employee #5: coin veteran adam white joins ice’s crypto platform bakkt
early coin employee and head of institution products adam white has joined intercontinental exchange’s (ice) cryptocurrency platform bakkt as its chief operating officer, per the company’s announcement on medium.
the news of white’s departure from the firm was first released on bloomberg. white was coin’s fifth employee, and he joined in 2013 when the founders were working from home and bitcoin was trading around $200, per the report.
he served as the digital asset platform’s vice president and general manager of its institutional business, where he led the team that rolled out a series of products targeted at institutional clients. these products include the recent custodial services and an index fund, which is open to investments from u.s. accredited investors with a net worth of more than $1 million or an annual salary of more than $200,000 – who invest between $250,000 and $20 million.
coin has also made some high profile hires in the past month. the crypto exchange brought in charles schwab to its board, amazon web services former general manager tim wagner was hired as vice president of engineering and fannie mae’s former general counsel brian brooks, who is the new chief legal officer.
white will now team up with kelly loeffler and the rest of the bakkt team on the platforms’ vision to “create a transformational digital asset ecosystem.” bakkt is a product from ice, the parent company of the new york stock exchange.
speaking with fortune in an interview, white said he switched sides because wall street was ready to sell digital assets to the masses but the infrastructure is currently lacking on the existing digital asset platforms.
“the interest in bitcoin and other currencies started changing from retail to the institutional side. but the level of infrastructure of the existing trading sites often didn’t meet their expectations. that’s why they’re waiting on the sidelines.”
this move is a statement of intent from the old school finance (ice) which intends to transform cryptocurrencies into digital tokens that are more liquid and can be traded on regulated exchanges globally. up until now, cryptocurrency trading has been dominated by exchanges that focus primarily on retail investors.
the launch of bakkt is expected to move institutional traders, many of whom are still sitting on the fence, where crypto is concerned. the platform has an edge over popular exchanges like coin, as it promises trading on a federally regulated exchange, as well as clearing and custody services for cryptos with the safeguards similar to what is applicable on physical stock exchanges.
employee #5: coin veteran adam white joins ice’s crypto platform bakkt
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uk: cryptocurrency regulations may take 2 years for lawmakers to draft
cryptocurrency regulations in the uk could take up to 24 months to be introduced according to a legal expert at a uk d law firm.
james kaufmann, legal director at reynolds porter chamberlain (rpc) uk, while commenting on the subject in a statement published by his company, said it could take two years to introduce such regulations due to a couple of reasons. to achieve the results within such a timeline is d on a best-case scenario where the proposals with the house of commons treasury committee report starts to progress.
rpc is a london d corporate law firm with offices in the uk and asia. the firm which has over 80 partners, has been named law firm of the year three times in a row since 2014.
according to kaufmann, the processes required to move such bills forwards are often “lengthy,” given that the recent proposals sent to house of commons treasury committee (hm treasury) have just begun to move forward.
“bringing a complex and fast-evolving area like cryptocurrencies into a regulatory framework is going to be a difficult and lengthy process. added to this, big issues like brexit are already occupying a lot of regulator’s time,” he noted in the release.
according to the statement, past incidents of regulatory changes of lesser magnitude show that even the two-year timeline is quite ambitious.
kaufmann stated in the release:
“past precedents show it can take years to make relatively minor regulatory changes to the financial regulatory regime. for example, it took two and a half years from the treasury’s original announcement (10 may 2004) for the regulation of home reversion plans to come in force (6 november 2006).”
to regulate cryptocurrencies, the treasury committee will need time to study the industry to know which “specific activities related to cryptocurrencies”require monitoring, draft proposed regulations, allow for a consultation period, publish changes and set an implementation date.
even if the latest proposals are fast-tracked, kaufmann believes it could still take “years for regulations to cover the uk cryptocurrency market that treads the middle ground between protecting retail participants and allowing the uk’s cryptocurrency market to thrive.”
the introduction of new regulations could also result in an increased role for the financial conduct authority (fca), the regulatory body for the financial sector. this raises questions as to whether the fca has the wherewithal to regulate the crypto industry. according to the press release, the fca would be tasked in the coming months on whether or not it has the funding, the requisite expertise, and the readiness to mitigate the reaction of the cryptocurrency markets to the regulations when they go live.
joining the voices of the treasury committee report, the european parliament has also called for cryptocurrencies to be regulated across the region and it has developed a proposal similar to the treasury committee’s report titled “motion for a resolution on distributed ledger technologies and blockchains: building trust with disintermediation.”
“the race to establish a workable and regulated regime for cryptocurrencies is surely worth winning as their usage becomes more widespread across europe and globally,” kaufmann commented.
earlier last month, hm treasury called a resolution to discuss issues surrounding cryptocurrencies such as hacker attacks and money laundering.
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integrity: blockchain gives a helping hand to small business
startups and small companies form the basis of business in the modern market, offering unique products and services in demand. however, most startups close within the first five to ten years due to rising costs, unstable profits, and problems finding qualified personnel. can the blockchain solve the problem?
integrity offers a unified platform for the protection of intellectual property, the search for reliable performers, and the introduction of new technologies. all the tools for small business development, efficient workflows and hiring suitable employees.
how does the integrity platform work?
the technological basis of the integrity ecosystem - itx tokens and powr protocol, evaluating each startup by three parameters: reputation, effectiveness, and expediency. the main difficulty in the development of new companies is the lack of reliable people and workable technologies.
integrity developers solve a problem by building a system of three components.
🔶 proof of wisdom. a tool to confirm the expertise of users running their integrity projects. the owner of the startup describes the business processes in the platform templates, but the size of the profits and the dynamics of the project development are traced automatically. if the case was successful, its parameters are saved in the blockchain for the following users.
🔶proof of reputation. a tool for selecting reliable performers who are interested in performing work at 100%. integrity smart contracts assign a rating to each freelancer by checking the quality of order fulfillment. performers with high ratings receive stable orders, their reputation is confirmed by system tokens.
🔶proof of results. a tool for encouraging programmers who successfully implement electronic document management systems, finance accounting software, and advertising campaign planning. unlike the traditional market, integrity allows you to implement a new program in a few hours, the development will be handled by experienced professionals.
startup owners, platform programmers, and freelancers interact via smart contracts, while successful software products and business solutions are stored on decentralized servers. integrity creates a knowledge , handy tools and a list of experts who can launch a successful startup. entrepreneurs get reliable specialists and turnkey solutions, while freelancers get a steady flow of orders for work.
crowdsale and further project development
the project team has prepared 300 million itx tokens at a price of 15 cents each, eth, btc or us dollars are accepted. the minimum investment threshold is $100. during the ico, scheduled for the third or fourth quarter of 2018, it is planned to collect up to 30 million dollars (hard cap).
the main part of tokens (77%) is planned to be implemented during the crowdsale, 9% will be transferred to the founders of the project, 8% will provide a liquidity pool, 6% will be transferred to integrity lawyers and advisors. most of the funds raised (40%) are planned to be spent on operating expenses, 31% will be invested in the further development of the project, 29% will cover marketing and sales expenses.
in the future, developers plan to launch the learning engine - a tool for learning how to launch startups from scratch.
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North Dakota Securities Regulator Issues Cease and Desists Against 3 ICOs
North Dakota's securities watchdog is again taking action against ICO projects it alleges are operating illegally in the state.
On Thursday, Karen Tyler, commissioner of the North Dakota Securities Department, issued cease and desist orders against three companies for offering "unregistered and potentially fraudulent securities in the form of ICOs."
The regulator alleged in a news release that the companies – Crystal Token, Life Cross Coin and Advertiza Holdings – had placed fraudulent statements on their websites with claims of excessively high returns, insufficient disclosures and misrepresentation of facts.
The agency said none of the firms are registered to offer securities in the state. Furthermore, Advertiza allegedly falsely claimed it had filed with the SEC, while Life Cross Coin's website is operated from a Berlin IP address "associated with ransomware, trojans, and identity fraud."
"The continued exploitation of the cryptocurrency ecosystem by financial criminals is a significant threat to Main Street investors," said Tyler, adding:
"In formulaic fashion, financial criminals are cashing in on the hype and excitement around blockchain, crypto assets, and ICOs – investors should be exceedingly cautious when considering a related investment."
This is not the first time the department has taken action against companies promoting ICOs in the state. Last month, it issued orders against BitConnect, Magma Foundation and Pension Rewards Platform.
Actions are also increasingly occurring at a federal level in the U.S., with the Securities and Exchange Commission (SEC) announcing just yesterday that it is suing an ICO project and its operator for falsely claiming to have received approval from the agency.
The SEC also asked a U.S. district court to enforce a subpoena on Wednesday as part of a probe into alleged pump-and-dump tactics that involved claims of a $100 million ICO.
Ethereum's Constantinople Upgrade Stalls on Testnet
Ethereum's main test network, Ropsten, is currently at a standstill.
Code for ethereum's upcoming hard fork, dubbed Constantinople, was set to be activated on Ropsten at block number 4,230,000.
However, according to blockchain explorer sites such as Etherscan and Blockscout, the current Ropsten network is stalled at block 4,299,999.
Afri Schoedon, release manager for the ethereum client Parity, explained that the reason for the stall was a lack of miners on the Ropsten network to push the newly upgraded blockchain forward, he wrote in a public Gitter channel
In other words, though Constantinople was released to Ropsten, miners failed to upgrade their software.
Schoedon wrote, "The fact that all clients are 'stuck' means that there is no valid Constantinople block yet," adding a plea for ethereum developers to boot up upgraded Ropsten "nodes," or computer servers able to mine Constantinople-activated blocks.
Several proponents in the same chatroom have responded to the plea and are currently working to resolve the issue.
Ethereum developer Peter Szilagyi affirmed, "[If] someone can reach [developers Anton Nashatyrev or Casey Detrio], they should have access to [our] monitoring Geth node to start mining ... [Martin Holst Swende] is also unfortunately offline and can't help now."
To this, Schoeden responded wryly that, in hindsight, the weekend was not an ideal time for release of Constantinople on Ropsten saying, "Not for later: never fork on weekends."
As of press time, the Ropsten testnet is still frozen, with core developers actively working to set up a miner of their own to run Constantinople and progress the Ropsten blockchain forward.
It is unclear whether this delay will impact the full Constantinople upgrade: because the rollout's failure was due to a lack of miners upgrading their clients, the code itself remains untested.
As CoinDesk reported Friday, developers for the worlds' second-biggest blockchain by market capitalization have targeted late November as the launch date for Constantinople, which will bring a number of changes to the ethereum network, including – perhaps most controversially – a reduction in the mining rewards for each transaction block.
As a nearly identical blockchain to ethereum, Ropsten acts as a useful tool for ethereum developers to check the performance of new code in a simulated environment separate from the primary chain. Last year's hard fork, Byzantium, underwent a testing period on Ropsten for about one month before being released on ethereum mainnet.