#CryptoCorner: #Crypto Startup INX Plans $130 Million IPO, Winklevoss Twins In Talks to Join Libra Association, China’s CBDC Influenced by Libra and Japanese Gift Card Giant Transitioning to #Blockchain
#CryptoCorner: #Crypto Startup INX Plans $130 Million IPO,
Winklevoss Twins In Talks to Join Libra Association, China’s CBDC Influenced by
Libra and Japanese Gift Card Giant Transitioning to #Blockchain
Point Roberts, WA, Delta BC August 20, 2019
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Stocks discussed: (NasdaqGS:FB)
Crypto startup INX
Limited is planning to raise $129.5 million USD in an IPO, according to a
report from CoinDesk. The firm is
domiciled in Gibraltar and filed a draft
F-1
with the U.S. Securities and Exchanges Commission (SEC) on Monday. This will be
the first security token sale registered with the SEC. An excerpt from the
Prospectus Summary outlines the company’s aims:
Our vision is to establish two trading platforms and a
security token that provide regulatory clarity to the blockchain asset
industry. We plan to achieve this by: (1) differentiating between security and
non-security blockchain asset classes and providing trading opportunities for
each class; (2) obtaining appropriate regulatory licenses and approvals,
including money transmitter licenses, a U.S. broker-dealer license and
subsequent registration as an ATS; (3) issuing our security token, the INX
Token, and maintaining the INX Registry, which reflects a real time list of INX
Token holders; (4) requiring that all INX Token holders comply with KYC/AML
procedures; and (5) granting certain rights and benefits to the holders of INX
Tokens.
When fully operational, we expect to offer
professional traders and institutional investors trading platforms with
established practices common in other regulated financial services markets,
such as customary trading, clearing, and settlement procedures, regulatory
compliance, capital and liquidity reserves and operational transparency.
CNN
Business
reports that Cameron and Tyler Winklevoss, the founders of crypto exchange
Gemini, have been in talks with Facebook (NasdaqGS:FB) to join the Libra Association.
This may come as a surprise, considering the twins’ widely-reported legal battle with
Facebook creator and CEO Mark Zuckerberg. Cameron Winklevoss opined that crypto
will be unavoidable in the future and that big tech firms are most likely
considering its implementation in some capacity:
"I think there is a day in the future where we
can't live without crypto, or imagine a world before crypto.”
"I think that internet companies have to have a
crypto strategy, and I think a lot of them are thinking about their own coin
projects. They're probably watching Libra and Facebook to see how that fares as
they develop it.”
According to a state-owned
English-language outlet, the People’s Republic of China is nearing a launch
for its central bank digital currency (CBDC). Yang Dong, director of the
Research Center of Finance Technology and Cyber Security at Renmin University
of China, told the outlet that the CBDC was influenced by Facebook’s Libra
project. An excerpt reads:
“It sparked discussions among Chinese financial
regulators, driving the designer to rethink various models which can involve
more non-governmental institutions in the CBDC development and issuance
process.”
Amaten, Japan’s
largest gift card exchange platform, is partnering with blockchain network
provider aelf to transform “gift cards into digital assets that can be managed
and exchanged on the blockchain”, according to a report from Verdict. Amaten chairman
Tom Kanazawa commented:
“The current system and technology used for gift card
is completely obsolete and dates all the way back to the mid 90s.
It has never evolved to match today’s digital world; it
still suffers from basic fundamental shortcomings and is very inconvenient.
I believe that the gift card industry can be a perfect
use case for blockchain. The two are a completely natural fit.”
Sam Mowers,
Investorideas
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