Briefings
Week InReview: May 17, 2019
- By: admin
- On: 05/17/2019 10:59:34
- In: 2019 Briefings
Game Changer -
"The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection.
"SFOX, a prime dealer and trading system in the $208 billion crypto market, is partnering with New York-based M.Y. Safra Bank to offer its traders deposit accounts backed by the Federal Deposit Insurance Corp. — the same federal agency that protects bank customers up to $250,000 per financial institution.
"It's the first time FDIC-insured accounts will be linked to a crypto prime dealer, according to SFOX, and allows traders to keep funds in accounts under their own names. Most banks don't allow their customers' accounts to be linked to cryptocurrency trading. The FDIC insurance protects the cash leg of a crypto trade and doesn't apply to the Bitcoin, Ether or other digital assets SFOX users buy on the exchange."
— FDIC protection coming for wild crypto market's traders
"The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection.
"SFOX, a prime dealer and trading system in the $208 billion crypto market, is partnering with New York-based M.Y. Safra Bank to offer its traders deposit accounts backed by the Federal Deposit Insurance Corp. — the same federal agency that protects bank customers up to $250,000 per financial institution.
"It's the first time FDIC-insured accounts will be linked to a crypto prime dealer, according to SFOX, and allows traders to keep funds in accounts under their own names. Most banks don't allow their customers' accounts to be linked to cryptocurrency trading. The FDIC insurance protects the cash leg of a crypto trade and doesn't apply to the Bitcoin, Ether or other digital assets SFOX users buy on the exchange."
— FDIC protection coming for wild crypto market's traders
Read entire Week InReview: May 17, 2019