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SoftBank Backed Startup to Offer Crypto Trading (CNBC Report)


DriveWealth – a SoftBank-backed start-up that helps fintech companies offer stocks – will reportedly offer cryptocurrency trading services to clients. To do this, the company will acquire Crypto-Systems – a separate digital asset organization in the United States. DriveWealth to Compete with Coinbase CNBC reported that the start-up will launch two subsidiaries shortly after the acquisition to provide trading opportunities for Bitcoin and Ethereum to partners in April or May this year. Bob Cortright – CEO of DriveWealth – raised hopes that the end-to-end crypto trading system and algorithmic trading platform his company uses could bring greater transparency to the digital asset market: “In the crypto space right now, it is still becoming the Wild West, the prices are everywhere. There is very little price discovery and very little consistency with spreads. We want to change that.” Cortright, who is the co-founder of Bank of America’s electronic trading platform, believes that trading fees would collapse if watchdogs get involved and competition increases. As such, DriveWealth aims to be a crypto liquidity provider to compete with Coinbase’s “unsustainable” transaction speed: “We can’t continue in a world where you can count on 200 basis points on a transaction.” Coinbase — a leading digital asset exchange — charges retail customers fees as high as $4.5 % and more. It also collects a spread on top of transaction fees. The CEO of DriveWealth opposed such a transaction policy. “It comes from the wallets of the customers,” Cortright insisted. Bob Cortright, Source: Meta Trader The CEO concluded that numerous of companies in various fields queuing up to enable customers to earn rewards in digital assets a: “Even the established, major e-commerce players find that when they survey their customers, a huge percent want to own some crypto.” DriveWealth is valued at $2.85 billion and is backed by Japanese financial institution SoftBank. Recent Updates from Coinbase Speaking of the US-based cryptocurrency platform, it is worth mentioning the latest developments surrounding it. Almost a month ago, it partnered with Yield Guild Games (YGG) to make more assets available for exchanges. At the same time, Coinbase acquired FairX – a CFTC-regulated trading platform – to offer crypto derivatives to retail and institutional investors in the United States. A week later, the platform joined forces with Mastercard to simplify the purchase of non-fungible tokens (NFTs): “Thanks to our work with Mastercard, we are able to provide a better customer experience on Coinbase NFT and plan to work on ways to improve these. opportunity to the wider ecosystem.” Then the trading platform appointed Tobias “Tobi” Lütke as the newest member of its board of directors. The German is the Chief Executive Officer of the e-commerce giant Shopify.SPECIAL OFFER (sponsored) Binance free $100 (exclusive): use this link to Register and Get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions) PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to receive up to $7,000 on your deposits.
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