Day: September 22, 2017

• Dropfoods currently operates the largest network of smart vending machines in Vietnam, which already offers the functionality of using mobile money for product purchases and other transactions including paying for bills
• With the proceeds from its ICO, Dropfoods will install 1,000 new machines that will enable smart transactions using its own Cryptocurrency, Dropcoins
• Dropfoods is backed by Sugar Ventures, one of Southeast Asia’s largest venture builders with 11 startups built from scratch in its portfolio to date  

Dropfoods, the largest smart vending machine operator in Vietnam, today announced the launch of an Initial Coin Offering (ICO) scheduled for September 21, 2017 to raise US$9 million with the issuance of its own Dropcoins tokens. With the proceeds from its ICO, Dropfoods will install 1,000 new machines that will enable smart transactions using Dropcoins.

The ICO issued by Dropfoods will be the first of its kind that is supporting an existing operational business outside of the blockchain space, with a solid business plan to utilize the fundraising proceeds from the ICO. Dropfoods currently operates in more than 40 locations in Vietnam, supporting automated retail operations for fast-moving consumer products.

The key value proposition of Dropfoods lies in the scalability of its business model and plug-and-play infrastructure combining its physical assets (vending machines) and digital assets (mobile application) to install a payment gateway that can advance financial inclusion in a region where more people hold smart phones than bank accounts.

Backed by one of Southeast Asia’s largest venture builders with key stakeholders from Japan, South Africa and Singapore, Sugar Ventures, Dropfoods aims to build the region’s largest network of physical touch points for cross-border transactions and digital remittance. Dropcoins may be converted into government-issued fiat currency for cash withdrawal at the Dropfoods vending machine or to make purchases on the vending machines and on the Dropfoods App. This conversion will be set according to the aftermarket coin value exchange rate.

Sugar Ventures, one of Southeast Asia’s largest specialized venture builders, is focused on nurturing greenfield ideas that will transform the region’s emerging economies. Unlike traditional accelerators or incubators, Sugar Ventures seeks to unearth great start-ups from the ideation stage, provide seed funding, support their organic growth and work towards a flourishing exit in the process.

Dr Mark Hon, Co-founder of Dropfoods and Sugar Ventures, commented: “We are excited by the prospects of launching a token that can be a game-changer for the state of play for the financial inclusion of the region’s emerging marketplace. To enable cross-border transactions and digital remittance at close to zero transaction costs will make full use of the digital opportunity presented by the region’s relatively high mobile penetration and enable the underbanked to be included in the formation of a cashless society.”

John Fearon, Co-founder of Dropfoods and Sugar Ventures, commented: “Dropcoins will revolutionize the region’s digital marketplace and is a true example of financial technology that applies emerging technologies such as blockchain and artificial intelligence to transform the current financial landscape, clearly distinguished from the realm of ‘techfin’ where you would be just applying technology to enhance existing financial capabilities.”

Sugar Ventures is founded by Dr Mark Hon, serial entrepreneur and Chairman of the Business Angel Network South East Asia (BANSEA); and John Fearon, Founder of Telr.com and ASX-listed cloud-based software platform Dropsuite (DSE:ASX). Dropfoods’ investors include Shuhei Morofuji, CEO and founder CEO of venture capital firm and venture builder REAPRA and TSE-listed SMS Co Ltd, one of the largest Asian internet healthcare information platforms; and Chiang Joon-Arn, Managing Partner, Financial Accounting Advisory Services – Asia Pacific – ‎Ernst & Young.

Vietnam has approved a plan to scrutinize and streamline the legal framework for the management of cryptocurrencies.

This ICO is only open to accredited investors. “Accredited investors” refer to persons who are defined within the meaning provided under the laws of the country or territory of such person.

About Dropfoods

Dropfoods is the largest smart vending machine operator in Vietnam. Backed by Southeast Asia’s largest venture builder, Sugar Ventures, Dropfoods supports automated retail operations for fast-moving consumer products. Its mobile application, the Dropfoods app, supports the purchase of Dropfoods products and smart transactions using a mobile wallet and will soon be integrated with a cryptocurrency gateway following its initial coin offering to be issued in September 2017.

About Sugar Ventures

Sugar Ventures is one of Southeast Asia’s largest specialized venture builders. Focused on nurturing greenfield ideas that will transform the region’s emerging economies, it has built and invested in 11 companies to date, including Dropfoods, OEScore, ITGLOO, Folr.com, LAWR, Meet Drinks, Kluje.com. Voice Map, Hot Soup, Swallows and Amazons Pre-School and Invictus International School. Unlike traditional accelerators or incubators, Sugar Ventures seeks to unearth great start-ups from the ideation stage, provide seed funding, support their organic growth and work towards a flourishing exit in the process.

The key stakeholders at Sugar Ventures are: Dr Mark Hon, Chairman of the Business Angel Network South East Asia (BANSEA); John Fearon, Founder of Telr.com and ASX-listed cloud-based software platform Dropsuite (DSE:ASX); and Shuhei Morofuji, CEO and founder CEO of venture capital firm and venture builder REAPRA and TSE-listed SMS Co Ltd, one of the largest Asian internet healthcare information platforms.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Breaking down traditional and decentralized commodities.

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The Russian prosecutor’s office has summoned Burger King to explain the issuance of its cryptocurrency called Whoppercoin. Burger King is confident that it has not broken any laws since there is currently no regulation for cryptocurrency in Russia.

Also read: Major Japanese Travel Agency Accepts Bitcoin and Offers Bitcoin-Exclusive Deals

Burger King’s Cryptocurrency Questioned

Less than one month after the fast food giant launched its blockchain token called Whoppercoin in Russia, the company was reportedly summoned by the Izmailovo inter-district prosecutor’s office regarding its cryptocurrency.

A Burger King representative told RNS that the company had received two notifications from the prosecutor’s office; one on September 13 and the other on September 19 “with an invitation to the Izmaylovskoy prosecutor’s office on behalf of the prosecutor’s office in Moscow.” He added:

On the instructions of the Moscow Prosecutor’s Office, information was checked that we issued a cryptocurrency and started making payments with it. Accordingly, we were summoned to be reminded that within the territory of the Russian Federation the turnover of any currency other than Russian rubles was banned and all details of this project were clarified.

What is Whoppercoin?

The Russian network of Burger King revealed in August that it had issued a cryptocurrency in Russia on the Waves blockchain platform. The token platform lets users who download their wallet issue their own coins and trade them with other Waves wallet holders. A decentralized exchange built into Waves wallets allows their tokens to be traded with other cryptocurrencies as well as fiat currencies.

Whoppercoins “will be used to reward customers for their purchases, and can be used to buy burgers in return when enough have been accrued,” Waves detailed at the time. These blockchain tokens are held in Burger King-themed wallets for both Android and iOS smartphones and can be freely transferred and traded online, the platform noted, adding that:

The initiative is being run by Burger King Russia. Whoppercoins have already been issued, with a supply of 1 billion (further Whoppercoins can be issued if required). Customers will receive one Whoppercoin for every rouble they spend (1 USD = 59 RUB), and a Whopper burger can be purchased for 1,700 Whoppercoins.

In its notices, the prosecutor’s office asked Burger King to clarify what a Whoppercoin is and how it works. The company was also asked to provide a statement that it did not conduct a mass issuance of Whoppercoins, Vedomosti detailed.

Burger King Says No Laws Broken

The Burger King representative insisted that the company did not break any laws, according to Vedomosti. Nino Tsiklauri, the senior legal counsel for Burger King in Russia explained:

In the Russian legislation, the concept of ‘cryptocurrency’ is not fixed, as there is no ban on conducting transactions using virtual currency.

The Russian finance ministry and the central bank are currently working to provide a legal framework for cryptocurrencies. A draft law is expected by the end of the year, according to the Minister of Finance. A partner at A2 law firm, Mikhail Aleksandrov, said that in the case of Burger King, the cryptocurrency can be treated like coupons used by food retailers. “It’s more of a marketing story, not a payment story,” he described, as reported by Vedomosti.

In June, the general manager of the Burger King Russia franchise reportedly said that one retail location had been testing bitcoin payments and that “Burger King Russia will begin accepting Bitcoin in 2017.”

What do you think will happen to Whoppercoin? Let us know in the comments section below.

Images courtesy of Shutterstock and Waves platform.

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The post Russian Prosecutor’s Office Summons Burger King for Issuing Cryptocurrency appeared first on Bitcoin News.

Most cryptocurrency markets are not looking all that great right now. With the Bitcoin price stuck just below US$3,900 once again, no major movements are expected. Dash is the only currency bucking the trend right now, thanks to an 11.94% gain on the day. As a result, the Dash price is now back above US$360. Unfortunately, it appears this is just another pump-and-dump cycle initiated by Bithumb traders.

Dash Price Notes a Sharp Increase

Although the Dash price is more than capable of increasing on its own, regardless of Bitcoin, such events are very rare. In most cases, the Dash price alone would only increase if someone were effectively pumping its value in the hopes of making some quick profits. Considering how this altcoin usually has very little trading volume, it does not take much effort to influence the markets in an effort to drag others along in the process.

Looking at the current Dash price chart makes it clear that someone is trying to move the price up. Right now, one Dash is trading at a value of US$361.84. That is an 11.94% Dash price increase over the past 24 hours. It’s pretty interesting, especially considering nearly all other markets are in the red right now. Then again, some altcoins have been trying to break free of Bitcoin’s dominance for quite some time now. None of these currencies have been overly successful in doing so, though.

No one will deny there is a genuine demand for Dash all over the world. Especially with its conference tour kicking off this week, things are bound to get very interesting for this particular altcoin. However, one should not expect any major market movements just because of that, as most people still have to buy Bitcoin first before getting their hands on Dash. There are some fiat gateways, to be sure, but they are few and far between, depending on where one lives.

With over US$102 million in 24-hour trading volume, things are seemingly picking up for Dash. As is always the case, one has to take a closer look at the exchanges providing said volume to see what is really going on. Right now, it seems the traders over at Bithumb are artificially pumping the Dash price for some unknown reason. This exchange represents 56.75% of all trading volume for this cryptocurrency, which is both spectacular and worrisome at the same time.

Indeed, this looks very similar to how the Bitcoin Cash price evolved yesterday. That brief increase was also driven by traders at Bithumb and has resulted in a net loss of 7.17% over the past 24 hours. It is not impossible Dash will go through a similar scenario over the next few hours. Although all other exchanges follow Bithumb’s Dash price, their volumes are a lot lower in comparison. It would only take a small pushback for the Koreans to lose interest in this coin again and move on to the next.

While most Dash holders will be pleased with the current price trend, it will likely not last long. When the Bitcoin price is stuck in sideways momentum for a few days, some altcoins will experience brief pump-and-dump cycles. Most of these cycles originate on the Bithumb exchange, thanks to its zero-fee structure. For now, no one knows how long this Dash price increase will last, but rest assured it will drop below US$345 again before the day is over.

Bitcoin traders in China are in trouble as the ban kicks in, but the miners are still in limbo and unsure of what is happening.

There are several Monero wallets currently under development which will be released soon. Ledger, for its part, is apparently working on adding XMR integration. Until that happens, there are a few existing solutions people can check out as well. Always make sure to set up your wallet properly, though.

3. Standard Monero GUI

Although it may not sound all that appealing to use the regular Monero GUI wallet, this project was created specifically to ensure users keep their money safe at all times. After all, the new GUI binaries for the Helium Hydra update were released not too long ago. This wallet can be installed on any operating system one can run these days, including Windows, Linux, and Macintosh. It is a pretty decent wallet that feels pretty lightweight and does the job just fine.

As is the case with any cryptocurrency desktop wallet, users need to take some precautions to properly secure their Monero, though. Setting up a password-protected wallet is of the utmost importance; that much is pretty evident right now. In addition, always make sure you effectively back up your wallet.dat file in multiple ways to avoid any loss of funds if your computer ever experienced any major issues.

2. USB Monero Cold Wallet

Keeping money in a cold wallet solution is highly effective from a security standpoint, especially when dealing with various cryptocurrencies. Given that the value of Monero shot up recently, security should be the number one priority moving forward. Using a cold storage solution can go a long way in this regard, as it is a pretty reliable way to keep money safe from harm.

In the case of the Taushet USB Monero Cold Wallet Generator, it takes about 10 minutes to set up cold storage for your Monero. You will need a few tools as outlined in this post, but it is one of the more secure ways to effectively ensure your money is safe from harm. People who are heavily involved with Monero take the security of their wallets very seriously, as should everyone. There are some other options in the thread linked to above to check out as well.

1. MyMonero

Although we are personally not a big fan of online wallets, there is a good reason to trust MyMonero. It is a project operated by the Monero developer himself, which means users should not be overly concerned about losing money. Assuming, that is, that you take ample precautions and never store large amounts of money in it. Considering who maintains this wallet, one cannot compare this to an exchange wallet whatsoever.

From a convenience point of view, using MyMonero makes a lot of sense. It is a very popular wallet service as well, which is not entirely surprising. Users will still need to generate a unique password to ensure no one else can breach their online wallet, though. So far, no MyMonero wallet has ever been hacked, but that is partially due to people taking proper security precautions with unique passwords and such.

The planned roll-out date for ethereum’s “Byzantium” network upgrade is being postponed to October 17.

Isle of Man, 19th September 2017: CasinoCoin (CSC), the open source, peer-to-peer cryptocurrency designed specifically for the regulated online gambling industry, has announced the establishment of a new Foundation with offices in the Isle of Man

As part of a broader relaunch, the newly-established and non-profit Double C Foundation will promote adoption and best-use practices of CasinoCoin in regulated gambling markets, and help realise the continued optimal technological performance of the coin and it’s underlying blockchain.

The currency, which puts operators and regular customers front-of-mind with its approach, aims to lead the industry in setting high best-use practice standards. It is currently developing features and new technology that will include built-in KYC, AML and responsible gaming features.

The Foundation’s team, which includes former PokerStars Marketing Executive John Caldwell and ex-Senior Project Manager of Research & Development for Rational Group Duncan Cameron, is committed to educating the commercial (regulated) gambling industry to the benefits of CSC, and cryptocurrency in general.

The Foundation will be supported by a small team of executives, lawyers and consultants from the online gambling industry, who will use their experience to act as advisors.

John Caldwell, Director of Advocacy for the Foundation, said: “The only sustainable way forward for cryptocurrency in the gambling world is to work with regulators and operators from day one and focus on regulated markets.

“Our aim with CasinoCoin is to provide a currency and related technical tools that are designed and accessible for both operators and ordinary players in the regulated gambling industry.

“We are excited to reintroduce CasinoCoin to the industry, and believe the Foundation will play an integral part in driving the coin’s future success.”

CasinoCoin will have world class speed, and built-in wallet tools that facilitate transparency and open transactions.

Its foundation is preparing to offer individual and corporate memberships, allowing access to workshops and seminars as well as educational material for the industry. Corporate members can qualify for the Foundation’s best practice seal of approval.

About CasinoCoin

CasinoCoin (Ticker: CSC) is a cryptocurrency that is being continually developed, specifically with the legal, regulated online gambling business in mind. In addition to world class speed and scalability, CasinoCoin developers are currently working on features that put operators and gambling customers first. KYC (Know your customer), AML (Anti-money laundering), Responsible Gambling and other regulatory first considerations have been built in to CSC at the technology level from the start.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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