large purchases using cash. Most governments recognise that large cash purchases – for deposits on houses or buying cars – are an easy way to wash dirty money.

In 2012’s Monti reforms, lawmakers in Italy forced through a cap on cash payments over €1,000, ostensibly to make it easier for authorities to track payments made to retailers. Italy also has very high levels of tax evasion. The cap didn’t last. In an attempt to boost consumer spending in 2016, former prime minister Matteo Renzi relaxed this hard limitto €3,000.

Elsewhere in Europe the picture is similarly mixed.

Romania limited cash payments to €1000 a day in 2015, but the law only specifies payments between a person and a company. Spain’s limit is €2,500. In Denmark, the limit on cash transactions is 50,000 krone (€6,700) and again was introduced ostensibly to curb money-laundering.

Germany is a relative outlier. It has the highest GDP in Europe at 4.2 trillion US dollars but unlike other high-performing states, its citizens still keep large amounts of cash on them.

German plans to introduce a €5,000 cap on cash transactions in 2016 sparked furious protests. 80% of transactions in the country are still made with physical notes rather than using NFC ‘tapping’ with debit cards, or mobile apps like Apple Pay and Samsung Pay.

As economist Max Otte told Bloomberg, asking ‘Why do Germans like cash?’ is “the wrong question,” he says. Instead we should be asking: “Why have others shifted to a cashless society so quickly?”

In second place in terms of GDP in Europe is the UK. The country is set to reach ‘peak cash’ in 2018, according to the Guardian, as cash payments fall to just 40% of total transactions. This number could fall as low as 21% by 2026.

The cash gap

At the moment, governments are stuck between piecemeal but positive regulation on blockchain and a general distrust of cryptocurrencies. Without the support of legislators, Bitcoin can not yet fill this cash gap.

Sasha Ivanov explains: “Restrictions on using cash are mainly aimed at making the financial system more transparent. While measures like [Australia’s] should not be punitive [to the average citizen] unfortunately in many cases that is what they are.”

It would be short-sighted not to expect more governments to follow suit and restrict cash usage over the next three to five years, Ivanov says, predicting that peak digitisation of money will happen some time between 2025 and 2035.

“That’s where blockchain kicks in, since it covers the need for security and transparency for everyone involved. Over the next 15-20 years blockchain will positively change today’s financial and governmental landscape.”

Bing becomes latest to ban cryptocurrency ads

Cryptocurrency advertising will be absent from Bing by the end of July…

Following the lead set by Google, Facebook and Twitter, the search service Bing has confirmed that it’s now set to ban cryptocurrency advertising too.

The announcement came on the Bing Ads blog, where advertiser policy manager Melissa Alsoszatai-Petheo said that “because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviours, or otherwise scam consumers”.

She added that “to help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options”.

The policy change will be implemented across the Bing Ads network starting in June, with full rollout expected in late June and early July. It’ll be completed by the end of July.

Whilst some have found (temporary) ways around the ad bans on other platforms, it does add to the growing feeling that some kind of cryptocurrency regulation is needed. In lieu of it, more and more big platforms are taking the easier way out, and simply implementing blanket bans. Bing is unlikely to be the last to do so.

Adopt blockchain or be disrupted, warns FedEx CEO

red Smith, chairman and CEO of FedEx, told an audience this week that those who don’t embrace blockchain technology will be left behind and disrupted.

The head of the logistics company sees great potential in blockchain technology to improve cross-border transfers, and relayed these thoughts to the crowd at CoinDesk’s Consensus 2018 conference in New York.

“Blockchain has the potential to completely revolutionise what’s across the border, ” he said. “For cross-border shipments, ‘trust’ is legal requirement for every transaction. What blockchain has is a potential for the first time ever to make the information available for everybody.

“If you are not operating at the edge of new technologies, you will surely be disrupted. If you are not willing to embrace new technologies like the internet of things and blockchain to face those new threats, you are, maybe subtly, at some point… going to extinction.”

In February, FedEx joined the Blockchain in Transportation Alliance (BiTA) in order to explore how best to utilise blockchain in its business.

CIO Robert Carter, also speaking at the event, added: “We move easily 12 millionshipments a day and that moer than doubles during the peak seasons. While we absolutely believe this technology is going to scale, right now it makes sense for us to do this in our freight world.

“The application of these custody chains… is so critical to the information aspect. We’re operating on this place between the physical world and the digital world.”

Telegram Says No its its ICO ? Why ?

Secure messaging service Telegram is canceling its initial coin offering (ICO), an anonymous source told The Wall Street Journal today, and it won’t be opening up its digital coins for public sale. The cancellation is a blow to public investors who hoped to get in on the ground floor of one of the largest cryptocurrency investment opportunities in history, with an estimated $1.7 billion already raised.

Another source cited in the Journal partially attributed the shutdown to increasingly tight regulations that the Securities and Exchange Commission, Commodity Futures Trading Commission, and other lawmakers have proposed since Telegram initially began planning an ICO.

Much has changed in the regulatory environment since January when rumors swirled that Telegram was contemplating an ICO. In February, SEC chairman Jay Clayton had harsh words for ICOs that dodged registering with the SEC. “Many ICOs are being conducted illegally,” Clayton said, testifying before Congress. “Their promoters and other participants are not following our security laws.” In March, reports surfaced that the SEC sent subpoenasto dozens of cryptocurrency companies including tech companies that had launched ICOs.

It could also be the case that Telegram has simply raised enough money in private sales that it no longer needed an ICO. Telegram’s first presale in February raised $850 million from 81 investors; in March, the company said it had successfully raised another $850 million from 94 investors in a second round. In total, Telegram raked in $1.7 billion from fewer than 200 private investors.

The money is supposedly going toward Telegram’s Open Network project that will continue to fund its messaging platform and develop new features. The network would be built with a public ledger that would eventually serve as an alternative to Visa or Mastercard, Telegrampromised.




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