01/06/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Crypto Compliance Startup Enlists Former Reuters’ Executive

Greg Pinn, Thomson Reuters’ Former Head of World-Check, has joined crypto regulatory compliance startup iComply. The idea behind this startup is to employ blockchain and artificial intelligence to preserve immutable records. Previously, Pinn was in charge of Reuters’ risk intelligence and financial crime screening platform. In his new role, he will lead the product strategy. Currently, iComply offers a know-your-customer (KYC) tool, and a toolkit for blockchain startups to assist them with governance and compliance systems. Pinn stated that both World-Check and iComply are related to KYC. He also labelled them compliance pioneers in their respective industries.

2. Crypto Represents Competition For Central Banks, says IMF Official

Dong He, Deputy Director for the International Monetary Fund’s Monetary and Capital Markets Department, affirmed that central banks need to become more competitive in order to avoid cryptocurrencies becoming too popular. They should do so by offering a better ‘fiat currency’. The deputy director wrote an article on the matter. However, he is not the first IMF Official to give this kind of advice to central banks. In fact, Christine Lagarde previously said that central banks should use blockchain technology to “fight fire with fire”. Two major points that were made in the article were the risk of central banks losing the power to influence the economy when needed, and the advantages cryptocurrencies might have over fiat currencies due to looser regulations.

3. International Investor Purchases Licensed Japanese Crypto Exchange

Japanese crypto exchange BitTrade has been acquired by international investor Eric Cheng for 67 million Singapore dollars (equivalent to 50 million US dollars). The multi-millionaire entrepreneur now owns a 100% stake of the exchange. This makes him the first foreign investor to own a domestic exchange which is licensed by Japan’s financial regulator. BitTrade’s affiliate company, FX Trade Financial, is also part of the purchase. At the top of his agenda is expanding trading services, along with stronger cybersecurity, and interfaces that are more international user-friendly. However, there is no plan to change the basic business framework.

4. Mastercard Wins Patent For Blockchain Coupon Authorisation System

Mastercard’s patent request for a blockchain-based coupon authorisation system has been approved by the US Patent & Trademark Office (USPTO). The new technology would allow sellers to tackle coupon fraud as well as to target specific customers more effectively. Mastercard predicts that merchants will be more willing to issue coupons without the worry of counterfeits. The transaction involving the redeemed coupon would be recorded on blockchain. This would eliminate the risk of multiple redemptions. The news comes following American Express’s announcement it would employ blockchain technology to improve its loyalty reward system.

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