Crypto round-up: Binance Uganda rolling, Bakkt futures and ETF hopes, Tether’s $1.8 billion

ICE bakkt

Binance Uganda has signed up 40,000 after just a week of operation. That’s an impressive start and is evidence of the opportunity for crypto presented by emerging markets.

Roughly three quarters of the Uganda population does not have a bank account.

This from CoinDesk:

“One of the major issues in the region, in the continent, right now is liquidity and Binance will bring us liquidity,” Nairobi-based entrepreneur Marvin Coleby in nearby Kenya, co-trustee of the African Digital Asset Framework.

ETF and Bakkt catalyst hopes

The crypto community is still holding out hopes for the bitcoin ETF getting approval from the US Securities & Exchange Commission.

Reggie Brown from broker CantorFitzgerald begs to differ. Speaking to Business Insider, the old hand in the ETF business who knows more than most about the industry, said: “It’s very difficult for the [Securities and Exchange Commission (SEC)] to wrap their heads around a positive approval because there’s no data yet … the markets just aren’t here.”

The physically held VanEck Solid X ETF proposal was discussed at a meeting bewteen the two companies and the SEC to try to iron out outstanding issues. But no matter how well designed and robust its custody might be, it is the immaturity of thee wider market that is holding back developments in this area.

Respected trader Alex Kruger thinks a bitcoin futures product from ICE’s Bakkt crypto ecosystem for trading, custoday and payments will likely be the trigger for a renewed bull market for crypto. Regarding ETFs, he sees disapproval triggering further selling and prompting a visit to $4,000. Here’s the tweet.

The Bakkt futures product, unlike the CME and Cboe ones, will be a physically settled futures instrument.

Tether says it has $1.8 billion in the bank

Deltec Bank & Trust is the new banker for Tether. The controversial company says its has $1.8 billion deposited at the bank and has produced a letter from the bank to prove it.

The bank is based in the Bahamas and has been trading for 72 years. Tether says due dilligence has taken place over several months and Deltec reviews the company on a regular basis:

The acceptance of Tether Limited as a client of Deltec came after their due diligence review of our company. This included, notably, an analysis of our compliance processes, policies and procedures; a full background check of the shareholders, ultimate beneficiaries and officers of our company; and assessments of our ability to maintain the USD-peg at any moment and our treasury management policies. This process of due diligence, was conducted over a period of several months and garnered positive results, which led to the opening of our bank account with this institution. Deltec reviews our company on an ongoing basis.

Tether Limited is registered with the Financial Crimes Enforcement Network of the US Department of the Treasury and maintains the highest standards of AML/CFT procedures. USDT in the market are fully backed by US dollars that are safely deposited in our bank accounts. link


About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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