Crypto News | Monex buys Coincheck

Well, that didn’t take long. After announcing that they were planning on buying Coincheck just one week ago, now it’s official – Monex buys Coincheck in a deal which was approved by both parties. We have talked about Coincheck a lot over the past few months. First there was the XEM hack, then Coincheck reimbursed its users, spending more than $430 million of its own funds, taking a massive hit before trading was finally resumed. Even then, Coincheck was beset by lawsuits from all sides, and with its reputation tarnished, the exchange waited with trepidation to get its license approved. When Monex buys Coincheck, i.e. the transaction is complete, the exchange will receive billions of Yen and a completely new management. The changes, although needed, serve to show that Coincheck is turning over a new leaf and kissing its troubled past goodbye.

Meanwhile in South Korea, Seoul is apparently going to adopt its own official cryptocurrency. S-coin would be used to pay private contractors and fund welfare programs. Political analysts believe that the city’s mayor, Park Won-soon, being up for re-election this summer, proposed this move to win over the approval (and votes) of South Korea’s numerous crypto proponents. By the end of April, Park will release his “blockchain master plan”, which will also include a proposal for a blockchain public fund to help crypto startups. Rolling out S-coin would make Seoul the biggest city in the world with its own cryptocurrency, but not the only one. Dubai is already talking about developing emCash, its own cryptocurrency which should act as legal tender. In the US, Berkeley is working on a system of tokens supported by municipal bonds to fund social programs and create affordable housing. Of course, we also have the new trend of state-issued cryptocurrencies, such as Venezuela’s Petro, which many are still very skeptical about.

With these new developments and new coins, the announced blockchain smartphone cannot come soon enough. The device, designed by Sirin Labs, will enable its owners to safely store and use a variety of digital currencies. Currently, using cryptocurrencies can be challenging and unintuitive – and the blockchain smartphone aims to change that. Sirin Labs has just announced that they have partnered up with FIH Mobile, a subsidiary of Foxconn Technology Group, which will mass-produce the smartphone. Foxconn is a manufacturing company from Taiwan, which has previously produced parts and devices for Apple, Google, Amazon, Huawei, and most other big names.

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Author: Max Rothstein

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