Posted on

Avaloq Spearheads Cryptocurrency Asset Solution Initiative

A leading fintech company, a cryptocurrency asset firm and a Switzerland bank have come together to implement a crypto asset solution for banks and wealth managers.

Cryptocurrency Asset Solution for Banks and Wealth Managers

According to a press release by fintech company, Avaloq, a Swiss bank, Gazprombank Ltd, cryptocurrency company, METACO, and Avaloq, recently came together to implement an integrated digital currency asset solution.

The new product is targeted at banks and wealth managers to help with the “management of client portfolios across all asset classes including cryptocurrencies.” The system would use METACO’s virtual currency management and storage solution, SILO.

Also, transactions made using the new product would make cryptocurrency transactions seamless. Furthermore, clients using banking and wealth managing system can also purchase, sell, and transfer cryptocurrency without using a virtual currency wallet or a private key.

The new product also uses METACO’s Hardware Security Module (HSM). The HSM is secure for the storage of private keys and managing wallets and operations with multi-signature support.

Commenting on the merger, Group CTO at Avaloq, Thomas Beck, said:

For both institutions and bank clients, trust is key. Avaloq and METACO have considered this for the development of a fully integrated solution that can be offered to clients by their trusted bank. Thanks to the close integration of the METACO storage solution, banking and wealth management customers won’t have to trust additional third parties when trading with cryptocurrencies.

Beck added that the new solution would be highly convenient and easy to use.

METACO founder and CEO, Adrien Treccani, further said that the partnership with the fintech company, Avaloq, showed the mainstream adoption of virtual currency in wealth management and banking.

The Swiss bank, Gazprombank, one of Avaloq’s over 150 clients, also announced its plans to provide virtual currency services for its clients by mid-2019.

Adoption of Cryptocurrency in Mainstream Financial Institutions

Even in the face of the currency cryptocurrency market plunge, more mainstream financial institutions are adopting virtual currency. More institutions are creating cryptocurrency trading platforms with robust security to suit clients’ needs.

The 72-year old American brokerage company, Fidelity Investments, launched its institutional trading platform called Fidelity Digital Assets. The platform would provide cryptocurrency trade execution and custodial services for its investors.

Also, a European bank, Expobank CZ, was the first traditional bank in Europe to launch a bank account, called NEO account, that trades in virtual currencies such as Bitcoin. The NEO account would also invest in start-ups and precious metals.

Image courtesy of Shutterstock.

The post Avaloq Spearheads Cryptocurrency Asset Solution Initiative appeared first on Ethereum World News.

Posted on

Ethereum, Litecoin Setting Up New Surging Trend: ETH, LTC Analysis

Like in other markets, in digital currency assets – traders change their “position of hope” from Altcoins to Bitcoin and the other way, resulting with outperformance of both market rapidly. As the third quarter of the year has just closed, Bitcoin has showcased its mainstream potential and leadership by gaining 74 percent in value.

While Ethereum is following by market cap, it has been through struggling performance with only 8% gain for three months now compared to its 500% surge in the second-quarter of the year. This indicates that making money and profit is only based on if you choose the right crypto for some time.

Ethereum Against the US Dollar

A very range bound consolidation phase has emerged for Ethereum against the US Dollar for days now. This is showcasing a very stable trading flow between bears and bulls in the party. For now none is taking the upper-hand but this will definitely change in the near term.

ethereum forecast

Source: coinmarketcap

In the case of an upward break, a bullish and most likely a new increasing trend will emerge aiming for the $354.00 mark. That is why a long position on $317.00 is recommended for now.

The initial stop loss can be kept at $278, which should be raised as the cryptocurrency moves higher. The stops should be tightened further if Ethereum struggles to breakout of the overhead resistance at $344.

But, in the case that the selling pressure tanks the price even lower, it could go for the $257.94 as it is located at the 50 percent Fib retracement mark of the recovery $200-$315.

Litecoin Against the US Dollar

For the moment, in the same manner as the general market having a hurdle between sellers and buyers – Litecoin is trading between $44.16 and $57.729 against the US dollar.

litecoin forecast

Source: coinmarketcap

When the digital asset is range bounding the best action to take when it comes to short-term trading is to buy at supports and dips while selling at resistances. But, when it comes to LTC/USD right as time of the writing – the value is floating in the middle and no trade is recommended.

Nevertheless, if Litecoin breaks out of the range, it will signal strength. Long position at $58 with a stop loss of $49. The target objective of this trade is $71.

But on the other side, if it clears lower below the psychological $50 and the $44 – best to do is to wait and see how the pair will perform at its lowest. Coming to the conclusion because of the lack of interest to buy in the digital currency in the case of a below spike.

Read Also: