Major Crypto Exchange From South Korea, Coinone, Shares Official Checklist for New Coin Listings

The third-largest crypto exchange of South Korea, Coinone, has decided to create a set of criteria for the company that wants to let people trade their tokens on the platform.

This decision was announced soon after the exchange made a partnership with CertiK, a local company that will now be responsible for security validation in the network.

Now, all candidates for listing on the platform will have to ensure that they follow a total of nine criteria before they are allowed into Coinone.

Some of these criteria will take into account things such as a good business model, long-term strategy and vision, distribution plans, transparency, marketing plans and more. Basically, only great investments will be allowed in the platform moving forward.

All potential tokens will be reviewed and the team behind the protocol will be taken into account as well when determining if they are good enough.

Non-compliant Tokens Will Be Delisted

If a token is not compliant with the rules, it will end up being delisted. For instance, if the quality of the protocol goes down or if the companies lack transparency or engage in market manipulation, they will be delisted. Any involvement with criminal activity will be the reason for an instant ban. Blockchain failures and other technical problems will be also taken into account.

Whenever a token is failing at one of these instances, it will be warned once. If the company is not improving on the matter that caused the trouble in the first place, then the delisting will happen sometime after the company was first warned.

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Author: Bitcoin Exchange Guide News Team

Mike Tyson’s New Startup ‘Fight to Fame’ Will Mix Up Entertainment with The Blockchain

Mike Tyson, the famous American boxer star, has recently decided to create a new startup. The platform is set to be an entertainment platform for fighters that will be called Fight to Fame.

This new platform is set to use the blockchain technology to create the conditions that will help aspiring fighters to reach success.

According to Tyson, the platform, which will have Farzam Kamalabadi as CEO, will fulfill one of his goals, which was to be a mentor for new generations of boxers. He affirmed that he’s interested in helping them to find success and real compensation in their careers, so this platform will be his pet project.

Kamalabadi affirmed that the blockchain will be important because it will enable the participants to solve problems that were simply impossible to solve before. This way, fighters can use fan tokens to get money other than the fees that they normally get in the industry.

In this model, the fans can also gain money if the value of the tokens goes up, which can help the fighters and the communities of fans which are created around them.

The new platform is set to be “fully immersive” and use the blockchain to provide a completely new experience. It was also affirmed that the project can be important for the blockchain industry as well. Tyson is a very famous figure, so his endorsement of projects like this one will certainly be important for them to be successful in the future and can drive adoption up.

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Author: Hank Klinger

New Jersey Will Soon Have a Blockchain Initiative Task Force of its Own

  • The resolution to create such a task force was passed by NJ Governor Phil Murphy.
  • The task force will have to submit its findings/recommendations to the state government every 180 days.

In what is being considered a welcome move by crypto enthusiasts all over the world, the Governor of New Jersey (NJ) — Phil Murphy — has just signed a bill that will allow for the creation of a NJ-centric blockchain task force (BTF).

Additionally, as per an announcement made by the NJ state department a few days back, the task force will be responsible for dealing with things related to:

It should also be pointed out that the new BTF will comprise of 14 people — all of whom will be selected by state government officials of varying ranks.

The task force will have to submit a report on its findings to the NJ government every six months. Not only that, they will also have to conduct CBAs (cost benefit analyses) so as to help filter out the best projects that are currently available within this burgeoning domain.

The task force is going to be helmed by New Jersey’s current Chief Technology Officer Chris Rein (who is quite well known for his pro-crypto stance).

In regards to this entire development, Senator James Beach — who was one of the main sponsors of this bill — recently commented that through the use of blockchain solutions, different state governments can bolster their native security protocols in a big way. He also added:

“Blockchain is a technological innovation that will protect us from hackers and those seeking to steal our information […] I believe that whatever the taskforce decides, there is a place for blockchain to be used in local governments to protect them from the ever increasing dangers of the Internet.”

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Author: Shiraz J

Six Korean Fintech Firms Join Hands To Develop A Blockchain For OTC Securities Trading

Six Korean Fintech Firms Join Hands To Develop A Blockchain For OTC Securities Trading

Six fintech companies in South Korea have signed an agreement to create a blockchain-based platform that will help in trading of unlisted securities.

CoinDesk reports that the aim of the consortium is to create a blockchain platform that will reduce the costs of transactions, fasten them and make them secure. The platform will aim at making the transactions efficient as well as accessible to a wider range of investors in the country.

The six companies comprise of Korea Accelerator Association, KEB Hana Bank, Hana Financial Investment, Daejeon Techno Park, and Amicus Rex to build the ‘unlisted stock market platform’.

Through this agreement, the firms aims at providing specialized services based on the expertise of each institution with the aim of revitalizing the unlisted stock market that is said to be in the blind spot of the trading zone in Korea as the high costs in the stock value chain can prevent small firms not ready to list in the major exchanges from raising capital.

KEB Hana will handle escrow. Hana Financial Investments will provide support to unlisted companies. Amicus Lex will offer legal advice, while the accelerator association and the techno park will do the marketing and promotion for the platform.

The platform will be launched in the second half of this year by Koscom. Koscom is 76.6% owned by the Korea Exchange.

Koscom expects that small- and medium-sized ventures will reduce the burden of managing shareholders, investors will be less anxious when trading unlisted stocks, and the start-up funding market will be activated.

Koscom’s blockchain technology was selected by the Financial Services Commission’s Innovation Financial Services as a platform for shareholder list management and stock trading for startups and medium-sized companies in May. The Financial Services Commission said that Koscom’s unlisted trading services met key requirements such as innovation and consumer convenience.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Joseph Kibe

US Federal Reserve To Offer Fast Payments With “FedNow” as Ripple Community Gets Excited

US-Federal-Reserve-To-Offer-Fast-Payments-With-FedNow-as-Ripple-Community-Gets-Excited

The U. S. Federal Reserve has recently affirmed that it would start to create a system that could be used to make faster payments. Despite having the technology to do it for years, the Fed has not been able to move forward for a while.

During the most recent speech of the Fed board member Lael Brainard today, though, he affirmed that the Fed is looking into

“real-time payments”.

The new service is being called FedNow for the moment and it is used for settlements that can be done almost instantly in the future.

Obviously, some people believe that the Fed might use blockchain technology to do it. The technology has been on the spotlight for quite some time now and it is definitely one of the main technologies that can be used for this kind of situation.

Could This Be An Answer To Facebook’s Libra?

During Brainard speech, he talked about companies which are looking to start their own payment systems. He could not be talking about any other company than Facebook, obviously.

As soon as Facebook’s new product is launched, the world will come to expect real-time payments. If banks are not able to provide them, they will lose to the competition. Because of this, he affirmed that banks will need to focus more on innovation in the coming days in order to continue to be relevant in the market.

The announcement was endorsed by the executive director of Financial Innovation Now, a group that includes companies such as Apple, Google, PayPal, Amazon, and Square. Brian Peters affirmed that this is a bold step into the future and that real-time payments will be the foundation of innovation in the U. S.

XRP Community Bets Fed Will Use Ripple Technology

Despite nobody at the Fed affirming that they would use Ripple, the people from the XRP community seem to be pretty sure of that. Some people on social media are affirming that this new system will be based on technology. That is very unlikely, though. Some private banks may use XRP, but it would be really surprising to see the U. S. government using it.

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Author: Daniel W

Facebook Is Looking To Achieve Global Regulatory Compliance as Libra Vies for New York BitLicense

Facebook-Is-Looking-To-Achieve-Global-Regulatory-Compliance-Company-Applied-for-New-York-BitLicense

Facebook’s Libra coin, the new initiative from the company in order to create its own crypto and bring a frictionless and globally-available currency to all its clients is looking to get the New York BitLicense, considered the hardest regulatory approval to get in the United States.

The company is taking all the steps to appease regulators all over the world before the launch of Libra, but many experts seem to be concerned that the company will not have a fully successful enterprise this time.

In order to achieve its global regulatory compliance, Facebook will have to carefully deal with central banks and financial regulators from several countries. This will involve thousands of officers from dozens of countries.

According to Sean Park, the founder of CIO of Anthemis, a venture capital company, Facebook is far from having won the battle so far. This is not to say that the company has not made any kind of progress. Calibra, the subsidiary that will oversee the token and its wallet, has been already registered with the U. S. Financial Crimes and Enforcement Network (FinCEN), for instance.

Trying to obtain the BitLicense from New York’s Department of Financial Services is another smart move because it generally takes a long time and Facebook may even get rejected, so the company needs to work very carefully here.

Obviously, Facebook is not only dealing with U. S.-based regulators. The company has already been talking with Britain’s Financial Conduct Authority (FCA), the Bank of England and FINMA, the Swiss financial regulator. Recently, the Russian Ministry of Finance also affirmed that Libra will be treated just like any other token in the country, too.

Facebook Will Not Get A Free Pass

Even if Facebook is right in making all these steps as soon as possible, the company is far from having a free pass, in Park’s opinion. As soon as the product is launched, the authorities of the United States, European Union and India are going to be looking closely to the new coin.

The Central Bank of Singapore also seemed somewhat skeptic of the token and affirmed that it would require more information about the project before being able to allow it.

As you may know, Facebook is also being accused of leaking private information, so the global confidence in the company is far from high right now. If Facebook already had troubles with regulators, things are bound to take a turn for the worse with Libra.

Obviously, it should be remembered that Libra is not set out to be the new Facebook Coin. The new token is also managed by the Libra Association, which contains companies such as Uber, Mastercard, Visa, Paypal and others and is based in Geneva.

While Facebook is expecting the scrutiny, nobody knows how harsh the global regulators will actually be. The Bank of International Settlements, for instance, is already expected to place some restrictions on this new currency. The chair of the Financial Stability Board, Randal Quarles, is also reported to have affirmed that the company needs bigger scrutiny in order to be allowed to launch Libra.

According to representatives from Facebook, Libra is not planning to acquire any local banking licenses and all the value that the token will have will come from investment in government bonds and currencies, just like governments do with their sovereign fiat currencies.

These reserves, as affirmed by a Representative of the company to Reuters, will also fully follow the monetary policies of the countries that hold these assets.

At the moment, not a lot is known about Facebook’s ability to discover money laundering and tax evasion or fraud, so the company will have to take care of that before it can be whitelisted by international regulators which are often worried about this kind of question.

Jeff Bandman, a former U. S. Commodies Futures Trading Commission (CFTC) executive, has affirmed that Facebook has not yet fully considered the position that it is taking. To him, the company will use this year to figure that out and to narrow (and rescale) its project.

He affirmed this because he believes that such a huge project in an attempt to disrupt the global financial system is a very audacious plan and it has to be laid out well if it is supposed to work.

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Author: Gabriel Machado

BitMEX, Refinitiv and CryptoCompare to Collectively Create Real-Time Crypto Futures Metrics

BitMEX, Refinitiv and CryptoCompare to Collectively Create Real-Time Crypto Futures Metrics

BitMEX, known as a crypto derivatives platform, is set to unite with CryptoCompare to create a real-time crypto futures dataset. The companies are ready to create this product for new investors and to use the technology of Refinitiv, which is providing the base platform, together.

After the integration with Refinitiv Eikon (a set of software products focused on professionals who want to monitor markets in order to get the best results), the product is being set to make crypto markets more transparent.

The CEO of BitMEX Arthur Hayes is heading the initiative, which he believes that will be important in order to secure greater participation from institutional investors in the crypto world.

According to him, making good trading decisions depends heavily on solid data. If the investors do not have this kind of insight, they will often avoid these markets as they are seen as riskier than the other ones.

With the help of the new product, however, the company will be able to cater to this kind of investor better and will give them the confidence that they will need in order to be participants in this market.

CryptoCompare is another company which has a long-time interest in catering to this kind of investor offering data. They made a partnership with Thomson Reuters last year in order to provide an order book for 50 cryptos on the Refinitiv Eikon platform, of which the company was already a partner before this latest project was started.

The founder of CEO of CryptoCompare, Charles Hayter, has affirmed that the crypto market is ready to mature now and this will certainly bring all kinds of new investors, especially the institutional ones, which are often seeing as the most interesting type because they trade in large sums.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel M