The Daily: New Institutional Crypto Wallet, Korean Won Stablecoin

In today’s edition of The Daily, we feature a couple of new offerings in the cryptocurrency market including a wallet made for exchanges and token issuers as well as the latest fiat-backed stablecoin. Additionally covered are an exchange that underwent an auditor’s inspection and a crypto CFDs provider that got FCA authorization.

Also Read: Wikipedia Now Accepts Bitcoin Cash Donations via Bitpay

Knox Custody for Digital Securities

Tokensoft, a U.S.-based digital asset security platform, has announced the beta launch of its new Knox Wallet, a mobile-first, cold storage, self-custody system for enterprises. It is designed for issuers of asset-backed tokens for equity, debt, or real estate, and it can also hold multiple cryptocurrencies. The wallet is said to incorporate three levels of security: offline cold storage, role-based access control and cryptographic authentication. The developers expect that different types of companies will want the Knox Wallet, including exchanges that could use it to manage and administer assets trading on their platform.

“As real-world assets enter the blockchain world, it’s important to protect them with the same level of security we treat traditional digital assets,” said CEO Mason Borda. “We built Knox for our clients of all types who are launching asset-backed tokens and collectively are planning to place over $1 billion in digital securities on to the blockchain in 2019. As these assets arrive on the blockchain, there should be adequate solutions to secure them.”

South Korean Won-Backed Stablecoin

Bxb Inc. has announced the launch of KRWb, a stablecoin backed by the South Korean won (KRW). This reportedly followed an initial capital deposit of 400 million Korean won ($360,000 USD) that has collateralized an equivalent volume of newly minted tokens. The issuers promise that each token generated will be matched with an equivalent fiat deposit stored in a bank, and that an independent auditor will perform regular checks on the KRW reserves to ensure that a minimum of 1:1 matching with KRWb liquidity is continuously maintained.

Singapore-based crypto-asset trading firm QCP Capital has been selected as the first KRWb ‘issuance partner’ for ensuring market liquidity. “Korea has always been a strategic but challenging market for us. KRWb is a great solution to many of the problems faced by market participants both onshore and offshore. Beyond crypto liquidity, we are excited to be part of a project that is pioneering new ‘fiat-to-crypto’ solutions in Asia,” said Darius Sit, Managing Partner at QCP Capital.

Exchange Completes Auditor’s Examination

New York-based trading platform Gemini has announced it completed a SOC 2  Service Organizations Type 1 examination. Auditing firm Deloitte has performed an evaluation of Gemini’s security controls which were inspected to meet the criteria set by the American Institute of Certified Public Accountants (AICPA). This reportedly included a review of the exchange application, infrastructure, and underlying customer database, as well as its cryptocurrency storage system. The company also promises to undergo a SOC 2 examination on an annual basis from now on.

“Providing you with a safe and secure platform to buy, sell, and store your cryptocurrency is paramount to our mission to build the future of money,” stated Yusuf Hussain, Head of Risk at Gemini. “In the traditional financial and technology industries, SOC 2 reviews have become an industry standard for demonstrating security compliance. Our SOC 2 review  — coupled with our digital asset insurance  —  is another step we’ve taken towards raising the bar for consumer protection, safeguards and industry best practices.”

Crypto CFDs Provider Receives UK Authorization

Cryptocurrency liquidity provider B2C2 has announced that its British subsidiary, B2C2 OTC Ltd, is now authorized and regulated by the U.K. Financial Conduct Authority (FCA) to deal in Contracts for Difference (CFDs) with those defined as ‘eligible counterparties and professional clients.’ The company will use this new FCA approval to offer cryptocurrency-based CFDs to its clients.

Max Boonen, CEO of B2C2, said: “We are excited to have received authorisation from the FCA to introduce a cryptocurrency CFD product. Eligible counterparties and professional clients can now gain derivative exposure to the cryptocurrency markets, benefiting from the competitive pricing and liquidity they’re accustomed to receiving from B2C2 while avoiding the risks associated with crypto custody.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

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