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Cybersecurity Firm WISeKey Subsidiary Nets $7 Mln in Pre-STO Investment Ahead of Q2 Sale

A subsidiary of Swiss cybersecurity and blockchain firm WISeKey has raised $7 million in an pre-funding round prior to launching a security token offering (STO), the company confirmed in a press release on April 11.

WISeCoin, which came into being in August last year, plans to conduct the STO in Q2.

Responsible for managing all of WISeKey’s blockchain initiatives and operations, the vertically-integrated platform intends to raise a total of 17,587,527 Swiss francs ($17,563,695) to expand its activities.

These include the use of various disruptive technologies, specifically focusing on the Internet of Things (IoT) given WISeKey’s major presence as a semiconductor chip manufacturer.

“One of WISeCoin’s key (milestones) is to build a Blockchain of Identity to store the identities of objects and people allowing connected objects the ability to identify, authenticate and verify each other with a digital certificate,” the press release states. It continues:

“For each interaction, the Blockchain of Identity will verify the validity of each digital certificate to secure the interaction and to compensate for the use of the platform, a micro service fee is charged through a utility token, called the WISeCoin token.”

WISeKey itself launched a new digital identity solution at the end of last month.

STOs, initially conceived as a less risky investment option than the increasingly precarious initial coin offering (ICO) market, have come under the attention of regulators, with Hong Kong and Mauritius the latest to issue guidelines.

In March, a report by PwC nonetheless assessed STOs as having few fundamental differences from ICOs.

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Bermuda Ministry of Finance Approves Velocity Ledger ICO

The Bermuda Ministry of Finance has approved the initial coin offering (ICO) of trading company Velocity Ledger Holdings Limited (VLHL), according to a press release published on April 10.

VLHL’s subsidiary VL Financial is now in the application process with the Bermuda Monetary Authority (BMA) to obtain the relevant licenses to operate. If approved by the BMA, the company will operate a digital asset exchange in Bermuda. The release notes that the company can use VL tokens for payment for licensing VL technology platforms and services.

Commenting on the development, Shawn Sloves, CEO of VLHL, said that “Bermuda has adopted pragmatic, non-restrictive frameworks for digital assets that provide regulatory certainty to market participants.”

Bermudan Premier David Burt told the Royal Gazette, “They have a traditional finance industry pedigree and are building solutions for the institutional finance market. Their platform will showcase the potential of what fintech and Bermuda have to offer.”

Last December, the BMA released a draft regulation entitled “Digital Asset Custody Code of Practice,” that seeks to clarify the regulator’s stance on crypto custodial services in Bermuda and to protect clients’ assets. Aiming to deliver a high level of protection for crypto custody clients, the BMA suggested that a Digital Asset Business must ensure that “any assets belonging to clients are kept segregated” from their own assets.

The first certification for an ICO under the island nation’s new regulatory regime for crypto and blockchain business was awarded by the government of Bermuda in October of last year. The Premier Burt introduced new regulations on ICOs to the lower house of the country’s Parliament, the House of Assembly last July. The guidelines require ICO issuers to provide detailed information about “all persons involved with the ICO.”

As Cointelegraph reported earlier today, the first quarter of 2019 saw fewer ICOs raise funds as compared to the fourth quarter of 2018. In Q1, there were almost 350 ICO projects, which is fewer than in Q4 2018. The total volume of funds raised in Q1 reportedly amounted to nearly $1 billion, however the number is lower by roughly $0.5 billion compared to Q4 2018.

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Coinbase Crypto Exchange Debuts Visa Card for UK Customers

Major American cryptocurrency exchange Coinbase has launched Coinbase Card, that enables its United Kingdom-based customers to pay in-store and online with cryptocurrency. The development was announced in a blog post published on April 10.

The Coinbase Card is a Visa debit card powered by customers’ Coinbase account crypto balances, which allows them to make purchases with digital currencies worldwide. Coinbase instantly converts customers’ cryptocurrency funds into fiat currency in order to complete the purchase.

Coinbase also released the Coinbase Card app for iOS and Android, which links customers’ Coinbase accounts with the app and allows them to choose a particular wallet to fund their Coinbase Card. The app additionally provides access to receipts, transaction summaries, spending categories, and other features. The card reportedly supports all digital assets available to purchase and sell on the Coinbase platform.

The card is issued by authorized and regulated as an electronic money institution Paysafe Financial Services Limited. Currently, Coinbase Card is available for customers in the U.K., however Coinbase reportedly plans to add support for other European countries in the near term.

Earlier this month, Visa itself published a crypto and blockchain-related job opening. The firm is ostensibly seeking someone to fill the position of Technical Product Manager at Visa Fintech at its Palo Alto office. The position’s description states that a candidate should have an in-depth understanding of distributed ledger technology and the crypto industry.

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Bittrex Responds to NYDFS Denial of BitLicense Application, Cites Factual Inaccuracies

United States-based cryptocurrency exchange Bittrex has responded to the New York Department of Financial Services’ (NYDFS) denial of the company’s BitLicense application in a press release published on April 10.

Earlier today, NYDFS denied Bittrex’s application for a BitLicense — which is required to conduct virtual currency related business in the state of New York — claiming that the exchange had inadequate policies and controls regarding Anti-Money Laundering (AML), Know Your Customer (KYC) and the Office of Foreign Assets Control (OFAC) standards.

In its response, Bittrex expressed its disappointment in the NYDFS’ decision and argued that it the regulation “harms rather than protects New York customers.” The exchange also explained its disagreement with NYDFS’ claims in regard to its AML and compliance practices.

Bittrex states that it “maintains a risk assessment framework, approved by outside counsel, and fully trains all company employees in its AML policies and procedures.” The exchange also stated that it “screens for SDNs [specially designated nationals] when a customer opens an account, and tracks all SDN updates from OFAC, checking our customer upon notice…”

Additionally, Bittrex stated out that NYDFS set up capitalization requirements that exceeded those of any other state. Those requirements were ostensibly based upon a pre-existing formula of hot wallet versus cold wallet storage, not taking into consideration the range of coins listed by Bittrex and ignoring the risks of frequently moving assets from hot to cold storage.

Bittrex claimed in the release that it offered a bond to cover the whole capitalization of all New York clients, but that was rejected. The exchange also outlined that the letter from NYDFS contained several factual inaccuracies in respect to the implementation of transaction monitoring, risk assessment framework, and checking customers, among others.

Currently, Bittrex is ranked 54th on CoinMarketCap’s list of digital currency exchanges in terms of adjusted trading volume. The exchange’s 24-hour trading volume is around $63.5 million at press time, having gained almost 6 percent over the past 24 hours.

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50% Of Companies Will Use Blockchain Tech in Next Three Years

Blockchain technology could possibly be used by 50 percent of all companies within the next three years, the vice president of blockchain product development at software company Oracle said on Monday, April 8.

Frank Xiong participated in the Forbes CIO Summit in Half Moon Bay, California, where he estimated that 50 to 60 percent of companies will use blockchain technology in the next few years.

At the same time, Xiong believes that people have become much more realistic about what blockchain can affect in various business models:

“We’re past the stage that blockchain can cure everything, so people are becoming more realistic about what’s good for their business model.”

According to Forbes, Oracle currently has more than 100 customers using its blockchain solution for supply chains. As Cointelegraph previously reported, the company launched a suite of software-as-a-service (SaaS) applications based on its Oracle Blockchain Cloud Service in late October 2018. The offering purportedly enables customers to track products through supply chains, increase transparency, accelerate product delivery, and improve customer satisfaction.

More recently, Oracle partnered with a European-based fintech startup SDK.finance that offers a payment platform for banks and financial institutions. The company will use Oracle Blockchain Platform to improve its payments processes and remove intermediaries.

A recent survey conducted by Big Four auditing firm KPMG shows that high-profile executives are interested in blockchain, but mostly delay its adoption in their companies.

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South Korea State Defense Arm DAPA to Build Blockchain Platform for Military Acquisition

South Korea’s Defense Acquisition Program Administration (DAPA) plans to improve the reliability of data in the arms industry by using blockchain, the agency announced in a press release on April 10.

The state arms procurement agency says it is seeking to use a blockchain platform to enable the secure sharing of data about military acquisition projects between relevant governmental organizations and to eliminate data forgery.

According to the press release, the new initiative will involve such organizations as the Agency for Defense Development and the Defense Agency for Technology and Quality.

Apart from improving the credibility of defense projects with blockchain, DAPA also intends to reduce the paperwork associated with applying for state procurement projects, as well as unify its documentation, the press release notes.

In January 2019, DAPA launched a pilot for the development of blockchain applications in the defense industry, with South Korea’s government reportedly planning to invest up to $530,000 into each project. The initiative is being carried out with the support of a sub-organization of the South Korean Ministry of Science and ICT, the Korea Internet & Security Agency.

In late 2018, the United States Department of Defense suggested that blockchain technology could facilitate the process of emergency response.

Previously, Dublin-based consultancy firm Accenture partnered with French multinational aerospace firm Thales Group to update aircraft supply chains using blockchain.

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Japanese Regulator FSA Hears Arguments for not Calling Bitcoin a Virtual Currency

Japanese finance regulator the Financial Services Agency (FSA) no longer wishes to describe Bitcoin (BTC) as a virtual currency, Cointelegraph Japan reported on April 8, quoting minutes of a meeting originally held on March 4.

During a plenary session at the 41st General Assembly of the Financial Council and the 29th Financial Division Meeting, Professor Iwashita Goto of the Public Policy Graduate School of Kyoto University, petitioned members to adapt their view of Bitcoin.

The largest cryptocurrency, he argued, has become something beyond a means of transacting, due to its borderless qualities, which have led it to appear throughout the world in its ten-year history.

“I don’t think it would be worthwhile to call Bitcoin a virtual currency,” he summarized.

The comments come as Japan continues to formalize its domestic cryptocurrency industry. Set on creating encouraging regulation, the FSA has now begun issuing licenses to new cryptocurrency exchanges looking to serve the Japanese market.

The licensing scheme, which has a long waiting list, was in part a reaction to the events of the past two years, notably local exchange Coincheck’s half-billion-dollar hack in January 2018.

Other industry consumer products also continue to see a rollout in the country, such as plans for train travel payment using cryptocurrency. Last week, Japanese trading platform Liquid achieved unicorn status after it was valued at more than $1 billion.

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Blockchain Prediction Platform Augur to Launch Stablecoin DAI-Denominated Markets

Blockchain-powered event betting platform Augur has launched a token denominated in MakerDAO’s Dai (DAI) stablecoin as part of a major upgrade to its platform. The news was announced in an official blog post tweeted on April 8.

Augur argues that introducing DAI-denominated markets will make trading less volatile as compared with Ethereum (ETH), which has been used for trading on the platform thus far.

DAI support comes as part of wide-ranging improvements to Augur’s protocol, with the company today stating that its version two (V2) protocol contracts are “now ready for the first round of audits with integration work in progress with the rest of the Augur platform.” In terms of DAI support, that blog post outlines that:

“For V1, the usage of ETH was accomplished by using a contract (‘Cash’) that wrapped ETH and was given additional trust by the Augur contracts to take privileged transfers. The V2 contracts will still reference ‘Cash,’ which will instead point to an ERC20 Token with no extensions. At release time, this will be set to the Multi-Collateral DAI token.”

Other protocol improvements notably include tackling a recent weak point on the platform that had allowed bad actors to create deliberately invalid markets, as Cointelegraph previously reported. To address this issue, Augur is introducing a V2 upgrade that will allow for “Invalid” to be a tradeable outcome.

Among a host of other new features for V2 is what Augur dubs “Use it or Lose It Forking,” which introduces a time limit, in addition to the existing token percentage bonus, in order to motivate users to migrate their tokens and participate in a fork, while ensuring security.

As reported, alongside the exploitation of invalid markets by bad actors, Augur had previously sparked controversy when so-called “assassination markets” surfaced on the platform, in which users placed bets on the deaths of a number of high-profile public figures.

To press time, Augur’s native token REP ranks 35th by market capitalization and is trading at $20.46, according to CoinMarketCap.

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Discoperi ICO (DISC Token): Blockchain System ‘Eye’ For Driver Data?

Discoperi is an automotive platform that develops blockchain-based solutions for the improvement of safety among drivers, prevention of accidents, and the monetization of automotive data. The Discoperi ecosystem comprises of different companies that aim that promoting road safety and enabling drivers to benefit from their vehicles and through data monetization.

Organizations can also be part of the Discoperi ecosystem and access the large pool of drivers. The ecosystem features service creation tools, execution strategy resources, and service orchestration resources.

How Discoperi Blockchain System ‘Eye’ For Driver Data Works

Discoperi uses System ‘Eye’, which is made up of three components: a smart IoT device called ‘Eye’, AI algorithms that recognize risky driving behavior, and a protocol that connects all devices into the DCNV. The System ‘Eye’ is installed on the windshield of the vehicle to identify data such as road situations, weather factors, driving behavior, vehicles characteristics, and status.

The data is then transferred to the cloud where it is validated and spread among the driver community as well as recorded in the Discoperi Blockchain where the origin of the data can be traced. If the Artificial Intelligence integrated into the cloud identifies that the driver captured valuable and important information, the system can contact the driver in order to gain more insights.

Data buyers on the Discoperi platform can search for records and the cloud will pull all the data from the cars that have installed the System ‘Eye’ which forms a holistic approach to the event. Discoperi’s Blockchain will then highlight the data buyer’s preference in regards to the data collected.

Once the buyer selects the information that they will use, the cloud will create a hash in blockchain, which shows who supplied the data and how much they are charging for the data. After the data buyer accepts the terms of the transaction, blockchain creates a smart contract that meets all the preferences of the buyer and the transaction is executed.

Discoperi Benefits

Data Protection

The data and privacy of drivers is protected through the implementation of the Dynamic Encryption Algorithm (DEA) and blockchain technology, which prevent any unauthorized access to personal or private data found on the Discoperi platform.

Retention Of Control By Data Providers

The System ‘Eye’ will enable the data providers (drivers) to choose who they would like to share their data with, under what circumstance, and at what prices. All the transactions and requests are recorded on the blockchain where the users could manage their contribution to the system.

Data Traceability

The utilization of blockchain technology facilitates the traceability to data, which is crucial in identifying the source of the information, calculating the cost of data, allocating payment to the drivers, and prevention of internal or external attacks.

Structural Flexibility And Agility

Since different countries have different regulations on data processing and storing, blockchain technology will be used to comply with such norms and regulations.

Discoperi DISC Token ICO Details

Parameters Of The ICO

Token: DISC

Token protocol: ERC20

Total token supply: 200,000,000,000

Token supply during ICO: 50,000,000,000

Token price: $0.001

Accepted currencies: Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC)

Soft Cap: $5 Million

Hard Cap: $50 Million

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The Calloway Software Objective Review Result #3 – Winning Streak Continues!

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Binkabi ICO (BKBI Token): Blockchain Commodity Tokenization Protocol?

What Is Binkabi?

Binkabi is a blockchain-based platform for issuing and trading commodities. The platform seeks to create a fairer and more profitable commodity network through the collaborative efforts of all its members. Additionally, the platform seeks to solve the challenges in the supply chain caused by lack of trust. The challenges include the over reliance on USD, intermediaries and paper based processes, high cost of funding in emerging markets while the farmers bear high risks despite the minimum pay.

Binkabi focuses on commodity tokenization physical trading, hedging and financial applications. It leverages Smart contracts, crypto-economics, standards, and policies and governance layers to achieve this objective. The platform will work some of the authorities that will provide it with guidance on pricing, warehousing, infrastructure, and standardization of quality.

How Binkabi Blockchain Commodity Tokenization Protocol Works

Binkabi will develop a cross-border commodity-trading platform that will initially target agricultural commodities. This platform will help buyers and sellers of the commodities reduce intermediation layers in trade, which enables the wide reallocation of profits in the value chain. It introduces Barter Block, which is a smart bartering mechanism where buyers and sellers can transact in their local currencies and not USD.

Blockchain technology powers Binkabi to provide insurers, banks, corporates and individuals with access to relevant and timely information on liabilities, assets, and trading history. This enables the institutions provide their users with physical trading that features competitive financing and insurance packages.

In the current system, to acquire supply chain financing, users are required to have security and SMEs and commodity producers in the emerging markets are usually unable to find the necessary security for loans. Through the Binkabi platform financial institutions will have all the relevant information that will enable them provide cash flow-based lending because Binkabi will eliminate commodity price risks, which will increase the confidence of the lenders.

The Binkabi Token (BKB) allows users to access the services on the Binkabi network. The token will also serve as a payment for Barter Block reward for users who refer new users to form Barter Blocks. Additionally BKB will be an incentive payment method to encourage continued development and performance of the protocols.

Binkabi Benefits

Privacy

All the transactions on Binkabi can be tracked and monitored; however, to ensure the privacy of the transaction, the specific details are only accessible to parties involved in the transaction and permissioned third parties like banks, shipping companies, and Binkabi.

Hedged Price Risk

The Binkabi network will enable commodity producers and processors to directly participate in international trading, which results in reduced transaction and currency conversion costs.

Lending Opportunities

Investors on the Binkabi network, who could either be institutions and individuals, will have the opportunity to contribute to the Binkabi protocols and the access to the commodity derivatives or lending opportunities from emerging markets.

Benefits To The Government

Governments and authorities can use the Binkabi network to collect tax and customs duties, improve port efficiency, reduce illegal trading, increase transparency of trades, and improve livelihood of primary producers.

Binkabi BKB Token ICO Details

Parameters Of The ICO

Token: BKB

Total token supply: 100,000,000 BKB

Token supply during ICO: 32,500,000 BKB

Token sale date: TBA

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Cannabium ICO Coin Investment – New CNAB Token ICO

What Is Cannabium?

Cannabium is the world’s first global marketplace built on the blockchain that features its own cryptocurrency token backed by cannabis extracts such as CBD, which commonly used for medical purposes. The marketplace seeks to enable buyers and producers of Cannabis extracts to transact easily on the market marketplace using the CNAB tokens, thus eliminating the hassle associated with fiat transactions.

Global Trade Marketplace For Cannabis

Besides, the platform aims at creating a worldwide trade marketplace for cannabis extracts products that is integrated with mechanisms that enhance standardization, transparency, accessibility, liquidity, and cost savings.

Cannabium anticipates that with the increased global deregulation and increased worldwide acceptance of cannabis, the cannabis extract market will significantly increase. It could further be accelerated by standardized pricing and transparency that the Cannabium marketplace promises to introduce into the industry.

How Will Cannabium Blockchain Cannabis Extract Exchange Work?

The Cannabium Marketplace ecosystem consists of cannabis extract producers and their buyers. The producers have to undergo a verification process to determine their agricultural capacity and licensure in order to begin selling on the marketplace.

Smart contracts and the Ethereum blockchain will oversee all the transactions on the marketplace. This will enable producers and buyers to transact in a more cost efficient and transparent trading environment while at the same time eliminating the need for expensive third parties during the entire process.

Cannabium Advantages

Transparent, Secure And Traceable

Currently, the cannabis industry does not have a system to trace or log transactions, which can promote the growth of the black market that is not traceable. Cannabium will address this challenge by creating the world’s a cannabis extracts marketplace on the blockchain, which will provide transactions with transparency and legitimacy.

Physical Asset

Cannabis extracts such as the CBD back the Cannabium Token (CNAB), which provides liquidity for the Cannabium participants, and the token holders as the tokens will have real value from the moment they are purchased.

Standardized Pricing System

The Cannabium Marketplace is the world’s first marketplace that provides a standardized system for pricing of cannabis as well as an accepted marketplace for listing cannabis extract prices. Apart from the price standardization, the marketplace will also restore consumer confidence in the cannabis industry.

Fair Trade

The marketplace will support fair-trading and sustainable farming as it will only bring verified producers to the marketplace and implement a real cash settlement mechanism.

Cannabium CNAB Token & ICO Details

Each of the CNAB tokens will be based on the real value of the CBD. For instance, one CNAB token will be equal to 10mg of the CBD extracts. Each extract will have to be produced under the Good Manufacturing Practices (GMP) and verified by all the relevant authorities.

This connection of the token and an asset makes it possible for a redemption process where the token acquires liquidity, which is what is lacking in most tokens in the industry. Similarly, it will also increase the access to the cannabis extract that has numerous medical benefits.

Parameters Of The ICO

Token: CNAB

Token protocol: Ethereum

Token supply: 738,000,000 CNAB

Price: $0.06 – $0.08

Sale date: 11 January 2019 – 12 February 2019

Accepted currencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Fiat

Hard cap: $24,000,000

Soft Cap: $3,000,000

This news post is collected from Bitcoin Exchange Guide

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Michigan House of Representatives Votes to Include Cryptocurrencies in Criminal Laws

The Michigan House of Representatives has passed a bill, HB 4102, on April 9 that would include cryptocurrencies in criminal codes regarding illegal actions for financial gain.

Michigan lawmakers have voted to introduce amendments to various sections of the Michigan Penal Code, specifying that cryptocurrency would be included in provisions relating to money laundering, embezzlement, credit card fraud and financial transactions involving the proceeds of a criminal offense.

The legislation also prohibits the collection of cryptocurrency — or any currency — for the fighting, baiting or shooting of an animal.

State Rep. Ryan Berman told the Detroit News that the bill was inspired by a case of a dog-fighting ring, wherein the organizer was prosecuted, but not individual participants, as they placed their bets using cryptocurrency, which was not expressly prohibited under the law.

Berman continued that the new bill provides a much-needed update to current criminal codes, some of which were written in the 1990s. He added:

“Digital currently is now a part of our economy. It’s a part of our society. So now it’s actually going to be written in the law.”

The legislation also defines cryptocurrency as “digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, and that operates independently of a central bank.”

The House of Representatives voted 108-1, meaning that the bill will now go to the State Senate for further consideration.

Last June, the Michigan state legislature introduced two bills that classify modifying data on a blockchain as a crime. HB 6257 says that any person who “falsely makes, alters, forges, or counterfeits a public record” and intends to “injure or defraud another person,” would be prosecuted of a “felony punishable by imprisonment for not more than 14 years.”

The other bill, HB 6258 alters existing Michigan penal code to include definitions of distributed ledger technology (DLT) in addition to cryptocurrency. Both bills were referred to the Senate Judiciary Committee at the end of last year, following which no action has been taken.

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US Legislators Reintroduce Token Taxonomy Act to Exclude Crypto From Securities Laws

Representatives in the United States House of Representatives have reintroduced the Token Taxonomy Act, according to a press release shared with Cointelegraph on April 9. The bill would exclude cryptocurrency from being classified as a security.

The bill was initially proposed last December by Reps. Warren Davidson (R) and Darren Soto (D), and seeks to exclude digital currencies from being defined as securities by amending the Securities Act of 1933 and the Securities Act of 1934.

The press release notes that the recent iteration of the bill will differ from that which was introduced last year. Notably, it clarifies the jurisdictions of the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC). It also states that a preemption provisions was included the Act that would supercede “heavy-handed” regulations like New York’s “onerous” BitLicense.

The act also pursues the introduction of regulatory certainty for businesses and regulators in the U.S. blockchain industry, as well as clarifying conflicting state initiatives and regulatory rulings that have confused the issue.

The announcement calls attention to the growing strength of digital asset markets and the blockchain industry both in Europe and China, and states that the Act is necessary in order to keep the U.S. competitive in the global market.

Rep. Soto said, “it is time for the United States to step up and lead in blockchain technology,” and added:

“After months of public input, our Token Taxonomy Act and the Digital Taxonomy Act add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States. This is an important step to promoting innovation and maximizing the potential of virtual currencies for the U.S. economy, all while protecting customers and the financial well-being of investors.”

As Cointelegraph reported last month, the number of lobbies working on blockchain technology issues in Washington D.C. tripled in 2018, reaching 33 projects in the fourth quarter of 2018 compared to 12 in the same period of 2017. Jerry Brito — executive director at the non-profit organization Coin Center that works with Davidson and Soto — reportedly suggested that the growth is driven by securities regulation.

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Securitize Launches Token Compliance Program

Securitize, a compliance platform and protocol for token issuers backed by United States crypto exchange Coinbase, is launching its Securitize Ready Program, according to a press release shared with Cointelegraph on April 9.

Per the announcement, the program includes such industry majors as Coinbase Custody, OpenFinance, Rialto Trading, CBlock Capital and others. Users of the Securitize Ready Program will be able to use the various services offered by the partner firms to issue security tokens on the Securitize platform.

The platform will purportedly make it easier for organizations to design and issue their own tokens. The announcement further states:

“Securitize’s DS Protocol maintains compliance during secondary trading and enables automated features such as share buy-backs, dividends, voting, and more.”

Late last year, Securitize closed a Series A funding round led by Blockchain Capital that raised $12.75 million. The round also included participation from Coinbase Ventures, Global Brain, NXTP, OK Blockchain Capital, and Xpring at Ripple.

In January 2019, Securitize joined the IBM Blockchain Accelerator program. According to a report, Securitize CEO Carlos Domingo said that the firm’s goal is to build a debt issuance platform using blockchain technology.

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French Stock Market Regulator Issues Warning About Crypto-Related Firm

The Autorité des marchés financiers (AMF) has warned the public about a firm offering training courses and software for trading cryptocurrency and investing in forex markets, according to an announcement published on April 9.

The AMF — the stock market regulator in France — has issued a warning regarding the operation of Kuvera LLC(1)/Kuvera France, which allegedly promotes trading on “highly speculative products” and targets young people. Specifically, the company offers training courses and software solutions that would ostensibly help clients invest in forex and crypto markets.

Additionally, Kuvera offers subscribers compensation that automatically increases with the number of subscribers recruited. The AMF notes that the company is not authorized to operate in France.

The AMF has previously warned the public about suspicious projects in the cryptocurrency space. Last December, the agency blacklisted four crypto-related websites for unauthorized investment offerings. In the announcement, the AMF warned investors about the increasing number of unregistered investment projects, claiming that “new unauthorized actors appear regularly.”

In September of last year, the AMF announced it was blacklisting 21 new investment websites, including multiple crypto-related sites. The AMF characterized the additions as “unauthorized websites” that offer “atypical investments,” and directed users to its existing blacklist, which it notes is “not comprehensive.”

Last month, the head of the Finance Committee of France’s National Assembly, Eric Woerth, suggested a ban on anonymous cryptocurrencies, or so-called privacy coins. Apart from that, Woerth addressed possible problems associated with cryptocurrencies, including fraud, tax evasion, money laundering, and energy consumption.

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TrueUSD Audit Shows Full US Dollar Backing

TrustToken has published the results of an audit of its stablecoin TrueUSD (TUSD) in a blog post on April 8. The audit shows that it has the full amount of United States dollar reserves.

Per the Independent Accountants’ Report prepared by certified public accounting firm Cohen & Company, as of March 31, 2019, the U.S. dollar balance held in escrow accounts was $199,063,885, while the balance of TUSD tokens issued and being in circulation was 198,982,291 TUSD.

The issued and outstanding TUSD tokens as of the date purportedly do not exceed the balance of the aforementioned escrow accounts. “The supply of TUSD tokens can be reconciled to transactions within the escrow accounts including escrow deposits awaiting token minting and tokens which have been burned and are awaiting escrow disbursement,” the report further explains.

Last month, TrueUSD announced a new partnership with accounting firm Armanino, wherein a dashboard developed by Armanino purportedly enables traders to monitor TrueUSD token balances and collateralized funds. “Armanino connects directly to third-party escrow accounts holding the U.S. dollars that collateralize TrueUSD tokens, and runs their own Ethereum nodes to ensure accurate TUSD token supply,” the announcement detailed.

Some stablecoins — cryptocurrencies pegged to fiat currencies, algorithms, or physical assets in a bid to minimize volatility — have previously been suspected of not having the proper reserves to back them. In March, developers behind stablecoin Tether (USDT) drew scrutiny after social media users noticed they had removed previous claims that the altcoin was fully backed by U.S. dollars.

A new update stressed that “every Tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” That led some community members to take issue with backing by anything other than U.S. dollars, which they suggested compromises the entire coin’s legitimacy.

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