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Coinbase to launch agency-only Over-The-Counter trading after consistent client demand




Coinbase to launch agency-only Over-The-Counter trading after consistent client demand
Source: Unsplash

Coinbase, the poster child for all cryptocurrency exchanges in the US, is launching an agency-only OTC [Over-The-Counter] trading in response to client demand. Coinbase’s Head of Coverage, Christine Sandler, spoke about the launch of the OTC business in an interview with Cheddar recently.

Sandler said that the OTC business would act as a compliment to the Coinbase’s exchange business and said that this could benefit clients who were seeking OTC as an on-ramp for cryptocurrency trading.

Sandler added:

“So we felt that this was a huge benefit to our clients, who can actually leverage both our exchange and our OTC business. So we’re agency only and we have plans to expand the service offering to offer things like delayed settlement and potentially integrating with our custody solution as well.”

She spoke about other institutions that provided the same services like Circle or Genesis and added that the timing was “opportunistic” and that they were just “reacting to their customer requirements”. She also stated that unlike others, they were “matching client orders”.

Sandler spoke about the new initiative of Coinbase custody for asset allocators and said that these asset allocators actually help attract potential partners. She continued:

“So we found that a lot of our institutional clients have opportunities where limited partners are coming in. So asset allocators are actually representing those potential partners…and help educate the limited partners for the benefit of our clients so they can attract those funds.”

Referring to the bear market that has been hanging around the crypto-verse, Sandler said that their “crypto first clients” were staying strong and committed and believed in the technology behind cryptocurrencies. Furthermore, she explained how the crypto-ecosystem has been flooded with volatility and has caused cryptocurrencies to move to the downside and added:

“There’s one small silver lining to this volatility…it is that crypto has been front and center of the mainstream financial media the last few weeks and I think that’s driven and forced a lot of institutions to think if this is an opportunistic investment point for crypto at this point.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities





Montana state makes a move in favor of crypto-space as the law recognizes utility tokens as not securities
Source: Unsplash

The United States has always been the highlight of the cryptocurrency space in terms of its regulation, with some states introducing laws in its favor and others deciding to not make an official stance. In terms of laying crypto-friendly rules and regulation, Wyoming has always been one of the most recognized state, while the most hostile one is deemed to be New York.

Colorado made headlines earlier this year, with the Digital Token Act that exempts utility tokens from state securities law being signed by the governor in early March 2019. Notably, in the same month, Wyoming State Senate also passed House Bill 70, Utility Token Bill.

Now, another state has joined the bandwagon by making a similar move. Drew Hinkes, Attorney at Carlton Fields, stated that the State of Montana recognizes utility tokens and exempts it from state securities law. The initial announcement pertaining to this bill was made in February 2019, where Montana House Bill was introduced to “Generally revise laws relating to cryptocurrency”.

The Attorney stated on Twitter,

To this, Caitlin Long, the Co-Founder of Wyoming Blockchain Coalition stated,

“Congrats to #Montana for joining #Wyoming & #Colorado in recognizing that #utilitytokens are not securities under state law!”

Montana also made headlines because of news pertaining to cryptocurrency mining regulation. According to a local news portal, Missoula County commissioners had directed its staff to outline an interim law that regulates the cryptocurrency mining industry. The decision to introduce laws on crypto-mining was made due to concerns pertaining to electricity consumption, with the county prompting the use of renewable energy for mining.

Commissioner Cola Rowley had stated,

“This isn’t throwing ice on economic development or saying that industries aren’t welcome here because we’re an unfriendly environment that hates progress. Cryptocurrency and economic development – bringing businesses here – are two very different things.”

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