Gulf Coast Bank launching cryptocurrency exchange – Greater Baton Rouge Business Report
Home Business Gulf Coast Bank launching cryptocurrency exchange
Williams says Gulf Coast Bank is responding to demand for a secure, U.S.-based exchange to buy and sell cryptocurrency. He says he expects to roll out the exchange within the next 90 days.
“One of the big challenges with [cryptocurrency] is a lot of the exchanges have been hacked,” Williams says.
Beyond sec…….
Home Business Gulf Coast Bank launching cryptocurrency exchange
Williams says Gulf Coast Bank is responding to demand for a secure, U.S.-based exchange to buy and sell cryptocurrency. He says he expects to roll out the exchange within the next 90 days.
“One of the big challenges with [cryptocurrency] is a lot of the exchanges have been hacked,” Williams says.
Beyond security, another issue is dealing with how volatile crypto values can be. When a customer wants to buy or sell a digital currency through Gulf Coast Bank’s online system, they are given a price that’s good for two minutes. If they don’t take it, they’ll get a new price, which could be higher, lower or the same.
“You’ll get a short window, because the market has a short window,” Williams says.
The Federal Deposit Insurance Corporation last week instructed banks to notify the FDIC of “any activities involving or related to crypto assets.”
“Crypto–related activities present risks to consumers, and insured depository institutions face risks in effectively managing the application of consumer protection laws and regulations to new and changing crypto–related activities,” the FDIC says.
Source: https://www.businessreport.com/business/gulf-coast-bank-launching-cryptocurrency-exchange
