Coinbase Hires Former Fannie Mae Exec as New Chief Legal Officer

Former Fannie Mae counsel Brian Brooks has joined Coinbase as its new Chief Legal Officer to lead the exchange’s legal, compliance and government affairs.

Cryptocurrency exchange Coinbase has hired on former Fannie Mae General Counsel Brian Brooks as their new Chief Legal Officer, according to an announcement published September 19. At Coinbase, Brooks will be responsible for legal, compliance, and government affairs.

Prior to Coinbase, Brooks served as Executive Vice President, General Counsel and Corporate Secretary of the U.S. Federal National Mortgage Association (FNMA), commonly known as Fannie Mae. The association purchases qualifying mortgages from lenders, which it then bundles in bonds and sells to investors. In 2017, Fannie Mae reportedly provided $570 billion in mortgage financing.

Brooks also participated in managing OneWest Bank, N.A.’s senior regulatory relationships, while acting as a senior advisor to the bank’s CEO. Before joining OneWest, Brooks held managerial positions at O’Melveny & Myers LLP and Financial Services Practice Group.

Mike Lempres, who has previously led Coinbase’s legal function, will now lead the company’s government affairs program, such as the exchange’s participation in the recently founded Blockchain Association, in addition to managing the Coinbase political action committee (PAC).

The Washington-based Blockchain Association was formed by a group of American blockchain and crypto companies earlier this month, with Coinbase as a founding member. The association claims to be the first lobbying group representing the blockchain industry in Washington D.C.

Coinbase founded its own PAC in July 2018. In the U.S., PACs are political organizations that allow individuals with similar policy goals and ideologies to pool campaign contributions and donate them to political campaigns for or against candidates, legislation, or ballot initiatives.

This week is marked with another notable appointment at Coinbase, as former LinkedIn executive Michael Li joined the exchange as the vice-president of data. Speaking about his new position, Li outlined that data is an “essential” aspect of empowering Coinbase’s mission, as well as the “core strategy” to providing “the most trusted and easiest-to-use” crypto services.

In August, Coinbase hired former Amazon Web Services and Microsoft employee Tim Wagner as vice-president of engineering. Wagner will reportedly lead Coinbase’s engineering team, which is “central to [Coinbase’s] mission of creating an open financial system for the world.”

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Upbit Crypto Exchange Operator to Open Singapore-Based Crypto Exchange Next Month

Kakao-affiliate Dunamu, the operator of major South Korean crypto exchange Upbit, plans to open a Singapore-based exchange next month.

Kakao-affiliate Dunamu, the operator of major South Korean crypto exchange Upbit, plans to open a Singapore-based exchange next month, local news outlet Yonhap News reports September 19.

According to Yonhap, Dunamu already set up a branch in Singapore this February as part of its active push to expand across the Asian market. While the exact date of the Singapore exchange launch remains to be finalized, the firm told Yonhap that the service will go live as of early October.

Kim Kook-hyun, head of Upbit’s existing Singapore branch, is quoted as saying that:

“As Singapore has proactively supported blockchain technology, our advancement into the nation will help us secure many chances to lead a variety of relevant projects and to have global competitiveness.”  

Upbit has seen a surge in trading volumes, which are up 53.6 percent on the day, according to CoinMarketCap. As of press time, the exchange is ranked the 10th largest crypto exchange globally, seeing around $241 million in trades over the 24 hours to press time.

As previously reported, Kakao’s recent Semiannual Report has shown that Upbit defied the bearish global crypto markets to post a $100 million profit in the third quarter of 2018.

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Final Draft of ICO Legislation Could Signify Next Step for Philippines Fintech Sector

The Philippine government is about to reveal industry-defining regulation for cryptocurrency

The Philippine Securities and Exchange Commission (SEC) is due to unveil the hotly anticipated draft regulation for cryptocurrencies in the next few days, if the information provided by The Manilla Times is correct. If the regulation reflects the previous enthusiastic efforts to implement cryptocurrency in the Philippines, it stands to play a seminal role in defining the country’s status as a major player in the fintech sector. The SEC chairman, Ephyro Luis Amatong, has previously emphasised the need to regulate cryptocurrency exchanges as traditional trading platforms.

The draft comes in the wake of several Philippine lawmakers calling for the creation of a properly structured and above-board regulatory environment for Initial Coin Offerings (ICO) as the country opens up to the new technology. In spite of several successful DApps being developed in the country and the start of a promising upward trend for the Filipino fintech industry, officials are aware of the need to create a competent legislative framework to both protect their citizens from scams and for the sector to develop profitably.

In stark contrast to the majority of other central banks worldwide, the Philippines central bank — Bangko Sentral ng Pilipinas (BSP) — has been extremely proactive in ushering in both the implementation and regulation of cryptocurrencies. The central bank has developed a partnership with the SEC in order to establish “cooperative oversight.” SEC Chairman Amatong explains their cooperation:

“We already discussed the matter with the BSP, since the BSP is also interested and we are also interested […] The discussion […] [involves] joint cooperative oversight over [cryptocurrency exchanges] engaged in trading.”

Back in 2016, the BSP deputy director Melchor Plabasan made clear his positive outlook on the potential of cryptocurrencies in a televised interview, stating that:

“If you want something that is fast, near real-time and convenient, then there’s the benefit of using virtual currencies like Bitcoin.”

Final draft builds on months-long efforts to create effective legislation

As previously reported by Cointelegraph, this upcoming draft is the just the latest installment of the SEC’s attempt to regulate the cryptocurrency sector.

In November 2017, the SEC announced that it would move to legalize digital currencies by classifying them as securities, using the example of new regulation in the United States, Malaysia and Hong Kong. The SEC chairman and then-commissioner Emilio Aquino shed light on the developments in a news conference:

The direction is for us to consider this so-called virtual currencies offerings as possible securities, in which case we will apply the Securities Regulation Code. The heightened frenzy and increasing popularity surrounding Initial Coin Offerings has pushed authorities to lay down new rules to protect consumers.”

In August 2018, the SEC released their draft rules for public feedback. According to the official statement released by the local SEC, any company registered in the Philippines seeking to run an ICO must submit an initial request to the commision, establishing whether their token qualifies as a security. Companies must submit their assessment requests no less than 90 days before they plan to launch their sale period. The SEC will then review the request within 20 days and provide its findings in a written report.

The report also said that if ICOs were only to be distributed among 20 people or less, then registration with the SEC may not be compulsory.

The proposed legislative framework seeks to set out clear rules to avoid the creation of fraudulent ICO projects. The SEC has been proposing to regulate crypto assets since late 2017. In April, the Philippines also floated the notion of defining cloud mining contracts as securities, given that the investors of the data centers operate the process via “investment contracts.”

The SEC specified that they invited banks and investment houses, along with the investing public, to submit feedback on the proposed rules and set a deadline of Aug. 31.

Crime and punishment: The government cracks down on scams

Like most countries in which cryptocurrency is a burgeoning platform, the Philippines has been victim to a number of scams, as naive investors seek quick returns on offers that are too good to be true while regulators scramble to keep up.

In May, an email circulated using the name of President Rodrigo Duterte, along with high-profile members of the Senate, encouraging them to part with their hard-earned pesos in order to invest in cryptocurrency, with the promise of high returns.

The presidential spokesman for the Philippines was forced to step in and make a statement denouncing the email scam after President Duterte’s brother’s name was used in conjunction with the scandal.

In his official statement, Roque said:

“For your information, now that the President’s brother [is being dragged into that cryptocurrency scam], the President has asked me at least three times to announce and inform the public not to entertain any person peddling their alleged influence with the President, including his relatives.”

In another scandal, the Philippine’s SEC issued a warning to investors about Onecash Trading, another digital currency provider promising attractive returns of over 200 percent to investors in only eight weeks:

“Facebook Account Onecash Trading is inviting the public to sign up to their website through a sponsored link and deposit an amount of P1,000 [$20] as an enrollment fee. Upon activation thereof, a member may opt to become a Trader with a promise receiving 25 percent return of investment every Thursday for eight consecutive weeks without doing anything, or to be a Builder wherein a member shall be receiving P 50.00 [$1] per direct and indirect invites, up to the 10th level.”

The SEC stated that all investment schemes that make use of either fiat money or cryptocurrencies are deemed securities and are subsequently required to comply with existing regulations in the Philippines. The statement also came with a warning: Those who fall foul of the law could end up serving 21 years in prison as well as paying up to $100,000 in fines.

Cryptocurrencies are a relatively recent phenomenon for most countries. Their sudden skyrocketing into the very center of both public consciousness and the world of finance has often caught governments and issuers by surprise. As a result of this, governments are often on the back foot when it comes to legislation, leaving the door wide open for scammers. An example of this is the January hack of Coincheck in Japan, which led to the theft of $532 million worth of NEM. Anger at the hack was compounded by the fact that Coincheck was not registered with Japan’s Financial Services Agency and was therefore not subject to the same level of scrutiny as other exchanges in the country. The exchange froze all transactions and issued an apology. The Coincheck security compromise is indicative of wider issues in the crypto world, with over $1.2 billion worth of cryptocurrency stolen worldwide in 2017 alone. However, investors and regulators alike are learning from their mistakes. With the Philippine government taking steps to crack down on cyber crime, the wild west environment that has allowed startups and scammers to flourish in equal measure is soon to draw to a close.

The current legislation put in place by the Philippine government to deter cyber criminals has been deemed too tepid for some. Opposition politician Senator Leila de Lima is pushing a bill through the senate that seeks to impose drastically stricter punishments for crimes relating to cryptocurrencies.

In her authority as a former justice secretary, de Lima used the April 4 arrest of two individuals for an alleged P900 million ($17.2 million) Bitcoin scam to emphasize the need for Senate Bill No. 1694 to be passed:

“I hope that this occurrence will push my esteemed colleagues in the Senate to take my proposed bill seriously and help pass it into law soon. Knowing that virtual currency resembles money, and that the possibilities in using it are endless, higher penalty for its use on illegal activities is necessary.”

De Lima provided a list of illicit activities that could use cryptocurrencies:

“Where unscrupulous individuals entice unsuspecting people to purchase fake Bitcoins, sending a virtual currency as payment for child pornography or a public officer agreeing to perform an act in consideration of payment in Bitcoins [direct bribery].”

De Lima’s bill would determine the severity of the criminal activity by the equivalent value of the funds raised through illegal activity. Depending on the amount illicitly raised and the circumstances in which the funds were raised, individuals could face lengthy prison sentences or even the death penalty.

Cryptocurrency and blockchain could help unite the Philippines fragmented payments sector

In a bid to keep the country at the forefront of the ever-expanding crypto frontier, the Philippine government has created the Cagayan Economic Zone Authority (CEZA). With countries like Malta and Switzerland already ahead of the curve in welcoming both blockchain and cryptocurrencies, the CEZA is the country’s response to the ‘Crypto Valley’ of Switzerland’s Zug canton. The Philippine government permitted 10 blockchain and cryptocurrency companies to operate in the zone, with the aim of promoting economic growth and generating jobs for its citizens. In spite of appearances, the zone isn’t just a tax haven free-for-all. Companies are required to contribute no less than $1 million over a two-year period, which, in turn, is topped up by up hundreds of thousands of dollars in fees.

CEZA deputy administrator for planning and business development Raymundo T. Roquero explained what businesses must do to be able to operate in the zone:

“When they apply, they will pay an application fee of $100,000 (P5.35 million) [and a] license fee of $100,000. Then you go into probity checks, then application programming integration (API), which costs an additional $100,000.”

In a ceremony granting licenses to operate in the zone in April, Roquero commented on some of the applications that had been successful:

“These are offshore companies, and they have committed investments of $1 million (P534.6 million) each. GMQ intends to build [its] infrastructure in Sta. Ana, Cagayan […] and will have an incubation period of two years, so they are already allowed to operate here in Manila.”

Crypto activity in the Philippines, however, is not confined to the CEZA alone. The U.S.-based company ConsenSys has launched Project i2i — short for “island-to-island,” a payment network built on Ethereum that aims to connect the 400 rural community banks across the Philippines. Although there are evidently banks to serve the country’s many rural communities, they are neither connected to any wider electronic networks nor international money transfer systems, meaning that thousands of people are without a means of making quick and reliable payments.


Pic2The project uses a web API in order to allow banks to connect to a blockchain backend. This allows users to both carry out transactions and to make use of smart contracts on permissioned blockchain via ConsenSys’ Kaleido platform.

Transactions signed through this system will allow for the pledging of digital tokens corresponding to an amount of Philippine pesos in an off-chain account, as well as redeeming and transferring tokens among other platform users.

Success stories help the government to keep an open mind about cryptocurrencies

In spite of a stumbling start to the outright acceptance of cryptocurrencies, the Philippine government is clearly waking up to the many advantages that the technology can bring. This change has not gone unnoticed by some of the industry players.

In an interview with Nikkei, FintechAlliance chairman Lito Villanueva said:

“With these startups come huge investments in their portfolio. Surely, each country would want to take a piece of the action. Taking blockchain and fintech players in with enabling regulations and potential investment incentives would surely make the game more exciting.”

Some of the nation’s startups have already brought in considerable investment. Perhaps the Philippines’ most well-known fintech startup success story,, raised $5 million in a Series A funding round, securing investment from Naspers and Quona Capital. Other Philippine crypto pioneers include Bloom Solutions and Satoshi Citadel Industries.

Aiai Garcia, global business development lead for Consensys in Asia-Pacific commented on how the Philippines central bank’s openness toward cryptocurrencies had benefited the industry within the country:

“Today, the Philippines has one of the most advanced blockchain payments apps in the world [], which provides 1.5 million Filipinos alternative access to their finances and other value-added services. [Philippine] regulators were also among the first to announce the regulation of Bitcoin as security.”

It appears that the government is aware that the opportunities for fintech companies can bring benefits for itself. Department of Finance spokesperson Paola Alvarez said:

‘’Secretary [Carlos] Dominguez is really pushing for the application of financial technology. He wants to harness fintech to improve business, for example, payment of taxes online.”

As both cryptocurrency and blockchain technology gain footing across the globe, the potential benefits for the underdeveloped Philippine fintech industry are hard to deny. The disparate and fragmented nature of the island’s financial system could be revolutionized thanks to initiatives such as i2i, along with the nation’s many payment apps that have sprung up in recent years. With eager anticipation from high-profile government figures, the ICO regulations seem set to take the next step in defining the role of cryptocurrency in the nation’s future.

Continue Reading Lets Customers Buy Bitcoin via Its Crypto Wallet Portfolio Company

Overstock portfolio company Bitsy is starting to test is cryptocurrency wallet with Bitcoin-only functionality.

The blockchain investment arm of U.S. internet retailer Overstock announced that its investment choice Bitsy has begun a limited beta launch of its cryptocurrency wallet and exchange, the companies confirmed in a press release Friday, September 14.

Bitsy, which seeks to offer users custody of their holdings via private keys while facilitating password recovery using biometric security, will initially support Bitcoin (BTC) buying, with undisclosed altcoin assets to follow.

As a bonus, Overstock CEO Patrick Byrne confirmed, customers would now be able to purchase Bitcoin directly from its website via the integration with Bitsy.

“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised,” he commented in the release:

“[I]ntegrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website.”

The move marks the latest commitment to Bitcoin from the retail giant, which first began accepting the cryptocurrency in January 2014.

Earlier this month, Byrne surprised many by selling 10 percent of his equity in the company in order to reinvest the proceeds in two investment projects and satisfy tax obligations.

Another Overstock subsidiary, tZERO, wrapped up its (Initial Coin Offering) ICO proceedings last month, with plans to build an ICO token trading platform.

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New Crypto Exchange Aims to Become Leading Platform in Europe by 2020

An upcoming cryptocurrency exchange says it will keep exhaustive accounting records that are regularly audited — and make efforts to comply with the regulations in their jurisdiction, along with international laws.

An upcoming cryptocurrency exchange is aiming to become a leading player in Europe by 2020 — listing cryptocurrency altcoins as well as helping startups to get their Initial Coin Offerings off the ground. says it will keep exhaustive accounting records that are regularly audited — and give peace of mind to customers by making extensive efforts to comply with the regulations in their jurisdiction, along with international laws. In the long run, it hopes this will help prevent scenarios where customers’ assets are seized or frozen by government officials.

The exchange claims it offers “reliable infrastructure” that will be subject to minimal downtime for database migration, server maintenance or application upgrades, and says its system offers resilience at times of high volume, as well as during denial of service attacks (DDoS).

Unlike rival platforms, the company says its exchange will be free of something known as “technical debt.” This is where a system becomes susceptible to bugs and security weaknesses because new features or altcoins have been added without proper testing, due diligence or careful software design — something tantamount to taking a shortcut.

Currencies will only be listed on once they have gone through a strict vetting process to ascertain their sustainability, with a team of experts performing a deep protocol review to help ensure they are technically sound.

The exchange says at least 98 percent of its reserves is held in cold storage. Access to cold wallets require multiple signatures with the private key split across vaults in several locations — helping keep the funds highly secure.

“An intuitive trading experience” plans to offer a large variety of trade order types to ensure that beginner and expert traders are catered for. Users would also benefit from a peer-to-peer lending feature, with the ability to borrow from a “centralized inventory of cryptocurrency funds” which is maintained and managed by All of these transactions would be subject to interest, with rates based on supply and demand.

In its white paper, the company states its exchange will also offer “advanced cryptographic protocols” that “combine the best of centralized trading with decentralized settlement” — eliminating the privacy, scalability and cost issues that have affected the original Bitcoin blockchain.

When it comes to ICOs, aims to offer legal, marketing and financial expertise to assist with the planning and execution of campaigns. After vetting by the company’s team, these projects will be voted on and then approved by the exchange’s community. says it will have strict criteria for eligible projects. As well as being legally compliant, the team behind an ICO must be experienced — and their idea needs to be of  high quality, viable and full of potential. Once these requirements have been fulfilled, the company will structure the entire operation on their behalf — and charge a fee for the funds that are raised during the token sale.

“A gateway to the internet of value” is being launched by — a company which describes itself as “one of the oldest Bitcoin exchanges in the world.”

Paymium says more than 170,000 existing accounts will automatically be given a account upon launch — and they will benefit from incentives should they decide to use the new crypto exchange.’s public sale begins on Sept. 27, 2018. The platform will be ready-to-trade for investors as soon as the token sale concludes in November.


Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Mexican State Bank Announces Stricter Rules for Crypto Exchanges

Mexican banks that provide crypto services and crypto exchanges must now apply for permits with the Bank of Mexico in order to legally carry out their operations.

All crypto exchanges and banks providing crypto services in Mexico will now be obliged to receive a permit from the Bank of Mexico (Banxico), according to a September 10 circular published in the official daily of the Mexican government, the Diario Oficial de la Federacion.

The letter called “General provisions on operations related to electronic payment funds” states that Banxico is responsible for issuing crypto-related permits. To get one, a company dealing in digital currencies must provide a detailed business plan complete with a description of their operations, the commissions they plan to charge, and the mechanism they will use to verify customer identity.

Additionally, banks are not permitted to make cryptocurrencies available to users if their accounts were created on the same day. Financial entities are also obliged to identify all customers involved in cryptocurrency trading. Furthermore, any assets acquired by crypto beneficiaries have to go through additional validation checks. Per Banxico, these measures will help prevent money laundering and illicit activities.

According to news outlet Criptonoticias, institutions interested in receiving Banxico compliance must have submitted their applications by September 11. However, they may apply again in March 2019 when a new piece of fintech legislation is expected to be passed into law.

Despite the new regulations issued by Banxico, Mexico could soon face a cryptocurrency boom by the end of 2018, according to Amir Manzur, the founder of local crypto exchange Cubobit. Manzur told Forbes Mexico that the introduction of comprehensive fintech law in March will only strengthen consumer confidence in digital currencies, encouraging people to further invest.

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Crypto Exchange Offering CFTC-Regulated Derivatives Raises $15 Million in Funding Round

Institutional crypto exchange Seed CX has raised $15 million in a funding round led by Bain Capital Ventures.

Boston-based alternative investment firm Bain Capital Ventures has led a $15 million funding round for an institutional cryptocurrency exchange Seed CX, according to an official announcement published September 12. Seed CX is a Bain Capital Ventures backed, licensed digital asset exchange for both spot market and U.S. Commodities and Futures Trading Commission (CFTC)-regulated derivatives.

Per the announcement, Seed CX’s total funding has reached more than $25 million following the latest $15 million Series B funding round. The exchange will use the recent investment to improve its physical trading infrastructure, expand its network of institutional trading groups, as well as create new job opportunities to increase personnel.

Edward Woodford, Seed CX’s co-founder and CEO, stressed the importance of institutional investors and professional traders in the further adoption of digital assets. Woodford also noted that the exchange is poised to bring “large institutional traders, who have so far sat on the sidelines, into the crypto space,” some “for the first time.”

Salil Deshpande, Managing Director at Bain Capital Ventures, accompanied the announcement with a statement:

“Today, trading venues are retail focused, limited to spot trading, often unregulated, and in foreign jurisdictions. The lack of institutional exchanges is the single largest barrier to crypto asset class growth. Seed CX is serving this unmet need of institutions and has assembled an outstanding team of executives to support this vision.”

In April, Bain Capital Ventures participated in a $133 million funding round of U.S.-based stablecoin project Basis, formerly known as Basecoin. Basis claimed that it would provide a non-volatile cryptocurrency by means of automated operations carried out by a blockchain-based “algorithmic central bank”.

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Crypto Exchange OKCoin Expands Trading to 20 More U.S. States

Crypto exchange OKCoin has expanded its trading platform into 20 more U.S. states, and is planning further expansion.

Digital currency exchange OKCoin has announced its expansion of token-to-token trading into twenty new U.S. states, according to a statement published September 12.

Per the announcement, OKCoin has extended trading services to the states of Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin.

Jim Nguyen, Vice-President of Marketing at OKCoin, stated in the blog post that the exchange collaborated with regulators in each state in order to comply with both federal and state laws. OKCoin CEO Tim Buyn said:

“In order for the cryptocurrency market to reach its full potential, exchanges like OKCoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities.”

The announcement states that OKCoin has also applied for money transmittal licenses (MTL) for both token-to-token and fiat-to-token trading. Upon receiving the licenses, OKCoin plans to bring its trading platform to other states.

Meanwhile, the founder of OKCoin affiliate crypto exchange OKex Star Xu was allegedly detained in China in relation to suspected digital currency fraud on September 11. According to tech media ZeroHedge, a group of investors in WFEE Coin — a company of which Xu was reportedly a shareholder — complained to local police about allegedly fraudulent practices at the company.

However, in 24 hours Xu was released from police questioning, denying the allegations of fraud. When Cointelegraph reached out to OKEx, the company denied Xu had any equity involvement with WFEE. Andy Cheung, COO, said:

“Mr. Xu has no equity relationship with WFEE and its company. Though WFEE has acquired OKBC’s [OK Blockchain Capital] and several other capitals’ investment, the afterward changes of WFEE white paper and team members have not been given notice to OKBC.”

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Mt. Gox Opens Online Rehabilitation Claim Filing System for Corporate Users

Defunct Japanese Bitcoin exchange Mt. Gox has extended its online rehabilitation claim filing system to corporate users.

Now-defunct Japanese Bitcoin (BTC) exchange Mt. Gox has extended its online rehabilitation claim filing system to corporate users, according to an official announcement posted on the exchange’s site today, September 12.

Today’s announcement follows upon an online system for individual (non-corporate) users that was released August 23, allowing them to file proofs of bankruptcy claims. The deadline for filing the rehabilitation claims is October 22, 2018, and the claims can also alternatively be filed offline.

The announcement has been signed by Tokyo attorney Nobuaki Kobayashi, who has been appointed to act as civil rehabilitation trustee to manage Mt. Gox’s bankruptcy estate funds.

Beginning Q4 last year, Kobayashi’s oversight of the selling off of vast reserves of BTC in order to reimburse affected Mt. Gox users had earned him the moniker of Tokyo’s Bitcoin Whale amid allegations the sell-offs had a conspicuously adverse effect on markets.

As previously reported, Kobayashi has since pledged to cease the sell-offs as the proceedings for civil rehabilitation began, with users now set to receive compensation in crypto instead of fiat currency. In early August, lawyers representing a group of Mt Gox creditors issued an update confirming that repayments would be made in Bitcoin and Bitcoin Cash (BCH).

As a Cointelegraph analysis has outlined, roughly 24,000 creditors are thought to have been affected by Mt. Gox’s hack and subsequent collapse in early 2014, which resulted in the loss of 850,00 BTC valued at roughly $460 million at the time. The incident remained the most infamous and titanic scandal in industry history until this year’s $534 million Coincheck hack.

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New Platform Allows Businesses to Launch Their Own Cryptocurrency Exchange

In addition to a desktop web platform, customers are provided with mobile — Android and iOS — native apps.

On Sept. 3, the Spotware company, which specializes in providing contract for difference (CFD) and forex technology services, released its new solution that allows customers to start their own cryptocurrency exchange, says the official press release. The platform is called cXchange and the company claims it is to be the most technologically advanced cryptocurrency exchange platform to date.

Out-of-the-box exchange

According to the Spotware statement, cXchange is a complete out-of-the-box solution that offers scalable architecture, an “ultra-fast” matching engine — which can support any asset — as well as a high level of security.

In addition to the platform itself, Spotware offers native mobile apps on Android and iOS for cXchange customers. Technical support is offered for all customers and provided 24/7 by Spotware.

One of the main advantages of the new solution is in its user-friendly logic and interface. “Many exchanges — even the most popular ones — can at times be complex and not very user-friendly. Exchanges created with our solution solve this issue,” emphasized Spotware CEO Alexander Shulman, in a comment to Cointelegraph.

Another perk of the cXchange is that a lot of transactions — from trading commissions to withdrawal security settings — can be customized. The new platform offers an exchange operator an account management back office with a variety of settings to tailor their own digital asset exchange, and it is also integrated with blockchains for deposits and withdrawals. The team says the platform supports the entire user-lifecycle, providing traders with rich functionality and a range of charting tools, technical analysis and order types.

Getting started from inside

In addition to the most popular cryptocurrencies, the platform allows users to list a range of different ERC-20 tokens and coins of completed ICO projects from the menu with minimal extra cost, as the official website states.

Aside from the tokens, cXchange supports fiat trading pairs, whether the pair is crypto vs. fiat or fiat vs. fiat. Deposits and withdrawals can be possible by integrating payment processors, e-wallets, crypto wallets or by accepting wire transfers.

The exchange operators can also set their own terms for getting liquidity and enabling market participants to integrate with the exchange via FIX API, a financial industry standard.

The platform-as-a-service (PaaS) business logics implies that further development, maintenance and support is taken and ensured by Spotware. “This should save a lot of time and efforts for those willing to start a crypto exchange business, and they get regular updates and ongoing support,” Shulman told Cointelegraph.

cXchange says it can be extended to accommodate unlimited users, trading accounts, assets and pairs. It also supports live chat, referral programs, dynamic fee discounts and its own white labels as add-on features.

Spotware has been operating on the online trading market since 2010, with its flagship product, cTrader: the CFD and forex trading platform.

“We used our expertise and proven technologies to create cXchange. There are only a few solutions available in the market resembling cXchange, but our platform is a high-quality product unlike other ones, as it was developed by a professional financial software development company,”  commented Shulman.


Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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