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7 Banks Join Infosys Blockchain Trade Finance Solution

Multinational technology service and consultancy corporation Infosys, has created a blockchain-based finance solution utilizing a document tracking system. The platform is currently used by seven banks in India. This includes Axis Bank, ICICI Bank, IndusInd BankNSE, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank. India Trade Connect As reported by the Economic Times, the solution …

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Multinational technology service and consultancy corporation Infosys, has created a blockchain-based finance solution utilizing a document tracking system.

The platform is currently used by seven banks in India. This includes Axis Bank, ICICI Bank, IndusInd BankNSE, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank.

India Trade Connect

As reported by the Economic Times, the solution has been entitled India Trade Connect, providing a facility for banks to track shared documents on the blockchain via an accessible platform. Several of the banks involved with the scheme have already reached the production-phase, while the rest are still testing the project.

Speaking to the news site, the chief business officer at Infosys Finacle, Sanat Rao, commented: “Trade financing is document-heavy and process-heavy. The blockchain solution allows this to happen in a digitized manner. Because of the network effect, where a buyer, the buyer’s bank, the seller and the seller’s bank are all on the platform, it creates a single source of truth.”

Rao continued to discuss the future prospects of the solution, outlining Infosys’ plans to include other lenders in the network, such as the Indian arms of international banks. International trade transactions are also on the cards in the foreseeable future, with talks already in motion with entities in Hong Kong and Singapore.

Infosys executives said that work on the India Trade Connect platform began last year. Rajshekhara Maiya, associate vice-president of Infosys Finacle product strategy, told the Economic Times: ”We are also in talks with the Reserve Bank of India for [the platform]. Regulatory overview of transactions typically happens as a post-mortem but if the regulators are party to the network, they can have a real-time view.”

It is still early days for the blockchain platform, with Infosys noting that the banking model is still flexible. Financial institutions involved are required to pay an initial fee when they enter the testing stage, with the latter stages necessitating either a purchased license or subscription revenue.

 

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Switzerland Formally Considers State Backed Cryptocurrency

Switzerland Formally Considers State Backed CryptocurrencyReuters reported Switzerland is formally considering the possibility of a state-backed cryptocurrency. Its government has asked legislators commission a study on the pros and cons of a Swiss “e-franc.” Also read: Alec Baldwin’s Lambo Movie Backed by Crypto Tech Switzerland Considers State Backed E-Franc Switzerland’s Federal Council explained why it was asking for a formal […]

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Switzerland Formally Considers State Backed Cryptocurrency

Reuters reported Switzerland is formally considering the possibility of a state-backed cryptocurrency. Its government has asked legislators commission a study on the pros and cons of a Swiss “e-franc.”

Also read: Alec Baldwin’s Lambo Movie Backed by Crypto Tech

Switzerland Considers State Backed E-Franc

Switzerland’s Federal Council explained why it was asking for a formal study of state backed cryptocurrency. “The Federal Council is aware of the major challenges, both legal and monetary, which would be accompanied by the use of an e-franc. It asks that the proposal be adopted to examine the risks and opportunities of an e-franc and to clarify the legal, economic and financial aspects of the e-franc.”

Switzerland Formally Considers State Backed Cryptocurrency
Andréa Maechler

That appears to be quite a turnaround for the Swiss. As little as just over a month ago, its central bank was making statements about crypto’s inherent instability. “Digital central bank money for the general public is not necessary to ensure an efficient system for cashless retail payments. It would deliver scarcely any advantages, but would give rise to incalculable risks with regard to financial stability,” warned Andréa Maechler of the country’s national bank.

Nevertheless, the next step in the process involves parliament’s lower house. It will ultimately decide whether the request moves forward. Most countries considering the idea openly have sought state backed crypto as a means to run afoul of economic sanctions or as a way to deaden domestic enthusiasm for a currency beyond government control. Sanctions are not an issue for Switzerland, and the government has been rather open to the crypto revolution, comparatively.

Not the First, Not the Last

Venezuela is the most recent and notorious example of state backed crypto, and the only country to have implemented the idea. It launched the petro as a clear poke at US policy made against its present administration. The Maduro government used an ERC-20 token platform to launch the state backed crypto, which Mr. Maduro insists will be ultimately backed by barrels of oil. In addition, the government has announced special initiatives and incentives to encourage Venezuelans to adopt its usage. In the tightly controlled media of the country, figures and facts on the ground are hard to substantiate in terms of petro’s success. For its part, the Trump administration was unnerved enough to issue an Executive Order formally forbidding US citizens from holding the petro.

Switzerland Formally Considers State Backed Cryptocurrency
Cédric Wermuth

Regionally closer, Sweden has taken similar steps to that of Switzerland. Riksbank seems to be in an overt process of encouraging a completely cashless society, and Swedes appear eager to follow. A natural evolution of that idea, and to keep its citizens under the careful eye of government minders, a state backed crypto might just be the answer.

Again, a Swiss crypto is by no means a foregone conclusion. Though influential politicians like Cédric Wermuth, Social Democratic Party vice president, have encouraged the study, the idea faces legislative obstacles. As Reuters notes, “In Switzerland, if the proposal is approved, a study will be produced by the Swiss finance ministry. No timing has been given on when it would be published should the go-ahead be given.”

What do you think about state backed cryptocurrencies? Let us know what you think about this subject in the comments below.


Images via Shutterstock. 


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Tron (TRX) Price Watch: Waiting for a Breakout

Tron is still stuck in consolidation as it formed a symmetrical triangle on its 1-hour chart. Price is currently testing the triangle support and could be due for a bounce back to the resistance at 0.07000. However, the 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is

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Tron is still stuck in consolidation as it formed a symmetrical triangle on its 1-hour chart. Price is currently testing the triangle support and could be due for a bounce back to the resistance at 0.07000.

However, the 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, support is more likely to break than to hold. The chart pattern spans 0.06000 to 0.08000 so the resulting selloff could be of the same height.

RSI is turning higher, though, so Tron could follow suit while buyers regain control. Similarly, stochastic is moving up to signal that bullish pressure is in play. A bullish divergence can also be seen for this oscillator as price made higher lows while stochastic had lower lows.

TRXUSD Chart from TradingView

The consolidation in Tron can be explained by exchanges freezing holdings until the launch of the mainnet by the end of this month. Investors could also be cautious and holding out to see how the update turns out. Any glitches could mean a downside break for Tron while a successful launch could spur another rally.

Meanwhile, the dollar has remained safely supported for the most part of the week, despite the April retail sales miss. Traders are pointing to the stronger price levels as a factor supporting tightening expectations for next month, so long positioning ahead of the actual event can be observed.

Apart from that, ever-present geopolitical tensions on trade talks are also supporting the safe-haven dollar even as any conflict with China could have ramifications for its economy. Looking ahead, Tron consolidation could carry on for the next couple of weeks until after the mainnet launch.

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Wall Street Journal Investigates Hundreds of Fraudulent ICO Projects

The Wall Street Journal reviewed 1,450 ICO presentation and found 271 one of them show indications of being scams. Initial coin offerings are a popular and potently succesfull way for startups to fund their companies growth. They are also essentially unregulated and becoming more and more popular for scammers who create fraudulent sites based on stolen information

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The Wall Street Journal reviewed 1,450 ICO presentation and found 271 one of them show indications of being scams.

Initial coin offerings are a popular and potently succesfull way for startups to fund their companies growth. They are also essentially unregulated and becoming more and more popular for scammers who create fraudulent sites based on stolen information and little else to lure unsavvy investors into giving them their money.

271 ICOs Exhibit Red Flags

As reported by The Wall Street Journal which performed an exhaustive study of 1,450 ICO sites and projects 271 of them have red flags indicating the project is fraudulent. These red flags include guaranteed no risk returns, extremely high percentage returns, and celebrity endorsements. Of the projects that the journal singled out as suspicious most were found using plagiarized texts, images of team members and or investors taken from stock photography banks, and in 111 cases entire sections of company white papers copy and pasted.

As an example, the Journal focused on a project called Denaro, an online payment service, and its cofounder “Jeremy Boker”. The project is described in investor documents to have a “power house” team who had already raised over 8 million in funds. In fact, Mr. Boker’s photo was a stolen image and no other member of that “power house” team could be identified. Boker turns out to be Jenish Mirani, a banker in Poland who posted his picture on a personal website and was shocked to hear of its reincarnation.

Still, those 271 ICO’s identified as having red flags have garnered over $ 1 billion in investors money according to a review of company statements and online transaction records performed by the WSJ. While some of the projects are still raising money others have shut down or have been frozen by the Securities Exchange Commission, the federal regulatory body which has been tasked with investigating ICOs.

ICOs Have Raised $12 Billion

ICOs have come into the mainstream consciousness since the 2017 rise of Bitcoin’s price brought on an increase in cryptocurrency traders. Since 2017 the SEC estimates ICO’s have raised $12 billion in revenue. This kind of money generates a market for fraud which has lead the SEC to create a warning to investors that many ICO’s may be violating securities regulations or be outright scams.

The regulatory body even launched its own fake ICO website complete with red flag promises of high returns, a line up of fake celebrity endorsements and a “power house” team of its own. The site brings users to a .gov page that explains the way ICO scams work and how to avoid losing money in the cryptocurrency market.

As for Denaro, according to the WSJ article, it has reemerged as something called Pluto Coin with a similar website and an identical white paper. Even Mr. Mirani’s photo has been recycled only this time he has lost his co-founder status.

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Ripple Price Analysis: XRP/USD Reached Turning Point

Key Highlights Ripple price declined once again and broke the $0.6800 support level against the US dollar. There is a major bearish trend line forming with resistance at $0.6800 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently testing a key support area near $0.6470, which could produce

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Key Highlights

  • Ripple price declined once again and broke the $0.6800 support level against the US dollar.
  • There is a major bearish trend line forming with resistance at $0.6800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently testing a key support area near $0.6470, which could produce an upside correction.

Ripple price fell and broke key supports against the US Dollar and Bitcoin. XRP/USD remains below a major pivot level at $0.7000 with risk of more declines.

Ripple Price Decline

There was a crucial rejection noted around the $0.7000 and $0.7100 resistance area in Ripple price against the US Dollar. The price failed to break $0.7100 and the 100 hourly simple moving average. As a result, there was a fresh downside move and the price moved below the $0.6900 and $0.6800 support levels. The decline was real since there was even a close below the $0.6800 support and the price is now well below 100 hourly SMA.

The decline paused near an important support area at $0.6450, which prevented losses on many occasions earlier. A low was formed at $0.6471 before the price started consolidating in a range. It is currently testing the 23.6% Fib retracement level of the last drop from the $0.7142 high to $0.6471 low. There are chances of more upsides towards $0.6800, but there are many hurdles on the upside. A major bearish trend line is also in place with resistance at $0.6800 on the hourly chart of the XRP/USD pair.

Ripple Price Analysis XRP USD

Looking at the chart, the 50% Fib retracement level of the last drop from the $0.7142 high to $0.6471 low is positioned near $0.6806 to prevent recoveries. On the downside, the $0.6450 and $0.6400 levels are important supports, followed by $0.6200.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly recovering from the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher from the 30 level.

Major Support Level – $0.6450

Major Resistance Level – $0.6800

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Asian Cryptocurrency Trading Update: Investors Buying up DigixDAO

FOMO Moments Crypto markets have been yo-yoing all week, one day up the next down. We end the week in the red once again as prices have fallen across the board and Asia is leading the selloff. Total market capitalization has fallen to its lowest level in a month and Bitcoin has shed another 4%

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FOMO Moments

Crypto markets have been yo-yoing all week, one day up the next down. We end the week in the red once again as prices have fallen across the board and Asia is leading the selloff. Total market capitalization has fallen to its lowest level in a month and Bitcoin has shed another 4% on the day. Currently BTC is hanging precariously close to $8,000, if it falls below this things will get messy fast. Altcoins as usual have been hit even harder with a sea of red across the boards this morning. Only one way outside the top 25 is posting a gain today, and it is DigixDAO.

There has been no negative news or governmental clampdowns to spark this sell off but all gains over the past 30 days have been wiped out once again. Coinmarketcap is showing that the only altcoin resilient to a bearish market is DigixDAO once again. Currently trading at $198 DGX is up 3.5% on the day from $190 this time yesterday. It ends the week at a similar level to where it started, around the $200 mark. Over the month however there have been losses for DGD of 17.5% from $240 to its current level. Against BTC Digix is up almost 8% to 2461000 satoshis from 2283000 sats this time yesterday. There have been no weekly gains on Bitcoin as DGD was trading at roughly the same level this time last week.

In a time tested pattern DigixDAO always performs well in a bearish market. Being based on gold gives this altcoin more stability than any of the others and traders tend to buy up when the rest are falling. DGX was recently listed on Tokenlon decentralized exchange which may have given it a further boost;

Currently trade is being driven by Binance with 87% of the total. Volume has increased in the past 24 hours by 66% from $2.3 million to over $14 million. Its market cap has been bolstered by this and currently stands at just under $400 million. DGD is ranked at 49th in the charts and is the only altcoin in the top 50 showing gains at the moment.

Total market capitalization for all cryptos has taken a 5.4% beating down to $366 billion where it currently stands. Further downward pressure is likely over the weekend as the bears gain momentum. All other altcoins have been hit hard during the morning’s Asian trading session and those with the biggest losses have been Iota, VeChain, Bytecoin, Icon and Zilliqa.

More on Digix can be found here: https://digix.global/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

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Major Japanese Bank Nomura Becomes First Cryptocurrency Custody Bank

A Japanese bank has formed partnerships with specialists in cryptocurrency security and Bitcoin investment managers to become the first crypto custody bank. Partnership Creates First Crypto Custody Bank Institutional investors have been restricted from making large-scale investments in digital assets due to the lack of security and infrastructure. Now Japanese Bank Nomura has formed partnerships to become the first bank with the ability

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A Japanese bank has formed partnerships with specialists in cryptocurrency security and Bitcoin investment managers to become the first crypto custody bank.

Partnership Creates First Crypto Custody Bank

Institutional investors have been restricted from making large-scale investments in digital assets due to the lack of security and infrastructure. Now Japanese Bank Nomura has formed partnerships to become the first bank with the ability to provide custody services for digital assets. The new venture dubbed Komainu is a joint effort between Nomura with Ledger, cryptocurrency wallet, and security service provider, and Global Advisors, an investment manager focused on Bitcoin.

Komainu has been established to service the rising institutional investment interest in cryptocurrency demonstrated by moves like JP Morgan Chase opening the first Wall Street digital asset trading desk and a Reuters survey that concluded one out of five financial institutes have plans to move into the space in 2018 by providing the investment management industry with infrastructure and an operational framework. It will also provide standards of best practices for digital assets investing.

Komainu to Provide Infrastructure and Security for Institutions

Jez Mohideen, global chief digital officer, at Nomura was quoted by The Trade speaking about the new partnership, he said: “Global investment managers have long been held back from full participation in digital asset markets, limited by operational and regulatory risk.” He continued speaking about the future services;

“Our new partnership will set the required standards that will bring peace of mind to digital asset investors and provide tools and products to enable better integration with more traditional investment vehicles such as mutual funds.”

To date, only exchanges have offered cryptocurrency storage services in hot or cold storage wallets. However, as proven by major breaches in security like the January Coincheck hack in which nearly $500 million worth of digital tokens were siphoned from the exchanges storage concerns about the lack of robust security have kept institutional investors from putting large amounts of money into cryptocurrencies.

Nomura trusts that Komainu will satisfy institutional security concerns by offering guaranteed asset administration and fund management services. Jean-Marie Mognetti, co-principal of Global Advisors Holdings commented on the joint venture saying;

Since its first digital asset trade in 2012, Global Advisors, the parent company of CoinShares, has been looking for a robust custody solution, the likes of which are readily available in the analogue financial system, This [partnership] will open new and exciting opportunities to global participants and contribute to move digital asset closer to mainstream offerings.”

Image from Shutterstock

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Bitcoin Price Watch: Revisiting the Downside Targets

 Bitcoin Price Key Highlights Bitcoin price is still on the move down and is testing the first Fib extension level. Stronger selling pressure could take it lower to the next downside targets also shown by the Fib extension tool Technical indicators are suggesting that bears could stay in control of bitcoin price action for a

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 Bitcoin Price Key Highlights

  • Bitcoin price is still on the move down and is testing the first Fib extension level.
  • Stronger selling pressure could take it lower to the next downside targets also shown by the Fib extension tool
  • Technical indicators are suggesting that bears could stay in control of bitcoin price action for a bit longer.

Bitcoin price has completed its correction and is on its way to test the downside targets marked by the Fib extension tool.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that selling pressure could persist. These moving averages have also held as dynamic resistance on a quick pullback and might continue to keep gains in check.

Price is currently testing the 38.2% extension at $8,000 and a move lower could lead to a test of the 50% extension at $7,316. Stronger selling momentum could take bitcoin price down to the 61.8% extension at $6,694 near the swing low or the 78.6% extension at $5,808. The full extension is located at $4,680.7.

RSI is pointing down to signal that sellers are in control of the game and could take bitcoin price for further losses. Stochstic is also heading south but is dipping into oversold levels to reflect some exhaustion and hint at a possible return in bullish momentum.

BTCUSD Chart from TradingView

If the 38.2% extension is enough to keep losses at bay, bitcoin could still have a shot at forming an inverse head and shoulders pattern. This would be a classic reversal signal, hinting that price is done with the drop and that a longer-term uptrend is in the works. Price has yet to break past the neckline at $10,000 for this to happen though.

It would take a really strong market catalyst to spur such a strong climb, especially since the $10,000 handle has held as a ceiling for quite some time. So far, investors seem more cautious on the rejection at key inflection points.

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Ethereum Price Analysis: ETH/USD’s Support Turned Resistance

Key Highlights ETH price failed to recover further and declined below the $690 support against the US Dollar. There was a break below an ascending channel with support at $690 on the hourly chart of ETH/USD (data feed via Kraken). The pair traded as low as $656 and it is currently correcting losses towards $680.

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Key Highlights

  • ETH price failed to recover further and declined below the $690 support against the US Dollar.
  • There was a break below an ascending channel with support at $690 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded as low as $656 and it is currently correcting losses towards $680.

Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD is now well below $700 and it remains at a risk of more losses.

Ethereum Price Resistance

Yesterday, there was a minor upside move above $700 in ETH price against the US Dollar. However, the price was not able to move above the $720 resistance. It traded as high as $719.77 before it started a downside move. The price declined sharply and moved below the $700 support level. The decline was strong as there was a close below $700 and the 100 hourly simple moving average.

More importantly, there was a break below an ascending channel with support at $690 on the hourly chart of ETH/USD. The pair traded below the $670 level and formed a low at $656.16. It is currently consolidating losses above the $656 level. At the moment, the 23.6% Fib retracement level of the last decline from the $719 high to $656 low is acting as a resistance. However, there are many barriers on the upside near $690. The stated $690 level was a support earlier, and now it is likely to prevent upsides.

Ethereum Price Analysis ETH USD

Looking at the chart, the 50% Fib retracement level of the last decline from the $719 high to $656 low around $687 may well act as a strong hurdle. On the downside, the recent low of $656 is a short-term support, below which, the price may trade towards $638 in the near term.

Hourly MACD – The MACD has moved back strongly in the bearish zone.

Hourly RSI – The RSI is currently recovering from the oversold levels.

Major Support Level – $656

Major Resistance Level – $690

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Bitcoin Cash Price Analysis: BCH/USD Extends Its Decline

Key Points Bitcoin cash price failed to move above the $1,350 resistance and declined sharply against the US Dollar. There is a major bearish trend line formed with resistance at $1,250 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is currently correcting higher, but it may face many barriers

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Key Points

  • Bitcoin cash price failed to move above the $1,350 resistance and declined sharply against the US Dollar.
  • There is a major bearish trend line formed with resistance at $1,250 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently correcting higher, but it may face many barriers on the upside near $1,240-50.

Bitcoin cash price is under pressure below $1,300 against the US Dollar. BCH/USD is likely to extend declines further if it fails to move above $1,250.

Bitcoin Cash Price Decline

Recently, there was a minor upside correction above $1,300 in bitcoin cash price against the US Dollar. The price traded towards $1,340 where sellers appeared and protected more upsides. As a result, the price started a fresh downside move and declined back below $1,300. Sellers gained momentum, which pushed the price even below the $1,240 and $1,220 support levels.

The decline was such that the price almost tested the $1,150 level. A low was formed at $1,156 from where an upside correction is currently underway. It is currently testing the 23.6% Fib retracement level of the last drop from the $1,339 high to $1,156 low. However, there are many hurdles on the upside for buyers near $1,220-50. There is also a major bearish trend line formed with resistance at $1,250 on the hourly chart of the BCH/USD pair. Moreover, the 50% Fib retracement level of the last drop from the $1,339 high to $1,156 low is near $1,248 to act as a resistance.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is clearly under bearish pressure below $1,250. A break above $1,240-50 is needed for a bounce back, else there is a risk of more declines towards $1,100 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently recovering from the 30 level.

Major Support Level – $1,150

Major Resistance Level – $1,250

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Benchmark Aims to Raise US$30m for Global Sustainability Marketplace

“Benchmark sets new standards. We transform lives, protect the environment and generate real value and profits.” VALETTA, 17 May 2018: Benchmark, a new cryptocurrency entering into the market, will hold its Initial Token Offering (ITO) in May 2018, where it is aiming to raise approx US$30 million. The token, created by fintech experts, academics and business owners, can be used to participate in sustainable development projects worldwide, including a range of projects aimed at supporting developing communities across the globe, with the initial focus in Africa. Pieter Coetzer, CEO, Investment Banker and one of the founders of Benchmark, said: “We

“Benchmark sets new standards. We transform lives, protect the environment and generate real value and profits.”

VALETTA, 17 May 2018: Benchmark, a new cryptocurrency entering into the market, will hold its Initial Token Offering (ITO) in May 2018, where it is aiming to raise approx US$30 million. The token, created by fintech experts, academics and business owners, can be used to participate in sustainable development projects worldwide, including a range of projects aimed at supporting developing communities across the globe, with the initial focus in Africa.

Pieter Coetzer, CEO, Investment Banker and one of the founders of Benchmark, said:

“We are a genuine business, created for real people and managed by real people, solving real needs using the security of the blockchain and our token. Benchmark will work with entrepreneurs with proven solutions for sustainable development projects to provide funding for their solutions.”  

Unlike other cryptocurrencies, the value of Benchmark does not come exclusively from the token itself – but also from the returns the projects invested in bring. Early projects mooted by the Benchmark leadership team include establishing recycling plants in Africa, and setting up new financial institutions designed to reach the unbanked. The presale of the token is currently underway. Investors will gain direct access to projects in Q3 of this year.

The founders intend to create a full suite of blockchain based services, including peer-to-peer lending, payment, insurance, land registration and project management.

Benchmark’s role is to complete due diligence on projects, to test the feasibility of such projects, to put in place an appropriate funding structure and develop a suitable structure for participation by Benchmark Utility Token (BMK) holders. Participation in projects will only be available to the holders of BMK. Every project will be fully evaluated at prospectus level.

Denis Quayle, COO and Founder, said: “Benchmark sets new standards. We transform lives, protect the environment and generate real value and profits. Our tokens offer access to a portfolio of unique projects within the Benchmark ecosystem. Our blockchain based administration of projects provides transparency and our full suite of products makes the process accessible and open for all.”

Unlike many other cryptocurrencies like Bitcoin, Benchmark gives access to projects that are backed by hard assets in real estate, banking and other commercial interests. Benchmark, which is led by a group of experienced, respected and well-known people in the global business community, also offers more transparency than coins that are founded and operated on an exclusively anonymous basis.

While Bitcoin and many other cryptocurrencies are extremely vulnerable to market volatility and are impacted dramatically by consumer confidence, Benchmark has been designed with liquidity supports that reduce this significantly as a risk factor.

The ITO will take place on 28 May 2018 10am CET, and participants can get involved by logging on to https://benchmarktoken.io/en/

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.

A Guide to Completing KYC to Enter the Essentia Public Token Sale

Essentia, the decentralized protocol framework, has just announced details of its public token sale following the completion of their successful pre-sale. Essentia has implemented KYC/AML verification ahead of the public sale so participants wishing to contribute to the token generation event must follow the verification procedure Essentia has outlined in detail in its project blog. During the process of verification, interested parties will have the opportunity to experience the Essentia framework in action by creating their own dashboard through a series of quick steps. Here, documents can be uploaded in a secure environment and applicants can specify such details as

Essentia, the decentralized protocol framework, has just announced details of its public token sale following the completion of their successful pre-sale. Essentia has implemented KYC/AML verification ahead of the public sale so participants wishing to contribute to the token generation event must follow the verification procedure Essentia has outlined in detail in its project blog.

During the process of verification, interested parties will have the opportunity to experience the Essentia framework in action by creating their own dashboard through a series of quick steps. Here, documents can be uploaded in a secure environment and applicants can specify such details as the ETH wallet they wish to contribute from.

Anyone wishing to contribute more than 10 ETH will be required to submit additional details, and to verify that they are not the US or Chinese resident. Having completed verification for the Essentia public sale, applicants may return to their dashboard at any time to check on the status of their application. Due to high demand, Essentia cannot guarantee that successful applicants will be able to receive the full allocation of tokens they have requested.

Essentia co-founder Matteo Giancarlo Zago has stated:

The public sale marks the beginning of the next exciting phase for Essentia. Our community has been incredibly patient over the last few months, while the team has worked away behind the scenes to finalize everything in readiness for this moment. We look forward to welcoming applicants to our public sale, and to have them accompany us on the our journey building the infrastructure of the next web.

Having recently signed an agreement with the Finnish government to develop a blockchain solution for the MTK ministry, one of Essentia’s first tasks following the public sale will be to recommence development on this initiative. In addition, the team will ramp up work on  its enterprise solutions and fine-tuning the Essentia protocol, which they expect to grow into a thriving ecosystem of integrated dApps and other third party services.

Essentia successfully hit the hard cap during their pre-sale at the beginning of May, raising over $20m by reaching the maximum allocation of ESS tokens. As a consequence, no more pre-sale applications can be accepted. The Essentia public sale will mark the final stage of the process, which aims to give the Essentia community a chance to get involved, with 595 million ESS tokens allocated for the general sale to be distributed to all participants.

For additional information and further details, find our website and join the Essentia Telegram.

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.

Bitmora is moving to Malta!

US-based Bitmora, a startup cryptocurrency exchange, announced earlier this week that they will be moving their operations to Malta. Earlier this week, the Bitmora Team announced that they are packing their bags and moving to Malta with hopes of attaining breathing room regarding the regulatory restraints imposed by the United States. Bitmora is a startup cryptocurrency exchange that had been set to launch May 12th. However, that date has since been pushed back to May 26th while they finalize their move and add several premium features to their exchange for launch. ICO POSSIBLE Moving to Malta has put Bitmora in

US-based Bitmora, a startup cryptocurrency exchange, announced earlier this week that they will be moving their operations to Malta.

Earlier this week, the Bitmora Team announced that they are packing their bags and moving to Malta with hopes of attaining breathing room regarding the regulatory restraints imposed by the United States. Bitmora is a startup cryptocurrency exchange that had been set to launch May 12th. However, that date has since been pushed back to May 26th while they finalize their move and add several premium features to their exchange for launch.

ICO POSSIBLE

Moving to Malta has put Bitmora in the ideal position, not only have they escaped the regulatory walls the US is constructing, but they have also provided themselves room to launch an ICO in the near future.

Bitmora recently announced that an ICO could serve as a wonderful opportunity and have entered the planning stages of implementing a utility token. Much like other exchanges, Bitmora would utilize a token that brings cheaper trading fees to their users, but that’s just a bonus to its innovative core purpose. Bitmora has made it their mission to integrate their token into their user voting portal to bring a truly democratic voting experience to their community using the Blockchain. This would mark the first step towards Bitmora becoming a fully Blockchain based company, which has been their goal since the very beginning.

An ICO would allow them to raise the funds needed to start the development of their Decentralized Exchange (DEX) protocol. While many decentralized exchanges lack liquidity, basic trading features, and a friendly user interface, Bitmora plans to solve this by utilizing their incredible community backing.

Still hope for the US

While Bitmora has stated their primary reasons for moving as numerous regulatory walls and an overly conservative banking system, they have not fully lost hope for America. The team is standing by for US regulators to catch up to the modern world and take on new technology. It was initially thought that this could take place in late 2018-2019, but with recent news of the NASDAQ and ICE coming into play, clearer regulations might arrive sooner rather than later. In the meantime, Bitmora’s team will maintain their high standards for listed coins to ensure a seamless transition back to the States when the time is right.

Despite having an office in Malta,, Bitmora’s headquarters will still be located in San Diego. Most of the Bitmora team will continue residing in the United States with only a few being located in the Malta.

Website: https://bitmora.com/

Twitter: https://twitter.com/bitmora_inc

Facebook: https://www.facebook.com/bitmorainc/

Telegram: https://t.me/bitmora

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.

VRBex Seeks to Launch U.S. Regulatory Compliant Cryptocurrency and Security Token Exchange

HOUSTON, May 17, 2018 /PRNewswire/ — VRBex Inc., a company founded by financial-services professionals in the U.S. that intends to operate a cryptocurrency exchange and security-token trading platform, has announced the launch of the company and an initial security token offering (ISTO) today for potential investors. The announcement was made by VRBex CEO, Gene Grant. Grant and COO David Powell believe that token holders represent an interested and motivated group of future customers who are looking for robust and secure cryptocurrency and security token exchange platforms built to withstand the rigors of the highly regulated financial-services marketplace. As such, VRBex

HOUSTON, May 17, 2018 /PRNewswire/ — VRBex Inc., a company founded by financial-services professionals in the U.S. that intends to operate a cryptocurrency exchange and security-token trading platform, has announced the launch of the company and an initial security token offering (ISTO) today for potential investors. The announcement was made by VRBex CEO, Gene Grant.

Grant and COO David Powell believe that token holders represent an interested and motivated group of future customers who are looking for robust and secure cryptocurrency and security token exchange platforms built to withstand the rigors of the highly regulated financial-services marketplace. As such, VRBex is led and operated by professionals accustomed to working within the highly regulated environment of the traditional financial market.

VRBex’s company founders sought to design VRBex to be a safe, trusted, and robust financial services company for the exchange, storage, trading, and payments associated with cryptocurrencies, and, in a parallel effort, similar services related to security tokens. The VRBex business platform will initially provide a mechanism for the two-way exchange of US$ for select cryptocurrencies (such as Bitcoin, Ether, and Bitcoin Cash), and will then seek to expand the list of convertible assets; a platform for the trading of security tokens; and digital VRBex wallets for customers to hold their balances in fiat currencies, cryptocurrencies and security tokens, in each case, once proper licensing, custody regulations and other requirements are complied with.

“Once the cryptocurrency market value exceeded $750 billion it represented the emergence of a new financial asset class,” Grant said. “This is a powerful and clear confirmation that cryptocurrencies are viable. The seven-person VRBex management team brings more than 200 years’ combined experience working in highly regulated environments. Building financial services business, and adapting to ongoing regulatory and compliance changes, have been key components of our professional careers.”

“VRBex is purpose-built to help investors navigate the fast-moving world of cryptocurrencies and security tokens, and we welcome sound regulatory oversight because it brings confidence to the market,” Powell added. “As more mainstream customers enter this marketplace, the importance of investor protections and financial security will increase. The sheer scale of the market cries out for the protections and lessons learned from our many years of experience in the traditional financial markets.”

About 135,000,000 VRBex security tokens will be made available for purchase with Bitcoin, Ether, USD or Euros.  Interested investors that satisfy the applicable suitability standards are invited to register for the token pre-sale at VRBex.io. VRBex seeks to be fully compliant with the laws and regulations of the U.S. and with any additional jurisdictions in which it transacts future business.

Customers who pre-register on the VRBex.com website will receive 30 days of commission-free trading activity on the VRBex cryptocurrency platform when it is made available. The commission-free period commences after completion of customer registration, and the offer expires 90 days after the formal launch of the VRBex exchange.

The offering of the VRBex Tokens (the “Offering“) has two separate sale periods:

  • VRBex Tokens will be offered to selected investors in a pre-sale offering (the “Pre-Sale“) that commences April 23, 2018 at 8:00 a.m. (ET) and ends on the earlier of: (1) 7:00 a.m. (ET) on June 18, 2018; and (2) the time and date on which the Pre-Sale is closed or otherwise terminated by VRBex, in each case, unless otherwise extended by VRBex in its sole discretion.
  • Following the Pre-Sale, VRBex Tokens will be offered in an offering (the “Main Sale“) that is expected to commence on June 18, 2018 at 8:00 a.m. (ET) and end on the Closing Date. “Closing Date” means the earlier of: (1) 8:00 p.m. (ET) on July 23, 2018; and (2) the time and date on which the Main Sale is closed or otherwise terminated by VRBex in its sole discretion; provided however, that if the Board of Directors (as defined below) elects to extend the Offering pursuant to the terms of this Memorandum, then “Closing Date” will mean the date on which the Board of Directors determines to terminate the Offering.

The VRBex team has extensive experience implementing complex regulatory and operational risk-remediation programs for top global banks. VRBex specializes in managing the rigors and challenges found in the highly regulated environment of the traditional financial sector.

Grant has held senior executive and consulting roles for various global banks and investment firms, including Deutsche Bank, Barclays Capital, Merrill Lynch, Citigroup, UBS, Standard Chartered Bank, ANZ bank, and PIMCO. He was most recently a managing director at BBVA.

Powell has more than 30 years’ experience in financial services and has participated in multiple business line startups, including the merger and integration of acquired financial institutions. One of his most recent roles was as executive committee member of BBVA Compass Bank and co-head of the U.S. Corporate & Investment Bank Division.

The VRBex executive leadership team includes the following members:

  • F. Stephen Helmholz, Operations Manager. A former co-founder and Director of Operations of a startup company listed on the AIM division of the London Stock Exchange, Helmholz has spent 37 years working within financial services and banking. He has held positions involving derivatives technology and risk and trading operation software at global firms including Deutsche Bank, JPM Chase Bank, Citigroup London, Standard Chartered Bank SG, and ANZ.
  • Stephen Redler, Finance and Operations. Redler has worked in risk, valuations, technology and regulatory roles at top investment banks including Credit Suisse, Deutsche Bank, Citibank, Nomura, BBVA and Standard Chartered.
  • Earl Powell, Security and Talent Management. A 30-year veteran of the Central Intelligence Agency, Powell most recently served as Deputy Director of Office of Mission Integration in the Directorate of Support, where he delivered multi-disciplinary services supporting global mission requirements. His experience includes IT, supply chain, financial and human resource support. He also acted in various capacities as the lead representative of the intelligence community to other U.S. Government agencies for issues concerning global security programs.
  • Hal Hoodwin, Marketing and Customer Relations. Hoodwin’s background includes positions as a residential mortgage branch manager, seminar instructor, and real-estate investor, which honed skills in CRM and customer communication technology platforms.

About VRBex

Established in 2018 and based in Houston TX, VRBex intends to establish a cryptocurrency exchange and security-token trading platform that seeks to be compliant with U.S. financial regulations. It plans to offer a robust, transparent and secure platform for exchange of US$ for select cryptocurrencies; a platform for the trading of security tokens; and digital VRBex wallets. Read more at VRBex.com.

Disclaimer: This press release is not intended to be an offer to sell, or a solicitation of any offer to buy, any security or other financial instrument or to invest in the tokens issued by VRBex (“VRBex Tokens”).  The offering of VRBex Tokens has not been registered, qualified, or approved under any securities, futures, financial instruments, capital markets, or exchange control legislation, regulation, or ordinance of any jurisdiction. In all jurisdictions, any offer to sell or solicitation to buy VRBex Tokens, when made, will  be directed solely to qualified institutional investors, qualified professional investors, and those other sophisticated persons to whom offers and solicitation may be made without any licensing, registration, qualification, or approval under applicable law. Before you decide to invest in VRBex Tokens, you should carefully read the VRBex offering documents and consult with your own advisors.  An investment in VRBex Tokens is speculative and involves risks, which you should understand prior to making an investment.

The private placements of VRBex Tokens have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws, and the VRBex Tokens are being offered pursuant to an exemption from registration provided by Rule 506(c) of Regulation D under the Securities Act and in reliance on similar exemptions under applicable state laws. An investment in VRBex is suitable only for sophisticated, well-informed investors, and investors will be required to represent that they are accredited investors as such term is defined in Rule 501(a) of Regulation under the Securities Act.

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.