Digital currency exchange opens Australia’s first OTC desk for institutions
Independent Reserve, the Australian Digital Currency exchange, has opened Australia’s first over-the-counter trading desk for institutions wanting to make large digital currency trades. CEO Adrian Przelozny said the lack of block trading venues had been a barrier for institutions to participate in digital currency investment. “Digital currency markets are just like any other asset class, in that when the market sees a big trade coming through it will move the price against whoever is making that trade,” he said. “In equity markets they solve that problem with dark pools and sales trading desks, but there is no digital currency equivalent in Australia as yet. By establishing an OTC desk with […]
Fintech – The evolution of modern financial technology in the 21st Century
Financial procedures have evolved drastically over the last 100 years. We have seen a huge change in how many aspects of finance are processed such as payments, investment, data storage and types of currency. A term that has sprung up in the last couple of decades and gained prominence is ‘Fintech’ – this articles details exactly what Fintech is, and why it is essential for the modern world. What is Fintech ? Fintech = financial technology This is the basic meaning. Fintech is much more than that however – it is any new type of innovative technology that competes with or precedes traditional financial methods; particularly the delivery of financial […]
Ookami and National Currency eXchange to share IP, produce new digital asset technology
Ookami (ASX: OOK) has edged further into the cryptocurrency space after securing a collaboration agreement with National Currency eXchange Group, with the duo to share intellectual property to develop new synergies and technologies. According to Ookami, the collaborative agreement complements its business model to develop technological solutions that encompass blockchain technologies, smart contracts, anti-money laundering, identity management and verification, data markets, digital asset wallets and exchange platforms, security and encryption, among others. The National Currency eXchange is a platform for investors to trade cryptocurrencies such as Bitcoin and Ethereum. As part of the collaboration, Ookami and National Currency eXchange will create a “preferred” client model which enables people to use […]
Local digital currency exchange Independent Reserve adds two new execs, turns to institutions
Independent Reserve, the Australian Digital Currency exchange, has added two executives to its senior management team as the company turns its attention to its growing stable of institutional and SMSF clients. Roman Stefanidi joined Independent Reserve as Chief Technology Officer in August, and Lasanka Perera as Head of Strategy in October. CEO Adrian Przelozny said the firm was now well positioned to grow as it focuses on institutional clientele. “Digital Currency has reached a level of awareness now where we’re seeing investors who have been waiting on the sidelines starting to enter the market,” he said. “Factors like the the new regulation by AUSTRAC, emerging ETFs and crypto […]
Bank-based blockchain projects are going to transform the financial services industry
Cryptocurrencies are constantly evolving, with popular currencies such as Bitcoin and Ethereum maintaining their popularity despite recent market corrections. At the core of both technologies is the cryptographically secure digital ledger known as the blockchain. It’s a digital ledger where cryptocurrency transactions are recorded chronologically and publicly. Indeed, as the popularity of cryptocurrencies has grown, so has the banking industry’s interest in blockchain for fintech, with an increased and focused push on bank-backed blockchain projects. Some of the largest projects underway include the IBM-backed Hyperledger Fabric project, the Utility Settlement Coin, and R3’s blockchain consortium, signifying a growing acceptance in institutional policy to support blockchain growth. How does it work? […]
AUSTRAC opens consultation on new rules for digital currency exchange providers
Australia’s financial intelligence agency AUSTRAC has earlier today provided another update to digital currency exchange providers. Somewhat later than initially planned, the agency published its draft AML/CFT Rules for consultation. The draft amendments result from the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017, which is also known as the “Bitcoin bill”. In December last year, the legislative piece passed both Houses and got Royal Assent. Today, AUSTRAC opened a public consultation into the draft AML/CFT Rules. The period of the consultation lasts until February 13, 2018. The rules, inter alia, provide detailed information on the Digital Currency Exchange Register, as well as requirements for information to be reported about […]
Aussie crypto exchange turns attention to new laws
BTC Markets expects delays, fine-tuning. Australian cryptocurrency exchange BTC Markets has warned users to expect deposit and withdrawal delays as it “fine-tunes” transaction monitoring systems to meet new legal obligations. Last month, financial regulator AUSTRAC was handed the authority to monitor local digital currency exchanges under new Anti-Money Laundering and Counter-Terrorism Financing (AML-CTF) laws. It’s the first time Australia’s digital currency sector has been regulated, and BTC Markets is the first local exchange to detail what that might mean for its operations. The company said it already verified “the identity of our users, their source of funds, and the purpose of their transactions as they occur on our platform … […]
Putting the service back into ‘Financial Services’
Founded in 1998, well before Fintech had emerged as a moniker for disruptors in the finance industry, OFX (formerly OzForex) has been at the forefront of international money transfer services for nearly 20 years. From humble beginnings in a garage in Dee Why, the company has grown from an information only facility, providing up to the minute insights to the best available foreign exchange rates, to a global organisation, handling over $100B in transactions. Fuelled by a desire to ‘give Australians a fair go’ when it came to foreign exchange, the Company has consistently stuck to its ‘fair go’ and ‘great service’ roots. Developing partnership networks with a panel of […]
