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Smart monitoring platform, PARSIQ, launches its IEO on CoinMetro Direct

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CoinMetro, a crypto exchange, today announced that PARSIQ is the first project on its IEO platform, CoinMetro Direct. The Direct platform is a new way of conducting Initial Exchange Offerings (IEO). It protects participants, and holds projects accountable to pre-agreed milestones and timelines – with investor refunds possible if a startup doesn’t deliver.

CoinMetro estimates that up to 90% of ICOs that raised money in 2017-2018 either didn’t deliver to their milestones or have already wrapped up operations. This made investing in ICOs a risky prospect and it’s with this in mind that CoinMetro created an IEO platform with added protection for contributors.

Funds raised are not passed on to the projects in full, but rather are held in escrow by a third-party custody service. Funds are only released incrementally when projects reach predetermined milestones according to predetermined timescales, and if a project doesn’t deliver, its investors are entitled to vote on a refund of the funds not yet released to the project.

The first project to raise funds through CoinMetro Direct is PARSIQ, a next generation blockchain monitoring and compliance solution. It uses “Smart Triggers” to obtain extra insights into blockchains in realtime, and the platform is powered by the specialised ParsiQL programming language.

Kevin Murcko, CEO of CoinMetro, said: “For too long, investors have been stung by blockchain projects not delivering on their promises. This has undermined those legitimate and exciting projects, which have a credible plan in place and are committed to building the project.

“We’re excited to have PARSIQ join CoinMetro’s Direct platform. Not only do we think it’s a great project, but we’re already using its platform for compliance at CoinMetro and we’re looking to roll it out in other areas.”

Andre Kalinowski, Co-founder at PARSIQ, commented: “CoinMetro is a great match for us – its Direct platform focuses on providing transparency to IEO participants. We’re looking forward to using this platform and raising the funds we need to continue developing our blockchain monitoring solution.

“We believe that, for blockchain to achieve mainstream adoption, transparency is crucial. Being able to monitor and analyse the blockchain, and verify transactions in real-time, will help to build trust for users and improve the understanding of how blockchain works. PARSIQ will not only enable this type of monitoring, but continue to innovate and provide improved capabilities in future so that the blockchain is accessible for all.”

PARSIQ already has a working beta monitoring platform on Ethereum, with Bitcoin and cross-chain analysis due to be added in October.

The post Smart monitoring platform, PARSIQ, launches its IEO on CoinMetro Direct appeared first on CryptoNewsReview.

Source: https://cryptonewsreview.com/smart-monitoring-platform-parsiq-launches-its-ieo-on-coinmetro-direct/

Blockchain

Franklin Templeton Join Series A For Institutional Bitcoin Custody Provider Curv

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Curv, an institutional crypto asset custody provider, today announced that global investment firm Franklin Templeton and fintech-focused venture capital firm Illuminante Financial Management have joined its Series A funding round — which already included CommerzVentures, Coinbase, Digital Currency Group, Team8 and Digital Garage.

“Curv is driving traditional institutional and crypto native demand for digital assets through multi-party computation (MPC) security technology, a critical requirement to safely transfer, store and manage any digital asset on any blockchain or DLT,” according to a press release shared with Bitcoin Magazine. “Their solution is used by dozens of institutions across the globe, including Franklin Templeton, which plans to leverage Curv’s infrastructure to expand into the burgeoning digital asset market.”

  • Curv uses a cloud-based wallet to manage digital assets, including bitcoin, on behalf of institutions. It also insures up to $50 million of digital assets for clients
  • The release credited a recent announcement from the U.S. Office of the Comptroller of the Currency allowing nationally-chartered banks to custody cryptocurrency for clients and similar announcements from other regulatory bodies with encouraging traditional financial institutions to collaborate with Curv on managing crypto assets
  • “The addition of Franklin Templeton is a barometer of the traditional industry’s shift into digital assets and a broader desire to bring public blockchain-based offerings to market,” Curv CEO Itay Malinger said, per the release.

Source: https://bitcoinmagazine.com/articles/franklin-templeton-join-series-a-for-institutional-bitcoin-custody-provider-curv?utm_source=rss&utm_medium=rss&utm_campaign=franklin-templeton-join-series-a-for-institutional-bitcoin-custody-provider-curv

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The Good and The Bad About Cryptocurrency on PayPal

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Global payments provider PayPal has almost 350 million users and 26 million vendors in its network so the introduction of crypto payments has been widely lauded as bullish for the industry.

Crypto markets surged and Bitcoin cranked to a new 2020 high of $13,200 during the hours after the news broke. Many industry experts have praised the move as a great thing for Bitcoin and the entire crypto ecosystem, but all might not be what it seems.

Enabling decentralized digital assets on a highly centralized platform with astronomical fees may not be the best combination, and here is why.

No Crypto Withdrawals, Big Fees

Firstly, PayPal will not allow crypto assets to be withdrawn to external wallets, so essentially once they’re on the platform PayPal can set whatever price it wants for users needing to convert back to fiat.

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If anyone has used PayPal to change currencies or send money to an account in another country they’ll be painfully aware of the forex spread which can be as much as 8% depending on the currency being converted. OKCoin COO Jason Lau pointed out the pain that may be in store regarding the fees.

Additionally, PayPal will not allow crypto transfers between different accounts as observed by lawyer Jake Chervinsky;

Essentially, PayPal has mimicked the purchasing of crypto assets on trading platforms such as Robinhood, offering users exposure to the asset but preventing them from owning it independently. Chervinsky added if you can’t make withdrawals to self-custody, and don’t hold your own keys, is it even Bitcoin?

The Taxman Cometh

The whole setup could also open a huge can of worms when it comes to taxes. PayPal is only offering crypto services to U.S. account holders initially, and America happens to have some of the harshest tax regulations on the planet.

The U.S. Internal Revenue Service (IRS), classifies crypto assets such as Bitcoin as property, not currencies, therefore they are subject to capital gains taxes. The means that PayPal users buying, selling, or spending crypto will be generating taxable events that need to be reported.

If a user buys a smartphone using Bitcoin, for example, they would need to declare the price they obtained the BTC at, and the price it was when they sold it for the item, paying taxes on any gains it may have made in addition to VAT on any items purchased.

The documentation for reporting is a minefield and PayPal has already stated it is down to the individual, not them, to complete tax returns.

“It is your responsibility to determine what taxes, if any, apply to transactions you make using your Cryptocurrencies Hub.”

The good news is that PayPal may introduce the concept of cryptocurrency to millions of new users, but the drawbacks will probably prevent them from using the platform in the long run.

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Source: https://cryptopotato.com/the-good-and-the-bad-about-cryptocurrency-on-paypal/

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Exaion (EDF Group) To Become Corporate Baker On Tezos

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  • Exaion, a subsidiary of the French multinational electric utility company EDF Group, will join the Tezos ecosystem as a corporate baker.
  • The press release shared with CryptoPotato disclosed that Exaion is EDF’s arm specializing in blockchain solutions and high-performance cloud computing. The company aims to utilize distributed ledger technology to develop solutions to minimize the carbon footprint of its business and its customers.
  • Tezos is a third-generation decentralized blockchain project creating and managing distributed applications. By providing an innovative liquid proof-of-stake (LPoS) consensus algorithm, Tezos technology reduces the energy required for its stability.
  • Exaion CEO and co-founder Fatih Balyeli asserted that choosing Tezos “came naturally” due to the aforementioned reasons. He added that “baking on Tezos allows us to significantly reduce our energy consumption and is in line with our sustainable development policy while keeping a high-quality digital offering.”
  • The name “bakers” represent block creators. They have the same role as “miners” in other blockchain projects based on proof-of-work consensus algorithms such as Bitcoin.
  • Each block is created by a randomly selected baker, endorsed by other bakers, and validated by the rest of the network. The primary difference with PoW comes as bakers lock up their XTZ tokens as collateral to ensure that the blocks are validated correctly. This incentivize network participation and enhances network security.
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Source: https://cryptopotato.com/exaion-edf-group-to-become-corporate-baker-on-tezos/

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