A crypto lender offering instant loans in more than 45 fiat currencies says it has amassed more than 170,000 users — with $300 million processed over a seven-month period. Nexo enables consumers to deposit their crypto assets into a secure wallet and instantly access a flexible credit line via automated approval and without the need for credit checks. They can then spend this credit by card or withdraw it to a bank account with a same-day or next-day transfer without incurring hidden fees or foreign exchange commissions. The platform says its interest rates, which are deducted directly from a user’s …

Digital wallet Abra has introduced new features enabling global investors to invest in shares and exchange-traded funds (ETFs) using Bitcoin (BTC), according to a press release shared with Cointelegraph on Feb. 6. The United States-based firm has announced early access registration to the platform, allowing investors in more than 155 countries to invest in 50 new traditional investment assets with zero trading fees through the rest of 2019 using the leading crypto. Those assets reportedly include major stocks such as Facebook, Apple, Amazon, Google, Netflix, commodities such as SPDR Gold Trust, ETFs like Vanguard Growth and the S&P 500, and …

Disclaimer: This article has been updated to note that regulated crypto CFDs have previously been available in the U.K. United Kingdom crypto liquidity startup B2C2 OTC Ltd. has received approval from the country’s Financial Conduct Authority (FCA) on Wednesday, Jan. 30, according to a record in the FCA’s register. A separate press release notes that B2C2, which also provides electronic over-the-counter (OTC) trading, can now offer contracts for difference (CFDs) to eligible counterparties and professional clients. Such licenses are not unique or exclusive to crypto-related companies and allow recipients to offer traditional CFDs, in addition to crypto-based ones. B2C2’s licensure …

Dutch international bank ING has signed a deal with enterprise blockchain consortium R3 for access to R3’s commercial blockchain platform, according to a press release published Jan. 22. As a part of the five-year agreement, ING Bank is set to acquire an unlimited number of licenses for R3’s Corda Enterprise platform. The banking giant plants to implement Corda’s decentralized applications (CorDapps) across its global business infrastructure. Based on the R3’s commercial platform, CorDapps provide a number of financial services applicable in banking activity, including trade finance, identity, insurance and capital markets. In turn, by applying R3’s CorDapps, ING will purportedly …

Switzerland’s major private investment bank Vontobel has launched a crypto custody solution targeting banks and asset managers, according to an official press release published on Jan. 14. Zurich-based Vontobel bank is reportedly the third largest financial custody provider in Switzerland, with 110.3 billion CHF ($112.2 billion) in assets under its actively developing Asset Management tool, according to the company’s financial report in 2017. With the launch of the new digital assets custodian solution named Digital Asset Vault, the private bank claims to be the first bank in the world to comply with standards required by both industry regulators and financial …

Russia's Ministry of Finance (MinFin) believes that the creation of a Eurasian Economic Union (EAEU)-backed digital currency is inevitable due to the United States’ sanctions. Major Russian media agency Rambler reported MinFin’s comments on Friday, Dec. 21. MinFin reportedly sees an opportunity for launching a digital currency backed by countries in the EAEU by 2020 or 2021, as deputy finance minister Alexei Moiseev revealed. The Eurasian Union was established in 2014 and includes five member countries: Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan. The announced digital currency project will be most likely implemented without using blockchain technology, Moiseev stated, as reported …

Despite a massive sell-off this year, a former AQR Capital Management executive gave crypto markets’ 2018 performance a “B+ grade” in an op-ed for Bloomberg, Dec. 20. Aaron Brown — AQR’s former Chief Risk Manager and an author on risk management and gambling-related topics — pointed out Bitcoin’s (BTC) 80 percent fall from its $20,000 one year ago mirrored peaks and falls in previous years, namely in 2011 and 2013. Brown outlined the fact that Bitcoin’s decline this year has actually been relatively milder than the rapid drop its saw after its peak in 2011. The 2018 sell-off has, however, …

A fintech company is taking on the retail trading industry and giving crypto owners the opportunity to use digital currencies as collateral and to trade across markets with fiat funds — avoiding any commissions or fees. Quantfury says its mission is to make the markets “absolutely transparent and fair” while giving crypto enthusiasts an opportunity to use their assets in a new way. The startup tackles the opacity seen in some financial institutions — places where “retail brokerages speculative crypto exchanges bet against clients with artificially adjusted prices, spreads and unrealistic fees.” According to Quantfury, it offers access to more …

The Advisory Council of the United Arab Emirates Banks Federation (UBF) discussed applying blockchain in its member banks, according to the Dubai-based English language newspaper Gulf News on Dec. 17. The Advisory Council of UBF, a non-profit organization representing 50 member banks in the country, considered using blockchain to improve Know Your Customer (KYC) processes at entrant banks. UBF’s chairman, Abdul Aziz Al Ghurair, claimed that the discussed initiative represents an effort to create and maintain a “thriving banking ecosystem.” Participants also discussed issues pertaining to the country’s national digital transformation program and Emiratization — a government employment initiative to …

The Swiss Federal Council (Bundesrat) has said that existing financial law in the country suits the blockchain industry, but needs specific adjustments. The government suggested several amendments in an official statement by the Federal Department of Finance (FDF) published on Friday, Dec. 14. In a meeting on Dec. 7, the Bundesrat adopted a report on the legal framework for blockchain and distributed ledger technology (DLT) in the financial sector. The report analyzes relevant framework provisions, outlines the need for measures and proposes concrete steps for developing the necessary legal conditions in the blockchain sphere. Specifically, the report recommend the development …

Cryptocurrency gained 17 million “verified users” this year, according to a study published by the Cambridge Centre for Alternative Finance Dec. 12. According to the study, data show that in the first three quarters of 2018 the number of ID-verified cryptocurrency users nearly doubled, climbing from 18 million to 35 million. Total crypto users, number of account and verified individuals. Source: Cambridge Centre for Alternative Finance According to a Bloomberg analysis of the study, the growth of the user base this year while crypto markets decline “could signal that an eventual recovery could be coming.” The analysis further notes that …

A startup which bills itself as “blockchain’s financial district” has launched its network — and says its debut heralds “the beginning of true financial freedom.” WORBLI enables businesses and individuals to enjoy “seamless access to financial services,” and paves the way for developers to build their own applications on its network. Its ecosystem uses EOSIO software, with the startup’s team saying this unlocks a series of benefits. Firstly, users benefit from fast and feeless transactions, allowing applications on the network to operate without bottlenecks and delays — and they also have the ability to amend nefarious transactions and recover accounts, …