Cryptocurrency trading platform Bitfinex has reportedly shifted its banking business to the Hong Kong-based Bank of Communications, the Block reported Oct. 16.
A source familiar with the matter reportedly said that Bitfinex appears to be banking with the Bank of Communications through the private account “Prosperity Revenue Merchandising Limited.” According to the Block, Bank of Communications which is partly owned by HSBC has been using U.S.-based Citibank as the intermediary bank for U.S. dollar wire transfers to Bitfinex.
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Fidelity is one of the five largest financial services providers in the world, maintaining some $7.2 trillion in client assets.
"Those efforts have been successful in helping us understand and advance our thinking around cryptocurrencies ... The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets," he said, going on to add:
"In our conversations with institutions, they tell us that in order to engage with digital assets in a meaningful way, they need a trusted platform provider to enter this space. These institutions require a sophisticated level of service and security, equal to the experience they're used to when trading stocks or bonds."
As such, Fidelity plans to build a "scalable infrastructure" that takes advantage of Fidelity's existing experience in building such platforms, he said.
At launch, the new company will offer "institutional-grade custody," trade execution and "dedicated client service," the press release continued.
Paxos Says It Has Issued $50 Mln of Recently-Launched Dollar-Backed Stablecoin Blockchain Trust company Paxos has issued around $50 million worth of its recently launched U.S. dollar-backed stablecoin, according to a Tweet from a senior employee October 15.⠀
As previously reported, the Ethereum (ETH) blockchain-based stablecoin, dubbed Paxos Standard Token (PAX), sealed regulatory approval from the New York State Department of Financial Services (NYDFS) in early September.⠀
Data from Etherscan as of press time appears to substantiate that 50,838,503.47 PAX worth $52,275,897.44 are in circulation.⠀
Yesterday’s tweet from Paxos’ vice president of marketing and communications, Dorothy Jean Chang, notes that Paxos had only “just” officially announced the release of $36 million worth of the coin during the first month since its launch, “2 hrs” before her tweet about hitting the $50 million mark.⠀
The rapid pace of token issuance comes as Paxos is making the bold claim to have “achieved the fastest, widest institutional adoption of any digital asset.”⠀
Ahead of Oct. 15’s official announcement – $36 million – and Chang’s subsequent tweet – $50 million – on Sept. 28, Paxos’ third-party auditor Withum released its audit report for the firm, corroborating that Paxos held around $14.6 million in its reserve account, which it suggested was roughly equivalent to the number of PAX tokens in circulation at that time.⠀
In its official announcement yesterday, Paxos says that “six of the top ten crypto exchanges” have listed the asset, including Binance and OKEx, adding that OKcoin and itBit will soon follow suit.⠀
As reported, third top crypto exchange by market cap OKEx announced yesterday it would be listing four stablecoins at once – PAX, TrueUSD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD).⠀
Also yesterday, U.S.-based crypto payment processor BitPay announced it had started to accept two stablecoins for merchant s ...⠀