Bit­coin: Now some tra­di­tional banks sell cryp­tocur­ren­cies


While Bit­coin is ac­tively traded on ded­i­cated ex­change web­sites and apps, a few tra­di­tional banks and ex­change op­er­a­tors have also started to sell cryp­tocur­ren­cies. South Korea, among oth­ers, is con­sid­er­ing a ban on trad­ing with vir­tual cryp­tocur­rency op­er­a­tors that are not reg­u­lated by lo­cal au­thor­i­ties.

Here are some of the tra­di­tional banks and ex­change op­er­a­tors that al­low you to buy Bit­coin and other cryp­tocur­ren­cies. In Au­gust 2017, the Fal­con Pri­vate Bank an­nounced that it was the first Swiss pri­vate bank to pro­vide blockchain as­set man­age­ment for its clients.

The Swiss bank head­quar­tered in Zurich al­lows its clients to trade in Bit­coin (XBT), Etheruem (ETH), Lite­coin (LTC), and Bit­coin Cash (BCH). The Swis­squote bank based in Gland, also started trad­ing in cryp­tocur­ren­cies in 2017. Cus­tomers of the bank can trade in Bit­coin, Etheruem, Lite­coin, Rip­ple (XRP) and Bit­coin Cash. IG Bank started trad­ing with cryp­tocur­ren­cies in 2017. Cus­tomers can use it to buy Bit­coin and Bit­coin Cash. The abil­ity to take $1M or $100M on a plane un­de­tected and walk into a Swiss or Licht­en­stein bank and de­posit it is worth a ton of $$$. So, don't tell me Bit­coin is worth­less.

In De­cem­ber 2017, the Chicago Board Op­tions Ex­change (CBOE) be­came the first US- based ex­change to of­fer Bit­coin Fu­tures based on the Bit­coin price on the Gemini vir­tual ex­change. As de­scribed by CBOE, Bit­coin fu­tures are le­gal agree­ments that stip­u­late the price at which par­ties will trade Bit­coin on a spec­i­fied date in the fu­ture. Each fu­tures agree­ment is stip­u­lated with an ex­pi­ra­tion date any­where from a week out to nine or more months.

At the fu­tures con­tract due date, Bit­coin fu­tures are set­tled based on the of­fi­cial auc­tion price for Bit­coin on the Gemini Ex­change on that day. The Chicago Mer­can­tile Ex­change (CME) be­came the sec­ond ex­change to of­fer Bit­coin trad­ing on De­cem­ber 2017.

The fol­low­ing pub­lic ex­changes do not yet of­fer trade in Bit­coin, but re­port­edly have plans to do so in 2018: The Nas­daq Stock Mar­ket plans to launch a fu­tures con- tract based on Bit­coin in 2018, mak­ing it the third ex­change op­er­a­tor to of­fer Bit­coin con­tracts in the US.

The New York Stock Ex­change is plan­ning to dive into the cryp­tocur­rency mar­ket. In De­cem­ber it asked the US Se­cu­ri­ties and Ex­change com­mis­sion for ap­proval to list two Bit­coin fu­tures on its mar­ket. The world's first Bit­coin ATM opened on 2013 at the Waves Cof­fee House in down­town Van­cou­ver, Canada. The in­ter­net-con­nected ma­chines look like tra­di­tional ATMs but they are not con­nected to a bank ac­count and in­stead sim­ply al­low users to con­nect to a vir­tual Bit­coin ex­change.

Users insert cash, buy Bit­coins on­line, and re­ceive Bit­coin as a pa­per re­ceipt. There are over 2000 Bit­coin ATMs and tellers around the world, ac­cord­ing to the Bit­coin ATM Radar web­site. Late night work break re­veals that my lo­cal donut shop has in­stalled a #bit­coin vend­ing ma­chine.

Pop­u­lar vir­tual Bit­coin ex­change op­er­a­tors in­clude Bit­stamp, Coin­base, Gemini, Coincheck, and Kraken. Hack­ing risk. Over 36 ded­i­cated ex­change op­er­a­tors have closed down in re­cent years.


Chief Min­is­ter Gil­git-Baltistan, Hafiz Hafeez-ur-Rehman calls on Deputy Chair­man Plan­ning Com­mis­sion, Sar­taj Aziz to dis­cuss the sta­tus and progress of the de­vel­op­ment projects of Gil­git-Baltistan.

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