This week was an interesting one for the forex and cryptocurrency industries. So let’s take a moment to see what the most exciting stories of the past week were, in our latest “best of the week” analysis.
OctaFX acquires a CySEC license to launch EU domain
Despite the ongoing toughening of ESMA restrictions on FX and CFDs trading, firms still want to obtain the lucrative EU license. OctaFX announced on Friday that it has obtained a CySEC license.
The FX broker, currently operating via a St. Vincent and Grenadines subsidiary, is also launching an EU domain in an attempt to target local clients.
Samsung’s crypto phone: the start of a revolution or a PR stunt?
Samsung’s launch of its Galaxy S10 phone last month was seen as a landmark moment. The integration of a crypto wallet amongst the phone’s features was seen as a major step for crypto adoption.
But later developments soon proved the celebrations of crypto’s imminent revolution to be premature. After an intensive review, it seems that the South-Korean conglomerate’s first crypto phone is just a PR stunt, with little substance behind it.
Finance Magnates dived into the core of the phone’s crypto offering. We have also reached out to quite a few leading specialists to get their take on the subject.
Coinbase Pro lists XRP and raises questions violation of its own rules
After a long wait, and quite a few rumors, Coinbase has finally decided to list XRP. The US-based crypto exchange added the currency on its Coinbase Pro platform, and will soon follow this up by adding the coin to the company’s Android and iOS apps.
As expected, the 3rd largest coin by market cap has responded in a positive way and gained significantly.
But soon after came the news that poured rain over the listing parade. Allegedly, the integration of the coin was in violation of Coinbase’s own rules. According to the listing rules, “the ownership stake retained by the team” should be “a minority stake”. However, in the case of Ripple, 60 percent of the token supply is still controlled by the organization.
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Andre Duka defies ICO market stagnation, launches Dukascoin website and white paper
After a long wait, and a vast media coverage, Dukascopy has finally launched Dukascoin. As part of the launch, the Swiss regulated bank, has introduced a new website and white paper.
Just before the celebratory announcement, we sat down with the Swiss broker’s founder and co-CEO to discuss their strategy on cryptocurrency and ICOs. In an elaborate interview, Andre Duka detailed his plan for the Dukascoin project, amidst a significant downward market trend.
IG partnership with Forest Park FX reveals US client value
After a long stagnation in the US forex landscape, IG has finally entered the market last week. For that purpose, the broker, who has become the first to do so in years, has partnered with the local introducing broker Forest Park FX.
Finance Magnates spoke with FP’s CEO, Justin Hertzberg, who shed some light about the partnership. “In the wake of ESMA, I think we will see more European-based brokers considering the US market for new, regulated operations given the potential upside,” said Herzberg. “Over the long-term, I think we’ll see a general conversion toward multi-asset brokers with regulation falling in line.”
Trezor Founder Alena Vranova speaks on how to prevent another QuadrigaCX case
Alena Vranova founded and managed the cryptocurrency hardware wallet Trezor. Now she’s Head of Strategy at the personal security cryptocurrency company Casa.
Finance Magnates spoke with Vranova as part of our podcast on Casa’s product and future plans, and also about preventing security breaches in cryptocurrency platforms.
The crypto entrepreneur has claimed that the QuadrigaCX fiasco could have been avoided and noted that “the better solution for QuadrigaCX [users] and any exchange users is just ‘do not keep the crypto there when you’re not trading.’”