Crypto investment fund gets license from Swiss regulator

10 October 2018

This content has been created by X-Trade Brokers Dom Maklerski S.A.

Summary:

  • Crypto Finance AG, a cryptocurrency investment company, gets license to manage crypto investments in Switzerland

  • The UK telecom regulator gets government grant to explore blockchain potential

  • Bitcoin (BITCOIN on xStation5) bounces off the short term upward trendline

Cryptocurrency investors launched Wednesday’s trading in rather downbeat moods as major cryptocurrencies moved lower overnight. Litecoin (LITECOIN on xStation5) was one of the biggest underperformers as its price dropped around 3% over the past 24 hours. The capitalization of the whole market decreased to around $217 billion whereas the capitalization of the most popular cryptocurrency sits a notch below the $115 billion. We will start with news concerning the UK blockchain-related government grant and later move on to the license issued to the Swiss investment comapny.

 

BITCOIN price dropped to nearly $6400 where the short term upward trendline can be found. Bulls managed to defend this technical support level and recoup some losses. The coin is trading a notch above the $6450 handle at press time. Source: xStation5

The UK Department of Business, Energy and Industrial Strategy issued a grant worth 700k GBP to Ofcom, the UK national telecom regulator. The aim of the grant is to explore the potential use of the blockchain technology in management of millions of telephone numbers. Speaking more precisely Ofcom along with the industry members wants to see whether use of the blockchain technology can allow landline customers to switch more quickly and easily between the operators while keeping the telephone number. Blockchain is anticipated to lower the overhead costs as well as make telephone fraud management and prevention more effective.

ETHEREUM continues downward move after failing to reach the 50% Fibo level of the latest major slump. The coin broke below the 33-period moving average in the morning (green line on the chart above) and may be set to test the 38.2% Fibo level localized a notch above the $213 handle. Source: xStation5

Another story worth mentioning comes from Switzerland where the cryptocurrency investment company, Crypto Finance AG, obtained official license from the Swiss watchdog (FINMA) to manage digital assets. Thanks to FINMA license the company’s Crypto Fund AG can now act legally as an asset manager. The move reinforces Switzerland outlook as a crypto-friendly country and a destination of choice for companies seeking to operate in this industry. Apart from that, some time ago SEBA Crypto AG applied for banking and securities dealing license from FINMA trying to become a regulated cryptocurrency bank. The decision in this latter case was not announced yet.

LITECOIN took the biggest hit this morning in comparison with other major cryptocurrencies. The digital currency revisited the short term support zone ranging $55.80-56.70. However, the latest price action hints that buyers may be able to defend this technical hurdle once again Source: xStation5

This service is provided by X-Trade Brokers Dom Maklerski S.A. (X-Trade Brokers Brokerage House joint-stock company), with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. X-Trade Brokers Dom Maklerski S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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