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Tagomi Trading granted coveted BitLicense by New York’s Department of Financial Services

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Tagomi Trading granted coveted BitLicense by New York's Department of Financial Services
Source: Pixabay

Paradigm and Pantera-backed Tagomi Trading LLC received a coveted BitLicense that allows it to begin cryptocurrency trading in the state of New York. The approval was confirmed by a press release, published on 27 March, by the State’s Department of Financial Services [DFS].

Tagomi Trading LLC is a subsidiary of Tagomi Holdings. It is focused on building institutional-grade infrastructure for cryptocurrency investing and providing trade services across multiple stages of liquidity.

Following the grant of the BitLicense, the DFS stated that the platform can now “engage in money transmission” for “non-securities virtual currencies.” According to the license, the cryptocurrencies on offer will be Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC].

Greg Tusar, CEO of Tagomi Trading LLC, stated that this announcement marked a stepping stone to their New York expansion. He added,

“Our team of industry veterans has developed our order routing services with sophisticated clients in mind, and we look forward to expanding our presence with New Yorkers.”

The Department of Financial Services has been a prime regulator of the state’s digital assets market since 2015. It has since granted only 18 BitLicenses. Robinhood, the prominent commission-free exchange, received the license in January 2019. NYDIG Execution, under the New York Digital Investment Group, received the BitLicense in November 2018.

Reflecting the positive stance of New York regulators to the virtual currency market, Acting Superintendent of the DFS, Linda Lacewell, stated,

“DFS is committed to fostering innovation and strengthening the competitiveness of New York’s burgeoning virtual currency sector.”

Tagomi Trading’s BitLicense confirmation follows a successful round of funding. On 4 March, the trading platform announced a new round of investment, amounting to $12 million. It is backed by Paradigm, a Yale and Sequoia Capital-backed fund, and Pantera, an American digital asset firm.





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Economist Stephen Moore joins project touted to be ‘world’s first decentralized crypto central bank’

Biraajmaan Tamuly

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Stephen Moore; Former Wall Street editorial board member joins new "mini-Federal" cryptocurrency backed entity
Source: Pixabay

Stephen Moore, former member of the Wall Street Journal editorial board and popular economist, recently attempted to join the Federal Reserve. Alas, he was denied the opportunity. Now, the economist is back in the news again.

According to a report by Fox Business, Moore has joined a group of entrepreneurs who plan to kick-start their very own ‘Federal entity’ named “Decentral,” which incidentally will be labelled as the “the world’s decentralized central bank.”

Sam Kazemian, CEO of Decentral, said that the endeavor’s major objective was to create a new type of central bank that would stabilize virtual assets such as Bitcoin and its counterparts. The bank would work on the same lines as the Federal Reserve does for the U.S economy. Decentral plans to carry forward responsibilities in terms of regulating the supply of cryptocurrencies in the market, in the same manner. Apparently, Decentral will also issue its own crypto tokens in the exchange for other digital assets, with the valuation of the token tied to a stable assessment method.

While Moore has been hired as a Chief Economist, it was reported that his role within the company is still “unclear.” Moore said,

“I am really excited about doing this. I hope it makes me rich.”

Moore also drew comparisons between Facebook’s recently unveiled Libra and Decentral’s offer. He stated that the Decentral crypto would offer a payment method that would be pegged to a stable currency and it would present major uniformity and reliability in the digital asset space, which is often divided among other major cryptos.

Moore added that his employment with a cryptocurrency-backed entity did not create a wedge between his work as an economist. In the current scenario, cryptocurrencies have a huge role to play in the economy, in a way not contradictory to Federal Reserve policies, he added.





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