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Basically, fintech ventures refer to specific computer programs and use of other related technology in order to support financial services in banking and other sectors. Since the end of the first decade of 21st century, fintech has expanded a lot, now it refers to many technological innovations in the financial sector e.g.; financial literacy education and various forms of crypto-currencies.

finetech companies

SFA and FAJ join Hands for Fintech

According to a joint press release, the Singapore Fintech Association (SFA) and the Fintech Association of Japan (FAJ) have decided to work together in order to bring improvements in fintech development. Both the countries signed a Memorandum of Understanding (MOU). The press release also states that this joint venture will probably raise the financial profile of the Japanese fintech companies as well as expand the business opportunities for Singapore in wider Asia.

Views of Chia Hock Lai about the MOU

Chia Hock Lai, the president of Singapore Fintech Association, said that this partnership will lead to fill the gap between the fintech communities of Japan and Singapore. Natalie Shiori Fleming, Vice Chairperson of the FAJ, also exclaimed his thoughts in this regard. According to him they are looking forward to increase interaction and cooperation level between respective markets of the two countries through a deeper relationship.

Japan’s Financial Services Agency (FSA) has also updated legislative rules and regulations in order to improve cooperation and interaction level between traditional banks and fintech companies. Same is the case with Monetary Association of Singapore (MAS) in case of fintech related innovations.

Reasons to Promote Fintech

An overview of the above details may arouse questions in your mind regarding fintech. First of all, what is the reason behind so much dependability and concentration on fintech?

Answer to this question in a single phrase is:

The financial industry is more than ever focused on technological innovation than it was at any other time.

All the major countries are become fintech dependent with the passage of time. At the moment, North America is leading fintech startups while Asia is following. A bird’s eye view of some of the most active areas of fintech innovation are as follows:

  • Digital cash in the form of cryptocurrency.
  • Blockchain technology, to maintain records with no central ledger.
  • Computer based smart contracts.
  • Cybersecurity and fintech are interlocked.

According to the modern day financial experts, fintech will have the same impact on future financial affairs as was of mobile phone and social media in case of communication era.

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Why were Three Anonymity-Focused Coins dropped by Coincheck?

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Coincheck is a bitcoin exchange service rather referred to as a digital wallet. Headquarter of Coincheck is situated in Tokyo, Japan. It was founded by Koichiro Wada and Yusuke Otsuka. It operates bitcoin transaction and storage in some countries worldwide.

The hacking incident

In January 2018, Coincheck was hacked of approximately 500 million NEM tokens. As a result of which the Financial Services Agency took notice and ordered Coincheck to improve its security practices. Many people were surprised that why did Financial Service Agency not ordered Coincheck to shut down all its activities until this issue was resolved. Later, Coincheck announced that it would compensate and repay all the users affected by this fraud.

Effects of this fraud on NEM

bitcoin transaction

NEM is considered to be the 7th largest cryptocurrency in the world. It had a market cap of nearly 2 billion in October last year. However, NEM development team refused to conduct a hard check as the above-mentioned fraud was caused due to lack of security measures of Coincheck. Instead, NEM has announced to create an automated tagging system which will follow the money and tag any account that receives infected money of any sort.

Aftermaths of the hacking incident

Japanese crypto exchange Coincheck has announced that it will stop dealing in Monero, Dash, and ZCash as a result of the fraud that took place in January, this year. 534-million-dollar worth of NEM was stolen from the exchange as a result of that fraud. According to a note published in The Japan Times, Coincheck is also considering to accept the transfer of the currencies from verified Coincheck accounts only. That is why the exchange resumed activities of certain currencies on March 12. On the other hand, it also has been reported that the exchange has refunded 260,000 affected customers over 440 million dollars from its own funds.

It was also reported by a Japanese cyber security expert that about half of the NEM stolen in the above-mentioned hack was converted into different cryptocurrencies and was allegedly being used for money laundering purposes. The NEM Foundation had reported that the stolen NEM was traced to be moved to different wallet addresses at the end of January.

Some of the NEM stolen from Coincheck was reported to be been found at a crypto exchange in Canada, as well as some portion of that amount was found at the Japanese NEM exchange Zaif.

The Japan Times also stated that Coincheck’s decision to stop handling the three cryptocurrencies Monero, Dash, and ZCash was due to a response to the FSA’s improvement notice.

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Should You Invest in Bitcoin In 2017 – Here Is What You Need to Know

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Should You Invest in Bitcoin

The year 2017 had a blistering start as Bitcoin ran past $1,000 check without any indications of backing off. The cryptocurrency continues developing in prevalence. Subsequently, you will see a colossal number of individuals asking: “how to invest in Bitcoin and is it even a smart thought to put your resources into the cryptocurrency?”

Bitcoin is not a company nor a brand. It is a virtual cash which just includes shared exchanges.

If you plan on investing in Bitcoin trading, you will need to opt for some unorthodox methods.

Here, we have talked about probably the most widely recognized Bitcoin investment techniques. Give each a strong read.

Bitcoin Investment – Buying and Holding:

A standout amongst the most widely recognized types of Bitcoin investments. Bitcoin clients purchase currency in the hoping for it to appreciate in value. If you plan on buying bitcoins, you must know when is the perfect time to make the purchase – implying that the value will keep on appreciating.

Here are a few tips for buying bitcoins:

  • Bitcoin is a hazardous venture. Never contribute more than you can deal with to lose.
  • Once you have purchased the coins, never abandon them at the trade. Exchange them to your wallet ASAP.
  • Buy the coins only from well-reputed exchange

check out our guide on how to buy bitcoins to learn more.

Trading in Bitcoin:

Individuals often confuse Bitcoin-trade and purchase and holding with each other. In reality, these two are completely different investment techniques. In trading, the purchaser buys the coins at lower rates and effectively tries to offer them at a higher cost, without holding back for value appreciation.

You Can Also Invest in Bitcoin Mining:

Bitcoin mining investment is just conceivable at a bigger scale. It requires costly mining gear and is only useful if somehow you have access to the free electricity.

Some websites also allow investors to make Bitcoin investments using their services. They call it “Cloud mining”. We recommend you to proceed with caution with such websites due to the following two reasons:

  • Most of them are scams and are keeping eyes just on your cash.

you will run over many organizations that welcome Bitcoin clients to put resources into their organization. These organizations claim to give you crazy day by day rewards or offer to two-fold your coins. Try not to get influenced. The vast majority of them are scams and are just there to take your cash.

So, What’s the Final Thought – Should You Invest in Bitcoin?

Well, the appropriate answer is not simply a “yes” or “no” as it’s not only about when to invest but also how to invest. In the event that you need to put resources into Bitcoin, know the procedure, instruct yourself, and do a broad statistical surveying.

Keep in mind, the final only belongs to you. When you think the time is correct, simply go ahead and make the venture.

Tags: Bitcoin Investment sites.

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How ICO (Initial Coin Offering) is Raising Millions in Seconds?

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Are you looking out for the biggest trends in cryptocurrency? Well, Initial Coin Offering (ICO) is going to be a fine start. Today, we’re going to give you an overview on the ICO.

Initial Coin Offering

The abbreviation of ICO is “Initial Coin Offering” and since 2013, ICOs are frequently used for evolving new cryptocurrencies. When we talk about ICOs, this also means individuals offering investors some units of crypto-token or new cryptocurrency in exchange, contrary to major cryptocurrencies such as; Bitcoin and Ethereum. If there’s a demand for pre-created tokens, then they can be easily traded and sold in all cryptocurrency exchanges.

ICO token could become the shares and securities of tomorrow and with the success of Ethereum, more and more ICOs are being used for funding the crypto project development. ICO has become a tool that doesn’t only reform the currency, but also the entire financial system.

initial coin offering

History of ICOs

At the beginning of 2013, around 100 billion XRP tokens were created in the Ripple Labs, as the first cryptocurrency distributed by an ICO was Ripple. The main reason why the company sold these tokens was to fund the development of the Ripple platform.

A layer on top of Bitcoin was promised to be created by Mastercoin, for tokenizing Bitcoin transactions and executing smart contracts. Almost $1 million was received by the developer against the top-cryptocurrency Bitcoin.

ICO has funded numerous other cryptocurrencies like; Lisk, which sold around $5 million coins at the beginning of 2016. The Ethereum Foundation sold ETH against 0.0005 Bitcoin in the mid-2014 respectively. By doing so, around 20 million was received, and it became one of the largest crowdfunding, and now, it serves as the capital base for Ethereum development.

 

A simple token, which can be transacted on the on the blockchain of Ethereum is one of the simplest applications of Ethereum’s smart contract system and this type of contract was standardized with ERC#20. This is something that made Ethereum host of such an extensive scope of ICO that now you can say that Ethereum has finally found its Killer App.

Legitimacy

The token is sold as a digital good, not as a financial asset and this is why it’s sometimes called “crowd-sale”. The legal state of ICO is undefined and in this case, the funding with an ICO is not regulated, making it quite simple and paperless.

ICO – Fundraising Future

The DAO is amongst the most prominent demonstration of Ethereum’s smart contracts. Ether, worth $100 million, fueled the distributed investment company. The idea of funding projects with a token on Ethereum turned out to be a highly successful generation of crowdfunding projects. You’d know that investing in token on top of Ethereum is very easy especially, if you’ve already tried it out. Just transfer ETH and paste the contract in your wallet. You’ll be able to see the token in your account and then you can easily transfer it as you want.

ICOs could be used for completely reconstructing the financial system of securities, shares, and decentralizing, not just money, but trade and stock creation as well.

Do you want to assess Ethereum’s market capitalization? Do not only look at the market cap of Ether but also on the token’s value.

Is it Profitable?

ICO has been a blessing for many investors but, on the other hand, many ICO ends with losses. Many scammers and semi-scammers have used ICO for; promising the greatest cryptocurrency ever or building a sleek website. In addition to that, the successful and largest ICOs, like Iconomi, Melonpost, Lisk, Melonpost, and Augur collected funds and delivered literally nothing.

Let’s find out what’s happening in the market for ICO.

Mastercoin

Building a layer on top of Bitcoin was announced by Mastercoin in 2013, and Mastercoin-token were sold to investors. Around 10,000 Bitcoin was received by the developers and had the worth of $1 million at that time. Some investors made hefty profits and later, Mastercoin merged with Omni and Counterparty.

Ethereum

One of the largest ICOs has been made by Ethereum yet, with a pre-sale of almost 60 million ETH and around 31,500 Bitcoin were raised by the Ethereum Foundation. ETH-presale investors also profited immensely.

Ripple

100 billion XRP-tokens were created in Ripple Labs and serve as an anti-spam mechanism in the Ripple payment network. Ripple Labs are selling XRP but their value doesn’t move in a clear direction. It started with almost 5,000 Satoshi, felt below 1,000 Satoshi, then raised above 7,000.

Next

In 2013, a new gen-cryptocurrency made, Next. Around 1 billion tokens were sold to early investors and the developers only got a double digit’s amount of Bitcoins with the ICO. However, today the NXT token is valued much more and NXT has become a successful and firm cryptocurrency relatively.

Lisk

Lisk enables smart contracts on sidechains and is a JavaScript written Blockchain, based on BitShares. Around $5 million was received by Lisk, by selling the coins for Bitcoins.

Ethereum token ICO:

First Blood

An Asian platform for decentralized Sportsbet completed the ICO of its token within few seconds and many of them have been purchased by a Chinese exchange.

Golem

The aim of Golem project is to create a decentralized supercomputer, through which applicants can earn money by selling its power. The ICO was limited to 820,000,000 tokens, and more than 10,000 BTC were received by the developers. Today, the Golem market share is beyond 50,000 BTC.

Augur

The decentralized prediction market uses REP-token to choose the outcome of events in which 80% of these tokens have been sold for funding the development and got around $5 million. Today all these tokens are worth more than $100 million.

ICONOMI

Well, Iconomi is a platform for managing the virtual assets and the ICN token is like shares on the platform. 85,000,000 tokens were sold by the developers and more than 17,000 BTC were received for it. Today, it has a market cap of almost 40,000 BTC.

SingularDTV

SingularDTV with the ICO raised more than 12,000 BTC and today, tokens as a whole are worth about 40,000 BTC.

The above ICO tokens can be easily purchased and traded on exchanges but some extra ICOs have just completed some time ago and are now preparing to release the newly created token on the Ethereum Blockchain.

This is the following projects:

Melonport

Melonport’s aim is to advance a platform for managing the blockchain assets made on Ethereum. The MLN token that the developers sold were around more than 2,000 BTC.

Dfinity

Dfinity aims to build a decentralized platform for cloud computing and has raised more than 3,000 Bitcoin in its ICO.

Qtum

The main aim of this project is to build a platform for the easy formation and blockchain based smart contracts and could raise more than 14,000 Bitcoin in an ICO for this mission.

Today’s ICOs

You can currently invest in ICOs like:

 

  • Humaniq (a wallet for the unbanked)
  • Aeternity (“scalable smart contracts interfacing with real-world data”)
  • Internet of Coins (a distributed environment for several blockchains)
  • Cosmos (similar: “a network of distributed ledgers”)

 

ICO Blockchain Capital allows everybody to contribute to its investment rounds. But, not every ICO is worth your money.

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Cryptocurrency Project Controlled by China’s Government: Have a closer look!

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legal digital currency

 

China is among those countries that have exerted more control over cryptocurrency and continues to go forward in its exertions to present a government-controlled cryptocurrency. Recently, a group of Shanghai reporters learned about a secretive cryptocurrency projects during the Global Blockchain Summit Forum.

Last week, the ministry of industry and information technology of China revealed that a study searching for a framework in order to regulate blockchain technology locally has been already conducted by it. The embracive perspective for blockchain technology is exactly opposite to the Chinese crippling curbs against the local cryptocurrency markets that have called on ICOs (Initial Coin Offerings) ban and cryptocurrency exchanges phased out to effectually broad up the local trading markets.

Progress

According to a report, 22 blockchain technology invention patents have been applied by the China Boxer Blockchain Technology Research Institute. The primary technology architecture by the team has been finished and according to Yifeng, the digital billing business of central bank has been also completed. At this time, it is encouraging the opening and closing of a blockchain registration platform.

According to Yifeng, the most crucial part of the blockchain is to advance the technology with the real business while searching for application scenarios. The members of the platform cannot only use it, but they’ll be also able to conduct the institutional certification and attain shared trust and assistance amid all parties.

Yifeng said that the major difference between the current electronic payment and digital currency is that it can be both “account-based” and “non-account-based.” Digital currency appears to ease the expediency, speed and low-cost of a trade payment system, although simultaneously, delivering protection and security of the privacy of the user.

The Real Digital Currency

According to Yifeng, the statutory digital currency that is issued by the central bank is the only real digital currency. For him, the digital currency that bitcoin represents is, in fact, a digital asset with firm qualities, less intrinsic value and more volatility.

Yifeng said that the coins issued by ICO are more preposterous. He added, how can an autonomous credit currency turn out to be a payment and liquidity instrument. He furthermore added, there’s no clear schedule for the launch of the legal digital currency.

The Blockchain Technology Research Institute will be establishing obliging associations with numerous research institutes and universities to encourage research in extents like distributed technologies, cryptography algorithms and zero-knowledge proofs.

Based on blockchain technology, the Digital Billing Platform which was taken on back in 2016 by the China Boxer Blockchain Technology Research Institute was effectively established on the Stock Exchange. According to the chairman of China Bills Credit Card Industry Development Co., Ltd., Fan Guiluo, blockchain is a trusted technology and it will be used under the reliable system of the China’s banknote printing and issuing company.

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Bitcoin Nears Bear Market Territory

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Bitcoin value is currently at 2502.00 US dollars, means down about $500 from its peak of $3000 at 12th June. Accordingly, other cryptocurrencies such as Litecoin and Ethereum also face the similar decline in values. The thing is, overall cryptocurrencies trend has been gradually dipping from last few weeks.

It is really odd to put old security terms to unique digital currencies’ procedure, which makes it clear that digital market is approaching the conventional 20% failure. The bubble was the most repeated word used by the experts. In addition, two weeks before the peak of it, Robert Hackett also diagnose a bubble.

Some important features of a bubble in technology race are, it should be craziest, certain and unjustified in reality. Matt Prusak the famous strategist brings some example of “dump money”. Few of them are entertaining if you are not facing any losses right now. Prusak also points out the beginners in the bitcoin market.

Creator of #2 cryptocurrency Ethereum Dmitry Buterin has been watching for correction and tweeted,

For more details, Prusak also point out the BroBible’s post “What is The Etherum [sic] Cryptocurrency [sic] and How Will It Make You Rich AF?”  which was with the spelling mistake, as the digital market was heading down.

Prusak elaborates many other proportions of crypto-mania but we’ll mention here one more. Through the course of lead-in, Ethereum’s value has been tracked by Ethereum classic’s values. While ETC is a fork whereas ethereum is a cryptocurrency with worldwide adoption.

Prusak says,

“highly likely the price [of ETC] has been driven significantly higher by uninformed investors simply not understanding the difference between the two – similar to how adding “.com” to a company’s name in 1999 sent stock prices up on average 74%.”

Basically, this is the revolutionary stuff, long-term potential for buying opportunity.

Tags: bitcoin value, bitcoin market, bitcoin exchange

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