How Kraken is Seeking to Solve Bitcoin's Banking Dilemma
When Fidor Bank's Michael Maier spoke to CoinDesk in June, the Internet bank COO framed his industry as one that bitcoin would grow to challenge directly, suggesting at the time that its partnership with Kraken demonstrated its intent to accept this future and even cooperate with it. However passive these statements may have seemed at the time, they came into sharper focus on 31st October, when Fidor announced it would team with its San Francisco-based bitcoin exchange partner to launch "the world's first cryptocurrency bank". The unnamed project seeks to build a regulated financial....
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Travis Patron is the founder of Diginomics, a bitcoin news organization where professionals can enroll in the Bitcoin Economics Course. Here he explains why the stateless nature of bitcoin holds the potential to solve an age-old international monetary flaw. Although the United States Federal Reserve Note carries with it many advantages for conducting commerce and serving as a world reserve currency, its makeup is not void of imperfections. One of the main shortcomings of the US dollar is the Triffin dilemma, a problem which arises when countries must manage both short term domestic and....
Even though Kraken is based in the US and facilitates exchanges between a number of different cryptocurrencies, its customer base is decidedly euro-driven. In fact, according to BitcoinAverage, Kraken has over 50% of the EUR/BTC market. That makes it the largest player in that trading pair. Due to regulatory issues in the US (which has 50 different states with 50 different ideas about money transmission), Kraken leans on its European banking partnership with Germany-based Fidor. Even with that geographic bent, being San Francisco-based has had benefits for Kraken, and, in March, the....
There are claims that several accounts on Kraken have been compromised and funds taken. Representatives of Kraken told Cointelegraph that the cases mentioned below are currently being investigated. Users’ complaints. In an email to CoinTelegraph, a supposed Kraken user claimed in writing that: “Last few days many traders were robbed and their funds were drained from Kraken. People are angry and wants their money back. Like a Defender of Crypto World and respected media you can help a lot... Kraken must solve their security problems and this is fact.” Over on Reddit, a user u/MIkeHBrown,....
Today, Kraken announced its partnership with PayCash that allows the Bitcoin exchange to provide both US dollar and Britsh Pound funding to their clients. While trading between bitcoin and USD had already been available on Kraken, USD deposits have been disabled since February 2014. In their press release, Kraken said that they had disabled the USD deposits because their now former banking partners did not have the capability to handle the volume required. Also read: a review on Kraken and other major exchanges. Kraken Returns to American and English Shores. "Our clients have asked about....
Many participants at the Revolution Banking 2016 event in Spain were interested in the Blockchain technology, which resulted in a lively discussion during the event Where is the blockchain heading? Whether the distributed ledger technology really has the potential to solve the issues currently faced by the banking and financial sector? These were some of the topics discussed in the last month’s Revolution Banking 2016 summit, which happened in Madrid, Spain on the 10th of May 2016. Revolution Banking 2016 was an event focused on new technologies, innovations, and collaborations in the....