Korea’s Largest Bank No Longer Crypto-Averse; Coinbase Card Hits Six More Countries

The top daily news from the cryptocurrency and blockchain space:

  • Korea’s largest bank working on cryptoasset custody service.
  • Coinbase Card expands to six more European nations.
  • CryptoCompare teams up with Nasdaq on cryptoasset pricing product.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,971.1 (+0.2%) and $248.1 (+1.0%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,936.5 (+0.7%).

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Korea’s Largest Bank Working on Digital Asset Custody Solution

KB Kookmin Bank, the largest bank in South Korea, is preparing to enter the crypto custody space, reported CoinDesk Korea, after having signed a strategic business agreement with blockchain startup Atomrigs Consulting.

The announcement is particularly notable, given that KB was one of the banks that “were reluctant towards providing crypto exchanges with banking services several years ago,” tweeted Joseph Young, one of the crypto industry’s most recognized analysts.

Both KB and Atomrigs will explore various other blockchain- and crypto-related business opportunities moving forward, also.

Coinbase Card Now in Six More European Countries

Top-tier cryptocurrency exchange Coinbase is launching its Visa debit card in six more European countries, CNBC reported. The expansion follows a successful debut in the U.K. roughly two months ago.

Known as Coinbase Card, the solution allows Coinbase users to spend cryptocurrencies like bitcoin (BTC), ether (ETH), and litecoin (LTC) in stores and online at any merchant that accepts Visa.

The six European countries Coinbase Card is now available in are Spain, France, Germany, Ireland, Italy, and the Netherlands. Regarding a would-be U.S. expansion for the card, Coinbase U.K.’s chief executive Zeeshan Feroz told CNBC the team “will be looking at all [its] key markets including the U.S.” For Coinbase to make the move, it firstly “needs to find the right banking partners,” the article explained.

CryptoCompare Partners with Nasdaq on Cryptocurrency Pricing Product

Leading provider of cryptocurrency data and indices, CryptoCompare, announced a strategic partnership with financial services giant Nasdaq to launch a new cryptocurrency pricing product: ‘Nasdaq/CryptoCompare Aggregate Reference Prices’.

The product will be made available on the Nasdaq-owned platform Quandl, a solution self-described as a “premier source for financial, economic, and alternative datasets, serving investment professionals.” The data set – which is delivered daily with an intraday data frequency – covers more than 140 of the most of liquid cryptoasset trading pairs.

Coinbase Outbids Binance to Acquire Crypto Prime Broker Tagomi in All-Stock Deal

Francisco Memoria

San Francisco-based cryptocurrency exchange Coinbase has announced t is acquiring crypto prime broker Tagomi, which focuses on servicing institutional investors.

The companies did not disclose the price of the acquisition, but a source familiar with the deal revealed Coinbase paid entirely with its privately-held stock. The source added that media reports in November claiming Tagomi was being sold for $150 million overstated the value.

According to Fortune, a source familiar with Tagomi revealed the price was “close to $100 million,” and added the San Francisco-based firm outbid leading cryptocurrency exchange Binance to acquire Tagomi.

Tagomi was launched in December 2018, and gained attention in the cryptocurrency space for the veterans of the traditional financial world in its executive team. These included Goldman Sachs’ former head of electronic trading Greg Tusar and Union Square Ventures partner Jennifer Campbell. Tagomi’s financial backers include billionaire tech mogul Peter Thiel.

Tagomi’s focus on institutional investors gave large traders additional options in the space, as before they had to rely on over-the-counter trading desks for large transactions. In its announcement, Coinbase noted the acquisition will allow it to better serve institutional investors. It reads:

The addition of Tagomi will round out our product suite for the fast-growing institutional trading market. It will allow us to offer custody, professional trading features, and prime brokerage services on one platform, giving sophisticated investors the seamless, powerful trading experience they have come to expect in equities and FX markets.

Fortune reports Emilie Choi, Coinbase’s chief operating officer, noted Tagomi will initially operate as a stand-alone brand. Over time, however, it will likely be integrated into Coinbase Pro, Coinbase’s platform for professional traders.

Featured image via Pixabay.