Maerki Baumann enables trading and custody of cryptocurrencies

Maerki Baumann enables trading and custody of cryptocurrencies

Swiss private bank Maerki Baumann is offering trading and custody of cryptocurrencies and other digital assets to its clients. Beyond economic risks, Bitcoin and Co. also raise the question of IT security. The experts from NTT Security provide information on the essential points. South Africa cryptocurrency regulations are underway, and reports inform that a draft of the policy position paper on crypto assets has been published. Without any doubt, cryptocurrencies have worked their way into the consciousness of the average investor. The growing interest in the opportunities of the crypto market has shown that investing in digital assets is one of the viable ways of evading today’s economic realities. Due to this prevailing narrative, we have put together a comprehensive guide on how to invest in cryptocurrencies. The cryptocurrency market is in the green on Monday, during the Asian session. The largest cryptocurrency by market capitalization, Bitcoin is trading We’ve recently seen that the Irish Revenue Commissioners has finally published some guidance in relation to taxation and cryptocurrencies. Given the amount of queries we get through the site, and

Swiss private bank Maerki Baumann is offering trading and custody of cryptocurrencies and other digital assets to its clients.

The Zurich-based private bank recently secured a licence from the Swiss Financial Market Advisory Authority (FINMA) to deliver the services.

The move is aimed at establishing a bridge between traditional private banking and the crypto space.

Initially, the bank will support trading in Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple.

It will also enable trading in other digital assets based on the ERC-20 token standard.

Plans are on to expand the portfolio of tradable cryptocurrencies and tokens eventually.

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The trading orders placed with the bank will be moved through established partner companies, most notably the transaction bank InCore Bank, to professional crypto brokers and liquid crypto exchanges, noted Maerki Baumann.

“This will ensure that transactions can be rapidly executed and with a narrow trading spread (difference between the bid and offer price),” the private bank said.

The move represents the bank’s next phase of its multi-phase crypto strategy, which started last year.

The private bank started this initiative by offering business accounts for blockchain firms as well as facilitating the supervision of initial coin offerings (ICOs) and security token offerings (STOs).

The firm recently also built a five-person Crypto Desk. Marcel Spalinger is in charge of the desk.

Maerki Baumann plans to expand its existing private banking proposition in H2 2020.

The firm further said that its multi-layered security architecture combats cyber-attacks.

Maerki Baumann CEO Stephan Zwahlen said: “With the trading and custody of digital assets, not only are we tapping into a new business area, we are also creating additional investment possibilities for our core business.”

Source: www.verdict.co.uk

Author: Verdict Staff


How secure are cryptocurrencies like Bitcoin & Co.?

How secure are cryptocurrencies like Bitcoin & Co.?

it-daily.net

NTT Security advises its customers on the most important IT risks when using cryptocurrencies. With speculative financial investments, investors must always expect losses. This is no different with cryptocurrencies than with stocks or derivatives.

Beyond economic risks, Bitcoin and Co. also raise the question of IT security. The NTT Security experts provide information on the key points:

  • Bitcoin is the most well-known implementation of blockchain technology and, according to current knowledge, can be considered safe. The cryptographic procedures are very complex and well thought out. Despite the sensational skyrocketing bitcoin, which actually makes it a worthwhile target for cyber criminals, no successful attack on this technology has been reported to date.
     
  • However, the infrastructure that has formed around Bitcoin, and without which Bitcoin cannot function, is at great risk. Bitcoin trading venues (exchanges) and wallets (local software for accessing the exchanges) have always been the target of successful attacks in the past. In such cases, market participants usually have to reckon with a total loss, since the operators of the exchanges cannot or do not want to compensate for such losses.
     
  • Another possible point of attack is the systems of the users themselves – if you have caught a virus on your PC, even the best cryptographic solutions will not help you. Attackers can then easily redirect bitcoins to their own accounts. If you want to participate in the Bitcoin process, you must first secure your own systems.
     
  • One cannot infer other cryptocurrencies from the high security level of Bitcoin technology. In the past there have been repeated design errors which have led to losses among the participants. For example, a stranger could use a programming error at Ethereum to redirect several million of this currency to his own account.
     
  • A security problem that recently became known in connection with the cryptocurrency Monero works on a completely different level: The computers of users of certain websites were misused to secretly generate the computationally intensive Monero (mining ) to carry out.

"Everything that is digital is a potential target for cyber criminals, and of course that also applies to cryptocurrencies," explains René Bader, Manager Critical Business Applications & Big Data at NTT Security. "Even with conventional online banking, you have to pay attention to IT security, and anyone who has caught malware on the computer with which they are doing online banking has bad cards here too. The peculiarity of cryptocurrencies, however, is that they don’t know a principal body that is paying attention or possibly even providing compensation. If bitcoins are lost due to an implementation error or malware, you lose your money. Therefore, appropriate precautionary measures are essential. "

www.nttsecurity.com
 

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How secure are cryptocurrencies like Bitcoin & Co.?

South Africa cryptocurrency regulations on the way

The working paper suggests that if the cryptocurrency proponents are adamant that cryptocurrency is the future money, then it is imperative to treat it like money. Moreover, those who deal with the investment and exchange of cryptocurrency should be treated as the financial service provider. IFWG comprises of South Africa’s Reserve Bank, National Credit Regulator, Financial Sector Conduct Authority, South Africa Revenue Service and Financial Intelligence Centre and National Treasury.

Furthermore, it would also be removing the entities with the anonymity that provide any service, investment opportunity, or platform. The authorities of South Africa aim to regulate the ever-evolving assets in the country.

The IFWG paper stated that unmonitored cross-border flow, money laundering, criminal activity, tax evasion, and terrorism financing are some of the key problems faced by regulators. Whilst cryptocurrencies are quite popular, as they do not need the government to be involved for its issuance or regulation by some government authority yet, the regulation was bound to happen, in order to ensure that crypto network does not turn into safe havens for criminals. So, the sorry excuse for cryptocurrency not being regulated cannot be employed by anyone who is seeking sneaky ways.

Furthermore, the recommendations in policy paper also include dealing with cryptocurrency as any other foreign currency. The Reserve Bank of South Africa is assigned to ask the finance minister for making amendments in exchange control regulations to include South Africa cryptocurrency regulations.

This change would require the dealers to facilitate cryptocurrency trading by registering as authorized foreign currency dealers and complying with the same rules as dealers dealing with the pounds, dollars, euro, and any other foreign currencies.

Article written by Taha Farooqui

Source: Cryptopolitan

Source: furtherafrica.com


How to Invest in Cryptocurrency in 2020

How to Invest in Cryptocurrency in 2020

Without any doubt, cryptocurrencies have worked their way into the consciousness of the average investor. The growing interest in the opportunities of the crypto market has shown that investing in digital assets is one of the viable ways of evading today’s economic realities. Due to this prevailing narrative, we have put together a comprehensive guide on how to invest in cryptocurrencies.

It is important to become familiar with the extreme volatility commonly used to describe the crypto market. The speculative nature of the market has made volatile price fluctuations a common attribute of the market, so much so that even the more stable digital assets, like Bitcoin, often experience price swings alien to traditional assets. Therefore, it is advisable to consider the possibilities of such price fluctuations and how it might affect the profitability of your investment portfolio before deciding on the percentage to allocate to cryptocurrencies.

Once you have determined the amount to invest in crypto, the next step entails thorough research of the best cryptocurrencies to invest in. Here, you should consider the market cap of the cryptocurrency, the use case of the digital asset, and the likelihood of generating impressive returns. Next, you need to decide if you will rather invest in physical cryptocurrency or go for crypto futures and, thereafter, conclude on the duration of such an investment.

Cryptocurrencies require special storage systems called wallets. Those who own crypto must either rely on third-party websites or enable an autonomous storage facility for their assets. For the former, you will need to open an account with a software wallet provider and receive a public address, which you will use to accept cryptocurrencies. On the other hand, the latter entails you to have access to your public address as well as the private key used to authenticate transactions.

Depending on the volume of cryptocurrency you plan on holding, you could also opt for the services of platforms offering insured cold storages for digital assets. After you must have picked a wallet, you ought to choose from the list of top crypto exchanges allowing users to purchase crypto with fiat money. Before this, you should have identified the right time to enter the market, especially if you are opting for a short-term investment strategy.

To some, the process of storing cryptocurrencies is complex. Likewise, the security issues related to engaging directly with the crypto market is a huge risk on its own. For these people, it is better to opt for an investment scheme that allows users to bet on the future of digital assets without physically holding them. This is where crypto futures come in handy.

With this investment option, you can engage with the crypto market the same way a futures contract for a stock index allows you to partake in the traditional stock market. In other words, investors could take delivery of cash upon the settlement of crypto futures contracts. Therefore, you do not need to own a wallet or enable a cold storage infrastructure with third-party services. And since there is a growing list of regulated platforms that provide the facilities to trade crypto futures, participating in this market is relatively safe.

Source: btcpeers.com

Author: BTC Peers


Cryptocurrencies Price Prediction: Bitcoin, Ethereum, & Cardano – Asian Wrap 01 Jun

Cryptocurrencies Price Prediction: Bitcoin, Ethereum, & Cardano – Asian Wrap 01 Jun

The cryptocurrency market is in the green on Monday, during the Asian session. The largest cryptocurrency by market capitalization, Bitcoin is trading 1% higher on the day. BTC/USD opened the session at $9,446 and later adjusted upwards to the prevailing market value of $9,544.

Ethereum is among the biggest single-digit gainers in the market on the first day of June. The price is trading 2.84% higher on the day. Ether started the trading on Monday at $231.55 and later scaled the levels towards $240. An intraday high has been formed at $239.73 but ETH/USD is teetering at $240.

Cardano continues to be one of the most active cryptocurrencies among the top 100. ADA/USD led crypto recovery last week to the extent of testing the critical $0.08. Although there was a brief break above $0.08, a reversal ensued leading to the retest of the support at $0.07.

Source: www.fxstreet.com


Revenue Commissioners finally clarifies taxation and cryptocurrencies |

Revenue Commissioners finally clarifies taxation and cryptocurrencies |

VautAge Solutions has had its CEO been accused by South Africa’s cryptocurrency investors. Particularly, these investors accused him of stealing millions of USD worth of crypto, before going on the run.

According to a report made by AllAfrica, the CEO of the crypto investment firm, VaultAge Solutions, Willie Brreedt, is suspected to be on the run. This comes as a result of not making any form of public communication since December of 2019. According to the report, Breedt had been speculated to have lived near the town of Jeffrey’s Bay, South Africa. However, as it stands now, his exact whereabouts are unknown, but the country’s criminal investigation unit is searching high and low.

However, the South Africans who invested their hard-earned crypto into the now-defunct firm fears that Breedt may have already fled the country, headed for Mozambique.

bitcoin fraud

Breedt stands accused of stealing millions from Bitcoin investors. The report itself claimed that Vaultage Solutions was not registered by the South African regulator, the Financial Services Conduct Authority. Thus, the firm was not registered as a legitimate financial institution even if it had managed to garner more than 2,000 investors towards it.

Lettie Engelbrecht stands as one of these investors. She, a pensioner, had invested 200,000 ZAR into the firm, or approximately $11,470 at the time of writing. She explained that from December of last year to April of this one, they had actually received payments on the “growth” of their investments. However, Engelbrecht explained that they have not received any money after, and have been living on a shoestring budget ever since.

Another investor from South Africa had allegedly deposited an investment of 6 million ZAR, or approximately $344,000 into the firm itself.

What’s interesting, is that Breedt had actually responded to a local news outlet, News24, regarding the matter as a whole. According to his statement, the man is currently busy with other commitments that he has been forced to attend to. He gave his assurances that the initial capital for the investors will be paid back by the 31st of May, 2020.

It’s a sad day indeed when such a scam is revealed. While Breedt himself has given a statement assuring the public that he plans on returning the funds, there’s a lot of warning signs here that it is, in fact, just an exit scam. With any luck, the investors who were wronged will manage to gain their funding back.

Source: https://insidebitcoins.com/news/south-african-exit-scam-reportedly-steals-millions-from-investors

Source: zephyrnet.com

Author: Published 2 years ago on June 1, 2018

By Republished by Plato


Maerki Baumann enables trading and custody of cryptocurrencies

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