#CryptoCorner: NXT-ID (NASDAQ: $NXTD) COO and Fit Pay President Michael Orlando says ‘Crypto is Here to Stay’
#CryptoCorner: NXT-ID (NASDAQ: $NXTD) COO and Fit Pay
President Michael Orlando says ‘Crypto is Here to Stay’, Japan’s FSA Issues Six
More “Business Improvement Orders” and Mt. Gox to Commence Civil Rehabilitation
Stocks discussed: (Nasdaq: $NXTD)
Point Roberts, WA, Delta BC –June 22, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – June 22, 2018
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/06221NASDAQNXTD-FitPay.asp
NXT-ID ( NASDAQ: $NXTD) COO and
Fit Pay President Michael Orlando says ‘Crypto is Here to Stay’
Japan’s FSA Issues Six More “Business Improvement Orders” and Mt. Gox to
Commence Civil Rehabilitation
Stocks discussed: (Nasdaq:NXTD)
Michael Orlando, COO of NXT-ID (Nasdaq:NXTD) and President of Fit Pay, Inc. told Investorideas.com in an exclusive
interview that investors should not be caught off guard by the crypto market’s
volatility.
“We should all have expected that it would continue
to be volatile, particularly as the regulatory players figure out they’re going
to define and deal with crypto in general,” he said.
Orlando affirmed that crypto will continue to be a significant
force in the market and that NXT-ID and Fit Pay, Inc., the creator of the Flip™, the contactless payment device
for cryptocurrency, were eager to play an important part in its growth.
“For us there is no doubt that cryptocurrencies are
here to stay,” he said. “There’s going to be various forms of those and
acceptance of those. We feel like we need to be a part of that and ensure that
we’re staying in touch and in tune, and looking for ways to innovate around
those different currencies and blockchain in general.”
Japan’s Financial Services Agency (FSA) has issued six
cryptocurrency exchanges with “business improvement orders”. One such exchange,
bitFlyer was targeted following an FSA inspection for coming up short on security measures.
“...an effective management management system has
not been established to ensure proper and reliable operation of the business,
as well as countermeasures against money laundering and terrorist financing,
Today, the Director of the Kanto Local Finance Bureau told us the fact that the
effective internal control system related to separation control of user
property, management of books documents, prevention of outflow of virtual
currency due to unauthorized access, etc. was not established.”
In response, bitFlyer issued a statement wherein
they apologized and announced that they would suspend the creation of new accounts
until they met FSA regulations.
“...we will voluntarily suspend account creation by
new customers until the review of the status of identity confirmation to
existing customers is completed and the internal control system is
strengthened. We sincerely apologize for any inconvenience to customers who
have newly considered using our services.”
According to a statement released today, inoperative crypto exchange Mt. Gox will be commencing
civil rehabilitation proceedings following an order by the Tokyo District
Court. The court made the decision in response to a petition made out in
November 2017 for civil rehabilitation and ends Mt. Gox’s ongoing bankruptcy
proceedings.
Sam Mowers, Investorideas
Crypto Corner Sponsors:
Flip™ is the creation of Fit Pay, Inc., a leading provider of
cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD).
By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders
to seamlessly exchange their cryptocurrency for US dollars and store that value
on a contactless payment device that can be used to make purchases at millions
of retail locations. https://www.fliptopay.com/
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