Crypto News: Cryptocurrencies gain momentum as institutions continue to invest in the technology and the exchanges
Greg Kidd, an early investor in Coinbase and Twitter, has just sunk close to $58 million into online exchange Uphold in order for it to integrate with Ripple, sell Ripple tokens and boost its cash reserves in case of hacks.
Kidd was both a former regulator and Ripple’s chief risk officer and believes Uphold has the ability to be the sector leader in currency exchanges.
French bank Crédit Agricole is the latest financial institution to test out Ripple’s blockchain technology to expedite swifter payments. The bank said it was trialling the scheme in order to settle transactions in real time, reduce transfer costs and keep a permanent, time-stamped record.
The test, which will last six months and will cover salary transfers in Swiss francs for some cross-border customers between regional bank Crédit Agricole des Savoie and Swiss bank Crédit Agricole Next Bank.
South Korea’s National Pension Fund, the third largest state pension fund in the world, has invested 2.6 billion won ($2.44 million) in cryptocurrencies – or at least the operators of cryptocurrency exchanges.
It invested in two venture capital funds which between them have stakes in Upbit, Coinplug, Korbit and Bithumb. The move was confirmed by Lee Chan-Yeol, an official with the pension fund.
South Korea has been in the cryptocurrency spotlight in recent weeks amid fears of increased regulation, and ban on anonymous trading comes into effect this week.
Coincheck confirmed today that it would return 46.3 billion yen ($425 million) to investors in NEM following the hack. It was described as the biggest cryptocurrency exchange theft in history, and now Coincheck Exchange have confirmed that 500 million NEM tokens, worth just over a dollar each, were stolen from its NEM wallet.
The company, though, stresses that the hack was limited to the NEM wallet and won’t impact investors in other coins. It has been reported that Coincheck hadn’t used a more secure “cold” offline wallet in which to store the coins, leaving it vulnerable to attack.
The NEM addresses to which the tokens have been moved have now been flagged and exchanges have been notified. The theft surpasses the infamous Mt. Gox hack, in which a thief was able to access and move 850,000 bitcoins – worth roughly $450 million at the time.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.