Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Blockchain

Bittrex International and Standard Tokenization Protocol Partner for Initial Exchange Offering

Published

on

Reading Time: 1 minute

 

Standard Tokenization Protocol (STP), the open-source standard and decentralized network simplifying the tokenization and issuance of assets, and Bittrex International today announced that the digital asset trading platform will host the upcoming Initial Exchange Offering (IEO) of Standard Tokenization Protocol tokens (STPT). Funds raised will be used to further develop STP’s blockchain technology and realize their vision to seamlessly enable the execution of token issuance, providing issuers with a fundraising method that is faster and cheaper than traditional means.

The IEO will officially start at 14:00 GMT on Tuesday, June 11 and end at 14:00 GMT on June 12, 2019 unless sale supply is reached.

“Every action we take as a company is guided by our commitment to promoting blockchain innovation and adoption while maintaining the highest levels of compliance,” said Bill Shihara of Bittrex International. “The STP team share that same vision and they are making it a reality for projects all over the world to simplify the tokenization process and remain compliant. This partnership is perfect fit and we are extremely proud to help STP raise additional funds to continue their great work.”

“We are very excited to partner with Bittrex International for the IEO,” said Mike Chen, CEO of STP. “The IEO is only the beginning of our long journey to create a decentralized network for compliant and transparent tokenization.”

 

SOURCE Bittrex International

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

Published

on

Continue Reading

Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

Published

on

ozank-joins-forces-with-revolugroup-to-enhance-global-payment-infrastructure
Continue Reading

Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

Published

on

financial-industry-bodies-defend-permissionless-blockchains-against-basel-committee’s-classification

Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

Continue Reading
Advertisement
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE