Cryptocurrencies are mixed after yesterday’s rally as Chinese search engine giant Baidu publishes white paper detailing a ‘Super Chain’
Sep 27, 2018
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- A Swiss-based startup headed by former UBS bankers, SEBA Crypto AG, has raised 100 million Swiss Francs (USD$103 million) to build a bank that offers crypto related services. SEBA Crypto AG plans to apply for a banking and security dealer license through Switzerland’s financial market regulator, FINMA. This license would allow SEBA Crypto AG to partake in crypto trading and investing on behalf of other banks and qualified investors.
- A US federal district judge ruled that an alleged fraudulent cryptocurrency scam can be classified as a commodity and falls under the jurisdiction of the Commodity Futures Trading Commission (CFTC). The CFTC sued alleged fraudulent coin, My Big Coin Pay, after the individuals behind the coin misled investors by releasing a series of false statements. The coin raised roughly USD$6 million from investors while claiming the coin was backed by gold.
- According to two US financial experts, North Korea is utilizing cryptocurrencies in order to evade US sanctions. Lourdes Miranda, a financial crimes investigator, and Ross Delston, an expert in anti-money laundering and combatting financing of terrorism, believe that North Korea is making its own cryptocurrency while also using popular cryptocurrencies like Bitcoin. Earlier this year, former NSA cybersecurity official, Priscilla Moriuchi, said that North Korea is likely earning between USD$15 million and USD$200 million per year by mining and selling cryptocurrencies.
- Australia’s Taxation Office has warned citizens of scammers impersonating tax officials and demanding tax debs be paid in cryptocurrencies. Scammers have called Australian citizens and threatened that if tax debts were not cleared urgently, the federal police would place them under arrest.
- Chinese search engine and web services company, Baidu, has released the, “Baidu Blockchain White Paper V1.0” that describes a, “Super Chain” network system. Released Wednesday, the paper lays out the idea of developing a blockchain-as-a-service platform that would house six of Baidu’s current applications, including Totem, Degree Universe, Baidu Association, Treasure Chest, Encyclopedia Online, and Hubert. Baidu’s white paper claims that the, “Super Chain” is more efficient than a traditional blockchain and has an ability to perform with a higher degree of hardware utilization.
- Marsh, a global professional services firm, announced Wednesday that it would be working with IBM Blockchain to expand its efforts to offer insurance solutions. Marsh will be launching a commercial version of its insurance verification program on IBM Blockchain in order to streamline the insurance certification process, adding speed and transparency for clients seeking to hire contractors.
- State-owned Chinese bank, Bank of Communications, completed a massive 9.3 billion yuan (USD$1.3 billion) residential mortage backed security issuance using a blockchain network. In order to complete this issuance, Bank of Communications used its Jucai Chain blockchain network, which was first rolled out in June for asset-backed security issuances. Veem, a blockchain payments startup, has closed its USD$25 million fund round that was led by Goldman Sachs. Veem also received funding from other notables, including GV (formerly Google Ventures), Silicon Valley Bank, and Pantera Capital. Veem aims to offer a payments platform that includes both traditional SWIFT-based transfers and blockchain networks.
- West Virginians have begun using a blockchain-based mobile app to cast absentee ballots in the upcoming midterm election, according to a report by Slate. Voatz allows citizens of West Virginia that are overseas and registered in one of 24 countries to cast absentee ballots via smartphones. Pilot testing for Voatz started in March of this year and was successfully completed in May after passing four audits assessing security of various components.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio