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Open-source blockchain project NEO is promising an exciting mix of tech, business, and regulatory speakers at its 2019 DevCon event.
Hundreds are expected to attend the Hyatt Regency Hotel in Seattle between February 16-17th to listen to more than 40 speakers and view more than 30 projects across 20 separate exhibits.
In addition, NEO will host a one-day workshop that will introduce developers to the fundamentals of NEO blockchain development. With support for multiple programing languages such as C#, Python, and JavaScript, NEO aims to be the most developer friendly smart contract platform.
NEO founders Da Hongfei and Erik Zhang will open the event giving visitors insight into NEO’s promise of a Smart Economy and plans for platform growth over the next 12 months.
The rest of the opening day will focus on topics such as platform architecture, innovation, the regulatory landscape, and the transition to a Smart Economy.
Scheduled speakers include Miha Kralj, managing director of the world’s largest consulting company Accenture, who will talk about the big trends in blockchain, and Dr Chris Berg of the Royal Melbourne Institute of Technology (RMIT), who will discuss crypto-economics and its role in the future of the global economy.
Another confirmed speaker is Joseph Williams, Governor Jay Inslee’s ICT industry sector lead & State of Washington ICT economic development director. Williams will give visitors an insight into how regulators view the development of blockchain.
Day two of NEO DevCon will shift gears and take a deep dive into technical blockchain topics such as consensus mechanisms and decentralized storage, as well as explore a range of decentralized application (dApp) use cases, patterns and practices.
Co-founders of the NEO Saint Petersburg Competency Center, Sergei Liubich and Anatoly Bogatryrev, will present research progress on their NEO based distributed decentralized storage platform.
The Coelho brothers and founders of NeoResearch, Igor and Vitor, will discuss how high performance computing can advance consensus mechanisms and how the NEO blockchain can be used as a problem solving network.
Representatives from ecosystem projects such as Neon Exchange, Moonlight, Blacat and Archon will also share insights on dApp development and their contributions to the Smart Economy.
Erik Zhang, founder of NEO, said:
“We’re excited to have such a high profile list of speakers at DevCon 2019. The future for blockchain, and for NEO in particular, is bright. The market is emerging out of an extended downtrend, but the fundamentals of the technology on which we’re building the smart economy of tomorrow are stronger than ever. Over the next 12 months and beyond, we’ll be working to make our platform even better, to further decentralize our network and begin to push out the dApps and experiences that will aid greater adoption and understanding of blockchain.”
Development Workshop
NEO DevCon will also feature a workshop for participants who are interested in learning to work on NEO’s developer-friendly platform.
The workshop will guide developers through how to set up a NEO development environment, design a smart contract, deploy to the blockchain, and interface with a smart contract.
It aims to give participants all the skills required to start building their own dApps on the NEO platform.
NEO DevCon will be held at the Hyatt Regency Hotel, Seattle, February 16-17th.
Early bird tickets are on sale now for $149 and are available until January 15th. Full price tickets will be $299.
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It is no secret that government entities are struggling to both define and regulate blockchain technology — particularly in the United States. Despite holding Congressional hearings on the matter, U.S. federal governing bodies cannot come to a consensus on, let alone fix, the discrepancies between state definitions and regulations.
Education in the blockchain space is severely lacking, and as U.S. legislators struggle to understand the technology, other countries have surpassed us — moving onto both proposing meaningful regulation and presenting blockchain use-cases for more transparent government practices. Among the various blockchain technologies, cryptocurrencies are the highest regulatory target across the world. This raises the question: when will the U.S. follow the lead of other countries and form cohesive regulation for cryptocurrencies?
Other countries, particularly in Asia, are strides ahead of the U.S. when it comes to regulation of cryptocurrencies. For example, we can look to Chile helping to establishing a Bitcoin-to-peso exchange in 2015, or China implementing a ban on initial coin offerings (ICOs) earlier this year.
Whether harsh or not, having regulatory guidance not only assists in defining the use-case of the technology for various sectors, but also helps form a roadmap to clear regulation - one that can be built upon as the technology evolves. In fact, Chinese regulators are moving to improve upon their own legislation by looking to the public for feedback. This effort was most recently demonstrated by the draft policy released by the country's top internet censorship agency on how to regulate blockchain service providers. The news followed the Hong Kong Stock Exchange ’s proposal classify fintech startups as subject to existing financial regulations.
China is not the only instance of other countries leading the charge for blockchain legislation — Japan is also at the forefront with their being one of the first to draft regulation recognizing bitcoin as a legal form of payment, issue cryptocurrency exchange licenses, and then taking that a step further by exploring best practices for simplifying tax return filings for cryptocurrencies.
Even countries in Europe and South America have gotten involved, with an EU Securities Group recommending regulating crypto assets under existing financial laws, and Fernando Haddad, the presidential candidate for the Brazil Workers’ Party, recently publishing his plan for the government on the blockchain — helping to heed citizens’ calls for more government transparency.
As other countries are looking for ways to ensure cryptocurrencies can be utilized by the general public, in the U.S., we have a dearth of policy makers and decision makers who are champions of innovation. There is an immediate need for blockchain education among political leaders in the U.S.
The U.S. Securities and Exchange Commission (SEC) should absolutely be applauded for the recent formation of a division to talk to ICO startups , but the only way to create loophole-free regulation is to open the conversation and include blockchain leaders from various companies, both developing and utilizing the technology. Regulation on blockchain should be treated very similarly to the process used when revamping the tax code or updating the Telecommunications Act — by holding hearings and having roundtables with experts representing all stances on the technology.
The U.S. has a reputation for being a tech industry leader and economic giant; however, we are at risk of being surpassed entirely if legislators do not get up to speed on both the technology and how to best regulate it. We are no longer in a position to be debating the use-cases of the technology, but instead have to figure out best practices for ensuring blockchain is widely available and safe for mainstream use.
In fact, it was released that blockchain technology could actually save the federal government billions of dollars — but the lack of education on the matter within Congress is slowing movement on regulation, and will cause the U.S. to quickly fall further behind in the global technical economy.
It is evident that U.S. consumers and legislators alike are feeling the pressure to enact regulation as quickly as possible. This is no longer a question of when, but a more complicated question of how. While the creation of the Congressional Blockchain Congress was a step, there are still several back roads to the highway of mainstream adoption; we need to agree, as a nation, which one to take.
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Tuesday the 6th of November 2018 marks the next big election date in the United States, the midterm elections that allow the country to decide who represents individual states at Senate level. It’s an important election, as this is the first chance the people of the United States have a chance to show newly elected Donald Trump what they really think of him, sort of anyway.
It’s a little complicated if like me, you don’t know a lot about US politics, however the general feeling is that due to Trump’s politics, these elections are some of the most important to ever take place within the United States, suggesting that not only will this impact politics and public feeling, this is sure to have an effect on the cryptocurrency markets too.
What will happen to Bitcoin
During the 2014 midterm elections, Bitcoin didn’t really react to the political movements, therefore some expect that in this instance, Bitcoin will remain steady at a price nearing $6,500.00. Others however believe that during 2014, Bitcoin was still very immature, it didn’t truly fly until the end of 2017, so, a response to US politics in 2014 would have been far less likely. As a result of this, many are unsure about what will happen with Bitcoin.
The same goes for the actual election of President Donald Trump in November 2016. During this time, Bitcoin was valued at a price around $730.00 and remained steady throughout the duration of the election. Even when Trump came into power in January 2017, Bitcoin remained very slow and very steady.
History tells us nothing
The history of presidential elections in the United States and their relationship can’t tell us anything, because the relationship is so new. Therefore, we can’t really predict what will happen to Bitcoin come tuesday. Hopefully, the elections run smoothly and there isn’t too much of a political shake up. We have a feeling though that suggests if there is a bit of a shake up and Senate level, Bitcoin might react accordingly. If people are happy with the outcome in the US, Bitcoin might start to climb, if things don’t go to plan, Bitcoin might take a tumble. We won’t know until tuesday, so at the very best see this as a warning that things do have the chance to change slightly this week. Our advice, hold on and see what happens.
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Hong Kong’s security watchdog – The Securities and Futures Commission (SFC) – has announced new regulatory rules and guidelines for the country’s local cryptocurrency market. However, the highlight of this announcement is that the regulator wants to have a watchful eye on the operations of cryptocurrency exchange and cryptocurrency funds.
In its official announcement, the SFC notes under the existing rules, virtual assets do not fall under the definition of “securities” or “futures contracts”. Hence they do not come directly under the regulatory oversight of the SFC. As a result, investors who are dealing with virtual assets through unregulated platforms do not get the protection under the Securities and Futures Ordinance (SFO). Thus the SFC has decided that to protect the investors’ interest, it will bring crypto exchange operators under its regulatory purview.
“…It is proposed that the standards of conduct regulation for virtual asset trading platform operators should be comparable to those applicable to existing licensed providers of automated trading services,” the SFC adds.
The definition of “virtual assets” provided by the SFC includes all blockchain-based tokens like the utility tokens, digital currencies, and the asset-backed tokens.
Licenses for Cryptocurrency Fund Distributors and Portfolio Managers
Under the new regulatory guidelines, cryptocurrency fund distributors and portfolio managers will require to get an official license from the SFC. Fund managers with more than 10 percent exposure into virtual assets will have to mandatorily get their licenses. Also, “firms managing funds which solely invest in virtual assets that do not constitute securities or future contracts” will require a license for the distribution of their funds. The statement reads:
“In order to afford better protection to investors, the SFC considers that all licensed portfolio managers intending to invest in virtual assets should observe essentially the same regulatory requirements even if the portfolios (or portions of portfolios) under their management invest solely or partially in virtual assets, irrespective of whether these virtual assets amount to ‘securities’ or ‘futures contracts.’”
Ashley Alder, the chief executive of the SFC praised the agency for its new approach towards investors protection.
“The measures announced today allow us to regulate the management or distribution of virtual asset funds in one way or another so that investors’ interests would be protected either at the fund management level, at the distribution level, or both. We hope to encourage the responsible use of new technologies and also provide investors with more choices and better outcomes,” added Alder.
The Growing Regulatory Demand Due to Increasing Risks
The SFC cites several risks associated while dealing with virtual assets. The regulator says that the inherent nature and characteristics of the virtual assets are some of the reasons behind it. As crypto assets lack any intrinsic value, they are subject to high volatility and price fluctuations.
Furthermore, the anonymous nature of virtual assets makes them vulnerable to all sorts of illicit activities like terror financing, fraud, and money laundering. Additionally, the cryptocurrency market is facing huge challenges in terms of cyber-security risks and thefts. Most of the centralized exchanges across the globe have faced huge losses this year due to external attacks. On top of it, the lack of secure storage solutions is another reason preventing investor participation.
The regulator thus mandates proper regulatory rules to have a cleaner and safer environment for investors. It notes:
“While virtual assets have not posed a material risk to financial stability2, there is a broad consensus among securities regulators that they pose significant investor protection risks. The regulatory response to these risks varies in different jurisdictions, depending on the regulatory remit, the scale of the activities and their impact on investor interests and whether virtual assets are deemed financial products suitable for regulatio
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The report says that a growing number of institutional players from the global financial space are moving towards investing in Bitcoin and the overall cryptocurrency market.
The research arm of banking giant Morgan Stanley recently released a report showing the increase in institutional participation in the cryptocurrency market. On Wednesday, October 31st, Morgan Stanley released an update to its report – “Bitcoin Decrypted: A Brief Teach-In and Implications”.
In the report, Morgan Stanley highlights the trends over the past six months of Bitcoin and the overall crypto market. However, Morgan Stanley says that even though the institutional investment is on a rise, the retail participation is stagnant.
Observations Made Through the Rapid Morphing Thesis
Morgan Stanley report started by specifically emphasizing on the “rapidly morphing thesis”. The thesis noted Bitcoin as “digital cash” and said that investors had full confidence in the cryptocurrency. Furthermore, the thesis noted how Bitcoin has emerged as an answer to the issues within the traditional financial system.
Moreover, the thesis also mentions several issues discoveries which have helped the Bitcoin ecosystem to evolve as a whole. It takes a tour through all things like a number of hacks, hard forks, price volatility, and others. Moreover, it also lauds the most important aspect i.e. the permanent blockchain ledger which records all transactions.
The most important thing which the thesis mentions is that for almost a year now, Bitcoin has emerged as the “rapidly morphing thesis”. It also says that since January 2016, there is a gradual increase, in the crypto investments, made in institutional crypto products. Venture capital firms, hedge funds, and private equity firms have stored a total of $7.11 billion so far.
This figure is certainly expected to shoot up as big players like the Intercontinental Exchange (ICE) and Fidelity Investments get their platforms released. ICE is currently preparing itself for the launch of its Bakkt platform expected by the end of 2018. Furthermore, ICE announced that the Bakkt platform will offer physically-settled Bitcoin Futures contracts. As a result, it is likely to usher more liquidity in the crypto market.
On the other hand, financial services giant Fidelity Investment announced its crypto-centric platform Fidelity Digital Assets. The platform will offer crypto storage and trading solutions specifically targetted towards institutional players.
The Growing Importance of Stablecoins
The report touches down on one of the most popular topics currently i.e. stablecoins. Stablecoins are basically fiat-pegged digital currencies used for quick execution of crypto trades. However, the report goes the cite the use of controversial stablecoin Tether (USDT). The report notes that Bitcoin is “moving increasingly towards trading vs the stable coin USD-Tether (USDT) [sic]”.
It further notes: “USDT took an increasing share of BTC trading volumes as cryptocurrency prices started falling. This occurred because many exchanges only trade crypto->crypto and not crypto->fiat. Trading crypto->fiat requires going through the banking sector which charges a higher fee. Also as bitcoin prices fell, so did most all other coins so if owners wanted to come out of bitcoin holdings, they needed to go to another asset which was closer to the valuation of the U.S. dollar.”
Off lately, there is a growing number of stablecoins introduced within the crypto market. Or we can say that the market is preparing for institutional trading making the trading process simple.
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Binance has stepped into Uganda with a flourish as 40,000 new users signed up to the exchange in the hope of bypassing the Ugandan Shilling (UGX).
Many citizens of African countries are unbanked, either by choice or due to complicated prohibitive rules which make it hard to open an account. Uganda is no different, with a recorded 3/4 of the population without any form of conventional banking.
This is Binance’s first fiat-crypto exchange with UGX, the primary fiat currency and comes less than a month after the company acquired an EUR bank account in Malta, with more exchanges to come, according to CEO Changpeng Zhao. Binance’s enigmatic boss clearly realises the potential of Africa as a new investment hub due to the unbanked nature of much of its population:
“Uganda is a really interesting situation, only 11% of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption”.
Africans have been clever in dealing with financial barriers, and using cryptocurrency is increasingly becoming a go-to way in order to sidestep banking restrictions or weak state currencies. Corruption is also another factor never far from the surface in some African economies often necessitating the need for a clever approach by locals in order to conduct their everyday business.
Recently, neigbouring Kenyan Distributed Ledgers and Artificial Intelligence task force chairman Bitange Ndemo said that that government should consider tokenizing the economy to deal with “increasing” rates of corruption and uncertainties-such is Africa’s increasing faith in crypto ahead of local fiat currencies.
Wei Zhou, Binance’s chief financial officer, suggested that one reason for the exchange’s surge of clientele in the first week is the fact that it is so easy for Uganda’s unbanked to access the system, commenting, “They [users] just have to have money within the mobile payment system. They don’t have to have bank accounts.”
The country’s president, Yoweri Museveni, said recently that he welcomed and embraced blockchain technology in Uganda since it provides full transparency, and added that he was aware how businesses were being negatively impacted by what he called “secrets and deceit.”
While blockchain has considerable, yet partly unsused potential in the wider financial markets, PumaPay has come to reform credit transactions and introduce cryptocurrencies into the consumer mainstream.
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Bitcoin remains the poster boy for the cryptocurrency market, while it’s also the most famous application of the ground-breaking blockchain technology. This should not distract from the diverse nature of blockchain, however, which has the potential to disrupt numerous markets and is expected to achieve a cumulative value of $16 billion by 2024.
Blockchain certainly has considerable potential in the wider financial markets, with banks and lenders keen to integrate this technology to drive greater efficiency and transparency across the board.
One example of this exists in the form of PumaPay, which has built a blockchain-based protocol to reform how everyday financial transactions are completed. But how does this work, and what does it mean for consumer credit across the globe.
How PumaPay is Seeking to Reform Consumer Credit
At the heart of this project of two core objectives; namely the reformation of credit transactions in the modern economy and the introduction of cryptocurrencies into the consumer mainstream.
In terms of the former, the company’s product is built on the premise that today’s credit and debit cards are unfit purpose in the prevailing economic climate. This may seem like an unfair assertion, particularly given the recent diversification in this space and the emergence of bad credit products and cards that offer cash back or lucrative sign-on bonuses.
However, the PumaPay system has been developed using open-source technology, which enables merchants and users to pull funds out of a customer’s account with express consent. This would replace the outdated method that sees shoppers push money to a retailer, before the cash flows through a long line of intermediaries as part of a process that can take days to complete.
This would also leverage the secure and transparent nature of blockchain to excellent effect, reforming the payment process withoutplacing customer’s hard-earned money at risk.
What are the Benefits of This and What do They Mean for the Financial Market?
In addition to being quicker and more secure, this type of platform also offers considerable cost-efficiencies to merchants.
More specifically, it creates a scenario in which the number and volume of transaction fees can be reduced dramatically. This reduces the cost of everyday financial transactions for allparties, with customers poised to benefit considerably over a concerted period of time.
This advanced platform is also scalable and extremely flexible, with the introduction of cryptocurrencies creating an additional payment option for customers and merchants across the globe. As a result, customers will be able to execute cryptocurrency payments both on- and offline, creating instantaneous transactions that carry next to no fees.
So what does this mean for current debit and credit cards and the financial sector as a whole? In simple terms, it provides a challenge to the status quo, providing a reform of the typical payment process along with its associated fees and delays.
While neither PumaPay or similar startups yet in a position to consistently challenge market leading names such as Visa or Mastercard, there’s no doubt that the new platform could emerge as the modern standard for completing payments.
The question that remains is whether PumaPay will successfully drive this change or an existing provider will quickly integrate blockchain technology into their core products?
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Binance, through its charity arm, has introduced a new blockchain-based donation portal that will make crypto donations more accessible and transparent. The company’s CEO, Changpeng Zhao, presented the portal during the UNCTAD World Investment Forum in Geneva, Switzerland on Wednesday.
The news comes just after an update on Binance’s ongoing flood recovery campaign, which has raised $1.41 million in crypto. The campaign has efficiently transferred donations through several charity organizations and community members, allowing money to reach those who need it the most.
Binance is now opening a donation channel that will support residents of Eastern Uganda, which is suffering floods and landslides. This task will be facilitated by the new donation portal.
Donations On the Blockchain
The blockchain and cryptocurrency have long had potential for use in donation platforms. Many charity organizations get relatively little money to those in need due to their own administrative fees and the costs of transferring money internationally. Some of these costs are defensible; some are not.
Binance’s blockchain solution will solve this problem by providing transparency: the public will be able to see exactly where donations are going and find out how much of those donations actually make it to recipients. Binance will track donations across four different categories: donors, charity programs, charity partners, and beneficiaries.
Although crypto-based donations can avoid some bureaucratic costs and international exchange fees, they can also introduce costs of their own. In theory, cryptocurrency can be sent directly to recipients, but the process of changing crypto to cash (or otherwise making use of it) can be costly in and of itself.
This means that charity organizations that can handle crypto effectively and inexpensively are still a necessity for full-scale relief, even when it comes to crypto donations. As such, Binance has committed to covering operational fees and “ensuring that 100% of donations will go directly to end-beneficiaries,” according to Changpeng Zhao.
Suggested Reading : Learn why Binance is among our top exchanges for 2018.
Who Can Help?
The new donation portal will allow individuals and organizations alike to engage in charity. Binance’s initiative has already attracted TRON, which has pledged $3 million to Binance’s Blockchain Charity Foundation (BCF). Meanwhile, individuals can donate and view donation records at the BCF website.
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A new project called Wrapped Bitcoin (WBTC) will soon allow Bitcoin-backed tokens to be circulated on Ethereum. The token’s release has been scheduled for January 2019.
WBTC will combine the strengths of two leading coins. Bitcoin has consistently led the crypto market and is widely used throughout the crypto world. Ethereum, although second-place to Bitcoin in terms of market cap, is the leading platform for blockchain development.
With these things in mind, WBTC will blend Bitcoin’s ubiquity with Ethereum’s extendibility, allowing Bitcoin-equivalent tokens to be used in Ethereum-based dApps and decentralized exchanges.
Creators and Partners
The WBTC project is led by BitGo, Kyber Network, and Republic Protocol. BitGo is a wallet and crypto custody provider; as such, it will hold the project’s BTC reserves. Meanwhile, Kyber is a liquidity protocol that will enable users to easily swap their BTC and WBTC tokens.
Various decentralized exchanges and crypto projects have also partnered with WBTC, the most notable of which are MakerDAO, IDEX, and Gnosis. Several other projects are also listed in last week’s announcement, and the project will seek out further adoption as the January release approaches.
Suggested Reading : Choose a cryptocurrency wallet.
Token Management
The WBTC token is generated in a manner similar to stablecoins like Tether. WBTC cannot be mined; instead, it is minted and backed by a reserve of BTC tokens that are held by a custodian. As a result, the price of WBTC will be pegged to the price of Bitcoin, avoiding some of Ethereum’s volatility.
Generally, users will obtain existing WBTC tokens from merchants. However, tokens must also be created and destroyed. When users convert their WBTC tokens to actual Bitcoin, those WBTC tokens will be burnt. Meanwhile, new tokens can be minted by the custodian with the approval of merchants and community members.
Because both WBTC and BTC operate on public blockchains, users will be able to see that the project’s BTC reserves actually exist, ensuring that the two supplies are kept at a 1:1 ratio. WBTC’s reserve status will be prominently displayed on the project’s dashboard. The various WBTC partners will also form a DAO and routinely audit these balances.
Reception and Alternatives
The community reaction to WBTC’s announcement has been mixed. Some are critical of the project’s reliance on a centralized supply of tokens, which puts control in the hands of a few groups.
Centralization is not strictly necessary to create a cross-chain solution: Dogethereum, for example, bridged Dogecoin and Ethereum and implemented a two-way peg without using a centralized reserve.
Kyber Network has laid out some of the factors that led WBTC to choose a centralized reserve model over alternatives, such as atomic swaps and two-way relays. They concluded that some degree of centralization was necessary:
“Evaluating all these approaches, it was very clear that the current state of the industry and technical progress would not permit for a completely decentralized yet practical user-friendly solution.”
It is hard to predict whether WBTC will win over the crypto community in January. Regardless, efforts such as WBTC may go a long way toward uniting previously competitive blockchain platforms. volatility,” said Danial Daychopan, chief executive officer of Plutus, an app that allows crypto transactions.
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Wirex is the cryptocurrency payment company that focuses on improving virtual currency adoption and liquidity. Recently, it has announced a strategic business partnership with payment processing platform, i2c. The two firms will join hands to launch the first multiple cryptocurrency-enabled prepaid cards in the United States. To be sure, this move will spur digital currency adoption and liquidity in the United States.
Highlights of the Agreement
The Wirex prepaid card will be the first of its kind in the United States.
It will bring to the US its European Wirex Visa Card program, which enables the cardholders to use it anywhere.
Just like their European counterparts, American consumers can now convert and spend their cryptocurrencies using the company’s prepaid card.
i2c will provide Wirex with their state-of-the-art payment processing technology.
American consumers can convert their BTC, ETH, XRP or LTC, and spend them in restaurants, bars, stores, and even withdraw through ATMs.
Wirex in the Cryptocurrency Market
Undoubtedly, cryptocurrency witnessed a rise in popularity from its infancy with a total market cap currently over $200B USD and once near $800B USD. While the market has burgeoned over the past decade, cryptocurrency adoption among merchants is still low with experts pegging it at 0.3%. The implication is that the possibility of spending cryptocurrency remains relatively limited. Accordingly, Wirex appears to take the bull by the horns by developing a payment technology that will enable cryptocurrency users to spend it.
Most importantly, this partnership will enable the payment firm to take American consumers to the Wirex Visa card program. Surprisingly, the company is currently the only business in Europe that issues fully functioning cards for a seamless spending of cryptocurrency.
To achieve seamless payment with cryptocurrency, Wirex leverages i2c’s platform that guarantees user security and reliability. Essentially, i2c supports advanced payment options such as multi-purse and multi-currency technology. In addition, i2c offers other exciting functionalities such as spend controls and advanced real-time alerts.
Official Remarks
The CEO of Wirex, Vroon Mogill, said that their mission is to bridge the gap between cryptocurrency and fiat currency. Mogill notes, when that is achieved, users can spend their virtual currencies for day-to-day settlements.
Concluding, the chief executive disclosed that cryptocurrency adoption is increasing in the retail sector, adding that McDonald’s is leading the pack among their retailers in Europe. Mogill pointed out that their strategic partnership with i2c will enable Wirex to offer crypto-friendly service in the US, making it the first.
Responding, EVP of Global Sales Marketing at i2c, Joe DeRosa, noted that i2c is proud to team up with Wirex. DeRosa assured that the unique card would offer users “convenience, security, and great user experience.”
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On Monday (22 October 2018), Swissquote, the first pure online bank in Switzerland, announced that it had become the first bank in the world to offer its clients the opportunity to participate in Initial Coin Offerings (ICOs).
Swissquote Group Holding Ltd was founded in May 2000, and later that year, Swissquote Bank Ltd obtained a banking license. In September 2013, by acquiring Swiss online broker MIG Bank (a major player in the Forex markets), it became "one of the world’s top ten online currency trading service providers."
Swissquote says that it is proud to have become the first bank to allow customers to take part in ICOs "conveniently in a secure environment against fiat currency" without needing to know much about blockchain technology or even owning a crypto wallet. The bank will "take care of the execution of the orders and the custody of the tokens" for its clients. Swissquote will offer its clients only those ICOs that it believes are "mature projects, ready to be launched," and that it will "review who the management is, what the business is, what the financials are and what the legal situation is."
For the first ICO to become available on its trading platform, Swissquote has chosen Swiss blockchain startup LakeDiamond, a spin-off of the EPFL (Swiss Federal Institute of Technology in Lausanne), that designs and builds Chemical Vapour Deposition (CVD) reactors that are able to grow in its laboratories ultra pure diamonds (less than 1 nitrogen atom in every billion carbon atoms) that are suitable for "the most demanding applications both in the jewellery and high-tech sectors."
LakeDiamond is doing a token (LKD) sale in order to raise funds to buy 50 more CVD reactors so that it can ramp up its production capacity. Swissquote says the LKD tokens "grant a 'right of use' to grow diamonds for a defined amount of time," and they are "the first time-based payment tokens allowing the production of physical assets"
What Swissquote is doing at this stage is a pre-sale (running from October 22 until December 11) of LKD tokens since the actual public ICO is set to start sometime in January 2019. Clients participating now get a 10% bonus (one free token for each ten that they purchase).
