• Bitcoin high so far at USD 6,615 as crypto market ticks up slowly
  • A top Australian crypto exchange has gained ISO certification for information security
  • A Hong Kong public-listed crypto exchange has seen a 737% surge in 2019 profits from the previous year

 

Bitcoin has been moving up ever so slowly after yesterday’s recovery, recording a daily high so far at USD 6,615 (CoinDesk) and not once going down below USD 6,300. The rest of the crypto market has also continued to take the lead from Bitcoin, with Ether rising to USD 133 and Ripple (XRP) at 17.7 cents.

In fact, the good news is that until today, according to data monitor Skew, Bitcoin has only suffered a 10.7% downturn as a result of the pandemic crisis which took stocks to the cleaners and prompted a USD 6 trillion printing spree, meaning today the digital asset has fared far better than traditional economies.

Today’s positive news comes from a part of the world we don’t always get the chance to highlight, Australia. The country has several large exchanges and CoinSpot, one of the biggest by trading volume, has said that its security systems are now recognized by the International Organization for Standardization (ISO).

This ISO information security accreditation will be well-received by CoinSpot’s one million users, who will be happy to know that an external audit by SCI Qual International, an accredited body by Australia and New Zealand’s Joint Accreditation System, was required to obtain the ISO/IEC27001 standard.

The exchange’s founder Russell Wilson remarked:

“There are inherent risks in keeping assets stored in exchanges as the history of the industry will attest and this ISO certification provides evidence of the hard work and continued effort of our team to protect our customers.”

As part of the audit by SCI Qual, CoinSpot’s information security management was investigated in terms of processes and practices. This meant that an entire range of aspects including digital asset custody management, information relating to employees, suppliers and clients, and also intellectual property.

In essence, these policies are designed to enhance and improve security measured at such services by removing the risks of hacking and other types of unauthorized access, as well as attempts to destroy, alter or close of a firm’s information management systems.

Meanwhile, big news comes from Hong Kong, where the BC Group, listed on the HK stock exchange and operating the digital assets trading platform for institutional investors OSL, has announced an eye-watering 737% increase in revenue for the year 2019.

Today, it issued a press release that names OSL digital assets platform as its biggest earner in 2019, topping 44% of the overall revenues. In contrast, the year before only saw it account for 6% of total group revenue.

Big news? For sure, as OSL offers brokerage over the counter and software-as-a-service tools to institutional investors, in addition to normal exchange and custodial services.

All in all, the company reported an annual revenue of  CNY 72 million (USD 10 million), more than seve times the revenue of 2018. In the same period, OSL submitted an application for licenses to conduct regulated activities under the financial watchdog’s new regulatory framework for crypto trading exchanges.

BC Group CFO Steve Zhang said of the milestone:

“We view the introduction of licensing for digital assets in Hong Kong in 2020 as an inflection point. This will galvanise institutional participation in the digital asset space and accelerate growth of BC Group and our OSL digital asset platform business as traditional securities continue to digitize.”

The BC Group is hyper bullish about the growth of the crypto industry, saying that they predict a 5,000% hike to be worth an estimated USD 11 trillion by 2024.

 

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