TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. HSBC to use blockchain system for tracking assets. Tagomi dispels rumors of Coinbase acquisition. German banks could sell and hold crypto next year. Skrill extends cryptocurrency functionality. Bakkt CEO to fill vacant US Senate seat, and IDAX CEO goes missing.
HSBC Blockchain to Track Assets
HSBC, the third-largest bank in terms of assets, decided to ditch paper records for a blockchain-based system to track the movement of assets on their platform. The system, called digital vault, will keep track of investment in private markets, and users will be able to follow these in real-time. This is one of the most ambitious projects associated with the idea of blockchain, substituting physical records for blockchain-stored registries. HSBC has not clarified the scope of the project, nor the savings it expects to make with it.
Tagomi Clarifies it Has Not Been Acquired
Tagomi, the institutional cryptocurrency and digital asset exchange, denied having been acquired by Coinbase, after CoinDesk reported it. The deal was reported to be closed for a sum of $150 million, according to a source familiar with the matter. However, Tagomi and Coinbase quickly dismissed these allegations, denying the supposed deal. “The rumor of Coinbase acquiring Tagomi is not true,” said a spokesperson from Tagomi. Rachael Horwitz from Coinbase declared, “There is no acquisition planned.”
German Banks Could Hold and Sell Crypto in 2020
A new law being discussed at the moment can enable German banks to become cryptocurrency custodians, and enable them to act as crypto exchanges facilitating purchases from inside banking platforms. While it still has to be approved by the 16 member states of the country, the measure has been received positively by the Association of German Banks, who affirmed these financial institutions have the experience to offer these new features to customers.
Skrill Extends Its Cryptocurrency Functionality
Skrill, a payment processor, is extending its cryptocurrency functionality by including crypto-to-crypto swaps on their own platform. Before, a user had to convert crypto to fiat and then purchase the desired cryptocurrency. Now, every user will be able to exchange a cryptocurrency without extra steps. Skrill CEO Lorenzo Pellegrino explained, “Cryptocurrency is an important part of what we do in digital wallets, and we’re continually enhancing our service to help our customers get the most out of the crypto ecosystem.”
Bakkt CEO Chosen to Fill Vacant US Senate Seat
Kelly Loeffler, the CEO of bitcoin futures exchange Bakkt, has been chosen to fill a vacant spot in the senate, according to regional news media. Georgia Governor Brian Kemp is expected to pick Loeffler to substitute Senator Johnny Isakson, who will step down due to health problems. Loeffler would be the second woman to serve in the Senate from the state of Georgia, and the highest-ranking public official to be pro-crypto. Despite her imminent leave, Bakkt are introducing options and also hitting ATH trading numbers in a bear market.
IDAX Global CEO Disappears, Withdrawals Stopped
IDAX, a China-based exchange, revealed via a blog post they have suspended cryptocurrency deposits and withdrawals following the disappearance of CEO Lei Guorong. According to the exchange, “access to [the company’s] cold wallet which is stored almost all cryptocurrency balances on IDAX has been restricted.” While the exchange has not tied the missing CEO with a private key situation it is possible that the executive might have control over them, like in the case of the QuadrigaCX CEO Gerald Cotten.
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