Crypto News | Bithumb Coin Coming to Singapore

Although South Korea has a large and engaged crypto community, government agencies are very suspicious of crypto startups and are keeping a close eye on crypto exchanges at all times. Earlier today, it was reported that two men have been sentenced for developing a Bitcoin pyramid scheme worth more than $20 million. To combat similar occurrences, South Korea banned ICOs back in September 2017. This year in March, news outlets speculated that the government may lift the ban in the coming months. Since that still hasn’t happened, blockchain startups have been forced to find ways to bypass the ban, mostly by relocating overseas. One of the more established crypto companies in South Korea, Bithumb, will apparently resort to a similar move in order to launch Bithumb Coin, its very own token. Bithumb, the biggest cryptocurrency exchange in South Korea, revealed its plans for an ICO on Thursday. The Bithumb Coin sale will take place in Singapore, where ICOs are perfectly legal. At the moment, Bithumb revealed that they are looking for institutional rather than individual investors. Other details have yet to be revealed to the public.

Bithumb definitely picked a good time for the announcement, considering the fact that venture capitalists are coming back and investing more in ICOs than the shaky Q1 indicated. For example, Basis (formerly Basecoin) has just announced that they have received $133 million in funding from some of the most prominent venture capitalist firms. Founded by three Princeton graduates, Basis will develop a stablecoin to rival Tether and True USD. Some of their more prominent investors include Google Ventures, Bain Capital Ventures, Andreessen Horowitz, and Sky9 Capital.

Meanwhile, it looks like the Crimean government is looking for ways to attract foreign investors faced with heavy international sanctions. One of the methods that Gregory Muradov, the Crimean Deputy Prime Minister, is seriously considering, is developing a cryptocurrency investment fund. Foreign investors would send cryptocurrencies to the fund, and the Crimean government would then convert these resources into fiat currencies to fund projects around the country. Muradov plans to bring the subject up during the Yalta International Economic Forum. The forum, which started yesterday, will last three days, with 3,000 participants from 60 countries.

The United Nations have been working on another blockchain project with a cause, a blockchain-based payments pilot to assist the United Nation’s World Food Programme (WFP). The blockchain initiative, alongside other technology projects, received $2 million in funding from the Belgian government. The World Food Programme launched its payments pilot, based on Ethereum, in 2017, primarily to make money transfers to Syrian and Jordanian refugees more straightforward and more transparent. Rehan Asad, WFO chief of staff, said in a statement that humanitarian efforts should always look for ways to harness the potential of the most promising new technologies when trying to help people who are vulnerable throughout the world.

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Author: Max Rothstein

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