Shakepay is a Canadian over-the-counter crypto asset trading platform designed for high net-worth persons and businesses who wish to transact large amounts of Bitcoin and Ethereum. According to the CEO of Shakepay, Jean Amiouny, the platform was established to satisfy the demand for a customized solution for trading large volumes of digital assets.

The minimum acceptable investment on the Shakepay OTC platform is CA$50,000. Users can trade the Canadian fiat currency in pairs against Bitcoin and Ethereum. The platform charges a 0.75% trading fee for each transaction which usually takes one business day to settle. The project, which had been testing for the past 12 months, will be operated in partnership with Schedule 1 Bank.

Besides the OTC trading desk, Shakepay also has a cryptocurrency wallet that allows users to transact fiat money against digital currencies. The wallet has several features, including in-app customer support, instant verification, multi-currency support, price alerts and so on. Moreover, Shakepay previously offered crypto-enabled Visa cards but has since discontinued the program. The discontinuation was a result of a directive from Visa to Wave Crest, a partner to Shakepay in this project. Visa ordered wave crest to close all accounts linked with prepaid cards.

Since its inception in 2015, Shakepay has served 40,000 customers and transacted over CA$30 million. Furthermore, the company has been recording significant growth over the past few months. Amiouny stated that the company intends to further this growth by continuously adding new features to their trading platform.

Features Of Shakepay OTC Trading Platform

  • Swift settlement – transactions are settled within one business day.
  • Affordability – the platform charges 0.75% trading fee. Notably, withdrawals are free of charge.
  • Sufficient Liquidity – the OTC desk is lined with leading crypto exchanges as well as offline liquidity pools.
  • BTC & ETH Trading Pairs – users can trade the Canadian dollar against Bitcoin and Ethereum.
  • Regulatory Compliance – Shakepay is accredited to operate throughout Canada by the AMF and FINTRAC.
  • Professional Trading Team – the Shakepay trading team is made of seasoned expert investors.
  • Concierge Service – Shakepay offers custodial services for their users.

*This post is credited to Bitcoin Exchange Guide

Nicholas Gelfman claimed to have a high-frequency trading computer program that could mine profits from Bitcoin, saying that his clients typically earned “7-11% monthly return on their Bitcoins.” He collected more than $600,000 from at least 80 eager investors from 2014 to 2016.

The only problem? Gelfman and his Staten Island-based Gelfman Blueprint Inc. presented fake performance reports to investors and paid some of them using other investors’ money—the hallmark of a Ponzi scheme.

Now Gelfman and his firm have been ordered to pay fines and restitution totaling $2.5 million, according to a release by the Commodity Futures Trading Commission. It’s the first Bitcoin-related fraud case for the CFTC.

In the settlement, Gelfman admitted to the charges against him and his firm and agreed not to appeal the decision by the Southern District of New York. The CFTC said Gelfman’s victims may not receive restitution because he doesn’t have sufficient funds.

We’re likely to see more Bitcoin fraud cases prosecuted in the years to come. Cryptocurrencies and the underlying blockchain technology have the potential to reshape global business, but concerns include volatility and the potential for money laundering and other crimes. Some traditional finance experts, including Howard Marks of Oaktree Capital and Jim Yong Kim of the World Bank, say cryptocurrencies in and of themselves are pyramid schemes.

“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” Kim said in February. “It’s still not really clear how it’s going to work.”

This story has been update to clarify that the $2.5 million fine was levied against Gelfman and his firm.

*This post is credited to Fortune

We’re very pleased that users are now able to trade LINK on BITBOX, which is a major step forward in our plans for creating a token economy that rewards user participation. We think it is important to promote co-creation and mutual growth with LINK while ensuring BITBOX continues to develop as a user-friendly platform that adds value to those who use it and contribute to our services.

Proposed TRX Airdrop

The messaging app also announced the inclusion of different airdrop events by its cryptocurrency exchange platform, to commemorate the LN listing. Bitbox will also airdrop TRX tokens to LINK token holders. Customers will receive an equal number of TRX for their LN.

Furthermore, for traders who deposit TRX on the platform, they will also receive an airdrop of LINK. The company provided a website containing details of airdrop events and other limited events on Bitbox’s website.

Also, the company’s cryptocurrency exchange plans to offer several LINK-based rewards, such as discounts and trading fees.

LINE Betting Big on Cryptocurrency

The Japanese messaging giant is not new to the digital currency scene. With a user base of about 200 million, LINE Corp has taken remarkable steps in the virtual currency space.

LINK Corp, in May, inked a partnership deal with Korean cryptocurrency ICON (ICX). The collaboration could tentatively result in millions of LINE customers using the ICON blockchain platform to access dApps.

The Japanese company further took a giant step by establishing its own cryptocurrency exchange, called Bitbox, in Singapore. Bitbox would offer over thirty different digital currencies, including major ones like Bitcoin, Litecoin, and Ethereum. The company further announced that Bitbox would only offer crypto/crypto market transaction.

As at June, LINE Corp announced that the services of the trading platform would be available to users around the world, except the United States and Japan.

In addition to its Bitbox launch in Singapore, the company added TRON (TRX) to its Bitbox exchange, through multiple trading pairs. The pairs include TRX/BTC and TRX/ETH.

*This post is credited to EthereumWorldNews

G4S, the UK security company, has launched its first foray into the nascent crypto sector with a new digital currency storage service.

The FTSE 250 company, which runs prisons and detention centres and also stores cash for large companies, said on Wednesday that it had developed a custody service for cryptocurrencies that would protect the assets from criminals.

A lack of secure storage options is considered one of the main barriers to the institutional adoption of cryptocurrencies, which have long been the target of hackers.

G4S said it had already started providing the service to an unnamed cryptocurrency exchange based in Europe.

“The [crypto] sector has attracted the same old threats for financial systems including robbers, scammers, market manipulators and many others,” Dominic MacIver, senior risk analyst at G4S’s risk consulting division, said in a statement.

“Our innovative security solution helps protect against some of those threats by taking the assets offline and storing them in high-security vaults.”

Carbon Black, the US cyber security company, estimated that about $1.1bn worth of cryptocurrency was stolen in the first half of this year. That includes the $500m hack of Japanese exchange Coincheck in January. Tracing stolen coins is difficult because most cryptocurrencies are held anonymously.

Criminals have also kidnapped individuals in order to extort their crypto wealth from them.

The crypto custody sector has begun to flourish recently, with traditional players entering the space alongside specialised outfits.

US investment giant Fidelity this week announced plans to offer “enterprise-quality custody” of cryptos to institutional investors, as well crypto trading services. In May, Nomura said it was developing custody services, while Goldman Sachs, Northern Trust and JPMorgan Chase have said they are exploring similar services.

Cryptocurrency holders access their funds using a unique “private key”, a long alphanumeric password that serves a similar purpose to a bank card PIN. It is this key that must be protected from thieves.

Many of the digital coins stolen to date have been kept in so-called “hot wallets”, online customer accounts that are connected to the web and therefore more vulnerable to hacks. But custodians are increasingly developing so-called “cold storage” services, where private keys are kept on a hard drive, separated from the internet.

The new G4S “secure vault storage” service, which will be available globally, uses technology to break up the digits of a private key into fragments. They can then be put on storage devices in closely-guarded vaults in undisclosed locations.

Mr MacIver said this meant they would be “out of reach of cyber criminals and armed robbers alike”.

G4S said it would charge clients based on how many different offline storage devices they wanted to use to store their private keys, and that it would use its own existing vaults for the service, rather than building new facilities.

*This post is credited to The Financial Times

With a sharp sell-off that gripped cryptocurrency markets since the beginning of the year, a coin deemed as the biggest joke by many in the community has became the outlier to crypto-land this time.

Dogecoin, an alt-coin inspired by a Doge meme, has jumped more than 160 per cent over the last 30 days, according to data on CoinMarketCap, a website tracking crypto trading performance. In fact, Dogecoin is the only crypto that’s posted big gains in the last month, with all of the other coins including bitcoin and ethereum suffering from double digit losses.

Dogecoin now has a market capitalisation of $US729 million, which let it surpass Zcash and become a top-20 cryptocurrency by market cap.

The outlandish surge of Dogecoin comes soon after it was added to the popular trading app, Robinhood, in mid-July.

The token’s rise may also be attributed to a recently released demo demonstrating a successful bridge that links Ethereum and Dogecoin network.

The name of the Dogecoin coin is an homage to the popular internet meme known as Doge, which became popular in 2013 and features the face of a dog with comic sans texts in the background.

*This post is credited to Business Insider Australia