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Two Sigma Ventures backs cryptocurrency security startup Trustology

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© Reuters. FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration© Reuters. FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration

By Anna Irrera

NEW YORK (Reuters) – The venture capital arm of quantitative hedge fund manager Two Sigma has backed Trustology, a young company that develops technology to help investors safeguard digital assets such as cryptocurrencies, the companies said on Thursday.

Two Sigma Ventures led an $8 million seed round in the London-based startup, with participation from blockchain company ConsenSys.

Security is one of the biggest risks facing the nascent cryptocurrency market, where investors trade digital coins online, often using pseudonyms. Around $1.7 billion worth of cryptocurrency has been stolen between 2012 and the first half of 2018, according to financial research firm Autonomous NEXT and Crypto Aware.

Trustology will use the funding to offer its service for more types of cryptocurrencies and to expand globally, the company’s CEO, Alex Batlin, said in an interview.

Trustology hopes to make it simpler for investors to secure their virtual assets through its product which stores “private keys” in hardware security modules, or highly secure processors that are specifically designed to safeguard passwords and digital keys. Private keys are alphanumerical characters that give users access and control over their cryptocurrencies.

Matt Jacobus, a venture partner at Two Sigma Ventures, said in a statement that a similar solution was needed “to develop a larger, institutional trading ecosystem around digital assets.”

Trustology originally designed the product with banks in mind as potential customers, but has been focusing more on individual investors and cryptocurrency hedge funds, according to Batlin.

“The original thinking was we would build the tech and sell to the banks,” he said. “They are not moving as quickly as we are and we have quite a lot of demand from individuals, as well as crypto funds.”

Batlin was previously at UBS Group AG and Bank of New York Mellon (NYSE:) Corp where he headed initiatives on blockchain, the technology underpinning cryptocurrencies.

He said he has not seen a decrease in demand for his company’s products even though cryptocurrency prices were rocked by a crash this year.

The price of bitcoin soared to around $20,000 last December and has since fallen more than 80 percent. The total value of all cryptocurrencies is now about $121 billion, down from about $830 billion at the start of the year, according to cryptocurrency data provider Coinmarketcap.com.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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New Zealand Police Keeping ‘Open Mind’ on Cryptotopia Hack

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New Zealand Police has said the investigation into this week’s hack of crypto exchange Cryptopia is complex and it is keeping an “open mind” on all possibilities.

The police force said in a news update Wednesday that the inquiry is still in its “very early stages” and that they cannot yet tell how much cryptocurrency is involved in the hack, “other than it is a significant amount.”

“We are dealing with a complex situation and we are unable to put a timeframe on how long the investigation may take,” according to the police.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Genesis, BitGo Team Up to Enable High-Frequency Crypto Trading

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Cryptocurrency custodian BitGo and over-the-counter (OTC) specialist Genesis Global Trading have teamed up on a service designed to make Wall Street feel more comfortable dipping a toe in the market.

Announced today, the tie-up means institutional investors storing digital assets with BitGo can use Genesis’ platform to execute trades at the speed they are accustomed to in the traditional financial markets.

For example, if a client holds 100 bitcoin in their BitGo cold storage wallet, they can get a quote via Genesis and sell those bitcoins immediately. The moment the client agrees on the trade, BitGo locks up the 100 bitcoin and holds them to give to Genesis, which initiates a U.S. dollar bank wire to BitGo.

Continue Reading on CoinDesk

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Bitwage Now Lets Firms Pay Salaried Staff in Crypto

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Bitwage is partnering with a payroll company to give more firms the ability to pay their workers in cryptocurrency.

Revealed exclusively to CoinDesk, Bitwage CEO Jonathan Chester says the partnership will let more U.S. employers fund payroll, payroll taxes and benefits with bitcoin or ether.

“This is a lifeline for companies to pay their people compliantly,” Chester told CoinDesk.

Continue Reading on CoinDesk

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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New Zealand Police Keeping ‘Open Mind’ on Cryptopia Hack

Nino Team

Published

on

© Reuters.  © Reuters.

New Zealand Police has said the investigation into this week’s hack of crypto exchange Cryptopia is complex and it is keeping an “open mind” on all possibilities.

The police force said in a news update Wednesday that the inquiry is still in its “very early stages” and that they cannot yet tell how much cryptocurrency is involved in the hack, “other than it is a significant amount.”

“We are dealing with a complex situation and we are unable to put a timeframe on how long the investigation may take,” according to the police.

Continue Reading on CoinDesk

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Continue Reading

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Bitcoin Inches Down as Chevron, Total Join Oil Blockchain Platform

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© Reuters.  © Reuters.

Ninomag.com – Cryptocurrency prices fell slightly on Wednesday, while oil giants Chevron (NYSE:) and Total joined blockchain-based platform Vakt.

The company is one of the first blockchain schemes for commodities, as businesses look for ways to harness the technology behind and other digital coins.

Bitcoin slipped 0.42% to $3,622.40 on the Ninomag.com Index, as of 8:41 AM ET (13:41 GMT).

Cryptocurrencies overall were flat with the total coin market capitalization at $122 billion at the time of writing.

,or Ether, slipped 3.6% to $124.06 and was at $31.51, down 1.6%, while decreased 0.5% to $0.3293.

Vakt, created in 2017, already includes major companies including BP (LON:), Royal Dutch Shell (LON:) and Mercuria Energy Group, among others. The platform os a post-trade processing site for commodities that promises to decrease risk and reduce costs through the elimination of paper contracts.

“Total has been supporting industry initiatives to digitize cargo post-trade processes for some time,” Thomas Waymel, President Trading & Shipping at Total, said in a press release. “We view them as a major step forward towards safer, faster and cheaper logistical operations.”

Meanwhile, global blockchain company The Bitfury Group, is launching an open-source music platform secured using blockchain. While it’s not the first company to venture into the music industry, it’s the first time a major player has aimed to change the music industry.

The platform will streamline the transfer of copyrighted assets, by creating a digital system to share and monetize intellectual property, Bitfury said.

The London-based company was recently valued at $1 billion and sells digital coin mining equipment and develops blockchain technology, including for the Ukrainian government.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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