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Binance support number – 850-679-0019
The need for support numbers is of utmost importance in the present scenarios. It is becoming the need of the people even to the smallest services, we need support and care which is why are offering a Binance support number to our customers. There are many situations when we need support to resolve the queries related to the cryptocurrency. Some of the problems faced by our customers are the confusion regarding the privacy and security of their crypto.
Sometimes they need help in creating their portfolio and in some other cases they need to manage the portfolio but in all of these cases, they need support from our teams. If you are creating a portfolio in the crypto market then be ready to face the keywords which are not very familiar with you and in that case, you will need us. If you are in the middle of the portfolio then, you will need us to help to manage your portfolio for a higher frequency. There are many chances that you will face problems in the recurring buys but if we are with you.
We shall be helping you to manage the portfolio as well as we are keeping with the high-security features and we can enable vault protections for you. We are one of the most trusted exchange and we offer secure storage to our customers and apart from the secure storage, you will get the protection of your crypto from the insurance and if it is not enough for you then we would like to say that we offer industry best practices and you can get the all information from us just by dialingBinance support number. We try to short out every problem as well as we shall try our best to provide you a solution which you are needed.
Binance support number
Binance support phone number
Binance customer care number
Binance Customer Support number
Binance toll free number
Binance complaint number
Binance customer support number - 850-679-0019
As a crypto exchange, we offer fiat to Bitcoin to other crypto exchanges under the same hood. The need for Binance customer support number is more than important in the present scenario. You will have to discuss the new role of crypto in the market and the only way to discuss it with the best one is by calling on Binance customer support number. If you are targeting the right point in the crypto exchange then you will need to have the correct contact for resolving all the questions and queries.
There are many kinds of questions that are wandering in the people's minds and the solution for these questions can be an offer by our Binance customer support number. If you are new in the Binance then be frank to call us and let us help you to get the best outcomes. There are many occasions when people need help and they do not know where to knock on the door. Now, as we are providing a Binance customer support number. You can call us and resolve the queries which are pending due to the lack of a medium of conversation. You may have a feeling to resolve all the questions, confusion, and queries and we are completely here to resolve these all problems without interfering much with the ratio of your problem to the other client's needs.
You are getting a hundred percent support from us and it will change the medium of thinking so that you can not get the same problem in the future. Our teams are very understandable and simple who just know what to do with your questions and they are best in it. You can contact us to resolve your problems which are related to the Binance. We are one of the largest exchanges and the reason is clear and that reason is making us more popular because we are best in providing the best support.
Binance support number
Binance support phone number
Binance customer care number
Binance Customer Support number
Binance toll free number
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submitted by OkChoice4572 to u/OkChoice4572 [link] [comments]

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Binance support number – 850-679-0019
The need for support numbers is of utmost importance in the present scenarios. It is becoming the need of the people even to the smallest services, we need support and care which is why are offering a Binance support number to our customers. There are many situations when we need support to resolve the queries related to the cryptocurrency. Some of the problems faced by our customers are the confusion regarding the privacy and security of their crypto.
Sometimes they need help in creating their portfolio and in some other cases they need to manage the portfolio but in all of these cases, they need support from our teams. If you are creating a portfolio in the crypto market then be ready to face the keywords which are not very familiar with you and in that case, you will need us. If you are in the middle of the portfolio then, you will need us to help to manage your portfolio for a higher frequency. There are many chances that you will face problems in the recurring buys but if we are with you.
We shall be helping you to manage the portfolio as well as we are keeping with the high-security features and we can enable vault protections for you. We are one of the most trusted exchange and we offer secure storage to our customers and apart from the secure storage, you will get the protection of your crypto from the insurance and if it is not enough for you then we would like to say that we offer industry best practices and you can get the all information from us just by dialingBinance support number. We try to short out every problem as well as we shall try our best to provide you a solution which you are needed.
Binance support number
Binance support phone number
Binance customer care number
Binance Customer Support number
Binance toll free number
Binance complaint number
Binance customer support number - 850-679-0019
As a crypto exchange, we offer fiat to Bitcoin to other crypto exchanges under the same hood. The need for Binance customer support number is more than important in the present scenario. You will have to discuss the new role of crypto in the market and the only way to discuss it with the best one is by calling on Binance customer support number. If you are targeting the right point in the crypto exchange then you will need to have the correct contact for resolving all the questions and queries.
There are many kinds of questions that are wandering in the people's minds and the solution for these questions can be an offer by our Binance customer support number. If you are new in the Binance then be frank to call us and let us help you to get the best outcomes. There are many occasions when people need help and they do not know where to knock on the door. Now, as we are providing a Binance customer support number. You can call us and resolve the queries which are pending due to the lack of a medium of conversation. You may have a feeling to resolve all the questions, confusion, and queries and we are completely here to resolve these all problems without interfering much with the ratio of your problem to the other client's needs.
You are getting a hundred percent support from us and it will change the medium of thinking so that you can not get the same problem in the future. Our teams are very understandable and simple who just know what to do with your questions and they are best in it. You can contact us to resolve your problems which are related to the Binance. We are one of the largest exchanges and the reason is clear and that reason is making us more popular because we are best in providing the best support.
Binance support number
Binance support phone number
Binance customer care number
Binance Customer Support number
Binance toll free number
Binance complaint number
submitted by Plenty-Huckleberry20 to u/Plenty-Huckleberry20 [link] [comments]

🎢 Binance Support Phone Number ღ☞+𝟏࿏𝟖𝟓𝟎࿏𝟔𝟕𝟗࿏𝟎𝟎𝟏𝟗 ☜ Binance Customer Support ✴USA CANADA #2020 🎡 🎢

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Binance support number – 850-679-0019
The need for support numbers is of utmost importance in the present scenarios. It is becoming the need of the people even to the smallest services, we need support and care which is why are offering a Binance support number to our customers. There are many situations when we need support to resolve the queries related to the cryptocurrency. Some of the problems faced by our customers are the confusion regarding the privacy and security of their crypto.
Sometimes they need help in creating their portfolio and in some other cases they need to manage the portfolio but in all of these cases, they need support from our teams. If you are creating a portfolio in the crypto market then be ready to face the keywords which are not very familiar with you and in that case, you will need us. If you are in the middle of the portfolio then, you will need us to help to manage your portfolio for a higher frequency. There are many chances that you will face problems in the recurring buys but if we are with you.
We shall be helping you to manage the portfolio as well as we are keeping with the high-security features and we can enable vault protections for you. We are one of the most trusted exchange and we offer secure storage to our customers and apart from the secure storage, you will get the protection of your crypto from the insurance and if it is not enough for you then we would like to say that we offer industry best practices and you can get the all information from us just by dialingBinance support number. We try to short out every problem as well as we shall try our best to provide you a solution which you are needed.
Binance support number
Binance support phone number
Binance customer care number
Binance Customer Support number
Binance toll free number
Binance complaint number
Binance customer support number - 850-679-0019
As a crypto exchange, we offer fiat to Bitcoin to other crypto exchanges under the same hood. The need for Binance customer support number is more than important in the present scenario. You will have to discuss the new role of crypto in the market and the only way to discuss it with the best one is by calling on Binance customer support number. If you are targeting the right point in the crypto exchange then you will need to have the correct contact for resolving all the questions and queries.
There are many kinds of questions that are wandering in the people's minds and the solution for these questions can be an offer by our Binance customer support number. If you are new in the Binance then be frank to call us and let us help you to get the best outcomes. There are many occasions when people need help and they do not know where to knock on the door. Now, as we are providing a Binance customer support number. You can call us and resolve the queries which are pending due to the lack of a medium of conversation. You may have a feeling to resolve all the questions, confusion, and queries and we are completely here to resolve these all problems without interfering much with the ratio of your problem to the other client's needs.
You are getting a hundred percent support from us and it will change the medium of thinking so that you can not get the same problem in the future. Our teams are very understandable and simple who just know what to do with your questions and they are best in it. You can contact us to resolve your problems which are related to the Binance. We are one of the largest exchanges and the reason is clear and that reason is making us more popular because we are best in providing the best support.
Binance support number
Binance support phone number
Binance customer care number
Binance Customer Support number
Binance toll free number
Binance complaint number
submitted by Legitimate-Truck9020 to u/Legitimate-Truck9020 [link] [comments]

🎢 Binance Customer Care Number ღ☞+𝟏࿏𝟖𝟓𝟎࿏𝟔𝟕𝟗࿏𝟎𝟎𝟏𝟗 ☜ Binance Customer Support ✴USA CANADA #2020 🎡 🎢

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er – 850-679-0019
The need for support numbers is of utmost importance in the present scenarios. It is becoming the need of the people even to the smallest services, we need support and care which is why are offering a Binance support number to our customers. There are many situations when we need support to resolve the queries related to the cryptocurrency. Some of the problems faced by our customers are the confusion regarding the privacy and security of their crypto.
Sometimes they need help in creating their portfolio and in some other cases they need to manage the portfolio but in all of these cases, they need support from our teams. If you are creating a portfolio in the crypto market then be ready to face the keywords which are not very familiar with you and in that case, you will need us. If you are in the middle of the portfolio then, you will need us to help to manage your portfolio for a higher frequency. There are many chances that you will face problems in the recurring buys but if we are with you.
We shall be helping you to manage the portfolio as well as we are keeping with the high-security features and we can enable vault protections for you. We are one of the most trusted exchange and we offer secure storage to our customers and apart from the secure storage, you will get the protection of your crypto from the insurance and if it is not enough for you then we would like to say that we offer industry best practices and you can get the all information from us just by dialingBinance support number. We try to short out every problem as well as we shall try our best to provide you a solution which you are needed.
Binance support number
Binance support phone number
Binance customer care number
Binance Customer Support number
Binance toll free number
Binance complaint number
Binance customer support number - 850-679-0019
As a crypto exchange, we offer fiat to Bitcoin to other crypto exchanges under the same hood. The need for Binance customer support number is more than important in the present scenario. You will have to discuss the new role of crypto in the market and the only way to discuss it with the best one is by calling on Binance customer support number. If you are targeting the right point in the crypto exchange then you will need to have the correct contact for resolving all the questions and queries.
There are many kinds of questions that are wandering in the people's minds and the solution for these questions can be an offer by our Binance customer support number. If you are new in the Binance then be frank to call us and let us help you to get the best outcomes. There are many occasions when people need help and they do not know where to knock on the door. Now, as we are providing a Binance customer support number. You can call us and resolve the queries which are pending due to the lack of a medium of conversation. You may have a feeling to resolve all the questions, confusion, and queries and we are completely here to resolve these all problems without interfering much with the ratio of your problem to the other client's needs.
You are getting a hundred percent support from us and it will change the medium of thinking so that you can not get the same problem in the future. Our teams are very understandable and simple who just know what to do with your questions and they are best in it. You can contact us to resolve your problems which are related to the Binance. We are one of the largest exchanges and the reason is clear and that reason is making us more popular because we are best in providing the best support.
Binance support number
Binance support phone number
Binance customer care number
Binance Customer Support number
Binance toll free number
Binance complaint number
submitted by ChocolateNormal7723 to u/ChocolateNormal7723 [link] [comments]

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

11-05 20:58 - 'Is Bitcoin Safe and Legal?' (self.Bitcoin) by /u/koinalio removed from /r/Bitcoin within 2-12min

'''
Buying, selling, or trading bitcoin is a private transaction in every part of the world. It is a lawful activity in most western and advanced countries, including the US, Canada, and the U.K. Some large economies have restrictions on Bitcoin, including China (ownership discouraged although not a criminal violation) and India ( banks banned from engaging in Bitcoin). Governments everywhere have concerns with the anonymous movement of funds; they wish to prevent the use of money for illegal purposes.
Koinal understands the importance of anti-corruption laws and maintains legal standards for all sales and purchases. The best advice is to consult the laws of the country where one lives and intends to do business with Bitcoin. Koinal operates within the bounds of all applicable laws and meets legal requirements for transactions in every state in which it does business.

Is Bitcoin Safe?

The safety of Bitcoin also has some variables. Like all cryptocurrencies, there is no physical note or document. Owners must safely keep their digital currency and access codes because if lost or misused, there may be no recourse. An elaborate security system surrounds Bitcoin. The digital currency exists in a blockchain that cannot be altered by any government or central authority. Every Bitcoin transaction is transparent and watched by a global network. Unlike some other types of transactions, once the Bitcoin moves, there is no reversal mechanism. When you sell or buy, the transfer cannot be undone or canceled.
Bitcoin is the oldest of the major currencies that include Ethereum, Lite, and Ripple. Bitcoin, by far, has the highest value, and many investors prefer Bitcoin for investment potential. Bitcoin is among the small group of cryptocurrencies that bring high levels of interest from mainstream financial companies and banks. Relative to other cryptocurrencies, Bitcoin enjoys a high level of interest. It is the most well-known cryptocurrency.

Blockchain Technology

People can buy cryptocurrencies in many ways. The blockchain ledgers keep track of Bitcoin’s existence and ownership, and owners can transfer it on a peer-to-peer basis. Peer to peer transactions does not require any action by a government, bank, or any central authority.
A safer and more widely used method is to perform transactions on Bitcoin exchanges.
[Koinal works with Binance]1 and other leading currency exchanges. Koinal provides a simple and effective way to purchase Bitcoin using regular bank credit cards and debit cards.

Taxes and Virtual Currency

Bitcoin transactions can result in taxation when used to pay for goods, services, and wages. While it is not a recognized form of currency under U.S. tax law, it does have value. In some instances, the tax code assesses Bitcoin by its fair market value at the time of purchase.
The U.S. government’s Internal Revenue Service has noticed Bitcoin and digital currency. It issued an advisory in 2014 and a new item on the tax return for 2020. The IRS named Bitcoin as one of many virtual currencies. The IRS advises that Bitcoin may represent income under tax laws and maybe a taxable asset when held as property.
When treated as property under a national tax code, Bitcoin may get treated like other assets that grow in value, such as the U.S. capital gains tax. Investors, buyers, and sellers should consult legal and tax advisors for advice on their situations. At Koinal, we do not offer tax advice. We simply point out that each investor must examine the tax implications of Bitcoin or other virtual currency transactions.

Keeping Within the Law and Regulations

Koinal takes all required steps to keep its transactions within the bounds of national laws and regulations. Koinal requires identification and personal information needed to comply with anti-corruption and know-your-customer rules(KYC). Bitcoin transactions are not anonymous under current rules and regulations.
Koinal offers a seamless purchasing experiencing for Bitcoin that can use a bank credit card or debit card. Our system provides quick and reliable delivery to the coordinates of your choice. Bitcoin offers exciting potential for usage as a currency, medium of exchange, and as an investment. When you are ready to purchase, visit our Koinal.io website to buy bitcoin instantly with your credit card.
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Is Bitcoin Safe and Legal?
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Author: koinalio
1: **w**o*nal.io/blog*bin*nce-to-j*in-e*fo*ts*with-koin***
Unknown links are censored to prevent spreading illicit content.
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How to purchase and exchange your litecoin! (longer read)

This post will show you the best ways to buy litecoins using many different payment methods and exchanges for each method.
Before you start, make sure you have a good litecoin wallet to store your LTC. NEVER store your litecoins on a crypto exchange.

Popular Exchanges

eToro
Coinbase
Coinmama

Buy Litecoin with Credit Card or Debit Card

Let’s dive into some of the exchanges supporting Litecoin credit card purchases.
These exchanges are our favorite ways to buy.

Coinbase

Coinbase is the easiest way to buy litecoins with a credit card.
Coinbase is available in the United States, Canada, Europe, UK, Singapore, and Australia.
The fees will come out to 3.99% per purchase.
Here is a good video that can help walk you through the process of buying on Coinbase, although it’s fairly easy.

Coinmama

Coinmama recently added the ability to buy litecoin directly on the platform. Users from nearly any country in the world can use Coinmama to buy litecoins.
Coinmama has some of the highest limits among credit card exchanges.

BitPanda

BitPanda is based in Austria and is a crypto brokerage service. You can buy using a credit card from most European countries.

CEX.io

CEX.io is based in the UK and is one of the oldest crypto exchanges online.
CEX.io supports litecoin and its users from nearly anywhere in the world can buy litecoin with credit card on the platform.

Buy Litecoin with Bank Account or Bank Transfer

Coinbase

Coinbase is the easiest way to buy litecoins with a bank account or transfer.
Coinbase, like is is for credit cards, is available in the United States, Canada, Europe, UK, Singapore, and Australia.
Coinbase is one of primary exchanges used to buy Litecoins.
Americans can use ACH transfer (5–7 days wait), and Europeans can use SEPA transfer (1–3 days wait).
The fees will come out to 1.49% per purchase.

BitPanda

BitPanda is based in Austria and is a crypto brokerage service. You can buy using SEPA transfer from most European countries. You can also use SOFORT, NETELLER, or GiroPay.

CEX.io

CEX.io also supports litecoin buys via bank account. This is via wire transfer for US citizens, SEPA for Europe, and SWIFT for the rest of the globe.

Binance

Binance is now one of the largest if not the largest cryptocurrency exchange in the world. It supports bank and card purchases of Litecoin as well as Litecoin trading pairs with Bitcoin and Etehreum.

Get a Litecoin Wallet

Before we move onto other options:
Never store your litecoins on an exchange!
Always withdrawal your litecoin to an offline cryptocurrency wallet like the Ledger Nano S or any other wallet that you control.
The Ledger Nano S and TREZOR are the best options for secure storage.

Other Methods to Buy Litecoin

If you don’t have a card or want to avoid the high fees, you can use the following methods to buy Litecoin as well.
Find out which one works best for you.

Buy Litecoin with PayPal

Unfortunately, there is no easy way to buy Litecoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case.
You can, however, now use eToro to buy Litecoin, unless you live in the United States.
If you live in the US, the only way to buy Litecoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litecoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Coinbase Pro to swap the Bitcoin for Litecoin.

Buy Litecoin with Cash

There is no good way to buy litecoins with cash. LocalBitcoins is the most popular way to buy bitcoins with cash, and it does not have Litecoin support. Other popular cash to Bitcoin exchanges like BitQuick and Wall of Coins also do not support LTC. So you will have to first buy bitcoins with cash then exchange them for LTC using the method described below.
The same goes for Bitcoin ATMs. Most do not support Litecoin. So if you want to buy litecoins at a Bitcoin ATM you first have to buy bitcoins and then trade the BTC for litecoins.

Buy Litecoin with Bitcoin

If you already have Bitcoins then it is VERY simple to convert some of your BTC to litecoins.
You just need to find an exchange with the LTC/BTC pair, which is most exchanges since LTC/BTC is a very popular pair to trade.

Buy Litecoin with Skrill

BitPanda, mentioned above, also accepts Skrill payments for LTC. The fees will vary and are simply included in your buy price.

Cryptmixer

Cryptmixer is probably the fastest way to convert BTC to Litecoin. You just enter the amount of LTC you want to buy, and give them a LTC address. Then they will tell you how much BTC to send to their address. Once your BTC is sent, you will have LTC delivered to your wallet very shortly after.

Buy Litecoin with Ethereum

Ethereum has experienced a massive price rise. Nearly a year ago it was $10, and now at over $500, many want to move some of their ETH gains into other coins like Litecoin.
Litecoin has very good liquidity, and is very popular among traders especially in China.
So this guide is going to show you how to buy litecoins with Ethereum. We will show some of the best exchanges you can use, and the pros and cons of using different types of exchanges over the other.

Cryptmixer

Cryptmixer is one of the most unique exchanges, and also one of the fastest ways to convert your ETH to LTC.
With Cryptmixer you do not even need to store your money with the exchange, meaning you are at very little risk of getting your funds stolen.
With Cryptmixer you simply specify the amount of LTC you want to buy, and specific the address to where your litecoins should be sent and within 30 minutes you will have LTC delivered to your wallet.

Poloniex

Poloniex is the world’s largest altcoin exchange. However, there is a huge downside to using Poloniex to convert your ETH to LTC:
Poloniex does not have a LTC/ETH market, meaning you have to first trade your ETH to BTC, and then trade your BTC for LTC.
While this method works, you will have to make multiple trades and also pay fees twice.

ShapeShift

Shapeshift is basically the same as Cryptmixer, and was actually the first company to come up with the concept of an exchange that does not hold your own funds.

Frequently Asked Questions About Buying Litecoin

Many of you may still have lots of questions about how to buy Litecoin.
Odds are we have answered almost any question you could think of below.
We will aim to answer many of the most common questions relating to buying Litecoin.

Why are there limited options to buying Litecoin using other altcoins?

The issue in all crypto markets is liquidity. As the space gets bigger, the liquidity also gets better. But as of now, the only VERY liquid cryptocurrency is Bitcoin. So exchanging two altcoins between each other is often harder than if BTC was involved on one side of the trade.

How much is a Litecoin worth?

Like all currencies, the value of Litecoin changes every second. The value of Litecoin also depends on the country you are in and the exchange you are trading on. You can find the most up to date price on Coinbase.

How do I buy Ripple (XRP) with Litecoin?

The best way to buy Ripple using Litecoin is to either use a non KYC exchange like Cryptmixer or start an account on Binance or Coinbase Pro and sell your Litecoin for Ripple. Look for LTC/XRP trading pairs, and make your trade.

How long does Litecoin take to confirm?

Litecoin blocks are added ever 2 and a half minutes. That means you should get one confirmation every two and a half minutes. This can vary if it takes miners longer to discover a block, but the difficulty of the finding a block should change proportionate to the hashing power on the network so that a block gets added approximately every 2.5 minutes.
If you are trying to send money to a merchant, they may require more than one confirmation before they send you products. If you are depositing on an exchange, they may also require three or more confirmations before they credit your account.

How many Litoshis make one Litecoin?

one hundred million (100,000,000) Litoshis make one (1) Litecoin.

Where do I store Litecoin?

The best place to store litecoin is on a hardware wallet. You can find the best one for you on our page dedicated to hardware wallets.

When is the Litecoin halving?

The expected date of the next Litecoin block reward halving is August 7th, 2023.

Why can litecoin take so long to buy?

Litecoin can take long to buy because the legacy banking system is very slow. If you are buying with another cryptocurrency, you will see how fast it is to buy!
Bank transfer in the USA, for example, take about 5 days to complete. So any purchase of Litecoin made with a US bank transfer will take a minimum of 5 days.

How do I buy Litecoin with Paypal?

Unfortunately, there is no easy way to buy Litcoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case.
You can, however, now use eToro to buy Litcoineum, unless you live in the United States.
If you live in the US, the only way to buy Litcoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litcoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Cryptmixer to swap the Bitcoin for Litcoin.

Can you buy partial litecoins?

Yes, litecoin, like Bitcoin, is divisible to many decimal places so you can buy 0.1 LTC, 0.001 LTC, etc.

Can you sell litecoin?

Yes, you can sell LTC on most of the exchanges mentioned above. The fees, speed, and privacy is the same in most cases.

Can anyone buy litecoins?

Anyone is free to buy litecoins, as long as you find an exchange that supports your country. Most cryptocurrency wallets do not require ID to sign up so you can always make a wallet and get paid in litecoin, too.

Which payment method is best to use?

For speed, credit card will likely be fastest. For larger amounts, bank transfer is best. For privacy, it’s best to buy bitcoins with cash and then trade for litecoins using Cryptmixer or Shapeshift.

Is it better to mine or buy litecoins?

If you have cheap electricity, it might be worth it to mine litecoins. If you have solar power or just want to mine for fun then it could be worth it. Otherwise, it’s probably better just to buy.
Mining is constantly changing and small changes in Litecoin price or electricity can greatly affect your profitability.

What should I do with my litecoins once I buy?

You should immediately move your litecoins into a secure wallet. You should never leave your litecoins on an exchange. There have been countless hacks in cryptocurrency since Bitcoin was created in 2009. Hundreds of thousands of people have lost money. So buy your litecoins, and then instantly send them into a wallet you control so you are not at risk of losing money to a hack or scam.
submitted by MonishaNuij to MonMonCrypto [link] [comments]

How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.



Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.


Background and Justifications


Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

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Bitcoin Gemini Exchange Review 2020

Bitcoin Gemini Exchange Review 2020
If you are planning to place assets into cryptographic types of cash like Bitcoin or Ether, in any case, you do not understand where to start, this Gemini exchange review will help you with choosing.
Gemini Bitcoin Exchange Review 2020
You need yourself to be a productive advanced cash intermediary. By what technique will you become? To help you here's an exchange review, which will give every one of you the low down information required for a powerful enthusiasm for one of the most trusted in stages the Gemini Exchange.
We should find all the more right currently review
Gemini Review :
About Gemini Exchange
Twin kin developed Gemini Winklevoss in the year 2014. The Gemini exchange is arranged in New York. The Gemini crypto exchange is open in essentially all US states, similarly as UK, Canada, Puerto Rico, Singapore, South Korea, and Hong Kong. In 2016, Gemini transformed into the world's recently approved Ether exchange.
It positions 82th greatest exchange on earth as showed by 24-hour volume on Coinmarketcap. While Gemini Bitcoin and Gemini Ethereum trading volumes are high, the exchange is endeavoring with all undertakings to fight with those stages offering a predominant piece of the cryptographic types of cash, for instance, Binance.
Reinforced Currencies
Gemini offers crypto to fiat portions and a BTC/ETH grandstand, which makes it a quick contender to any similarity to Coinbase, Bitstamp, and Kraken. At present, it is one of the most respected and ensure about exchanges open. This is in light of the fact that it has more features to help secure customers against developers. Also, it is one exchange for the CBOE Bitcoin future settlement. Gemini Mobile application is directly available, which is amazingly basic and versatile to use.
How to use Gemini?

https://preview.redd.it/qnowl19fwaj41.jpg?width=720&format=pjpg&auto=webp&s=1819eeac9d4c44681c0afe616d387b60a78f7c8e
1) Go to the official site and snap the "Register" tab on the upper right corner.
Enter your name, email address, and mystery word for your own record. While affirming your email address, it is critical to :
Affirm your email address and enter both your region and phone number, by then you can set up 2-Factor Authentication (2FA) which will be an additional layer of security to your record.
Incorporate your monetary equalization. Starting at now, Gemini recognizes simply bank moves and wires, as a methodology for putting away holds.
To check your record, move your organization ID proof. This will help you with executing and trade US Dollars. Moreover, it will help Gemini with as per the Bank Secrecy Act (BSA) and Anti Money Laundering (AML) rules. The affirmation time may run from a couple to a couple of days.
Subsequent to completing of all the above strategies, you can use your record for financing.
gemini crypto exchange
2) Deposit Currency
In the Menu, click Transfer Funds, by then find a good pace Bank Transfer and Exchange. Enter the whole you have to store here. Moreover, note $500 consistently is the most extraordinary most extreme for Bank moves.
3) Trading Bitcoin and Ethereum
As you store by methods for bank move, they are quickly available for trading. you can purchase by encountering the menu and picking your supported trading pair. For example, for Bitcoin BTC/USD similarly as Ethereum ETH/USD.
In the wake of embeddings the expense and sum it will process your buy demand. There is another choice to trade by methods for the business community which has exhibit orders gave by various customers.
After the fulfillment of your purchase, your record will be acknowledged with your Ethereum just as Bitcoin purchases. You can sell your computerized cash on the Gemini crypto exchange. Regardless of the way that you can't make a withdrawal until your bank move has been completely arranged.
gemini sponsor organization
4)Trading Limits
By and by, For most trade strategies, there are no limitations on trades. In any case, Automated Clearing House (ACH) moves have the greatest store most remote purpose of $500 day and $15,000 consistently for singular record holders. Associations have a state of restriction for making ACH stores of $10,000 consistently or $300,000 consistently.
Gemini Marketplace
There is a Gemini business focus that runs 24*7. Here, you can have indistinguishable number of solicitations from you wish to have, with a variety of trading choices. These include:
Market Orders – With the present best open worth, the solicitations here starting dealing with quickly against resting orders.
Purpose of repression Orders – The sum is filled at or better than a given expense. The sum which isn't dispatched lays on the solicitation book diligently until it is filled or dropped.
Brief or Cancel (IOC) Limit Orders – The sum is filled at or better than a given expense. The sum which isn't filled rapidly is dropped and doesn't lay on the perpetual solicitation book.
Maker or Cancel (MOC) Limit Orders – The sum lays on the solicitation book continually at a foreordained expense. Furthermore, the entire solicitation is dropped if there is any sum that can be filled immediately.
All solicitations made on this stage are totally sponsored and fill in as a full hold exchange. In any case, there is no edge trading Gemini. Despite that, reliably the customer's record equality should have more balance than the exceptional excitement on demand books. Also, all open solicitations decline your available leveling until they are fulfilled or dropped
Gemini Fees
In the event that there ought to be an event of moves, Gemini crypto exchange has a low cost technique and stage customers can store Bitcoin, Ether, at freed from charges for both bank and wire moves. In any case, banks will charge a cost for the customers to wire money to their Gemini account. Withdrawals on the stage are free and all customers will have 30 free withdrawals for each calendar month.
Any withdrawals more than this total will pull in costs comparable to the mining charges payable on either sort out. The costs are around 0.001 BTC or 100,000 Satoshi per trade on the Bitcoin Network and 0 GWei or 0 ETH per trade on the Ethereum Network.
MakeTaker charges
0.25% is the trading costs for both sellers(makers) and buyers(takers). If it shows up at certain trade volumes, charges will be reduced. The maker charge is 0% for 30-day trading volumes that outperform 5,000 Bitcoin or 100,000 Ether. For a comparable trading entirety, the taker run after will bubble to 0.10%.
Gemini uses dynamic maker and taker charge or reimbursement timetable, and sellers can get reimbursement on liquidity-creation trades. The particular entireties depend upon net trading volumes and the buy and sell extent over a multi day time allotment. The data are adjusted as expected and more information on charges can be found here.

https://preview.redd.it/exgucn9gwaj41.png?width=225&format=png&auto=webp&s=34fc66d46df40444abcc9ac61308106b2e3f57c0
charges
Concerning purchases, the base purchase whole for Bitcoin is 0.00001 BTC, or 1000 satoshis, for Ether, the base sum is 0 .001 ETH
Security-at-Gemini
Bitcoin Gemini Reviews, is a strong exchange that has a better than average reputation in everyone. The exchange goes about as a way into the universe of cryptographic cash trading. This may be in light of the fact that various customers first quit concerning purchasing Bitcoin and Ethereum. In comprehension to Coinbase, Gemini has a near space. Wherein it allows its customers to make trade clearly to and from their records.
Gemini is a not too bad choice, for people looking to securely trade either Bitcoin or Ethereum. The exchange is a potential decision for new competitors to the market similarly as logically settled sellers who like to make trades by methods for their monetary adjusts.
Latest News
Dec 17, 2019: Well realized cash related pro association State Street picked Gemini exchange for the new propelled asset pilot adventure.
Nov 19, 2019: Gemini exchange wanders into NFT's and acquired Nifty Gateway Solution, a phase to buy Non-Fungible Tokens.
Nov 14, 2019: The exchange added Stop-Limit to the solicitations being executed on the stage.
Sep 11, 2019: Gemini dispatches Gemini Custody with 18 cryptographic types of cash
Sep 5, 2019: Gemini Clearing™, a totally electronic clearing and settlement answer for off-exchange exhibited by the stage
Aud 27, 2019: Gemini Joins the Silvergate Exchange Network
Aug 22, 2019: Gemini loosens up and reaches to Australia
April 15, 2019: Gemini wallet support Segwit
Gemini Bitcoin Exchange Review
Rundown: How to Buy Bitcoins by means of Gemini
Register a record at Gemini and check email code sent to you.
Set up two-factor validation (2FA).
Give checked ID as a major aspect of the confirmation procedure.
Include ledger.
Store cash by clicking "Move Funds", "Store into Exchange" and afterward picking the sort of bank move.
Snap "Purchase" catch and round out the buy structure to get BTC.
Is Gemini Safe?
Gemini is extremely worried about its clients' wellbeing, in this manner it utilize three arrangements of security...
MORE
Gemini Comparison with Other Exchanget
To exchange bitcoins you have to initially peruse and think about various BTC trades...
MORE
In Which Countries Is Gemini Available?
You can arrange bitcoins through Gemini nearly in any nation, yet discover where you can't...
MORE
Guide: Buying BTCs at Gemini
It is anything but difficult to purchase bitcoins on Gemini trade, knowing the essential standards and prerequisites...
MORE
FAQ
Discover to what extent the exchange takes, how to pull back BTCs and what strategies for...
MORE
Practically equivalent to Bitcoin Exchanges
We have arranged a rundown of trades, notwithstanding Gemini, that can assist you with requesting bitcoins...
MORE
With developing worth and system, bitcoin is ready to turn into the main online resource in the realm of ventures.
Gemini bitcoin trade survey
This article is worried about one of the most well known trades with regards to BTC exchange, Gemini.
What Is Gemini?
Gemini is one of the realized digital money trades that offer an assortment of exchange apparatuses for speculators that have some involvement with the business. The organization that claims the stage is enrolled as LLC in New York State, USA, offering USD to BTC and USD to ETH exchange trade.
Purchase BTC at Gemini
Propelled in 2015, Gemini offers two unmistakable commercial centers, them being:
customary trade administrations;
bitcoin barters.
Upon its appearance, the stage offered its administrations in the US just, bit by bit including different nations all the while. The organization is possessed by the Winklevoss twins, who guarantee that they are have about 1% of the complete BTC volume.
Winklevoss siblings are Gemini's proprietors
Gemini Security
With regards to the wellbeing of your assets, Gemini applies three arrangements of safety efforts that should be referenced. To start with, the stage applies advanced money safety efforts by offering hot and cold stockpiling wallets, where cold wallets have multisig capacities to forestall hacking endeavors at your equalizations.
Gemini security
The subsequent measure is identified with the exchange where the entirety of the exchanges at Gemini are led through pre-financed accounts, implying that merchants and purchasers can't post orders on the off chance that they don't have adequate BTC or fiat monetary forms in their parities. Finally, the site security comprises of two-factor verification (2FA) and HTTP encryption of all data in regards to merchants and stage's exchanges from outsiders.
Accessible Payment Methods
As of now, Gemini acknowledges stores communicated distinctly in ACH (for US dealers) and wire moves (for every other person) communicated in USD. Credit or check cards, money stores, PayPal and numerous different alternatives are wanted to be remembered for the future however are not accessible at the present time.
Buy bitcoin by means of wire move
You ought to buy in to the Gemini news source since the organization will promote the new store strategy through that channel of correspondence.
Shouldn't something be said about Fees?
While saving or pulling back your assets communicated in fiat or computerized monetary forms, dealers would find that the administrations are done totally free. Then again, Gemini charges exchange expenses are charged dependent on a month to month net exchange volume. Taker charges can extend from 0.15% to 0.25% while creator expenses from 0% to 0.25%.
Expenses at the trade
Does Gemini Have Limits?
Cryptographic money and wire stores and withdrawals don't have any constraints forced on dealers, implying that in the event that you utilize the said administrations, you can buy, sell and pull back bitcoins with no deterrents. Singular American financial specialists utilizing ACH move, then again, have $500 every day and $15.000 month to month while institutional individuals have $10.000 day by day and $300.000 month to month store limits.
No restrictions for purchasing bitcoin
Gemini Comparison
When thinking about exchanging at any trade, you should hope to analyze the administrations, expenses and impediments with other comparative stages. In this manner, we have assembled an examination investigation where we benchmarked Gemini against two other well known decisions with regards to BTC buy: Kraken and Coinbase.
Gemini versus Kraken
Kraken, much the same as Gemini, acknowledges bank moves just, with the significant contrast being that Kraken permits 5 fiat cash stores. Notwithstanding bitcoin, there are 14 more altcoins that you can exchange with at Kraken while the two trades force check on their customers as they are both controlled organizations.
Gemini versus Kraken
Kraken is fundamentally the same as Gemini as far as expenses, as creatotaker charges go somewhere in the range of 0% and 0.26%. Bank moves do accompany little expenses at Kraken while Gemini acknowledges stores for nothing. In conclusion, while Gemini exchanges two or three nations in particular, Kraken is all around accessible.
Coinbase versus Gemini
Coinbase is viewed as one of the biggest bitcoin suppliers on the planet, offering its administrations in 32 nations, USA notwithstanding. The installment strategies at Coinbase are PayPal, bank moves and credit/check cards, two more than Gemini.
Request bitcoins by means of Coinbase trade
Confirmation is an absolute necessity have at Coinbase, much like in Gemini while expenses are a ton lower at Gemini, as you pay between 1.49% to 3.49% from exchange's an incentive at Coinbase. The two trades offer BTC vaults and wallet administrations while Coinbase additionally exchanges with Litecoin which are inaccessible at Gemini.
Gemini BTC Exchange in Different Countries
Gemini's administrations are accessible in a bunch of nations around the globe, them being the US (5 states not upheld), Canada, Japan, South Korea, Hong Kong, Singapore and the United Kingdom. The five US expresses that are not bolstered are Alaska, Arizona, Hawaii, Oregon and Wisconsin.
Gemini trade in various nations
Is It Legal?
Gemini is an American LLC that adheres to New York Banking Law guidelines, actualizing BSA (Bank Secrecy Act) and AML (Anti-Money Laundry Compliance Program) arrangements, implying that customary reviews of the BSA/AML programs are being executed. Moreover, the firm requires all merchants to have reserves pre-saved before the exchange.
Bitcoin Gemini Price, is legitimate
Another significant factor of the stage's lawfulness is the way that since its beginning, Gemini has promptly accessible money related report dating 7 years back.
Does Gemini Support Its Customers?
Concerning the client service, Gemini has a thorough FAQ page where a large portion of the exchanging questions have been replied. Notwithstanding the FAQ, you can likewise top off a shape and present a solicitation to the Gemini group with respect to any issue that you may look on the stage.
Gemini client service
Because of the regular upkeep of the site's administrations, Gemini has a "Status" page where financial specialists can see which administrations and API instruments are working right now and which are definitely not.
Manual for Buy Bitcoins from Gemini
When you have gotten the cash at your Gemini account, click "Purchase" button on the dashboard page.
Buy page for bitcoins at Gemini
Presently, round out the structure on the right, giving request type, volume or estimation of BTC you wish to get and click "Purchase" to get bitcoins in your record immediately. Try to check the BTC cost at the upper left piece of the "Purchase" page to ensure it has not changed at the time you have begun the buy procedure.
Enrollment
It is totally allowed to enroll a record at Gemini bitcoin trade and the procedure begins once you click "Register" button at the upper right corner of the site. Give your complete name, email address and secret key in subsequent stage and snap "Make My Account".
Make account at Gemini
You will get an email code which you should duplicate glue into the Gemini's check page.
Contribution of enactment code on Bitcoin Gemini Registration
The accompanying advances will open up for you to finish, in this way you have to arrangement your 2FA security apparatus, include a financial balance and give checked ID to finish the enrollment methodology.
To what extent Should I Wait for Verification?
Check stage can take between an hour and a day, contingent upon various enlistment applications Gemini has right now you have begun the procedure. You ought to set up every single essential report before you start and arm yourself with persistence as a stage would set aside effort to process your data.
Confirmation process at Gemini
Would you be able to Get Bitcoins Without Verification?
At the enlistment page, you are required to check your personality and frog your financial balance. When you have presented the records, you can't enter the stage's exchange page until the help affirms your subtleties. In this way, it is unimaginable to expect to buy supply of bitcoins without confirmation.
Obligatory confirmation before purchasing BTCs at Gemini
How to Add Money to Account?
When you have finished the enrollment and confirmation of your record, click button "Move Funds", situated in the top segment of your dashboard page. In following stage, click "Store Into Exchange" and pick either USD or Wire alternative, contingent upon what financial balance you have included at enrollment stage.
Add assets to Gemini account
You can likewise store bitcoins in your Gemini wallet too.
Store BTCs in the Gemini wallet
At the last phase of wire move subsidizing process, you have to give bank's wiring data, for example, your record number and other significant data that can be found by clicking "Bank Settings".
Give bank's wiring data
When data has been given, basically click "Store" button which will show up at the base of the page.
Secure Your Account
Keep the entirety of your record and wallet passwords out of the programmer's compass by continually evolving them. Monitor the new secret key by keeping in touch with them down on a bit of paper as to not overlook them meanwhile.
Record with 2FA on trade
You as of now have 2FA from the enlistment stage and don't give your private data to some other dealer on the stage.
FAQ
To what extent Does It Take to Make Transaction?
It takes 4 to 5 days to store assets in your Gemini account while exchanges themselves are done following you the exchange started. Diverse request types have distinctive length, contingent upon what dealer wishes to accomplish.
Sitting tight for exchanges on the trade
Would i be able to Buy Bitcoin with PayPal at Gemini?
Now, brokers can't utilize PayPal as store technique at Gemini. You ought to buy in to the trade's news channel as to get warnings if the strategy opens up to store alternative later on.
Does Gemini Have a BTC Wallet?
The stage offers two kinds of wallet administrations, one being "hot" wallet and another being vault stockpiling. Both are based just, with the principle contrast being that vault stockpiling gives extra security keys that are utilized while moving bitcoins all through the wallet. Along these lines, vault administrations are esteemed as more secure than the standard BTC wallet.
Gemini wallet
Pulling back Your Bitcoins from Gemini
At the dashboard page, click "Move Funds" and afterward "Pull back From Exchange" to begin the procedure. Pick bitcoins to continue towards the withdrawal structure. Determine the measure of BTC you with to escape the trade and give your wallet address. Snap "Survey Withdrawal" and check the data. When you are fulfilled, click "Affirm" to end the procedure. Your coins will show up inside 24 hours to your ideal area.
Pull back BTC from Gemini
Instructions to Order BTC with Credit/Debit Card at Gemini
As with PayPal, it is preposterous to expect to buy bitcoins with the assistance of credit or charge cards at Gemini, since the choice isn't accessible right now. Stay aware of trade's news and declarations as the CC/DC choice may open up later on.
Gemini Mobile App
Portable stages are yet to be created by Gemini, implying that exchange is accessible on perusing stage as it were. Watch out for the declaration, as the organization may make the push towards telephone exchange not so distant future.
Purchase BTC just on Gemini perusing stage
Gemini Analogs
Aside from Gemini, we at BitcoinBestBuy have checked on numerous different stages that can assist you with getting bitcoins effectively and securely. They all change regarding local accessibility, expenses, buy strategies and confirmation necessities, so make a point to check different articles also.
Get BTC at digital money stages
Coinbase Exchange Review
Being one of the biggest BTC exchanging stages the world, we made a survey of their charges, store choices and other important data with respect to the trade. We have likewise given bit by bit controls on the best way to buy and pull back assets and coins from Coinbase.
Coinbase survey
Full Review Coinbase Bitcoin Gemini Exchange
Find out About Kraken
Kraken is another trade that offers bitcoins through bank moves and its administrations are all inclusive accessible. We made a survey of Kraken's advantages and disadvantages, giving our customers a diagram of the trade as far as expenses the organization charges, check prerequisites and buy procedures of the stage.
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Coinbase is the pushed organize where you can buy, sell and trade moved money. You may have discovered a few game-plans concerning the robotized money like Bitcoin, Ether, Litecoin, etc. Completely we are talking about the hazy. So Coinbase enables us to do buy and closeout these on the probability that you are in US, Canada or UK. In spite of the course that there are various stages yet Coinbase is the best like their affiliations. So for what motivation to use others? In like manner, they are open for the term of the day, dependably if you need any assistance. So lets close Coinbase is an electronic stage which partners with you past what many would think about possible incline toward ensuring about selling and regulating undeniable pushed money related gauges. In 2009 when Bitcoin has envisioned no one figured this could be of this potential. In addition, affiliations like Coinbase and binance can be the bilion dollar tries. Coinbase is the world's most basic cryptographic cash exchange. In addition, it is the most by and large used Crypto Wallet.

Coinbase Support

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Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading

Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
AX Trading LLC (AX), a technology-enabled registered broker-dealer and Alternative Trading System (ATS) operator, today announced a strategic partnership with Quant Network a pioneering technology company providing financial and regulatory technology as well as interoperability in financial services, payments and capital markets infrastructure. Through this partnership, Quant Network’s technology, Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of interoperable regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets. George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.” It is expected that the first interoperable digital asset offering may commence as soon as January 2020, and that the AX Trading ATS may be ready to enable and list interoperable digital assets and securities in 2020.
Let’s have a closer look at what that means to truly appreciate the significance of the partnership by covering the basics for those not familiar with wall street.
https://preview.redd.it/2z8h6uqos0m31.png?width=1200&format=png&auto=webp&s=a1c02216ce4eda8f3e06abdb6fe519b36efd1be6

What is an Institutional Investor / Trader?

An institutional investor is an organization that invests on behalf of the organization's members. They consist of hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds, or any other type of money management firm.
Institutional investors account for about three-quarters of the volume on the New York Stock Exchange (which alone handles more than $20 Trillion a year in volume). In the US, Institutional investors own about 80 % of the total market value of the equity (stock) market, which globally is worth more than $73 trillion.
Wall Street refers to the institutional investors I mentioned above whereas Main Street refers collectively to members of the general public who are not accredited investors and the overall economy as a whole.
Whilst the Equity Market is huge, Institutional investors also invest in other securities which are prime to be tokenised such as Real Estate Market (Globally worth $217 trillion), the Debt Market (Globally worth $215 trillion) and the Derivatives Market (Low end estimates at $544 trillion and high-end estimates at $1.2 quadrillion). All of which makes the current market cap for cryptocurrencies look like a drop in the ocean.

Who are AX Trading?

AX Trading is a SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA (Financial Industry Regulatory Authority)and SIPC ( Securities Investor Protection Corporation) regulated authorities. The SEC has some of the most stringent regulations in the world for listing securities and there are fewer than 50 SEC-registered Alternative Trading System Operators in the United States, of which only a handful are currently implementing Digital Assets. Others are awaiting regulatory approval with Coinbase, Circle etc are all looking at getting into this huge market.
https://www.coindesk.com/stonewalled-by-finra-up-to-40-crypto-securities-wait-in-limbo-for-launch
AX Trading have investors and sponsored brokers including the likes of Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion). AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc).
AX Trading have also partnered with Euronext, the largest Stock Exchange in Europe with a market cap of $4.65 trillion as of 2018, in the creation of Euronext Block which utilises AX Trading.

What is an Alternative Trading System?

An Alternative Trading System (ATS) is an SEC-regulated trading venue which serves as an alternative to trading at a public exchange. ATS account for much of the liquidity found in publicly traded issues worldwide. They are known as multilateral trading facilities in Europe, electronic communication networks (ECNs), cross networks, and call networks
AX is the world’s first “Electronic Trading Network” (ETN) where institutional traders can proactively connect and trade with other counterparties in a secure environment. Unlike traditional stock exchanges/ECNs that show orders to everyone and traditional dark pools/crossing systems that show orders — presumably — to no one, AX allows institutional traders to pick and choose WHOM they want to notify and also WHAT information they want to share with them.
Institutional investors may use an ATS to find counterparties for transactions instead of trading large blocks of shares on national stock exchanges. These actions may be designed to conceal trading from public view since ATS transactions do not appear on national exchange order books. The benefit of using an ATS to execute such orders is that it reduces the domino effect that large trades might have on the price of an equity.

How does AX Trading Work?

The AX Trading process begins when one trader sends an “initiated” order to AX. The order can be routed to the AX ATS via one of our broker sponsors such as Credit Suisse. The initiated order triggers a “Call Auction” on AX, a period of time when the order will rest in AX to be matched against other orders from auction responders.
The Initiator of an AX auction decides who they want to invite to participate in the auction, whether they be all 800+ institutional members or targeted to specific ones, as well as how much info they want to disclose about the order. Based on these instructions, the AX ATS then notifies the members inviting them to participate in the trade.
The invited members can then participate in the trade by either placing buy orders of their own or placing sell orders. At the end of the AX auction period, all orders are brought together, and a match is performed.
In the traditional, continuous market with displayed bids and offers, traders are often chasing liquidity. In other words, the price may move away from them the more they buy or sell to what is commonly called “market impact.” On AX, the advantage of their call auction model is it brings liquidity — in the form of participant orders to the buyer rather than them chasing liquidity.

What is a Security Token?

Security Tokens are different than Utility Tokens or Cryptocurrencies. A security token is a digital representation of a traditional security. It may represent shares in a company, interest in a fund, real estate, art collectables, or essentially any asset a party can own. Anthony Pompliano wrote an article explaining tokenised securities in more detail which you can see here
Security Tokens are digital assets subject to federal security regulations. In layman terms, they are the intersection of digital assets (tokens) with traditional financial products — a new technology improving old things. If cryptocurrencies like Bitcoin are considered “programmable money” then you can consider Security Tokens a version of “programmable ownership.” This means that any asset with ownership can and will be tokenized (public & private equities, debt, real estate, etc).
https://preview.redd.it/21cz6zvus0m31.png?width=569&format=png&auto=webp&s=883eb844e1061cddd585903549dde829098765c2
Quant Network community member David W also wrote an excellent piece on the benefits of tokenisation of assets in a lot more detail than what I will briefly cover here and strongly recommend you check it out.
The Tokenisation of assets is therefore inevitable, because it is a better way to record, exchange and monitor asset ownership for all parties involved. The amounts at stake represent many hundreds of trillions of US dollars

What are the benefits of a security token?

  • Lower Fees — having Smart Contracts and compliance programmed into the token itself removes the need for middlemen, reducing costs. Post Trade businesses such as clearing houses would also no longer be required further reducing costs.
  • 24/7 markets — Currently the major US stock markets trade between 9:30am and 3pm during weekdays only. Trading can be done 24/7 and globally whilst remaining compliant.
  • Fractional Ownership — This greatly increases liquidity for previously illiquid assets. Real estate, Artwork, even assets such as Oil Refineries are already in talks about being tokenised through Overledger. If you have an asset such as an oil refinery worth billions of dollars, then naturally this limits the market should you ever want to sell it. However with fractional ownership you could own a tiny percentage of it and receive profits from the oil refinery based upon the percentage you own, which exponentially increases the number ofpotential buyers, increasing liquidity.
  • Rapid Settlement — Currently it takes 3 working days to settle a securities trade, this can be reduced to minutes by having the asset and fiat represented on a blockchain and handled through smart contracts.
  • Automated compliance — Security tokens are programmable, and rules and regulations are hard-coded into the architecture of the token to ensure they always remain compliant. This means that they can be traded globally and still ensure they respect the relevant countries regulations that the participants are located in.
  • The benefits that a blockchain provide such as transparency, security, immutability, high availability. Regulators can also run a node and verify compliance in real time.

Security Token Issuance Platforms

Security token issuance platforms allow issuers to issue Security tokens that represent the security such as Shares in their company etc in return for capital. This is known as a Primary Market. Importantly it’s not just the issuance that they look after, it’s the whole life cycle of a digital security to ensure they remain continuously in compliance as they are traded etc. They also provide reporting to the issuer so they can see who owns the tokens and what dividends to pay out.
Securitize are one of the leading security tokens issuing platforms. They have created the DS Protocol, a blockchain agnostic protocol for security tokens which manages the whole lifecycle of a digital security, ensuring it remains continuously in compliance. They have issued a number of security tokens on the Ethereum network as well as recently working with IBM to tokenise the Corporate Debt Market (worth $82 Trillion). On the back of this they joined Hyperledger, an open source project which includes Enterprise blockchains such as Hyperledger Fabric which IBM is heavily involved with.
https://tokenpost.com/Quant-Network-Securitize-and-others-join-Hyperledger-blockchain-project-1544
They recently also became the first SEC-registered transfer agent, which means Securitize can now act as the official keeper of records about changes of ownership in securities.
There are many companies in this sector which are utilising various blockchains, Other examples include:
  • Harber — R Token protocol for Ethereum
  • Polymath — ST20 protocol for Ethereum
  • Blockstate — a security token issuance platform recently announced plans to migrate a number of ERC-20 tokens from the public Ethereum blockchain to the permissioned blockchain R3 Corda
  • Dusk — Uses the Dusk blockchain
  • Own — Uses the Own blockchain
And many more such as Nefund, Bankex, Capexmove, Swarm, Symbiont, Tokeny etc

https://preview.redd.it/vr6c7jdzs0m31.png?width=520&format=png&auto=webp&s=88431b27906099bb09f31ef1fdee0222dd96674f

Trading Venues

Whilst the issuance platforms above generally also include their own exchange where the token can be traded on, secondary markets such as those offered through traditional stock exchanges and Alternative Trading Systems provide significantly more liquidity.
Traditional Stock Exchanges have been very active in blockchain with some going through proof of concepts, to those like SIX SDX Digital Exchange which is due to launch later this year. They are using various blockchains and cover the full process from Issuance, Trading and Post Trade / Settlement services. I have briefly outlined which blockchain they are using / testing with along with source to read more about it below:
  • Switzerland’s Stock Exchange — SIX Digital Exchange issue, trading, settlement, custody — Corda — Source
  • Largest Stock Exchange in Germany — Deutsche Borse Franfurt Stock Exchange — Corda — Source and Source
  • South Korea’s Stock Exchange — Korea Exchange — Hyperledger Fabric — Source and Source
  • Japan’s Stock Exchange — Tokyo Stock Exchange — Hyperledger Fabric — Source which the consortium has now grown to 44 companies. Tokyo Stock Exchange are also testing JP Morgan’s Quorum for voting on the blockchain — Source
  • London Stock Exchange Group — Hyperledger Fabric — Source . They are also invested in Nivaura which utilises Ethereum — Source
  • Largest Stock Exchange in Europe — Euronext — Permissioned Ethereum via Liquidshare — Source as well as recently investing in Tokeny a blockchain based project based on public version of Ethereum — Source
  • Singapore Stock Exchange — Ethereum — Source

Post Trade — Central Security Depositories

Situated at the end of the post-trading process, CSDs are systemically important intermediaries. They thereby form a critical part of the securities market’s post-trade infrastructure, as they are where changes of securities ownership are ultimately registered.
CSDs play a special role both as a depository, involving the legal safekeeping and maintenance of securities in a ‘central depository’ on behalf of custodians (both in materialised or dematerialised form); as well as for the issuer, involving the issuance of further securities by issuers, and their onboarding onto CSDs’ platforms.
CSDs are also keeping a number of other important functions, including: dividend, interest, and principal processing; corporate actions including proxy voting; payment to transfer agents, and issuers involved in these processes; securities lending and borrowing; and, provide pledging of share and securities.
Blockchain technology will enable real-time settlement finality in the securities world. This could mean the end of a number of players in the post-trade area, such as central counterparty clearing houses (CCPs), custodians and others. Central Security Despositories (CSD) will still play an important role according to reports:
“CSDs could have an important role to play in a blockchain-based settlement system. As ‘custodians of the code, CSDs could exercise oversight of, and take responsibility for, the operation of the relevant blockchain protocol and any associated smart contracts.” Euroclear Report
Another group of 30 central securities depositories (CSDs) in Europe and Asia are researching possible ways to “join hands” in developing a new infrastructure to custody digital assets. The CSDs will attempt to figure out how to apply their experience in guarding stock certificates to security solutions for crypto assets.
“A new world of tokenized assets and blockchain is coming. It will probably disrupt our role as CSDs. The whole group decided we will be focusing on tokenized assets, not just blockchain but on real digital assets.”
You can read more about how blockchain will affect CSD’s here
Examples of CSD’s in blockchain
  • SIX Digital Exchange and Deutsche Borse are utilising Corda as explained in the trading venues section
  • DTCC the largest in the US process 1.7 Quadrillion US Dollars of securities every year and are planning on moving their Trade Information Warehouse to Axoni’s AXCore Blockchain (Based on permissioned version of Ethereum) later this year — Source
  • Canada CDS are using the Quartz blockchain from Indian IT Services Company Tata Consultancy Services — Source
  • Euroclear in collaboration with the European Investment Bank (EIB), Banco Santander, and EY are developing a blockchain solution — Source
  • French CSD’s too soon go live on Setl Blockchain — Source and Source
  • Russia’s National Settlement Depository is launching a blockchain project using D3ledger (based off Hyperledger) — Source

The Importance Of Interoperability

The evolution of DLT and the wide adoption across industries and across different market segments is resulting in many different ledgers networks, but the ultimate promise of DLT can only be realized when all ledger networks can seamlessly interoperate. — from the recent DTCC whitepaper with Accenture
Some challenges and constraints related to the market infrastructure ecosystem remain open and will need to be addressed in the future to sustain the development of DLT platforms for trading and the post-trade process. At this stage, the questions of interoperability and standardization across these DLT (probably permissioned) platforms remain open and we may see a list of platforms offering no scope for interconnection. This will prevent them from fulfilling the key “distribution” criterion of DLT. Another related challenge that may determine whether or not the technology is adopted is the ability to provide Delivery versus Payment (DvP) settlement, in particular in central bank money. Nevertheless, it is worth mentioning that settlement can also be facilitated in commercial bank money. — https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/technology/lu-token-assets-securities-tomorrow.pdf
It’s clear from the above that interoperability will be crucial in order to unlock the true potential of Distributed Ledger Technology. Issuance platforms will seek to interoperate with as many secondary exchanges as possible to provide maximum liquidity for issuers. Issuance platforms and secondary exchanges are each using a wide range of different blockchains that all need to interoperate as part of the trade process. CSD’s will also need to have interoperability between other CSD’s as well as to the secondary exchanges (again each using different blockchains).

Enter Quant Network’s Overledger

Quant Network’s blockchain operating system, Overledger, provides interoperability between any current and future distributed ledger technology as well as easily connecting Off Chain / Legacy networks as well as plans to connect directly to the Internet. Within 10 months it has proven it can provide interoperability with the full range of DLT technologies from all the leading Enterprise Permissioned blockchains such as Hyperledger, R3’s Corda, JP Morgan’s Quorum, permissioned variants of Ethereum and Ripple (XRPL) as well as the leading Public Permissionless blockchains / DAGs such as Bitcoin, Stellar, Ethereum, IOTA and EOS as well as the most recent blockchain to get added Binance Chain. All without imposing restrictions on connected chains, being Internet scalable and able to easily integrate into existing networks / infrastructure.
https://preview.redd.it/8p6hi942t0m31.png?width=1920&format=png&auto=webp&s=b0536ea9981306feb8bd95788c66e9a5727a4d58
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets
https://www.quant.network/blog/redefining-wall-st-with-decentralised-capital-market-infrastructure-the-possibilities-of-quant-networks-overledger-technology-in-regulated-capital-markets
Overledger enables Universal Interoperability where digital assets can move across blockchains so that they can interact with smart contracts on different blockchains. It does this by locking the asset on one blockchain and then representing it on another blockchain either by creating a representing token or representing it via metadata. This will enable all of these different parties such as Issuance platforms, Exchanges, CSD’s, traders etc to move the digital asset from their respective blockchain onto AX Trading’s platform for secure, immediate and immutable trading to take place. Potentially it would even allow Digital Assets / Securities to settled on a public permissionless blockchain such as the recently connected Binance Chain in a completely safe, secure and compliant way.
https://preview.redd.it/a3o9qxq5t0m31.png?width=443&format=png&auto=webp&s=78d7a7e7d47213bbb354336ba9d5ad92c1c2254a
Regulators would be able to run a node and view transactions in real time ensuring that compliance is being kept. Potentially they could also benefit from using Quant Networks Multichain Search capability http://search.quant.network/ to be able to fully track assets as they move across blockchains.
George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”

Securrency

AX Trading have also partnered with Securrency (who have previously tokenised over $260 million in real estate assets). Securrency provide a protocol that enables security tokens to remain in compliance regardless of what blockchain the token is on. Due to the layered approach that Overledger has adopted from the learnings of TCP/IP, this protocol can be easily integrated on top of Overledger to enable security tokens to move across blockchains as well as ensuring they remain in compliance with regulations programmed into the token.
https://youtu.be/vSQ2fu9iZGs

Delivery vs Payment (DvP)

A DvP transaction involves the settlement of two linked obligations, namely the delivery of securities and the payment of cash. DvP avoids counterparties being exposed to principal risk, i.e. the risk that the seller of securities could deliver but would not receive payment or that the buyer of securities could make payment but would not receive delivery. Following this requirement, a DvP securities settlement mechanism has to ensure that the delivery of securities and the payment of cash are linked in a way where one leg (obligation) of the securities trade is conditioned to the final settlement of the other leg (obligation) of the trade. Thereby final settlement is defined as “the irrevocable and unconditional transfer of an asset or financial instrument, or the discharge of an obligation by the FMI or its participants in accordance with the terms of the underlying contract”. — STELLA — a joint research project of the European Central Bank and the Bank of Japan
We have seen how Overledger can provide interoperability for the securities to move across Issuers platforms, integrate with Stock exchanges, Central Security Depositories and AX Trading. Now we need to be able to ensure that payment is guaranteed and in a way that offers immediate settlement which is irrevocable. To do this we need to represent FIAT on the blockchain so that it can interact with smart contracts and settle transactions on the blockchain.

J.P.Morgan’s Coin

J.P.Morgan is the largest bank in the United States and ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.535 trillion.
J.P. Morgan was the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients.
With J.P.Morgan’s $2.6 trillion balance sheet, expertise in blockchain and global payments network, J.P. Morgan can seamlessly and securely transfer and settle money for clients around the world. J.P. Morgan are supervised by banking regulators in the United States and in the international jurisdictions in which it operates.

How does JPM Coin work?

A Buyer purchases JPM coins in advance which get represented on the Permissioned Quorum blockchain ($1 =1 JPM Coin). Quant Network’s Overledger could then provide interoperability to lock those tokens on Quorum and represent those onto another blockchain / AX Trading’s Network. By being able to represent securities and FIAT on the same blockchain (even though the underlying assets are on different blockchains) this provides instant finality / settlements to occur.
Once the seller receives the JPM coin in exchange for the securities they have sold they will be able to redeem them for USD. It also doesn’t necessarily mean that they have to have a JP Morgan account to redeem them, you could imagine in the future that the Bank instead redeems the JPM Coin and credits the users account. Similarly the buyer of the security token redeems the represented token and unlocks the security token on the original blockchain.
You can read more about JP Morgan’s Coin here as well as its use cases
J.P Morgan is betting that its first-mover status and large market share in corporate payments — it banks 80 percent of the companies in the Fortune 500 — will give its technology a good chance of getting adopted, even if other banks create their own coins. “Pretty much every big corporation is our client, and most of the major banks in the world are, too,” Farooq said. “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”
Overledger enables different securities tokens / digital coins representing FIAT currencies to be brought together from the various permissioned / permissionless blockchains onto one platform where trading / settlement can take place. Overledger is the only technology that can do this today across the leading permissioned and permissionless blockchains as well as existing networks, all in a secure, scalable and easy to integrate way.
https://preview.redd.it/ngt7q7hdt0m31.png?width=738&format=png&auto=webp&s=60166bdc0fcdf72a502e3472a09de5ddb5e1eb69
Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
https://preview.redd.it/ibecorcft0m31.png?width=1286&format=png&auto=webp&s=94540cf49654e36a8155f424c2a4bdb5fd549558
This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months, examples include the NYSE Bakkt launching Bitcoin futures later this month, Swiss Stock Exchange ($1.6 Trillion market Cap) is due to launch their digital exchange running on Corda (SDX) by the end of the year. The DTCC are due to launch their Trade Information Warehouse which processes $10 Trillion of cleared and bilateral derivatives by the end of the year. JP Morgan who transfer $6 Trillion every day are due to launch their JPM coin at the end of year and AX Trading is due to offer their first digital asset by January 2020.
Quant Network’ Overledger enables the bridging of traditional finance infrastructure with the new decentralised finance infrastructure DeFi of the future, helping to redefine Wall Street and Capital Markets.
https://medium.com/@CryptoSeq/wall-street-2-0-17252ffd8919
submitted by xSeq22x to QuantNetwork [link] [comments]

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