PundiX’s XPOS Point-of-Sale Crypto Devices To Be Installed In Nearly 50 Retail Stores In Venezuela

The largest department store of Venezuela, which is called Traki, has recently announced that it would start to accept Bitcoin payments via blockchain-enabled cash registers. The store has 49 retail outlets in the country and it has announced that it will use PundiX’stechnology.

PundiX provides a point of sale device called XPOS, which is used to accept crypto-based payments. At the moment, the product is being offered in 30 countries and the company claims that it will have sold over 100,000 devices until 2021 if the sales continue as expected.

These new payment devices will accept not only Bitcoin but also Ethereum, the famous Binance Coin and two tokens created by the company itself: NPSX and NPXSXEM.

The main goal of the company is to help in the mission of making cryptocurrencies become something common and widespread. PundiX also offers other products such as the XPASS, which is a crypto-based debit card, and Xwallet.

Zac Cheah, the CEO of PundiX, affirmed that the company has always been focused on creating powerful use cases for the blockchain technology and that Traki will help them to bring the technology to Venezuela.

In fact, Venezuela already has several crypto users. Around 10% of the 300,000 PundiX wallet users are based in the country, so it makes a lot of sense to see Traki investing in this technology, as there is probably a huge demand for it because of the country’s high inflation and lack of liquidity. The most recent reports affirm that the yearly inflation has surpassed 1,000,000% in the country.

Source

Czech Republic To Enforce Crypto Regulations Deemed Harsher Than The Ones Issued by the EU

While some countries are friendly to Bitcoin, others seem to hate it. Unfortunately, the Czech Republic is far from one of the friendliest countries with crypto. According to recent reports, the country is about to enforce regulations on the crypto industry which are deemed to be even harsher than the ones required by the European Union.

A local media outlet has recently affirmed that, in order to comply with the European Anti-Money Laundering (AML) laws, the Czech Republic is set to take extreme measures.

For instance, the country will fine in around $20,000 USD for any illegal crypto company, as well as to enforce the regulations from the EU’s Fifth AML Directive. According to this new directive, the countries of the union would need to have a close oversight on wallets and exchanges and ask them to provide more transparency.

The media outlet that reported on this story, Hospodářské Noviny, affirmed that the measure was a bit harsh and that it could get in the way of the competitiveness of the sector, despite the fact that only exchanges who are not regulated will be fined. All exchanges within the boundaries of the law will not need to worry.

The Czech Republic is one among many examples of countries that decided to upgrade the European requirements and to look more closely at crypto companies. Cyprus, for instance, also decided to enforce several obligations which are not stated by international law.

These cases might be happening because the local governments believe that, if they need to make obligatory changes in regulation, they might as well just make them specific to their countries.

Source

Enterprise Ethereum Alliance Launches the EEA Mainnet Initiative

The Enterprise Ethereum Alliance (EEA) is setting up a technical group working on collaboration between the mainnet and enterprises.

The working group, called the EEA Mainnet Initiative, intends to accelerate and lead cooperation between the EEA’s enterprise and startup members, as well as those who work on the mainnet’s technology and interoperability solutions, according to a press release shared with Cointelegraph on Aug. 6.

EEA Mainnet Initiative to work on interoperability and scalability solutions

The Mainnet Initiative will seek to improve its knowledge about how public network components match the commercial market requirements needed to boost adoption of Ethereum, the press release notes. The EEA will hold interactive discussions on Mainnet Initiative as a part of the Ethereum Foundation’s major developer conference, Devcon5, in October 2019.

Marley Gray, EEA board member and principal architect at tech giant Microsoft, said that the rapid acceleration of technology around Ethereum mainnet requires heightened interoperability and scalability, which is the mission of the Mainnet Initiative.

EEA appoints Ethereum Foundation’s Aya Miyaguchi as a new Board member

Alongside the Mainnet Initiative announcement, the EEA also said that they have appointed a new Board member, the Ethereum Foundation’s Aya Miyaguchi.

The EEA is a blockchain consortium with over 450 enterprise business members, including, among others, Microsoft, JPMorgan Chase, Santander, Accenture, ING, Intel and Cisco. The consortium’s objective is to promote the use of Ethereum blockchain as open-standard to empower all enterprises.

Earlier this year, the EEA issued a report describing a number of blockchain use cases in the real estate industry, claiming that blockchain is capable of reducing the time of recording and transferring properties while increasing transparency and making land registries trustless.

To date, the Ethereum blockchain is the most popular public blockchain network for building decentralized applications and smart contracts.

Source

Gavin Wood Launches Its Experimental Network Kusama, A Testnet For Polkadot

The developers of Web3, the company behind the Polkadot protocol, have recently finished the testnet for the blockchain protocol. According to Gavin Wood, one of the main developers who are working on the program, the project, which is called Kusama, is already available.

Kusama will be an unaudited and experimental version of Polkadot and it was officially launched during the Berlin Blockchain Week.

Wood affirmed that the network needs at least 50 validators to be working properly, so it would be around a month before developers can fully experience the potential of the new testnet. After that, though, the KSM tokens can be transferred.

He also took some time to explain what was already working on the network. People cannot trade yet, but they can already stake their tokens for rewards, start to be validators, set up session keys and claim tokens.

The main difference that will happen once over 50 nodes are set up is that Kusama will stop being a centralized network that and fully become a decentralized proof of stake project, which is the main goal. As soon as this happens, the governance rules that will govern the network will be properly activated and start to be live.

According to the developers, Kusama will only exist while it is needed. The whole idea was to set up something to “step into the unknown” and simply let people play. As the stepping stone for Polkadot, the network will possibly be abandoned after the actual launch of the network.

At the moment, Polkadot is expected to be launched next year, but there is no specific data set yet.

Source

Digix and MakerDAO Tokens Now Loadable Onto Monolith Visa Debit Card

London-based banking alternative Monolith announced its partnership with decentralized finance companies Digix and MakerDAO, Aug. 15. As part of its drive for digital payment adoption in e-commerce, DGX, DGD and DAI tokens will now be loadable onto the Monolith Visa debit card.

A critical bridge between the worlds of decentralized finance and retail

Effective immediately, users who sign up for a Monolith Visa debit card will be able to load it up with MakerDAO and Digix’s digital currencies through the Monolith mobile app. The currencies can then be used for everyday purchases, bill payments and to send and receive money.

CEO of MakerDAO, Rune Christensen commented:

“Monolith’s solution provides a powerful way for token holders to extend the usefulness of their crypto-holdings. […] Their cards create a critical bridge from the world of DeFi to the more traditional world of retail.”

Rebrand marks the end of beta, and ramping up for growth

If this seems like deja vu, it may be because Cointelegraph reported a similar story almost two and a half years ago. Back then Monolith announced a partnership with Digix on the launch of the TokenCard Visa debit card.

However, that has now been re-labeled an extended beta test and the card has changed names to the Monolith Visa debit card. Monolith CEO, Mel Gelderman commented:

“We’re thrilled to have had a fantastic response from our beta users and are now ramping up for growth. Rebranding to Monolith helps us achieve our mission of democratizing finance and bringing the Token economy to everyone while providing a unique service to our customers.”

There are now plans to bring further tokens into the monolith ecosystem.

Earlier this year, Bitcoin debit card Shift closed down operations.

Source

Coinbase Custody Buys Xapo Institutions, Continuing Rapid Expansion

Coinbase Custody has reportedly acquired Xapo’s institutional business to become the world’s largest crypto custodian by assets under custody.

Major crypto exchange Coinbase announced the news in a post on the company’s blog Aug. 15. The news follows rapid growth on the part of Coinbase’s year-old custodial wing, which only two months ago reported assets under custody (AUC) valued at $1.3 billion.

According to the announcement, the new acquisition puts Coinbase Custody’s AUC at $7 billion.

Xapo is itself a major crypto wallet provider who has apparently been in negotiations with Coinbase Custody over the sale of its institutions business since the middle of May this year.

The announcement claims that Coinbase Custody now stores on behalf of more than 120 clients in 14 different countries. In affirming the company’s commitment to its institutional services, Coinbase wrote: “Our institutional range of products provides a seamless, powerful and compliant ecosystem for our clients to trade, store and interact with their crypto.”

Earlier this month, Cointelegraph reported that Coinbase Custody had added experts in New York banking regulation to its Board of Directors, suggesting plans to expand in the notoriously tough regulatory environment of New York State.

In July, Coinbase CEO Brian Armstrong said in an AMA session that he hoped to see Coinbase shift its focus from trading to broader adoption within the economy in the next five years.

As of press time, Coinbase had not responded to Cointelegraph’s request for comment.

Source

IT Giant Oracle Sues Blockchain Startup for Taking Its Name

Software development behemoth Oracle is suing blockchain startup CryptoOracle, alleging trademark infringement and cybersquatting.

Cybersquatting and trademark infringement

Technology market news outlet Computer Reseller News (CRN) reported on Aug. 15 that Oracle sued CryptoOracle alleging trademark infringement and cybersquatting in the Northern District of California.

Wikipedia states that cybersquatting “is registering, trafficking in, or using an Internet domain name with bad faith intent to profit from the goodwill of a trademark belonging to someone else.”

The complaint filed by the tech giant reportedly claims that the startup’s name has been chosen “to trade on Oracle’s reputation as an innovator and leader within the technology industry, and to evoke among consumers the goodwill that Oracle has built in its own famous brand.”

CryptoOracle is an advisory firm focused on the cryptocurrency space, which also sells tickets to industry events that it organizes, such as CryptoMondays. Oracle, on the other hand, is the software development giant behind Java that also happens to provide blockchain services.

Oracle also works on blockchain

For instance — as Cointelegraph reported in February — Oracle is expanding features on its enterprise-grade Oracle Blockchain Platform. The startup has been featured multiple times on CNBC, and one such interview is why the IT giant decided to take legal action.

Oracle reportedly first sent a cease and desist letter CryptoOracle filed for trademark rights to its name. Now, Oracle is asking a federal judge to order the startup to withdraw that trademark application, stop using its name and remove the branding from all web domains that reference it. Lastly, Oracle’s attorney also reportedly claims that the firm has the right to recover the startup’s profits.

Source

Artwork-Painted Lamborghini Aventador S Is Certified Using Salesforce Blockchain Technology

Lamborghini Aventador S painted with a custom art will be the first vehicle of its kind to have an official blockchain certification. According to the press release, Salesforce Blockchain will use its technology to catalog and certify the car.

This unique car is currently being exposed at the 2019 Monterey Car Week, which is happening right now. It was created by Lamborghini, which manufactured the car, and the painting was made by Skyler Grey, a very prominent street artist. Grey is only 19 and it is already being considered one of the big names of his generation. He was even featured on Forbes 30 Under 30 back in 2017.

Katia Bassi, the current head of communications at Lamborghini, affirmed that the company is very close to the world of art and that this is a brand new approach that will unite the art of a famous painter with their product.

This is all a part of the Lamborghini Sicura project. The idea is to use the technology for the authentication of the asset so that the buyers will be sure that it is the real deal when they are buying it. This is set to protect investors against counterfeiting and increase the perceived value of the product with the public.

Lamborghini and Bitcoin

Old Bitcoin investors may have memories of the memes regarding Bitcoin and Lamborghinis. Several newly rich BTC investors decided to buy these cars when they got rich and several others would ask “When Lambo?” as a joke as they waited for the prices of crypto assets to go up so they would get rich.

Source

Moscow Blockchain Voting System Is Easy To Hack, French Researcher Affirms

Moscow, the capital of Russia, has created a blockchain-based voting system back in 2017. Initially, the system was used in order to vote on several topics that affected the city administration. Now, however, the residents will be able to vote on municipal elections using it. Great, right? Well, not so much when you consider the opinion of Pierrick Gaudry.

Gaudry is a French cryptography expert who worked for governmental institutions. He recently looked at the system, which is based on Ethereum (ETH) and has concluded that the code is

“completely insecure”.

According to him, someone with the necessary logic could crack the defenses of the program in 20 minutes using a normal computer. The issue, he affirmed, was not with Ethereum, which is far from easy to hack, but with the encryption system used by the creators of the program.

Gaudry’s main problem with the choice is that the encryption is way too short and flawed. The system, which is based on a program called ElGamal, is less 256 bits long, which is generally considered the ideal.

The city affirms that the system will be used in the upcoming local elections and that the voters will have their identities and details preserved. Gaudry disagrees. He said that a potential hack could expose people and anyone could see in who they voted, as well as their personal details.

Fortunately, the team posted the code on Github exactly to make sure that, if someone could crack it, they would before the elections. Gaudry has already contacted the team, which is aware of the issues. They promised to upgrade the cryptographic system to at least 1,024 bits soon as a response to the criticism.

Source

Samsung Finally Announces Integration of Bitcoin (BTC) Into its Blockchain Smartphone

Samsung has officially announced its integration of Bitcoin into its upcoming and series of blockchain-enabled smartphones. This news comes in the wake of the company’s partnerships with a range of blockchain-enabled or specialist companies like Enjin.

This move also comes in the months after the launch of the Samsung Galaxy S10 series back in mid-March 2019. Along with this broader announcement, the team also introduced its community to its bespoke ‘Blockchain Keystore’ which offers its users broader access to cryptocurrency storage and payment solution for Ethereum and related ERC-20 Tokens.

Even though this includes a wide range of dApps that leverage Ethereum, Samsung actually had an unspoken exclusion of the number one cryptocurrency in terms of market cap.

The company that is otherwise known as one of the tech giants operating within South Korea has since announced that it will be including Bitcoin related features to its developer kit (SDK) for a wider array of S10 models (S10e, S10, S10+ as well as the S10 5G) including its Note10 and Note10+ models.

The Samsung-based SDK solution actually allows those on Android Devices to link their dedicated blockchain addresses to Samsung’s blockchain Keystore. From there, users will be able to sign cryptocurrency transaction as well as check their Keystore status.

Some of the blockchain features on these phones remain geographically exclusive to certain areas. For the moment, these consist of the following: Canada, Germany, South Korea, Spain, Switzerland, the U.S., and the U.K.

Some of the newest additions to the SDK also include support for other native cryptocurrencies such as Klay, from the Klaytn network, which was recently launched by the Korean-based messaging solution – Kakao.

During the latter part of last week, Kakao’s blockchain subsidiary, known as GroundX has since teased at the launch of its upcoming wallet for Klay referred to as Klip, and has also announced the introduction of its very first decentralized dApp partners.

Samsung now officially lists 17 dApps within its digital Keystore and is actually in the process of developing its own, which is based on top of Ethereum. It has been alluded to that it may be working to release its own token, according to reports from the firm.

Source

KOSCOM and Five Major Korean Firms to Launch a Blockchain for “Unlisted Company Securities”

  • KOSCOM blockchain integrates ‘unlisted shares’ mostly from small and medium sized companies.
  • The blockchain – a collaboration of six major Korean companies – is set to be launched by the end of the year.

Six Korea companies in the fintech industry will collaborate to launch the country’s first blockchain to integrate unlisted shares. The companies involved in building the blockchain are Koscom – the primary head of the operation – Hana Financial Investment, KEB Hana Bank, Daejeon Technopark, Amicus Lex and the Korea Accelerator Program.

The ‘Koscom Blockchain’ is set to improve the overall trading of shares not listed on the big stock market exchanges. According to a local Korean media outlet, Chosun Ilbo, Koscom blockchain is set to be released before the end of the year offering the smallest of non-listed companies an opportunity to issue their securities on the wider market – safely, quickly and efficiently.

Korea’s ‘Unlisted Shares Problem’

Small and medium sized companies do not issue their physical securities on the exchanges much like the top companies. Stocks in small companies are a trading ‘blind spot’ in Korea given the costs associated with the securities value chain.

Most of these companies’ securities are traded over the counter, with humans taking messages over the phone while accepting trading offers and recording the results on paper or a spreadsheet. This is definitely a slow, ineffective and erroneous method to conduct securities trading.

The Koscom blockchain will offer companies not large enough to afford listing on the Kospi main board, the Kosdaq secondary board or the Korea New Exchange (Konex) a platform to issue their securities. The blockchain is set to offer a wider market an opportunity to trade the unlisted securities while reducing the cost of listing to a minimum.

In mid-July, major South Korean firms including Samsung, KOSCOM, SK Telecom, KT, LG UPlus and KEB Hana Bank announced a collaboration to build a mobile ID system on a blockchain.

Source

Why are Israeli Banks Refusing to Take Fiat Deposits from Cryptocurrency Traders?

On August 6th we reported the difficulty experienced by Israeli cryptocurrency traders to pay taxes given the concerns raised by the banking industry. With over $85 million USD in tax arrears to be paid to the government, cryptocurrency traders are blaming the banks for purposefully creating a barrier due to the competition from the emerging technology.

Will the war between the two come to a resolve? Not anytime soon given the banks sees cryptocurrency as a replacement to the long-standing industry.

‘Government turning a Blind Eye’

One of the Bitcoin traders in the country, Ron Gross, talked to Haaretz, an Israeli publication, blaming the systems in place for constricting cryptocurrency traders from paying their taxes from trading. The traders complain that their funds are locked up in various countries such as Switzerland and have no means to getting into Israel given the banks refusal to accept their deposits.

Despite the government and tax authorities fully aware of the problems facing the traders, they have chosen to do nothing as Ron puts it:

“The tax authority is aware of the problem, but they say the ball isn’t in their court.”

The Israel tax authorities charges the cryptocurrency traders 25% capital gains tax while corporations in the crypto industry pay upwards of 47 percent.

Competition for the Shekel

On July 19, reports from the local dailies announced the Israeli National as part of a larger cryptocurrency scam worth over $1.7 million USD. Such scams and other illegal activities ‘enhanced’ by cryptocurrencies are the main reason as to why banks are not accepting cryptocurrency traders to deposit.

Or Is It The Competition From The Emerging Asset Class?

The emerging virtual currencies are raising doubt among a number of governments across the world. Israel’s shekel is currently in doubt as a long term currency in Pakistan, as the latter aims to replace it with a digital sovereign currency. Israel’s government has also come out strongly calling out for the development of digital currency to replace the national currency.

Source

Nearly 15 Governments to Cooperate in Creating a Worldwide Crypto Monitoring System To Fight Money Laundering

Governments of about 15 countries seek to establish a new system of cooperation that would enable them to collect and share with each other personal information on people who transact in cryptocurrencies, Nikkei Asian Review reports.

Among the countries that will develop the new system include the Group of 7 (G7) members, Australia and Singapore. The system is to be designed by the Financial Action Task Force (FATF), an international organization that consists of 37 member jurisdictions and 2 regional organizations.

According to the report, the plan is for the detailed measures to be drawn up by 2020, and a few years later, the system should be in operation, which would then be managed by the private sector.

The goal of this effort is to prevent the laundering of money, which is then used for a host of illegal purposes, including funding terrorist organizations.

Given that many countries do not have a regulatory framework for crypto, and that a number of them are working on establishing clear rules for cryptocurrencies, it is generally very difficult to establish a global set of rules or a system by which most, if not all, countries will be guided, but this effort might bring all of them closer and faster to their legal goals.

In June, the FATF agreed to implement their previous recommendations that would force governments to tighten oversight of the crypto business.

In other related news, just recently the Financial Conduct Authority (FCA), a financial regulatory body in the United Kingdom, issued the Final Guidance on crypto assets, while the G7 attendees at a summit of ministers and central bankers expressed concern about Facebook’s Libra and crypto-related matters and promised action.

The crypto industry has witnessed numerous regulatory announcements in the recent past, especially after the announcement of Facebook’s Libra project and the crypto enthusiasts can expect a lot more to come.

Source

International Data Corporation Details How Companies Will Spend $16 Billion On Blockchain By 2023

The blockchain technology might not be a panacea that will fix all problems, but it is a strong trend in several industries. A new report made by the International Data Corporation (IDC) affirmed blockchain spending is set to reach $16 billion USD by 2023. The yearly growth in spending will be around 60%.

This new study shows data from several perspectives. It divides it by region, industries, use cases and other perspectives. The banking industry is expected to be the sector that will invest the most in the technology, being responsible for 30% of all the spending. 20% is said to come from the manufacturing industry, which is also using the blockchain a lot.

When the spending is related to the development of technology, not only its implementation, then the tech sector is obviously the sector that spends the most. 70% of all global spending is set to come from this sector.

The United States is the market that will spend the most, $1.1 billion USD, followed by Western Europe with $661 million and China with $304 million. It should be noted that the cost of labor in China is considerably lower than in the U. S., so the country is investing a lot, despite spending only a fourth of the largest economy of the world will spend.

James Wester, the blockchain strategies director of the IDC, has affirmed that companies are looking for innovation despite the uncertainty on the sector and that the blockchain is being widely adopted around the world.

Source

Coinbase Reveals How It Averted A Complex Hacking Attack Seeking To Extract Private Keys And Passwords

Coinbase’s security team has revealed that it managed to stop a complex phishing attack that sought to extract user private keys and passwords.

In an official blog post the crypto exchange giant revealed that the incident involved the exploitation of two 0-day vulnerabilities on the Mozilla Firefox browser.

According to the blog post, the first steps of this phishing attack started in late-May this year. In the beginning, more than 12 employees of the exchange received an email claiming to be from Gregory Isaacs, a Research Grants Administrator of the University of Cambridge.

The email came from a real Cambridge University UK domain and passed the security filters undetected. Within a couple of weeks, the employees received more emails, which easily passed security checks as they did not have any malicious content.

However, the attackers soon changed their tactics. On June 17, the employees received another email. Unlike the emails that came before it, this email contained a URL. Upon opening the URL with the Firefox browser, it installed a malware on the recipient’s computer.

The San Francisco based exchange details that the hackers used compromised academic accounts to send emails.

The initial emails referenced legitimate academic events. Also, the hackers customized them to fit specific profiles of phishing targets. The June 17 move attempted to infect only 2.5 percent of the targets with the URL that hosted the 0-day.

Coinbase claims that its system and one of its employees flagged the email as suspicious. The exchange’s security team then worked quickly to stop the threat.

With one employee ending up clicking the sent URL. At that point the exchange says:

“we revoked all credentials that were on the machine, and locked all the accounts belonging to the affected employee.”

Although the firm does not divulge lots of details on how they stopped the phishing attack, afterward, Mozilla fixed one of the vulnerabilities in the following day and dealt with the other one in the same week.

Source

South Korea Creates Regulation-Free Zone For Crypto Development

The government of South Korea has recently declared Busan as a “regulation-free zone” for blockchain technology. This move was being expected for a long time, as the government had announced it a while ago.

According to the government, the model is said to be inspired by Zug, in Switzerland. The Swiss town has created a similar model in which the companies are freer to innovate with the technology and have fewer barriers created by the government.

Busan is the second-largest city in South Korea and it will have several blockchain projects that will be focused on different areas such as finances, tourism, public safety, and others.

In order to implement the project, the government decided to lift eleven different regulations. It is expected that local and international investors will move over $25 million USD to the region within the next two years. Reports indicate that the core of the project will be based between the two “innovation districts” of the city, Dongsam and Munheyon.

Project Will Have Several Partners

Several companies have already announced that they will be a part of this new initiative. The BNK Busan Bank was one of them. The company is an exchange that will supervise blockchain management and is set to create a new stablecoin pegged to the local fiat currency.

Another company that is set to be a part of this initiative is Hyundai Pay. The company is said to be planning to support payment solutions that will be used in tourism. It is a subsidiary of Hyundai that was created in 2016 and it has recently started a partnership with the city of Busan in order to move there and use the platform on the town.

The largest holder of blockchain patents in the country, Coinplug, is also set to be a part of the initiative. The company is set to create an app that will allow the citizens of the city to film crimes and disasters and send the files to the authorities, so they can act quickly. A reward system will be created in the app to encourage people to use this system.

Finally, there is BP&Solution, a computer company based in the city. This company will develop a blockchain technology that will be related to fisheries.

Busan Will Not Be 100% Regulation-Free

Despite the claims that the city will be free from regulation, Busan will not be full without any kind of regulation at all. Some laws will still apply. For instance, Initial Coin Offerings, which are banned from the country, will not be allowed in Busan.

Cryptocurrencies will suffer more restrictions and will have very limited use as the country is not really so comfortable with them. Because of this, non-crypto projects can be expected to benefit more from the zone.

The whole project was explicitly not made to be crypto-related from the start. Despite some of the projects creating their own cryptos, they are to take a second place and let the blockchain shine.

Because of this, the so-called regulation-free zone should be more seen as a controlled experiment in which the companies get more freedom than an actual zone in which companies will be able to do as they please, taken that the local government is very suspicious of cryptos.

Busan was a great choice of city since it has a long history of being a center for the national financial world and innovation as well. With the current work in the local blockchain industry, Busan is certainly set to become one of the most important centers for the technology in South Korea.

The president of South Korea, Moon Jae-in, has recently promoting ideas of regulatory sandboxes in order to find out the best way to let the technology in the country be properly developed. Busan may be the main project, but several of these regulatory sandboxes have been approved so far. At the moment, Korea has over 80 of them.

With this effort, the government is making the right steps in order to bring more innovation and development for South Korea.

 

Source

Truffle Is Set To Release Development Tools For 3 New Networks; Hyperledger, Tezos, R3’s Corda

Truffle, a popular company that creates dev tools for Ethereum and was backed by the Ethereum accelerator ConsenSys has decided to branch out. Now, the company will no longer be limited to releasing tools for ETH developers.

According to the new announcement made by the company, three new blockchain networks are set to receive development kits as well. The CEO of the company, Tim Coulter, has decided to make the official announcement on TruffleCon, an important conference in Seattle that is focused on the products of the company.

Coulter affirmed that Hyperledger Fabric, R3’s Corda and Tezos will all receive development tools soon and that Ethereum will cease to be the only focus of the group.

Truffle’s vice president and head of global strategies Wesley McVay also present at the conference. He affirmed that they were proud to celebrate again. Last year, they announced that the company had just been able to reach a total of one million downloads. This year, they were proud to announce the new integrations of the product.

If Ethereum was all about open-source development, now the focus of the company may vary a bit. Both Corda and Hyperledger Fabric are very important blockchains which are focused on enterprises.

These platforms were created by big consortiums which were focused on catering to a new market: companies seeking to offer blockchain-related products. They are backed by giants of the technology such as IBM and have a completely different focus than Ethereum.

Tezos, on the other hand, is somewhat more similar to what Truffle was offering with ETH. Tezos is a public blockchain network that currently has a market cap of around one billion dollars. Major companies are developing on top of the technology, which also makes it another interesting choice for developers.

Integration Is The Future

According to Brian Behlendorf, the executive director of Hyperledger, Truffle is making an important advancement for communities which used to be divided before. According to him, by releasing this set of tools for developers, the communities that will be helped by Truffle will be ready for better integration.

He also affirmed that this can be seen as a huge step for compatibility and interoperability between the different protocols. This can bring better smart contracts to the market and ultimately benefit both the Hyperledger and Ethereum developers at the same time.

Truffle’s representatives have also spoken about interoperability as one of the goals of the company. With over 3.4 downloads of its Ethereum-based project, the company is set to grow a lot more by integrating different technologies.

According to the company, the goal for the future is to let developers use their tools to start developing for whatever network they want and then integrate their protocols.

Integration seems, in fact, to be the trend of the future. A recent gaming project called Blockade Games has just started to create a bridge between the Bitcoin Lightning Network and Ethereum, for instance, and it seems that this is just the start. More and more projects are bound to be integrated in the near future, connecting what were once very distinct and unrelated projects.

Security Token Platform TokenSoft Adds New Know Your Busines Services Per Latest FinCEN Policies

One of the leading names in digital securities issuance and management platform recently announced the successful testing of their Beta platform. In doing so, they now support Know Your Business (KYB) checks for token issuers for an extensive profile of their customers.

TokenSoft was started after seeing a need for secure and compliant issuances that were not being met. The team worked with attorneys and leaders in the space to understand the needs and built an open-architecture, white-label token issuance platform.

The CEO of the firm Mason Borda says:

“In speaking with providers of Know Your Business services, we found that the average processing time for a single entity was ten days. We’re excited to introduce a level of automation to the process to bring this processing time down to a few hours.”

Mason has spent his career building secure infrastructure to enable the compliant transfer of digital assets. In 2016, he built the first commercially viable custody solution on the Ethereum network. While at BitGo, he helped the company to scale to move over $1 billion in digital assets a month.

Now, Mason is looking forward to adding more features onboard. They want to enable faster onboarding of institutional clients. They additionally want to ensure high-grade Cybersecurity. A data breach involving Capital One recently involved the sensitive personal data of 106 million people exposing social security numbers and bank account numbers.

Compliance is another issue. They have automated their process and in doing so the procedures issuers and compliance teams can benefit from a process that can be easily audited.

KYB Lead Engineer, Randall Leung says:

“As KYB can be complicated with many moving parts, our objective was to create a user flow to feel familiar and intuitive to minimize user friction.”

Source

Islamic Expert on Shariah Acceptability: Halal Coin Is Only a Matter Of Time And Awareness

The Islamic financial world has some pretty big differences from its Western counterpart. For instance, in the Islamic regions of the world, the markets have to follow the Shariah, known as the Islamic law. There is not a complete separation between Church and State and this affects the economy as well.

As you may have expected, this obviously affects the crypto market, too. It is because of this that an Islamic expert called Suhaida Mahpot recently talked about the upcoming emergence of the “halal coin”. A halal coin would be a cryptocurrencythat is “halal”, meaning that it is accepted by the Shariah standards.

One of the principles that a halal coin would need is to not be used in speculation, for instance. This is partly what makes the situation harder to define, as cryptos are often involved in speculation.

Mahpot, who is the CEO of Amanie Advisors, a Shariah advisory company, affirmed that it is only a matter of time and awareness before the first halal coin appears in the Islamic market. According to him, some investors are very skeptic of the Islamic market because of its own complex rules. This causes uncertainty and some investors simply decide that it will be profitable to invest elsewhere.

This is obviously bad for the countries, as they lose the change of getting investors that could help. Mahpot, which works in the industry for over 11 years, affirmed that Malaysia has a big potential for growth in the future.

Situation With Crypto Is Similar To Other Investments

According to Mahpot, the situation of the crypto market is very similar to two kinds of investments that were introduced in Malaysia before: Amanah Saham Bumiputera (ASB) and Amanah Saham Nasional (ASN).

He explained that the perception of these investments changed over time. They were created during the 90s and they are now considered “harus”, which means that they neither encouraged nor prohibited by the Shariah. Before there was consensus, there were plenty of doubts in the industry whether the investments were harus or “haram” (against the Shariah).

Now, the financial institutions of Muslim countries need more education about how cryptos work. Only this way they will be able to at least declare that they are harus. Without this, the uncertainty will be too big to convince investors to give the investment a shot.

Currency, Saudi Arabia and the United Arab Emirates are starting to work on the creation of a new cryptocurrency. Also, there are several companies which claim that they have created a fully halal token such as ADAB Solutions, which created the so-called First Islamic Crypto Exchange. So far, nobody actually accepted these tokens as halal.

Source

Curzio Equity Owners (CEO) Token Becomes Tenth Coin To Launch On Securitize, A Coinbase-Backed Platform

Digital asset management at Coinbase-backed, Securitize, is gradually picking off as assets under management value increases.

The company announced earlier on Tuesday, the addition of yet another on-chain token – Curzio Equity Owners’ (CEO) token.

The Curzio Token (CEO) Launches on The Securitize Platform

The Curzio Equity Owner’s token, short CEO, becomes the tenth digital asset to gain listing on the securities management firm.

On its website, the Curzio equity owner’s token is described as the first digital security that offers an equity stake in the high-margin investment newsletter industry. The token provides equity backed by the Curzio Research newsletter business aiming to provide its users with a scalable, peer to peer network. The token provides an opportunity for the holders to join a previously intense industry to join.

The securities management firm is witnessing steady growth with the CEO token expected to add the value of its AUM from the current $200 million USD mark. Currently the value is contributed by the 9 assets on the platform with five of these assets trading on regulated markets like Open Finance Network, Sharespost, and tZero’s alternative trading system (ATS).

Speaking on its addition on Securitize, the CEO and founder of Curzio, Frank Curzio, showed excitement and belief that the platform will soon take over the legacy systems. He said,

“I’m excited to be an early adopter of digital securities, an industry that’s disrupting the traditional high-fee investment banking business model.”

Securitize: Digital Asset Management

Securitize offers users a secure platform for digital asset management, trading services and technical work relating to onboarding clients and investors. Despite the extended help offered by Securitize, Curzio had to file its own legal documents.

The Securitize program assists corporations and startups manage their digital assets and further offer services relating to offering securities. Some of these services include securing legal advice, issuance and management platform fees, broker-dealer fees and listing fees – if a listing takes place. The statement from the Securitize firm confirms that the process of launching the token was not all smooth as costs hindered part of the listing.

Recently, Securitize switched to an open source protocol for developers in a bid to enhance the issuance of the tokens.

Source