Tag: Cryptocurrency Trading

Greenland Financial Holdings to Apply for Virtual Asset Trading License in Hong Kong

by Blockchain News

Greenland Financial Holdings, a subsidiary of Greenland Group, is planning to apply for a virtual asset trading license in Hong Kong, according to Shanghai Securities News.

The company’s move into the virtual asset space will further diversify its business portfolio and enhance its global influence, according to Jing Geng, Director and CEO of GreenLand Group and Chairman and President of GreenLand Financial Holdings.

Greenland Financial intends to establish a new company focusing on virtual asset trading, which will submit an application to the Securities and Futures Commission of Hong Kong (SFC). If approved, the company will aim to launch cryptocurrency trading, non-fungible tokens (NFTs), and carbon emission-related products. All plans are subject to the approval of the SFC.

Greenland Financial is committed to propelling the digital upgrade of multiple industries such as digital technology, finance, education, healthcare, and scientific innovation. Its goal is to build an international and diversified comprehensive industrial group that integrates data, technology, finance, and scenarios.

Inside sources from GreenLand Group indicate that based on the digital technology platform and financial holding platform established by GreenLand Digital Technology, a subsidiary of GreenLand Financial, the group has a wealth of offline assets and businesses that can expand into virtual asset operations. The group started planning for the virtual asset business as early as 2019.

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Swiss Retail Bank to Offer Cryptocurrency Services

by Blockchain News

PostFinance, a retail bank owned by the Swiss government, has announced plans to offer its customers cryptocurrency trading and storage services. The bank has partnered with local cryptocurrency bank Sygnum to provide regulated digital asset banking services. Customers will be able to buy, store, and sell major cryptocurrencies such as Bitcoin and Ether.

The partnership with Sygnum enables PostFinance to offer these services through Sygnum’s institutional business-to-business platform. This platform provides banks with market entry to regulated and compliant digital products, including a range of cryptocurrencies. The B2B network includes more than 15 partner banks and supports revenue-generating services like staking.

PostFinance’s move into the cryptocurrency market comes amid growing interest and adoption of digital assets worldwide. With the rise of blockchain technology and the decentralization of finance, many traditional financial institutions are exploring ways to integrate cryptocurrencies into their offerings. PostFinance’s partnership with Sygnum positions the bank to provide its customers with access to the growing cryptocurrency market.

As a fully government-owned bank, PostFinance is subject to strict regulatory requirements. The partnership with Sygnum ensures that the bank’s cryptocurrency services are fully compliant with local regulations, providing customers with a secure and regulated platform for trading and storing digital assets.

The collaboration with Sygnum also provides PostFinance with access to the expertise and technology of a leading player in the cryptocurrency space. Sygnum is a licensed Swiss bank that offers a range of institutional-grade cryptocurrency services, including custody, trading, and tokenization. With its deep experience in the cryptocurrency market, Sygnum is well-positioned to provide PostFinance with the tools and support needed to offer its customers cutting-edge digital asset services.

In summary, PostFinance’s partnership with Sygnum represents a significant step forward for the bank as it seeks to enter the cryptocurrency market. With the ability to offer customers regulated cryptocurrency trading and storage services, PostFinance is well-positioned to capture a share of the growing digital asset market. By leveraging the expertise and technology of Sygnum, PostFinance can provide its customers with a secure and compliant platform for buying, selling, and storing digital assets, including Bitcoin and Ether.

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Brazil’s Fintech Giant Nubank Now Offers Crypto Trading

by Blockchain News

Sao Paolo-based digital banking giant, Nubank has veered into the cryptocurrency trading ecosystem with initial support for Bitcoin (BTC) and Ethereum (ETH)- the two largest cryptocurrencies by market capitalisation.

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Long being associated with digital currencies, Nubank, whose parent company, Nu Holdings Ltd, is listed on the New York Stock Exchange, said its entry into the crypto trading space will help simplify the trading process for investors.

The trading will occur in-app, and existing Nubank customers will not need to open new accounts to access the crypto trading interface. 

“There is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on the region. Yet the trading experience is still very niche. Customers either lack information to feel confident to enter this new market or just get frustrated by complex experiences,” said David Vélez, CEO and founder at Nubank.

“At Nubank, we aim to empower our customers by putting them in control of their money. Therefore, we built an experience that was simple and intuitive enough to broaden access to new segments while being robust and powerful for the more crypto-savvy.”

The firm said its new product offering is in partnership with Paxos, a digital assets platform that will serve as its custody and brokerage partner. The two companies involved in the trading indicate how Nubank hopes to leave no stone unturned concerning simplicity and security for all of its customers.

Nubank also announced it has purchased Bitcoin with approximately 1% of its balance sheet. The acquisition came at a time when the broader crypto ecosystem was experiencing a massive turmoil, with Bitcoin changing hands at $29,342.10, down 6.26% at the time of writing, per data from CoinMarketCap.

Image source: Shutterstock

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Robinhood announces new COO to lead crypto trading desk

by Cointelegraph

Retail trading app Robinhood has appointed Christine Brown as the chief operating officer of its crypto division.

The company announced the appointment a statement on its website on Thursday. Brown, who is the current vice president of operations at Robinhood Markets, will now also oversee Robinhood Crypto following the appointment.

Commenting on her new role, Brown expressed excitement at pivoting from traditional finance to the crypto space. “I couldn’t be more excited to lead our crypto operations, help our teams build amazing products, and deliver a great experience for our customers,” the exec added.

According to the announcement, Brown’s appointment will help accelerate the growth of Robinhood Crypto. As previously reported by Cointelegraph, over 6 million new customers bought crypto on the platform within the first two months of 2021 — more than 15 times the 2020 average.

By the end of Q1 2021, Robinhood revealed that 9.5 million customers traded crypto on its platform. This figure marks a 500% increase in the figures recorded for Q4 2020.

Indeed, Robinhood says its crypto business has grown three-fold in 2021 with CEO Vlad Tenev stating plans for further expansions back in March. At the time, Tenev also expressed plans to add more trading pairs as well as the possibility of creating a cryptocurrency wallet.

Presently, the retail trading app lists Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE) and Ethereum Classic (ETC) on its crypto trading catalog.

Robinhood’s crypto business growth has come amid an apparent wave of interest in financial literacy. Trading apps offered by Robinhood and American exchange giant Coinbase are seeing more downloads on smartphone app stores than popular social media platforms like TikTok.