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NEEO Holders can Start Trading on XT.com

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XT.com, a Dubai-based socially infused platform, has added a new token to its ever-expanding exchange. Opening under the Main Zone, NEEO (NEEO) will be listed on the trading platform with the NEEO/USDT trading pair. Consequently, this listing will pave the way for NEEO holders to enjoy XT.com’s flexible trading features.

In detail, users can start depositing their NEEO tokens on June 7, 2022, at 07:00 (UTC). Moreover, trading will then commence on June 8, 2022, at 07:00 (UTC) and withdrawal will be available on June 9, 2022, at 07:00 (UTC).

Built on the Ethereum network, the NEEO token is mainly used to facilitate transactions made on the entire NEEO Apps ecosystem. Introduced by Neeopal, NEEO Apps is an online services and mobile apps ecosystem based on blockchain technology that encourages social and economic growth for each user.

NEEO Apps is heading in four different directions: NEEO Messenger, a mobile messenger featuring an instant translation function with over 100 languages; NEEO Sell & Buy, a global P2P decentralized online store; NEEO Robot, a decentralized, educated robot translator and; NEEO Social, a social platform where users are greatly rewarded for their engagement.

According to XT.com’s Global Chief Marketing Officer Anisor, the whole team has been ecstatic because of this new listing. “As a socially infused platform, listing a new token from a social-centered project is twice as exciting. We believe that through the addition of the NEEO token, we will be able to provide a better trading experience to our users and future users to come. That said, XT.com warmly welcomes NEEO to its humble exchange.”

Furthermore, XT.com urges crypto enthusiasts and traders to take their trading experience to the next level. By utilizing this listing opportunity, users can help push NEEO’s mainstream adoption across the globe. In addition, XT.com declares its commitment to streamline the growth of its platform.

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THXLAB and IZUTSUYA Announce Strategic Partnership

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OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

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

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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.

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