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Prime Trust Launches Proprietary Core Banking Software for Fractional Assets, Including Cryptocurrency

prime trust launches proprietary core banking software for fractional assets, including cryptocurrency

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LAS VEGAS, Oct. 30, 2020 /PRNewswire/ — Prime Trust, the leading B2B financial infrastructure platform and custody and settlement of alternative assets, announced today the launch of PrimeCore – a proprietary core accounting and customer asset management platform that empowers banks, trust companies and fintech businesses with a range of services spanning custody, payment processing, BSA compliance, asset liquidity and transaction settlement.

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Prime Trust

Prime Trust

PrimeCore operates as a secure, cloud-based SaaS that is accessible entirely via Application Programming Interfaces (API’s). From banks to securities exchanges. real estate, crowdfunding and crypto exchanges looking to add custody of fractionalized assets, including cryptocurrency, real estate and securities to 18 decimal places, the platform effortlessly scales to meet demand and provide a custom backend experience.

“We’re seeing tremendous interest from banks and fintech innovators looking to get into the crypto space but they hit a roadblock once they realize that their legacy core systems like FIS, Fiserv and Jack Henry are not built to handle the precision requirments of fractional or digital assets. As a result, they experience massive amounts of drift and operational nightmares,” said Scott Purcell, CEO of Prime Trust. “PrimeCore is purpose-built to support these assets and allows B2B …

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Prime Trust Launches Proprietary Core Banking Software for Fractional Assets, Including Cryptocurrency

prime trust launches proprietary core banking software for fractional assets, including cryptocurrency

BEGIN ARTICLE PREVIEW:

LAS VEGAS, Oct. 30, 2020 /PRNewswire/ — Prime Trust, the leading B2B financial infrastructure platform and custody and settlement of alternative assets, announced today the launch of PrimeCore – a proprietary core accounting and customer asset management platform that empowers banks, trust companies and fintech businesses with a range of services spanning custody, payment processing, BSA compliance, asset liquidity and transaction settlement.

Continue Reading

Prime Trust

Prime Trust

PrimeCore operates as a secure, cloud-based SaaS that is accessible entirely via Application Programming Interfaces (API’s). From banks to securities exchanges. real estate, crowdfunding and crypto exchanges looking to add custody of fractionalized assets, including cryptocurrency, real estate and securities to 18 decimal places, the platform effortlessly scales to meet demand and provide a custom backend experience.

“We’re seeing tremendous interest from banks and fintech innovators looking to get into the crypto space but they hit a roadblock once they realize that their legacy core systems like FIS, Fiserv and Jack Henry are not built to handle the precision requirments of fractional or digital assets. As a result, they experience massive amounts of drift and operational nightmares,” said Scott Purcell, CEO of Prime Trust. “PrimeCore is purpose-built to support these assets and allows B2B …

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Tesla, Apple, Amazon Shares Can Now Be Traded As Digital Tokens Against Cryptocurrency

tesla, apple, amazon shares can now be traded as digital tokens against cryptocurrency

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Traders on the cryptocurrency exchange desk FTX will be able to buy and sell tokenized shares of over a dozen large companies against Bitcoin and other stablecoins, CoinDesk reported Thursday.
What Happened: Tesla Inc (NASDAQ: TSLA), Apple Inc (NASDAQ: AAPL), and Amazon.com, Inc (NASDAQ: AMZN) are some of the stocks that can be traded on FTX’s platform.
The exchange’s fractional stocks offering means that traders can purchase tokens equivalent to a fraction of a stock at a time, FTX CEO Sam Bankman-Fried told CoinDesk.
“These fractional stock products reflect the reality that today’s traders are industry and sector spanning and want trading opportunities that fully match their interests and mindset,” said Bankman-Fried.
Why It Matters: Bankman-Fried said that the tokens are aimed at those investors who find it difficult or inconvenient to access traditional markets, reports Bloomberg.
While investors can trade the tokens on the exchange, they will need to cash them for the underlying security through FTX’s German partner CM Equity, which will hold the actual securities, the CEO said.
A trading fee is applicable but no other management fee will be levied for holding the tokens, an FTX spokesperson told Bloomberg.
United States …

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Iran plans to evade sanctions with cryptocurrency – CoinGeek

iran plans to evade sanctions with cryptocurrency – coingeek

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The Central Bank of Iran (CBI) and the Iranian Ministry of Energy have amended laws so that Iran can use cryptocurrency to fund imports. This move by Iran was made to avoid sanctions placed on Iran’s access to foreign currency; such as those put in place by the United States to restrict Iran’s access to the USD.
“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” says the official report.
Iran is looking to use cryptocurrencies to obfuscate their paper trails and hide their tracks. Many countries have restricted Iran’s access to foreign currency and aid which puts downward pressure on Iran’s economy and ability to spend and receive outside of their own borders and allies.
It is important to mention that there is a difference between digital currency and cryptocurrency. Digital currencies are compliant with the law, their users must go through AML/KYC procedures, and it can be thought of as a digitized form of money. 
On the other hand, cryptocurrencies are often unregistered securities, with minimal, if any, AML/KYC, that criminals around the world use to separate unsuspecting victims …

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Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators

leaked ‘tai chi’ document reveals binance’s elaborate scheme to evade bitcoin regulators

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With additional reporting from Jason Brett.

Changpeng Zhao, chief executive officer of Binance, exploded onto the cryptocurrency scene in 2017 with a new business model that rewarded customers with his company’s own cryptocurrency, then let them pay fees with the same currency.
Andrey Rudakov/Bloomberg

Binance Holdings Limited, the world’s largest cryptocurrency exchange conceived of an elaborate corporate structure designed to intentionally deceive regulators and surreptitiously profit from crypto investors in the United States, according to a document thought to be created by its senior executives and obtained by Forbes. Cayman Islands-based Binance is currently responsible for about $10 billion in total crypto trades per day and its founder and CEO Changpeng “CZ” Zhao is one of the few known cryptocurrency billionaires.
The 2018 document details plans for a yet-unnamed U.S. company dubbed the “Tai Chi entity,” in an allusion to the Chinese martial art whose approach is built around the principle of “yield and overcome,” or using an opponent’s own weight against him. While Binance appears to have gone out of its way to submit to U.S. regulations by establishing a compliant subsidary, Binance.US, an ulterior motive is now apparent. Unlike its creator Binance, Binance.US, which …

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Cryptocurrency Stocks To Watch As Bitcoin Prices Surge

cryptocurrency stocks to watch as bitcoin prices surge

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POLAND – 2020/10/20: In this photo illustration a PayPal logo seen displayed on a smartphone next to … [+] a debit card and two euro coins. (Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Interest in cryptocurrency is surging once again with Bitcoin prices up by almost 30% over the last month, driven by growing institutional interest and Paypal’s recent move to allow its customers to buy and sell certain cryptocurrencies. Our indicative theme on Cryptocurrency Stocks – which includes semiconductor, payments, and brokerage companies that have some exposure to the cryptocurrency space – is up 88% year-to-date, compared to the S&P 500 which is up by just about 5% over the same period. This theme could be of interest to investors who are looking for upside from cryptocurrency adoption and prices, but want to avoid buying into the currencies themselves considering the volatility, risk of fraud, or cyber theft, or potential portfolio mandates. Below is a bit more about the stocks in our theme and how they have fared this year.
Square cash mobile wallet app has emerged as a very popular way for people to buy and sell Bitcoin. The stock has gained a whopping 183% …

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Guest view: Technology, Hype, and the Future:  Cryptocurrency – Delaware Business Now

guest view: technology, hype, and the future:  cryptocurrency – delaware business now

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By James H. LeeThe view is always better from the edge. In this new column for Delaware Business Now, I’ll cover new technologies and growth investments. As a professional futurist, I keep my finger on the pulse of change. My background as a financial analyst helps me to distinguish between hype and opportunity.
This month, I’d like to cover an emerging technology with an enormous generational divide… cryptocurrency. Never before have I seen anything create such excitement for young traders while generating complete confusion amongst experienced investors.

When Bitcoin was introduced to the world in 2009, it was built on an entirely new technology known as the blockchain.
A blockchain is simply a distributed public history of transactions. Each new transaction adds another link to the chain. Those transactions are stored anonymously on thousands of computers. It is a secure network, because in order to break into it to change the records, you would need to hack all the nodes simultaneously—provided that you can even find them. New bitcoins were issued to “miners” for their services in verifying new transactions as they appeared on the blockchain. As the system grew in complexity, more bitcoins were gradually introduced into …

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Coinbase launches its cryptocurrency Visa debit card in the US

coinbase launches its cryptocurrency visa debit card in the us

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Coinbase has announced that US customers can now join the waitlist for its Coinbase Card, a debit Visa card that allows customers to spend cryptocurrency anywhere Visa cards are accepted. Coinbase claims it’s “the easiest, quickest way to spend your crypto worldwide.” Previously, the card was only available in Europe.
There are a number of debit cards around the world that allow you to spend cryptocurrency (you’ll soon be able to do so with Paypal as well). But many platforms require you to load funds onto the card in order to spend them. The Coinbase Card eliminates the middleman, instead pulling funds directly from your Coinbase account. Other cards are limited to one or a few currencies; the Coinbase Card supports nine (and converts everything to US dollars before completing purchases and ATM withdrawals).

There’s an optional rewards program as well (only available to US customers for now). You can choose to earn 4 percent back in Stellar Lumen or 1 percent back in bitcoin. There’s no issuance fee, but Coinbase says that “cryptocurrency conversion fees may apply” (and those can be steep).
In Coinbase’s app, you’ll be able to keep track of recent transactions and …

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NYSE’s Top Markets Cop to Take Cryptocurrency Job at Andreessen Horowitz

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The New York Stock Exchange’s top markets cop is leaving the Big Board for a job advising venture-capital firm Andreessen Horowitz on cryptocurrency regulation. Anthony Albanese, who has led the NYSE’s in-house regulatory unit since 2016, will join the Silicon Valley firm as its chief regulatory officer in mid-November, a spokeswoman for Andreessen Horowitz said. The…

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