Crypto News | Monex ICO to be launched

In the aftermath of the massive NEM hack and everything that followed, Coincheck went through a brief period of uncertainty before being acquired by Monex. Now it seems that the Monex Group, an online brokerage firm based in Japan, will use the knowledge and the expertise of Coincheck’s team to launch its own blockchain platform, with a Monex ICO to come at a later date. According to a financial filing, Monex will use blockchain technology to make it easier and safer to trade financial products and facilitate safe and cheap financial transactions.

Apart from Monex ICO, other crypto exchanges are also making improvements and finding ways to stay ahead of the competition. On Wednesday, it was announced that Gemini, owned by the Winklevoss twins, will be partnering with Nasdaq in an effort to improve how it monitors trading activities. Nasdaq’s SMARTS Market Surveillance will be used to detect suspicious activity and unusual trading patterns that may point to price manipulation or other practices not in line with the exchange’s rule. All Bitcoin, Ether, and USD pairs will be monitored, as well as Bitcoin futures.

In Chile, one of the country’s largest crypto exchanges, Buda, has just won a lawsuit against two major Chilean banks. Buda, as well as a number of other crypto exchanges in the country, such as Orionx and CrytpoMarket, was banned by the country’s banks and its accounts were closed. Now, after the court has ruled in Buda’s favor, the two banks will have to re-open its accounts. There are still ongoing legal proceedings against 10 other banks. According to Guillermo Torrealba, the CEO of Buda, the banks shut down the crypto exchanges in spite of there being no law against cryptocurrencies or crypto trading in the country. Instead, the banking sector has decided to act on its own and strengthen its grip on Chile’s economy.

Meanwhile in Spain, the relationship between the country’s banks and blockchain technology is much more amicable. On April 25 it was reported that Banco Bilbao Vizcaya Argentaria (BBVA), a multinational consortium, became the first global bank that issued a loan using blockchain technology. The entire process was conducted on a mutually distributed ledger between the bank and the borrower. The 75 million EUR loan was significantly sped up, with the negotiation period taking only a couple of hours instead of several days.

Further to the east, Georgia, sandwiched between the Russian Federation and Armenia, silently became the capital of crypto mining in Eurasia. The only country where it is more profitable to mine cryptocurrencies at the moment is China. The majority of mining facilities in Georgia are owned by Bitfury, a U.S.-based company, even though smaller operations are cropping up every day. Although regulations are relatively light in the country, the Central Bank of Georgia has issued statements warning about crypto-related risks. That hasn’t scared off investors, though, and Georgia is well on its way to become a global crypto mining leader.

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Author: Max Rothstein

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