NEXO Token Holders Receive US$2,409,574.87 in Dividends

Nexo
is delighted to announce that the Dividend Payment of US$2,409,574.87 to NEXO Token Holders scheduled for August 15, 2019,
is now complete.

NEXO Token Holders can simply log in to the Nexo Mobile App to view the dividend
that has been credited to their wallets.

The annualized dividend yield is an
impressive 12.73%,
which surpasses all of the highest dividend-paying
stocks

in the S&P 500.

Nexo’s innovative dividend-distribution methodology rewards long-term investor confidence and also decreases market volatility around ex-dividend dates. It consists of two parts – the Nexo Base Dividend and the Nexo Loyalty Dividend, each making up 50% of the total amount in the current distribution.

Since
the April 2018 launch, Nexo has seen exorbitant growth of the registered user
base to 250,000+ and has gained significant market share, making Nexo the
market leader in Crypto FinTech.

Nexo’s
impeccable and innovative marketing strategies, unrivaled customer support,
combined with a substantial upswing in crypto asset prices across the board has
ensured unprecedented demand for Nexo’s signature Instant Crypto Credit Lines™.

This
has given us the means to further give back to the community, by allowing
investors from around the world to generate 8% with Nexo’s high-yielding ‘Earn Interest’ product.

The
launch of the Nexo Mastercard, the acquisition of
commercial banking capabilities and bridging the gap between traditional and
decentralized finance all ensure Nexo’s lead in the market and the
sustainability of our long-term growth rates.

The
entire Nexo Team is dedicated to making sure that our savvy investors earn
ever-larger returns on their investment.

In
addition to regular and growing dividend payouts, the team is working on the
NEXO Token Utilities 2.0 that will bring a plethora of new amazing utility
features, including, but not limited to:

  • Better interest rates on all
    Nexo products
  • Premium features and
    functionalities
  • Higher Nexo Card Cashback
  • Exclusive Nexo Card designs
  • Affiliate commissions
  • Invite-only access to
    products and events

This
Utilities 2.0 overhaul ensures a continuously growing demand and appreciation
of the NEXO Token.

To
participate in Nexo’s financial success, make sure to purchase NEXO Tokens on Huobi, the community’s most
preferred cryptocurrency exchange.

Thank
everyone for their ongoing trust and support!

Blockstream Hash Rate Enough to Concurrently Attack Bitcoin Cash and SV

Blockstream Bitcoin Mining

The Canadian startup, Blockstream, has launched a service named “Blockstream Mining.” The service is a mining equipment colocation provider, powered by the company’s 300MW, energy capacity. Because of this, Blockstream will command about 6 EH of the BTC mining power when working at full capacity. This, according to crypto pundits, is enough hash power to drown both Roger Ver’s and Calvin Eyre’s versions of Bitcoin.

CryptoPanda, for instance, writes:

“Blockstream now controls more than enough hash rate to attack both BCH and BSV at the same time. Can’t wait for more conspiracy theories!”

Another
crypto fan btg_Joseph
adds:

 “They could destroy bch and bsv if they wanted, only thing is they aren’t run by Roger Ver and Calvin Ayre so they aren’t trying to destroy things.”

Bitcoin SV and Bitcoin Cash use Bitcoin’s hashing algorithm. The same type of mining hardware can be used to generate hash power on all three cryptos. This feature fueled the BCH and BSV hash war. Craig’s plan was to bury “destroy” Bitcoin Cash and emerge as the only survivor of their hard fork.

Bitcoin Cash
and SV Hash Rate on the Decline

The hash war
left BSV standing thanks to nChain’s SVPool and Calvin Ayre’s CoinGeek mining
pool. The miners on both sides however did pay a hefty price for that war. BCH
nonetheless did attract more hash power the first few days post the split, but
at times BSV’s hash power would exceed BCHs. Since then, the hash rates on both
blockchains has fallen significantly.

Bitcoin Cash has had as low as 978 PH/s per second on it, while it had 7.8 EH/s before the fork. The bigger blocks proposed to boost the network’s transaction times and lower fees on both blockchain’s haven’t been fully exploited too. Many crypto analysts say that larger blocks such as Bitcoin SV’s 128MB could introduce security issues to the blockchain.

Bitcoin Cash versus Bitcoin SV Hash rate

While both BCH and BSV have bigger blocks than BTC, both forks still have low transaction volumes when compared to Bitcoin. The irony is that these networks are faster and cheaper than their mother chain. Months after the fork, the combined market cap of both BCH and BSV has dropped significantly as has their hash power.

As an illustration, Calvin Ayre’s CoinGeek is BSV’s main mining pool controls 27 percent of the network’s computing power. However, CoinGeek’s hash rates have exceeded 51 percent on a few occasions. Other noteworthy mining pools are SVPool and BMG Pool with 10.42 percent and 22.22 percent of the total hash rate.

Bitcoin SV Mining Pool

Blockstream Stands Accused Of Mining Centralization

In May 2019, two Bitcoin Cash mining pools had to carry out a 51 percent attack on the blockchain to reverse a miner’s transactions. BTC.com and BTC.top acted to stop an unknown miner from accessing BCH after taking advantage of a bug during a BCH upgrade. BTC.top has, at one point controlled over 50 percent of the BCH hash power. Both BTC.com and BTC.top run over 44 percent of the cryptocurrencies hashing power.

Blockstream’s massive BTC mining data centers in Georgia and Canada are as per the company meant to support small scale miners. Crypto fans have however noted that the firm’s 6 EH/s of Bitcoin mining power could have exceeded 10 percent of the BT network hash rate a month ago. Lucky for Bitcoin, its hash rate is skyrocketing.

Blocksteam’s
BetterHash protocol is meant to ensure that “large pools no longer centrally determine which transactions to include
into blocks
.” Some crypto fans have called this a fallacy however
since, the development of their massive BTC mining farm looks more like a move
towards centralization in mining.

Bitcoin and Cryptocurrency Trading in Iran Illicit

Bitcoin BTC Iran

There have been reports that cryptocurrency miners have
increased Iran’s energy consumption by 7 percent.  The Iranian government has, nonetheless, been
very accommodating to the miners. The West Asian nation has ratified a bill
that officially acknowledges cryptocurrency mining. The Iranian government,
however, has not been so friendly towards cryptocurrency trading.

The ratified bill has failed to give cryptocurrency trading the same merit as crypto mining. As per the approved bill, the Iranian government does not recognize digital currency trading done within its borders as lawful.  Tweeting about the issue, Global Coin Research says:

 “Iranian government claims that it will not recognize as lawful any trade activity carried out inside Iran involving cryptocurrencies. It will also not view the digital coin as legal tender, and the Central Bank of Iran would not guarantee their value.”

More Accommodation for Bitcoin

The harsh stance taken on crypto trading, might not do much to dampen the mood of the growing Iranian interest in digital assets. Iranians are turning to digital coins to enable them to access international currencies. Iran is currently stifled by unending US sanctions targeting the Islamic Republic’s already ailing economy.

Cryptocurrencies have allowed Iranians to bypass the Trump administrations sanctions, over its nuclear deal with other global players. The Bitcoin craze has been the subject of many Iranian newspapers headlines, even discussed by the nation’s top ayatollahs. There also have been police raids on mining farms set up to make a profit from the digital currency.

Many government officials have decried crypto mining’s energy-hungry process. Most miners have also been abusing the nation’s system of subsidized electricity. The threat of raids and conflicting statements from authorities have nonetheless, driven crypto mining into the shadows, with miners wary of identification.

A New Dawn for Iran’s Cryptocurrency Mining

Now as the nation, joins the list of the progressive countries that have acknowledged cryptocurrency mining as a legitimate industry, the situation is bound to ease up. Crypto mining has been a gold mine for Iranians at a time when the rial has tumbled heavily against the dollar.

Iran had banned the importation of mining machines until the
bill on cryptocurrencies was ready. This issue will hopefully change as per the
ratified law.  The new law says that
mining will be allowed under certain conditions.

First, the miners will require approval from the mining
regulators. Additionally, there will be no mining in a 30-kilometer boundary
around all provincial centers. The only exception to the boundary rule is
Tehran, the capital city, and Esfahan, the central city, which has more
stringent restrictions.

The miners are also expected to adhere to rules set by the country’s communications and standardization authorities. This is in the areas about mining machines. There will be fees too that miners will need to cover to mine digital currencies in the country. The base price for energy used on mining farms will be as per the export costs.

Taxes will also be levied on mining farms, now classified as
industrial manufacturing units. There is, nonetheless, an exemption for miners
that return the profit earned from the mining activities back to the nation’s
economic cycle. Iran is also ready to set up industrial zones for foreigners
out to take advantage of the nation’s cheap energy. 

Ripple (XRP) Price Meaningless, Deep Liquidity Matters

Ripple XRP xRapid

Ripple (XRP) has been trading on a bearish bent barely rising
above the $0.33 price range. Some XRP investors who have been eyeing some
returns with its price are getting a tad frustrated. Toughened XRP holders are,
however telling them that tokens price does not matter in the face of
platform’s increasing liquidity.

Eric Dadoun, for instance, writes:

 “Very bullish seeing the liquidity impact of MoneyGram. Deep liquidity eventually enables real players (IE: banks). You can’t transfer meaningful fund sizes when the order books can’t support a fraction of it while remaining stable. XRP price is meaningless for now”.

During MoneyGram’s Q2 2019 earnings call, CEO, Alex Holmes had a lot of praise for Ripple. Holmes touted the benefits of his company’s agreement with Ripple, saying that they were now transacting on xRapid.

The CEO of the world’s second-largest money transfer firm said that they would keep their partnership with Ripple and use XRP. MoneyGram, however, has not made public the number of transactions or volumes done with xRapid.

Ripple
xRapid Usage on the Rise

Ripple’s xRapid utilizes XRP as a source of liquidity. Ripple has been bringing more businesses on board xRapid. The platform offers businesses cheaper, faster, and more efficient transfer services. Brad Garlinghouse, the CEO of Ripple, has been very confident that more financial institutions will be using xRapid by the end of 2019. Besides MoneyGram, other smaller known firms using xRapid include Cuallix and Mercury FX.

Cuallix is based in Mexico and the States and provides credit and payment processing solutions. xRapid went live on Cuallix on October 2018, and the firm is one of Ripple’s oldest partners. The Ripple platform was tested on Cuallix first before it was released for commercial uses.

Mercury FX, on the other hand, is a remittance startup that focuses on high net worth businesses and clients. Mercury FX uses XRP to move cash remittances to and from Mexico. The platform has its eyes set on the Philippines too.

XRP Use
Rising But Not Price

Despite the growing list of xRapid users, XRP fans have not reaped
much from the token’s prices. A bunch of them have now become uncomfortable and
are instigating a mutiny. They have put up an online proposal asking Ripple to
initiate a token burn of half the XRP there is. Their logic is that the token burn
will cut down the XRP supply, which should increase the token’s prices.

Crypto Bitlord, the trader behind the petition, says:

“Ripple continues dumping billions of XRP on us, crashing the price… Sure we know that XRP is a solid coin with major potential, but this needs to stop!” The petitioner further writes, “Everyday there is good news… A new bank or partnership announced but still, it manages to keep on dumping. The only logical explanation is that Ripple is dumping on us.”

Ripple holds over 50 percent of the XRP supply and systematically
sells it into the market to stimulate the ecosystem’s growth. This has rapidly
increased the XRP supply increasing the downward pressure on its price. Ripple
says they will sell the locked XRP proportionately to the market conditions.
They will, however, sell it a lower price in an effort to safeguard the token’s
price.

The jaded community is, nonetheless, having none of Ripples
assurances and is taking a stand. Unfortunately for the XRP holders, Ripple has
a lot to gain from selling that massive XRP in the vaults. The unsold XRP is
currency valued at $15.5 billion. They, consequently, have no incentive to
initiate a coin burn.

The digital currency is also meant to act as the ecosystem’s growth stimulant. MoneyGram, for instance, could have bought XRP to use xRapid. Some traders have said that when purchasing XRP, an investor needs to buy into Ripple’s long-term plan of facilitating deep liquidity of the platform.

Ripple Set To Benefit From MasterCard’s Acquisition of Nets

Cory Johnson has posted on Twitter what looks like a significant
Ripple advantage. Mastercard has purchased Nets, a Denmark based payments
platform for $3.19 billion. The crypto influencer and former chief market
strategist at Ripple wrote:

“I know the XRP community is focused on the impact of Facebook’s Libra, but this Mastercard deal could be even more important to Ripple’s ecosystem. If nothing else, it’s validation that real-time payments is clearly the coming wave.”

Mastercard Inc., the financial services corporation, is going to utilize Nets to help move its operations into the faster payments zone. The American multinational principally processes banks payments between merchants and card issuers. Nets is an electronic billing platform, with instant payment and clearing capabilities as well.

Mastercard Joins Faster Payments Race

The race to faster payments processing has quickened. The Federal Reserve, for instance, is planning to build a quicker payments network for the States. The Mastercard acquisition will, therefore, move it beyond cards processing and deeper into account-to-account activity.

Paul Stoddart, Mastercard’s New Payment Platforms president says of the Nets
purchase that “This is really about
the continuation of Mastercard’s expansion into being a multi-rail provider
.”
Stoddart says that the acquisition is a logical step after Mastercard’s recent
purchase of Vocalink.

Johnson, perhaps due to an NDA, left most crypto fans looking for a connection between the acquisition and Ripple. Nevertheless, Mastercard and Ripple do have an indirect connection. They have both invested in Ripple powered SendFriend, a global remittance startup.

Mastercard has also acquired Earthport, an automated clearinghouse and Ripple partner. Now with Nets on its side, Mastercard plan to expand Nets payments prowess beyond its Nordic primary market.

Ripple can give Mastercard on-demand
liquidity

Michael Miebach, the chief product and innovation officer at Mastercard, has said, “Real time is real, it’s here and it keeps growing…What we found in Nets is it’s a business that’s deeply ingrained in some of the most innovative and vibrant payments markets in the world.” Well, Ripple is already a significant player in the real-time payment wave.

Dilip Rao has clarified that there is no connection at the moment
between Mastercard and Ripple as of Johnson’s tweet. Rao, who is Ripple’s
Global Head of Infrastructure Innovation, has however, said that XRP would give
the Mastercard faster payments processes on-demand liquidity.

XRP would, consequently, enable real-time cross border payments
and the crediting of beneficiary accounts. Rao also adds that the acquisition
of Nets by Mastercard is a “good sign” for Ripple. He says that the
purchase will make it evident that financial institutions need blockchain
innovations like XRP to achieve actual real-time settlements.

Mastercard’s other acquisition, Vocalink, brings in infrastructure that underpins faster payments. Vocalink is used in far-flung areas such as Saudi Arabia and Peru. P27 Nordic Payments Platform is one other of the recent Mastercard acquisitions. P27 has been a real-time and batch payments network for the Nordic countries. Nets, however, is its most significant so far, and it brings along 80 percent of the revenues acquired from its Denmark and Norway markets.

Bitpanda launches their Global Exchange after having raised €43.6 million in the most successful European IEO to date

Bitpanda launches their Global Exchange after having raised €43.6 million in the most successful European IEO to date

  • Bitpanda
    raised €43.6 million by selling out their IEO
  • BEST
    is the most successful European IEO to date
  • The
    Bitpanda Global Exchange is the first worldwide product and was made for
    professionals and institutions
  • It
    aims to become the largest Euro exchange with the lowest fees for
    fiat-to-crypto trading in the industry
  •  Bitpanda will use the funds to drive the
    company’s expansion

Vienna, 7th of August 2019 Bitpanda,
the Viennese fintech with more than 1 million users, reached a significant
milestone: the company sold out their first Initial Exchange Offering (IEO) for
its own ecosystem token BEST,
having successfully raised €43.6 million. This makes BEST Europe’s most
successful IEO to date. Today, the fintech scaleup launches the Bitpanda
Global Exchange
(Bitpanda GE), a digital asset
exchange for experienced traders, professionals and institutions. Bitpanda’s
first worldwide product allows crypto-to-crypto trading around the world and
fiat-to-crypto trading in more than 54 countries. It has been developed 100%
in-house over the past two years. Bitpanda GE will also offer some of the
lowest maker and taker fees in the industry.

“Our goal is to establish the
Bitpanda Global Exchange as the largest Euro exchange with the lowest fees for
fiat-to-crypto trading in the industry. Bitpanda has been around since 2014 and
holds an excellent reputation. We can build on a lot of synergies and
experience,” says Bitpanda CEO Eric Demuth.

The Bitpanda Ecosystem Token
(BEST) is the Bitpanda coin that offers users a wide range of benefits and
perks within the company’s ecosystem. For example, they will get a reduction of
up to 25% on Bitpanda trading fees starting in Q4 2019 and will get priority
access to the upcoming Bitpanda Launchpad.

The company will use the €43.6
million raised with BEST to drive expansion beyond Europe and cryptocurrencies.
Bitpanda continues to work hard towards a fairer, more transparent and easily
accessible world of personal finance.

About Bitpanda

Bitpanda is a fintech based in
Vienna, Austria founded in 2014 by Eric Demuth, Paul Klanschek and Christian
Trummer. The company is a firm believer in the innovative power of
cryptocurrencies, digitised assets and blockchain technology. Bitpanda’s mission
is to tear down the barriers to investing and bring traditional financial
products to the 21st century. Today, Bitpanda has more than 1 million users and
120 team members. With a PSD2 payment service provider license,
state-of-the-art security and streamlined user experience, Bitpanda has grown
into a popular trading platform for newbies and experts alike. Users can
currently trade Bitcoin, Ethereum, gold and over 20 other digital assets.

Bitcoin Bulls Raving, the US Fed May Ease Going into 2020

Bitcoin BTC US FED

The Federal Reserve has finally cut its interest rate, its first
reduction since the financial crisis. Bitcoin bulls like Anthony Pompliano, could
not be more excited. The rather aggressive Bitcoin investor has predicted a BTC
price of $100,000 in the next two years. Pomp says that the Fed’s lowered
interest rates coupled with the coming 2020 Bitcoin halving are the ingredients
required to get the BTC bulls on the run.

On Twitter, the American entrepreneur and co-founder of Morgan
Creek Digital Assets wrote:

“Bank of America believes the Federal Reserve may have to resort back to quantitative easing as early as Q4 this year. Step 1 was cutting interest rates. Step 2 is printing money. Step 3 will be the Bitcoin halving. You can’t write a better script for the rise of Bitcoin.”

Is This Good For Bitcoin?

The US has been enjoying a strengthened economy, but their president’s war with China has increased recessions risks. This is particularly so in the face of a broader slowing down of economies across Asia, Latin America, and Europe. Add to this turmoil the Brexit situation in the European Union and Jerome Powell, has had no choice but to implement what he called a “mid-cycle adjustment to policy.”

The Fed’s 25 basis points cut and dovish talk is meant to keep the US economy chugging along. The US President Donald Trump has pushed for these cuts to promote the movement of currency that will, in turn, aid US exports. Investors have been waiting for a more aggressive cycle of easing and are largely disappointed by the one-notch cut.

Powell has spooked them further by his suggestion that he would be
approaching the easing more cautiously. There is a lot of pessimism, therefore
that the Fed’s actions could prop the nation’s economy.

The same factors that have precipitated the cut in rates are the same that have fueled the BTC Bull Run. Tom Lee, another Bitcoin bull, says that the digital currency is the perfect hedge against a risky investing environment. A weakened USD and the prospect of inflation have, therefore, profited BTC.

Bitcoin Is More Than a Currency

This year though Bitcoin has still kept its value rising despite a
strong USD. The cryptocurrency has stayed positively correlated to gold, both
being choice assets for their store of value characteristic. Gold, for
instance, has hit its highest prices in six years this year. Bitcoin’s value,
on the other hand, has quadrupled in the last six months, and despite its
recent dip, the bulls are up again.

Despite its high volatility, Bitcoin’s fundamentals are as strong as can be. There has been immense interest from institutions as well as the retail market. The digital currency’s hash rate has hit a record 74,548,543 TH/s. Its blockchain is, therefore, more secure than ever. Weekly transaction volumes have also stayed above $50 million since 2017.

The cryptocurrency is now more than just a currency. It is also a
haven. A report by Grayscale
Research says that there is a correlation between BTC and macroeconomic
developments. As central banks around the globe turn dovish, cutting interest
rates and printing more bills, Bitcoin is going to achieve mainstream adoption
and more. According to Misir Mahmudov, ” Bitcoin will be a major force against the
destructive wave of high-time preference, instant gratification, rent-seeking,
and short-term thinking. The ability to store value transforms individuals and
enables sustainable future and societal long-term orientation
“.

Digital Asset Management Products, Algoz and Alpha Pro, to Test Launch on UltrAlpha Platform

UltrAlpha, the innovative comprehensive digital asset management service platform, announced that Algoz, the cryptocurrency arm of an algorithm-based trading company Fingenom Group, will join its upcoming test platform launch. Alpha Pro, another crypto asset manager with a founding members of being seasoned Wall Street insiders as well as blockchain pioneers, is also launching its digital asset management product on the UltrAlpha.

1.Current Market Development in Digital Asset Management Service Industry

With increasing recognition of digital assets all across the globe, a growing number of professional investment institutions are actively looking for opportunities to enter the digital asset market. However, one of key challenges in the space is that potential investors have limited access to suitable financial products for their investment consideration, while trading teams or digital asset managers find it difficult to get to the right investors for fundraising. This is mostly due to the lack of formal broker dealer structure in the digital asset space.

In the traditional finance industry, broker dealers play an integral role in the capital market where they connect potential investors with eligible investment products, as well as support clients in their trading and capital raising activities. However, this broker dealer function is yet to be fully developed in the digital asset industry with less clarity on overall regulatory framework.

Furthermore, with lack of mature market structure and nascent development stage, the digital asset trading market has been quite volatile with inconsistent liquidity and inefficient price discovery, especially during the recent months of rapid price recovery led by bitcoin after the earlier harsh crypto winter. This unpredictable market condition has proved challenging for certain fund managers to generate consistent return, while turned out to be more opportunistic for other trading firms with volatility-driven strategies.

2. The Strategic Partnership between Two Top-tier Asset Mangers and One Innovative Service Platform

Driven by the market needs, UltrAlpha is seeking to build out its comprehensive product offering and service capabilities as an innovative digital asset management service platform through the strategic partnership with two industry top-tier asset managers, Algoz and Alpha Pro.

UltrAlpha

Building on deep strategic collaboration with all the top-tier digital asset exchanges and brokers, UltrAlpha strives to provide investors with a professional investment platform for selecting quality investment products, as well as to effectively support fund raising and other admin needs of trading teams and crypto funds. The wide range of fund administrative services for trading teams and funds can include but not limited to account management, performance auditing, PL reporting, asset transfer, etc.
UltrAlpha’s core teams of technology and operations come from traditional finance, Internet and Blockchain industries with solid experience in quant modeling, infrastructure buildout and digital asset trading operations. Computer science major from Carnegie Mellon University, Han Liu, CEO of UltrAlpha, has developed his successful career in traditional asset management industry from BlackRock to AQR Capital Management specializing in institutional application and platform development. Christina Jin, CMO of UltrAlpha, graduated from University of Auckland and New York University, with degree in Digital Marketing. Christina co-founded Ankr Network project and was nominated as the first CMO of Ankr project.

AlgoZ

AlgoZ is a part of the Fingenom Group – a company which stands for cracking the code of investments and creating the world’s quality trading algorithms. Equipped with Fingenom’s propriety trading algorithms, AlgoZ team of professional traders, with over a decade of experience in proprietary trading and deep understanding of both traditional and crypto markets, strives to provide AlgoZ clients with well-rounded trading solutions 24 by 7.
For specific trading product as part of UAT test launch, Algoz deploys Long/Short Alpha Links strategy to examine statistical differences and correlations between various crypto asset pairs for trading signals based on Algoz traders’ deep understanding of the crypto markets and their momentum drivers.

Alpha Pro

Alpha Pro will bring its dynamic market making and arbitrage strategies with solid track record to the UltrAlpha Platform. To cope with high volatile market, the trading strategies have more than 20 trading parameters that can be fine-tuned to adapt to a different market within very short period of time.
To balance the risk and optimize the return, the strategies employ strong set of risk control mechanism with built-in delta-neutral consideration, stop loss and adjustable market sensitivity and automatic trading volume control.
Building on its experience with Forex trading, Alpha Pro team aims to create the optimal path of arbitrage loop with efficient price discovery across different exchanges to optimize the return.

3. Conclusion

The strategic partnership of UltrAlpha with both Alpha Pro and AlgoZ trading teams is critical to the UAT platform further building out the necessary market structure to serve user needs as well as to support longer-term platform growth. By connecting potential investors with digital asset managers and providing value-added fund admin services, UltrAlpha has clearly set itself as a pioneer as professional service provider in the expansion and development of this newly developing digital asset management space. “While UltrAlpha aims to build a service platform which provides investors with a broad selection of quality digital asset management products, we do not provide direct investment advice for investors.” said Han Liu, CEO of UltrAlpha. “But it is a wise choice to leverage our platform and identify the products that suit their investment need.”

Is the European Economic and Social Committee Blocking Blockchain Adoption?

European Economic and Social Committee

The European Economic and Social Committee (EESC), a consultative body of the European Union, maybe cleverly blocking blockchain adoption as per a recent report.

According to
observers, the EESC is both bullish and bearish of blockchain-based products
such as cryptocurrencies. On the positive side, an EESC member noted that
blockchain technology could not be wished away.

For example,
Giuseppe Guerini, a member of EESC, said that the technology could be compared
to the early printing press.

Guerini explained:

“The first book to be printed was the Bible. Now, imagine if people had equated the printing press with a means capable of printing only Bibles. That would have been inaccurate because printing technology revolutionized life in Europe.”

Further, the report outlined possible areas that blockchain could bring a revolution. In the list, for example, EESC included tracing fundraising and donations and enhancing the governance of social economy organizations. Blockchain can be applied in authenticating activities, certificating skills, ensuring secure e-care system and tracing agricultural products.

Blockchain Is Prone To “Speculation and Hoarding”

Unfortunately,
the European Economic and Social Committee have some reservations. The group
fears that blockchain is “subject to
speculation and hoarding
” by a few individuals.

Surprisingly, EESC is ready to hinder the adoption of blockchain due to its effects that don’t favor the traditional finance.

According to
Guerini:

“We [EESC] don’t want to see a digital divide that creates more inequality and injustice. We don’t want to see a new elite emerging, of people who are familiar with the new technologies and end up excluding others from the economy and the market.”

In addition,
the report noted that its borderless nature requires supervision from
regulators in the European Union so that they can “coordinate efforts.” That’s besides, “the large investments required a call for coordinated, structured, European
action
.”

Additionally, the European Economic Social Committee suggested that public measures must be adopted to aid in its development plus the “involvement of civil society is imperative.

What of the “Elites”?

As it would be expected, cryptocurrency enthusiasts fired back with rage. On social media platforms, the enthusiasts noted that the traditional finance system has already created elites. Consequently, the elites have “already excluded others from the economy and the market with accredited investor requirements, and large banks are canceling customer accounts for transferring to exchanges, or any other roadblock.”

Solarguy2003,
a Redditor, said:

“So, what is their (EESC) preferred outcome? Turn the crypto economy into a communist sh** hole where we’re all equal because we all get 80 bucks a month to live on? Or just a bigger ‘better’ version of what we have now, where the top 2 percent own an enormous slice of the pie? They don’t want to give their power/relevance.”

In April 2018, EU countries jointly formed the European Blockchain Partnership (EBP). Consequently, the EBP would help the countries to “cooperate in the establishment of European Blockchain Infrastructure (EBSI) that will support the delivery of cross-border digital public services, with the highest standards of security and privacy.”

Earlier, in Feb 2018, the European Commission launched the EU Blockchain Observatory and Forum. In a tweet, the EU Commission noted that “the EU Blockchain Observatory and Forum…should become one of the world’s most comprehensive repositories of blockchain expertise.”

Seoul Metropolitan Government: Use Public Services and Earn Coins

Seoul

It is no secret that South Korea is a hotbed cryptocurrency
activity. The support the innovation has received from the private sector has
been top-notch. The nation’s capital, Seoul, has taken this love for crypto a
step further. The city is launching an S-coin based reward system. The point
system will reward the city’s citizens for utilizing public services,
participating in polls and for paying taxes.

The city’s blockchain-based administrative services reward system
is expected to launch in November fully. The launch process has three
significant priorities set. The very first priority is the introduction of the
crypto-based points system.

As per the local news report from Blockinpress,
the reward system will work in conjunction with ZeroPay. ZeroPay is an
innovative government ran QR-code-enabled network. The residents will be in a
position to redeem the points awarded for rewards. They can also utilize the
coins made to purchase goods and services via mobile payments. There are no
merchant charges.

Seoul’s Public Services on Blockchain

Seoul is going to use the blockchain service to solve yet another huddle for its residents. The city is going to use the system to enhance its Seoul Citizen Cards process. The enhanced process will make it much easier for the residents to submit documents. It will eliminate the need for paper document submission through the enabling of digital identity authentication.

Both temporary and part-time worker records of the city are also going on the blockchain system. Their work history, contracts with employers, and recorded time logs will all be accessible from this platform. The November launch will bring about other blockchain-powered projects such as online verification of certifications. Donation management and smart healthcare blockchain ran services will eventually be launched.

The city’s mayor Park Won-soon is pretty blockchain progressive.
In late 2018, he launched a five-year plan that will see $108 million invested in
turning Seoul into a blockchain-powered smart city. The mayor has a Blockchain
Urban Plan in place that covers over 14 public services.

The government-funded budget will drive a large section of the
city’s public services to the blockchain. This includes services such as
vehicle history management, labor welfare, elections voting, donation
management, and certification issuance services.

South Korea’s Blockchain-Friendly Stance

The platform will now act as protection for all part-time workers,
who have had to work without labor contracts. It will assist in ensuring
employment insurance, once the workers register via an app. Once a part-time
employee is logged, the information will be accessed over a distributed network
by insurers and labor welfare organizations.

Park Won-soon’s administration has also put aside $53 million more
to grow the city’s blockchain industry. The funds will build two complexes that
will be home to at least 200 blockchain-based startups. The complexes are
slated for completion by 2021 and will use part of the city’s Mapo Seoul
Startup Hub. Part of the Gaepo Digital Innovation Park will also be utilized.

The city’s blockchain efforts are in line with the country’s blockchain roadmap. The country’s second-most populous city Busan has announced a blockchain “regulation-free” zone. This area, modeled after Switzerland’s Zug, will host public safety, finance, and tourism-related blockchain offerings. Major business entities such as Samsung, Kakao, and Hyundai have also become stakeholders in the crypto industry.