A leading crypto bank hangs by a thread

“I continue to believe that for investors, the best bets right now are infrastructure bets. It remains too hard, too expensive, and too frustrating, to build decentralized apps and the big value unlock will come when that changes.” Fred Wilson, Partner Union Square Ventures

The Big Block

In recent days reports have emerged about Noble International, the Puerto Rico-based financial-services firm, and its search for a buyer. The Block has reached out to our industry sources, including potential buyers of the firm and its clients, and can corroborate reports that the firm has been shopping around for months after losing a number of big ticket clients. 

The firm, which provides technology to over-the-counter traders in cryptocurrency markets, has been desperately searching for a buyer, according to multiple people familiar with the firm's operations. One source, who told The Block he considered buying the firm, said Noble has been operating with a skeleton crew since Monday. 

Read More on The Block (2 Minutes)

Around The Block

Coinbase has poached Instinet CEO to lead institutional sales

Instinet CEO Jonathan Kellner is set to join cryptocurrency exchange Coinbase next year, according to people familiar with the situation. 

Kellner, whose career at Instinet, the institutional brokerage firm, began in 2007, took on the CEO position in 2014. As Business Insider earlier reported in August, Instinet has been preparing for Kellner’s exit and potential replacement by former Goldman Sachs trader Robert Ralston. 

Now, The Block can report that Kellner is going to Coinbase to lead institutional sales, covering the firm’s new over-the-counter trading business. He will start in January 2019.  — More

With new fundraise, Coinbase will be worth $8 billion

A report from Recode says crypto-exchange Coinbase is closing in on a $500 million funding round that would value the company at $8 billion when it closes. The round is to be led by Tiger Global and would include new funds for the company, while also allowing existing shareholders a shot at pre-IPO liquidity. — More

South Korean policy committee chairman advocates for ICOs — More

Bloomberg: Institutional investors are avoiding exchanges — More

WSJ suggest bots are manipulating price of Bitcoin — More

Where are Tether and Bitfinex banking today? — More

The Block Events

It’s official! The Block has moved into our events and co-working space and is happy to call 11 Park Place home! We are kicking off our first event in the new space with HoneyComb Health. Send all hosting inquiries to events@theblockcrypto.com.