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Goldman Sachs to Reportedly Manage Bitcoin for Its Clients

Posted on August 7, 2018August 6, 2018 by Aaron Decker

Goldman Sachs, one of the world’s leading investment banks is reportedly considering a custodial service to store bitcoin for investment funds that intend to hold cryptocurrencies, more so, bitcoin. According to a Bloomberg report that cites more than one anonymous sources familiar with the matter, the investment bank has been holding discussions about becoming one of the first mainstream financial institutions to custody crypto assets.

The custody service, if implemented, is going to be a huge gain for crypto funds and simultaneously have greater implications since it would effectively get rid of a major obstacle that has been preventing institutional investors such as endowments and pensions from comfortably adding crypto assets to their portfolios. Well, such custody services already exist, but until now, they have largely been limited to cryptocurrency startups like Coinbase – instead of Wall Street giants like Goldman Sachs, with whom many mainstream institutions prefer to work.

Response to Client Interest

According to the anonymous sources, deliberations on the issue are ongoing but a timeline for when the investment bank will roll out the services is yet to be set. They further confirmed that this is good news since the custody operation in place could also lead to other lucrative ventures including prime brokerage services.

“That means the bank would hold the newfangled securities on behalf of the funds, reducing risk for clients seeking to guard against the threat of losing their investments to rogue attacks,” the anonymous sources clarified.

As it stands, Goldman Sachs is yet to publicly confirm the claims that it is exploring the aforementioned crypto custody service. Instead, the Wall Street giant has opted to reiterate its previous plans from May this year to offer Bitcoin futures.

“In response to client interest in various digital products we are exploring how best to serve them in this space,” the investment bank’s spokesman said in an August 6 publication. “At this point, we have not reached a conclusion on the scope of our digital asset offering.”

If Goldman Sachs does indeed veer ahead with a crypto assets custody service, it will be joining JPMorgan Chase, Bank of New York Mellon, Northern Trust and Japan’s Nomura. The institution has been taking baby steps with their crypto-related offerings – it has not yet set up the full-fledged cryptocurrency trading desk it announced earlier this year – but all the same, these minor developments are huge milestones for the cryptocurrency industry.

Still, it is worth noting that Goldman Sachs remains very cautious about crypto assets despite their confirmed and rumored efforts to venture into the crypto space. In fact, the institution recently published a statement that expresses its belief that there will be further price drops across the crypto market in the short term.

Illinois Online Gaming Set For Hearings in November

Posted on August 4, 2018August 6, 2018 by Aaron Decker

As it stands, most states that chose to examine online poker legislation in early 2018 moved to abandon it, at least until their next legislative sessions kick off next year. Not Illinois though. The state is set to be the next state to fully launch its online gaming industry, a process that will begin when they create a regulatory framework for legalized sports betting.

There are high some pretty expectations following the announcement by a lawmaker who intends to push for comprehensive gaming expansion that will encompass sports betting, online casino games, online poker as well as daily fantasy sports. The lawmaker, Representative Bob Rita who is also the head of the Illinois House Subcommittee on Gaming Sales and Other Taxes, believes that by advancing the proposed regulatory framework bring “tremendous opportunities to create revenue, jobs, and economic growth” in the state.
The lawmaker will be bringing together the two House committees in the coming weeks so as to coordinate efforts for a significant gaming expansion bill that promises a number of economic opportunity initiatives. The first of these subcommittee hearings is scheduled for August 22 with the following shortly after on October 3.

“As I have said from the beginning in working on this issue, gaming expansion presents many tremendous opportunities to create revenue, jobs and economic growth in Illinois,” Rita said in a press release. “The gaming landscape has changed significantly since I took on this issue five years ago, and I want to use these hearings to understand how those changes present new opportunities for us to put the right package together as we look to meet budget needs and provide a spark for our economy.”

The primary focus of the hearings, according to WCSJ News, will be to address the possibility of not only online sports betting but also other forms of online gambling. It is hoped that the hearings will assist the lawmakers in better understanding of the issues that need to be addressed as far as sports betting is concerned. The lawmakers will be returning to the capitol in November – shortly after the mid-term election – for the fall veto session and when this comes to an end we will have a clearer picture of the future of online poker in Illinois.

Too Early To Get Their Hopes Up?

Online poker fans residing in Illinois have quite a lot to be hopeful about. This is because the desire for sports betting and daily fantasy sports in the state is strong and since these issues are certainly going to be discussed rather explicitly during the hearings, the push for online gambling is also going to be just as prominent. The inclusion of online poker and other online casino games is being considered by very many of the state’s casino simply because they have seen the benefits similar initiatives have brought to Atlantic City, New Jersey.

Nasdaq, Fiat and Crypto Firms Discuss Crypto Regulation

Posted on July 28, 2018 by Aaron Decker

The crypto industry is well on its way to mainstream adoption albeit with a few though significant setbacks such as the shakeup of the industry’s history of shady transactions and fraud. Fortunately, Nasdaq Inc. believes it has just what it takes to get clear the obstacles that have impeded progress in as far as the legitimization of cryptocurrencies is concerned.

Bloomberg reports that earlier this week Nasdaq Inc. hosted a closed-door meeting that was attended by half a dozen cryptocurrency companies and mainstream institution. These included Cameron and Tyler Winklevoss’ crypto exchange platform, Gemini. The main agenda of the meeting was a discussion pertaining to ‘how to encourage the cryptocurrency industry to do things that will improve its image and validate its potential role in global markets’. A source familiar with meeting also confirmed that the parties that attended the meeting also discussed the potential implications of future regulation of digital currencies, the necessary tools for such an initiative as well as what surveillance would be needed for such a future.

Certainly Not the Last

Nasdaq has recently announced a partnership cum collaboration with Gemini, who as mentioned earlier also attended the closed-door meeting. While both companies declined to give any comments on the meeting and what was discussed, Nasdaq did confirm that the meeting did indeed take place. Their collaboration will see Nasdaq tap Gemini’s SMARTS market Surveillance, an industry benchmark technology that is extensively used by Wall Street firms.

It has further been confirmed that the meeting was not the last of its kind and this is a clear indication that cryptocurrency startups are working harder towards achieving mainstream adoption and mollifying the anxieties of regulators. Considering how often regulatory clampdowns occur, stakeholders in the cryptocurrency industry are starting to employ more forward-thinking and proactive approaches to ensure its survival.

By ensuring that both crypto and fiat firms work together, Nasdaq believes that the legitimization of digital currencies will have lesser setbacks. To this effect, the company has already partnered with a number of cryptocurrency exchanges in a bid to foster or facilitate collaboration on some of the most significant impediments to crypto regulation.

“I think the technology is fascinating and it’s a very sound technology. It’s just a matter of making sure that the community is all-embracing it together,” Adena Friedman, the Nasdaq Chief Executive Officer said.

One of the most recent issues that will hopefully be addressed by this initiative is the move by United States regulators to classify digital assets as securities instead of utility tokens. The US crypto community is concerned that this move will result in some adverse effects on the emerging cryptocurrency sector.

Reviewing Soccer Legend Ronaldinho’s Cryptocurrency Project

Posted on July 21, 2018July 21, 2018 by Aaron Decker

The FIFA World Cup 2018 finale came and went with France working away with the highly-contested championship title for the second time. The event remains to be one of the most popular sporting tournaments in the world and while this would be certainly worth discussing, we are going to focus on how it has influenced other areas, particularly with regards to emerging technologies.

If you guessed Esports and crypto then you are in the right place. Both of these areas are getting more and more connected with the crypto market. This year’s FIFA World Cup contributed quite a lot to the crypto industry through decentralized betting offerings. Huobi, one of the biggest cryptocurrency exchanges in the world also announced their Huobi Tokens (HT) and Tron (TRX) that were used to predict the winner of the FIFA World Cup 2018. If you bet on France it must have been your lucky day.

Gambling aside, bitcoin and other digital currencies were used extensively as payment methods for a number of services including travel, accommodation, food, and booze. The 2018 FIFA World Cup may be over but the connection between crypto and football is getting stronger by the minute.

Ronaldinho Soccer Coin

Ronaldinho who is arguably one of the best footballers in the world has become of the newest sports figures to venture into the cryptocurrency space. The Brazilian icon and former Barcelona player recently launched his own self-titled digital currency, Ronaldinho Soccer Coin (RSC). The cryptocurrency project is aimed at creating a football academy, hosting both amateur and global league matches, as well as the creation and operation of a soccer-first online betting platform. Moreover, the project will also attempt to develop virtual reality stadiums that will help in the analysis of the football player skills.

Ronaldinho Soccer Coin (RSC) is based on the NEO blockchain platform and was developed concurrently with the World Soccer Coin, a Malta-based company after a partnership deal. It is now in the initial coin offering (ICO) phase – the coin currently has a limited supply of 350 million, 150 million of which will be sold in privately run sales over the next few days after which the remaining 2000 million will be released to public sales at a yet-to-be-announced time.

Once it fully goes live, the RSC token will power an entire ecosystem referred to as Planet RSC that will consist of the Ronaldinho Soccer Academy, Smile Project, Ronaldinho digital stadiums and a betting marketplace among many others.

“I want to bring a smile to as many people as possible through this project. I wish as many people as possible will have a dream and hope and become happy,” Ronaldinho said about the project.

A Look into Microgaming’s Robin of Sherwood Online Slot

Posted on July 14, 2018 by Aaron Decker

Microgaming has been in the online gambling scene for quite some time and while it may seem like the age of innovation in regards to online gaming is practically over, the company still often manages to surprise their fans and slot machine enthusiasts with some additional slot games dress in various themes. The most recent addition into their pretty neat portfolio of themed online slots machines is titled “Robin of Sherwood” and it takes players to a forest in England where Robin Hood, the most famous and “noble” criminal lives.

Developed by Rabcat, Microgaming’s Robin of Sherwood online slot sees a band of merry men helping the players to trigger special wild symbols, free spins, and a Gamble Game feature. There are certainly a number of slot machines that are based on the exciting adventures of Robin Hood and his band of Merry Men, but Robin of Sherwood is a total re-imagination of the story laid out in a graphically rich manner with cool features and captivating designs just like all other Microgaming offerings albeit with a touch of an amazing array of extra features.

The forest is vividly depicted and players can even see characters from Robin Hood’s story in the reels. In general, expect nothing less than the ultimate cross-over of exciting adventure and great storytelling.

“Our striking depiction of the legendary Robin of Sherwood delivers a cutting-edge gaming experience packed with thrilling features, flawless character animations, and a volley of winning opportunities. We are delighted to supply Microgaming with exclusive gaming content that hits the mark with players and operators alike,” commented Rabcat founder and chief executive Thomas Schleischitz.

Game Details

Robin of Sherwood is a 5 by 3 slot with 234 pay lines and is filled with cartoon images of the story’s characters, as well as arrows, targets, and flags. The online slot’s playing card symbols are represented in the form of colorful flags with lower-value wins being claimed when 3 or more land in any of the places adjacent reels from the left side. Robin, Friar, the Sheriff, Little John and Maid Marion return higher prizes while the arrows are a wild symbol that can act as any of the previously mentioned symbols and therefore be used to complete combinations.

The game’s Wild Turning feature is also one of the game’s best highlights – when it is triggered, players will see Robin Hood ordering his men to fire arrows into selected reels and when the arrows hit the reels they turn into Wilds. These Wilds will increase a player’s chances of winning great prizes significantly.

Furthermore, landing three or more scatter symbols will trigger the extra spins feature. This earns a player ten additional free spins.

Another special feature that players should look out for is the Gamble Game which allows players to gamble their loot and double its size – you could also lose it all, so be careful with this one. With the Gamble Game, the player gets to choose a green or red target and Robin will then try to hit either of them. If he hits the one you selected, your loot is doubled, otherwise, you lose it all. It is that simple!

Could It Be the End of the Cryptocurrency Era in India?

Posted on July 7, 2018July 7, 2018 by Aaron Decker

This year has not been particularly great for cryptocurrency users in India. This began about three months ago when the Reserve Bank of India (RBI) made an announcement that it would no longer deal with or provide services to any business entities or individuals dealing with digital currencies. While some of the cryptocurrency exchanges in the country – like BTCXIndia – chose to comply with the RBI’s new regulations, a decent number of the remaining exchanges as well as the Internet and Mobile Association of India (IAMAI) chose to file a petition regarding the decree at the Supreme Court.

Unfortunately, the petitions did not bear any fruit for the petitioners as, at the end of the hearing, the Supreme Court chose to back the RBI’s stance despite its flaws while at the same time declining to give the exchanges in interim relief. Many proponents of the crypto industry have pointed out that the apex court’s verdict indeed paints a bleak picture of the future of crypto in the country. This sentiment is further amplified by the fact the while the country is seemingly cracking down on the industry, its global counterparts “are currently observing the crypto space more closely and implementing better, more conducive regulation.”

Even though many disagree with the decision that was made by India’s Supreme Court, some stakeholders in the crypto industry still believe that they have a fighting chance – the general idea is that the stance is a temporary one. All the remaining petitions are scheduled to be heard on July 20 and hopefully, more conducive verdicts will be given then.

More Input from the Government May Be Necessary

The government of India has been quite enthusiastic about blockchain technology, the technology that digital currencies are based on, but the same cannot be said when it comes to where they stand as far as the actual digital currencies go. Now, it seems that one of the ways of securing the crypto industry in India would be to rally for clarity in government policy relating to cryptocurrencies.

“By laying a patchwork of laws without an overarching framework or policy, the crypto-industry today is in a uniquely uncomfortable position where it is taxed without being accorded legitimacy as an industry by the parliament. One would hope that the government attempts to take measures to accord legitimacy by legislation that attempts to balance its need for transparency, with the inherent anonymity associated with cryptocurrency trading,” Akash Karmakar, an expert from Veritas Legal said to Entrepreneur India.

Mr. Karmakar called for the government to formulate a policy that “could set out overarching principles accordingly giving legitimacy to the industry, rather than legislating for problems as they occur, and have the law trail the technology.”

There are many other options that cryptocurrency investors can use to trade but it is advisable not to panic yet. Perhaps all that is needed is for some patience as the industry recovers from this setback.

NetEnt Releases Jumanji Online Video Slot

Posted on July 3, 2018July 2, 2018 by Aaron Decker

NetEnt has announced the release of its latest slot game that brings the beloved Sony Entertainment’s classic film Jumanji to slots lovers. Jumanji, the video slot game, combines the classic board game with video slots and triggers an escape of rhinos, wild monkeys, monsoons and sticky vines. Even though the 2017 reboot of the film was hugely successful, NetENt opted to base the video slot game on the original 1995 movie that starred Robin Williams and told the story of a man trapped in a board game that comes to life as you play.

“The Jumanji movie was a great success and we know it has fans all over the world. Making a slot game true to the fantastic features of the movie has been challenging but most of all great fun. We found a way of incorporating both board game features and all the excitement into a slot game and the game has already been well received by players!” Henrik Fagerlund, NetEnt’s chief product officer at said.

What to Expect

NetEnt has outdone itself with this particular offering by bringing its own innovative twist to the universe by transforming by delivering the calamities that befell Alan Parrish (Robin Williams’ character in the movie) to the world of online slots. The five-reel slot game manages to deliver the same excitement that the movie offers and even if you have not watched the movie you will certainly notice this.

The video slot game has 4 random features, these are, a Board Game with four different Free Spins, extra dice rolls, coin wins and a Mystery Feature. The base game’s reels are set up in a 3-4-5-4-3 formation with 36 different fixed pay lines. Also included is an Auto Play feature that allows players to keep spinning with minimal effort. Jumanji starts with traditional slots, lining up J, Q, K, A or pictures of lions, crocodiles, pelicans, and rhinoceros – these are arranged in ascending order with animals being more valuable than letters. In addition to this, there are also wild slots and pictures of the board game that inspired the video slot game.

Fans of the 1995 film will instantly notice four of the slot game’s best features that include: Wild Stampede where Rhinos stampede across the screen as the reels spin, Monkey Mayhem which awards potential wins when the reels stop spinning, Sticky Vines where all symbols that are part of a win and all the Wilds from the initial spin stick to the reels while all other symbols spin again, and Monsoon Winds where a maximum of two reels are completely covered in wilds while the reels spin.

Jumanji joins many other of NetEnt’s branded games that feature in its neat portfolio of movie-themed games like Planet of the Apes, Scarface, and Aliens. Like most of NetEnt’s games, Jumanji is available for both mobile devices and computers.

Choosing a Crypto Bookmaker for the FIFA World Cup 2018

Posted on June 26, 2018June 25, 2018 by Aaron Decker

We are over a week into the 2018 FIFA World Cup that is currently taking place in Russia and being watched by an audience of more than 3 billion people from all corners of the globe. Like many other sporting events, the World Cup has also been a great opportunity for a little more excitement and side action in the form of sports betting which is enjoyed by a vast number of soccer fans.

Sports betting has been on the rise and even crypto has caught on to the trend. While betting on the previous World Cup was nearly unheard of, specifically because it was still at its infancy, this year’s World Cup is proof that crypto is here to stay – not just as an asset for gambling but also as a mainstream currency.

The debate about the viability of crypto aside, it is quite obvious that crypto sports betting has evolved tremendously in the past four years. As such, instead of worrying about the scarcity of crypto-powered bookmakers, this time around we will only need to stress (just a little) about finding the best one. So, how do you find one?

The Currency You Want to Deal in Matters

Bitcoin is still, without a doubt, the king (or queen) of digital currencies. However, we cannot ignore how important other altcoins are in the crypto ecosystem especially when it comes to betting. Bitcoin betting is still offered in most of the bookmakers but in sites like BetOnline, the punters can bet using Dash Litecoin and Ethereum while other like Bovada and Cloudbet accept bets in Bitcoin Cash. Whichever site you choose, just make sure it supports the digital currency you hold or wish to bet with.

Still, on the digital currencies, we all know how crazily the prices of cryptocurrencies fluctuate. Many gamblers, therefore, prefer to have their digital currencies converted to fiat currencies like the dollar, British Pound or euro once they are deposited. It is advisable to look for bookmakers like Bovada and Pinnacle that allow you to do this.

Go for the Best Promotions

Compared to the traditional online bookmakers, crypto-powered bookmakers usually have rather disappointing promotions especially when it comes to crypto-only sports betting platforms where the users can create multiple accounts. Fortunately, the World Cup has allowed for the creation of an exception – sites like CloudeBet and Nitrogen Sports are currently running World Cup free bet offers and promotions. You are certainly bound to come across more of such sites if you look hard enough.

In conclusion, there are a number of other things that you may need to consider before you settle on a specific crypto bookmaker – these include; how high the betting limits should be, withdrawal speeds and the legality of crypto gambling in your jurisdiction. All these are enough pointers to get you started on your way towards some exciting side action as you enjoy the 2018 FIFA World Cup.

Two Major Russian Banks Piloting Bitcoin & Crypto Portfolios

Posted on June 19, 2018June 18, 2018 by Aaron Decker

According to June 15 Kommersant newspaper report, two of the largest banks in Russia are piloting cryptocurrency portfolios for their private clients and retail investors. The initiative that will be conducted under the watch if the Bank of Russia will involve the Alfa Bank and Sberbank, both of which will be offering the aforementioned private clients shares in a special fund that will be trading the six most popular digital currencies on some of the major cryptocurrency exchanges including Bitstamp and Kraken.

“We’d like to offer our clients an absolutely transparent way to invest in digital assets with a full compliance with regulations that will let them invest in the product they are interested in Russia,” Sberbank Private Banking deputy chair Ana Ivanchuk said.

Sberbank is the main state-owned bank, and thus, it is the Russian government’s primary employee paycheck processor. Alfa Bank, on the other hand, is the country’s largest private bank. Both plan to venture into cryptocurrency trading with the help of AddCapital investment fund, Group IB, and the National Settlement Depository. Add Capital is one of the entities that will be immensely helpful to the venture – the investment fund previously participated in the recent pre-sale of Telegram tokens and in this case, it will be in charge of the technical solutions for the banks’ project.

“Digital financial assets will sooner or later become a large part of the global economy and cannot be ignored. Our goal is to speed-up the recognition of the digital assets as legitimate financial assets as soon as possible,” the manager of Alfa Bank’s private banking branch, Anton Rakhmanov pointed out.

Among the six most popular cryptocurrencies that will be offered are Ethereum, bitcoin cash, Litecoin, and bitcoin. The remaining digital currencies will be confirmed at a later date. However, in a year or so, the combination of digital currencies will be revised and their proportions balanced by trading algorithms at least four times. These trading algorithms will be self-adapting depending on prevailing market situations.

According to AddCapital investment fund’s chief executive officer, Alexey Prokofyev, the investment process will allow investors to purchase a share of the fund. These shares are liquid and the clients can, therefore, send them for fiat currencies any time.

The custodian of this arrangement will be the National Settlement Depository, an entity which is part of the Moscow Exchange Group – the portfolio process will take about 45 days for testing but the specific dates for this are yet to be disclosed.

The degree of willingness that these two banks have shown is certainly bound to pilot cryptocurrency investments products to greater heights. We can now expect more and more institutional investors and financial institutions to venture into the cryptocurrency space.

Apple Bans Cryptocurrency Mining on iPhones and iPads

Posted on June 12, 2018June 11, 2018 by Aaron Decker

During Apple’s recent Worldwide Developer Conference, the company updated some of the cryptocurrency app rules for its App Store. First spotted by Apple Insider on Monday, the new rules are a tad bit stricter and will apply to digital currency wallets, cryptocurrency exchanges as well as platforms that facilitate Initial Coin Offerings (ICOs).

The new App Store guidelines restrict apps from mining cryptocurrencies unless the process is performed off-device. Apparently, the motivation behind this new policy is the concern that cryptocurrency mining contributes to much more battery drain in mobile devices.

To put this into perspective, the new guidelines detail that any cryptocurrency-related applications in the App Store must adhere to a rather strict set of guidelines that encompasses the cryptocurrency wallets, exchanges, ICOs and cloud mining platforms.

“Apps, including any third-party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining unless the processing is performed off device (e.g. cloud-based mining). Wallet Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization,” goes Apple’s revised rules. “Exchange Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.”
“Initial Coin Offering Apps facilitating Initial Coin Offerings (ICOs), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (FCM), or other approved financial institutions and must comply with all applicable law.”

Unfortunately, there a number of apps in the App Store that are certainly going to feel the pinch of the new policy as the guidelines further detail that even applications that offer digital currencies for the completion of various tasks are no longer allowed to do so.

“Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.,” the fifth and last revised rule reads.

Is This a Trend?

It definitely feels likes one. Apple’s App Store has never been particularly cryptocurrency friendly and this has been evident from the stricter rules that are not found in other application marketplaces such as Google Play. In 2014, the App Store kicked out all Bitcoin-related applications before following through in 2016 when they asked all the companies with apps on the marketplace to remove digital assets such as Dash of from their apps.

Apple’s App Store is one of the most popular application marketplaces in the world. It boasts of over 283,000 games and a whopping 2.3 million non-gaming apps. Considering the large number of cryptocurrency applications that exist today, the new policy, in conjunction with other anti-crypto efforts, is going to have a huge impact on how things play out from here on out.

Author: Aaron Decker