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Tuesday, August 20, 2019

#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 -  Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.




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August 20 Crypto Corner

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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