Coinbase Rumored to be Seeking a US Banking Licence & LMAX Launch Institutional Trading Platform

A positive weekend for the cryptocurrency markets, the global market cap currently at $390 billion up from Fridays $371 billion. Bitcoin and Ethereum both making gains – Bitcoin at $8527, (up $500 from Friday) Ethereum currently at $716 (up $36 from Friday). Top altcoins overall faring well after the weekends trading activity.

LMAX Exchange Group (LMAX Exchange) have announced the launch of an institution-only cryptocurrency trading exchange enabling institutional traders to acquire, trade and hold a limited range of cryptocurrencies. Initially only Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash will be available to trade due to liquidity levels, no mention yet of whether additional pairs will be offered in the future. The LMAX Exchange will operate 24 hours a day, 7 days a week and is fully compliant under FCA, KYC and anti-money money laundering regulations. CEO David Mercer commented “The rise of institutional trading of crypto currencies will be a game-changer for the industry. We believe our new exchange will support the transformation of the crypto market from the fringes to the mainstream. Digital currencies are, without a doubt, coming of age. Exchanges will play a crucial role in bringing the major cryptocurrencies into wider circulation, helping them to become accepted into conventional funds which in turn will help to support a normalisation of value.”

Coinbase is rumoured to have been in talks with regulators to acquire a US banking license according to the Wall Street Journal. Coinbase launched a suite of new institutional services for cryptocurrency traders last week, and already has a banking structure established in the UK courtesy of Barclays as announced in March. Coinbase is currently valued at $1.6 billion and continues to branch into related industries in their quest to be market leaders – if a US banking license is eventually granted, it potentially sets them on target to achieve their goal to become the “Google of cryptocurrency”.

New ICO Ratings on ICOformula:

Kodakone (KDC)
Smartcontainers (SMARC)
Xdac (XDAC)
JWC Blockchain Ventures (JWC)
Heroic.Com (HRO)
Homemine (HMT)
Sparkster (SPARK)
Trustedcars (FLEX)
Cryptocurve (CURV)
Odyfund (ODY)

Last week in the world of ICO Ratings on ICOformula:

The first chart shows us how the top 10 ICO’s by average position have changed over the course of the previous week:

Top 10 ICO Ratings - Week 20

The second chart shows the top 10 ICO’s by largest average position gain over the past week:

Top 10 ICO Rating Gains - Week 20

The third chart shows the top 10 ICO's by largest average position drop over the past week:

Top 10 Falling ICO Ratings Week 20

Caveat: Only ICO’s that have had the status of ICO are used in the data set for the full 7 day range are included in the following charts. ICO’s that either entered the dataset mid-way through the week, OR completed the ICO process and completed their sale/trading as tokens are not included in these charts.

Learn more about ICOformula ratings and how the Formulatron calculates them in our in-depth guide to how ICOformula rates ICOs.

 

Created: Monday, May 21, 2018

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