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South Korea Is Poised To Become The First Crypto Country In The World

South Korea

For a country to be described as being crypto-powered it would need to have recorded a massive adoption of digital currencies, possess scalable blockchain infrastructure that is enterprise-grade, and be recognized as a crypto-innovation hotspot across the globe. Additionally such a country must have a crypto-sector that enjoys a balanced relationship with the government. One […]

The post South Korea Is Poised To Become The First Crypto Country In The World appeared first on dippli.

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South Korea

For a country to be described as being crypto-powered it would need to have recorded a massive adoption of digital currencies, possess scalable blockchain infrastructure that is enterprise-grade, and be recognized as a crypto-innovation hotspot across the globe.

Additionally such a country must have a crypto-sector that enjoys a balanced relationship with the government. One of the countries that would currently tick most of the above boxes is South Korea.

By some estimates the digital currency ownership among the adult population in South Korea is 33% meaning that the concept of ownership of digital assets is already mainstream in the Asian country. Much of the initial interest in virtual currencies in the country was driven by pure speculative greed with prices at some point being close to 40% higher in South Korean exchanges compared to foreign ones.

High penetration rate

The country also boasts of a high penetration of crypto-infrastructure and which has the capacity to handle a big number of consumers. Awareness of digital currencies is also high with most people in South Korea having head about them. Overall the Asian country is the third largest virtual currency market in the world.

Though the regulatory environment with regards to virtual currencies in South Korea has not been very clear in the past, there is general optimism that balanced regulation will be the case. The political base of the current administration of President Moon Jae-in is young adults. This demographic happens to be the one that is most invested in digital currencies. Part of the reason is because the millenials of South Korea have come of age when there is relative prosperity and can thus afford to take greater risks with their investments compared to older generations.

North Korea and China

Some of the reasons that are driving the advanced understanding of virtual currencies in South Korea include the fact that the country?s digital currency markets are being used as vehicles by the Chinese to get money out of their country. Additionally the sanctions that have been imposed on North Korea have also assisted in driving innovation at service providers and exchanges.

In China the citizens are not allowed to send out of the country amounts exceeding $15,400. To get around this Chinese businesses have allegedly been acquiring Korean businesses with a view to using them to move money around.

Mining and aid

With regards to sanctions imposed on North Korea there is speculation that the embargoed country is getting aid in the form of virtual currencies as this is impossible to track. There is also speculation that the North is undertaking the mining of virtual currencies. It has also been suggested that North Korea is involved in hacking and stealing virtual currencies from exchanges around the world.

This has resulted in South Korean exchanges such as Bithumb experiencing a lot of activity leading to innovation on scaling and security. Besides blockchain and cryptocurrencies these innovations are also likely to benefit other sectors in future.

Another factor that is working in the favor of South Korea is its education system and the engineering talent it is producing. South Korean students for instance are consistently ranked among the top five in the globe in math and sciences.

Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at news@dippli.com.

The post South Korea Is Poised To Become The First Crypto Country In The World appeared first on dippli.

Source: https://dippli.com/2018/05/01/south-korea-is-poised-to-become-the-first-crypto-country-in-the-world/

Blockchain

BitGo To Introduce Crypto Custodial Services To New York Clients

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Digital asset trust company, BitGo has added another feather to its cap. The company announced today that it has received a Trust Charter that will enable it to operate as an independent qualified custodian in the United States’ commercial hub, New York. The license was issued by the New York State Department of Financial Services.

Go, BitGo

California-based digital asset solutions provider, BitGo has expanded its horizon. It will now render cryptocurrency custodial services to New York-based institutional clients. The news was confirmed after the state’s Department of Financial Services issued the New York Trust charter to the company.

The news reiterates the company’s motive to exhaust the possibilities of the new financial landscape. It announced in December last year that it had over $16 billion in assets in its custody. With the surge in institutional interest, BitGo now has its eyes set on the world’s financial and commercial epicenter. Speaking on the latest milestone, BitGo CEO Mike Belshe said:

“We are extremely proud to receive the approval for a trust charter from NYDFS to serve the world’s premier financial organizations that are based in New York State. The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity and stability to the crypto ecosystem.”

The license will enable New York’s premier institutions to key into the digital revolution while staying within the state’s regulatory framework. BitGo’s list of reputable partners adds an extra layer of trust. It claims to be backed by Goldman Sachs, Craft Ventures, Digital Currency Group, Redpoint Ventures, and Valor Equity Partners.

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What’s In Store?

BitGo intends to go all-in for its prospective clients. Asides from its fully secured custodial services, it outlined several benefits of the New York Trust.

It will adopt a sophisticated, independently verified system control – SOC 2 Type 2. The SOC 2 Type 2 compliance records how a company safeguards customer’s data. This system control type verifies compliance with standard procedures and often gives a competitive edge.

Prospective clients will benefit from BitGo’s “comprehensive insurance coverage,” which it says covers up to $100 million in digital assets. Its multi-signature technology is yet another selling point.

New York – The New Crypto Hub?

The city of New York is becoming a destination for mainstream cryptocurrency companies. This week, leading blockchain sports and entertainment platform, ChiliZ announced that it would set up an office in New York.

Perhaps this is fueled by the state’s unwavering efforts to maintain a regulated framework that attracts investment and prioritizes asset protection. The New York Financial Services Law, which was enacted five years ago, necessitates the regulation of companies in the digital asset space. The state’s Department of Financial Services approved the sale and trading of eight cryptocurrencies in August last year.

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Source: https://cryptopotato.com/bitgo-to-introduce-crypto-custodial-services-to-new-york-clients/

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Co-founder of Floyd Mayweather-promoted ICO sentenced to 8 years

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Sohrab Sharma, the co-founder of the notorious celebrity-spruiked initial coin offering of 2017, Centra Tech, has been sentenced to eight years in prison for his leading role in the fraudulent scheme that duped investors out of more than $25 million.

Shama had previously pled guilty to conspiring to commit wire fraud, securities fraud, and mail fraud for material misrepresentations made by him and his co-conspirators to solicit investors to participate in the scheme.

United States attorney, Ilan Graff, described Sharma as having “led a scheme to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products.”

“In reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars.”

The court found that Sharma and co-defendants Robert Farkas and Raymond Trapani founded Centra around July 2017, claiming that the firm offered a crypto debit card and other digital asset-related products. The group conducted an ICO from July 2017 until October 2017, distributing unlicensed securities in the form of CTR tokens.

To promote the offering, the group issued materials falsely claiming the team had partnerships with Visa, Mastercard, and Bancorp, money transmitter licensing in 38 U.S. states, along with an entirely fictional CEO boasting more than 20 years experience in the banking sector and a master’s degree from Harvard University.

While the team raised $25 million at the completion of the ICO, authorities found those crypto assets were worth more than $60 million at certain times during 2018.

The U.S. Marshals Service seized 100,000 Ether from Centra which it sold for roughly $33.4 million earlier this year. The proceeds will be made available to potential use in a remission program to compensate victims of the fraud.

Sharma was also sentenced to three years of supervised release and ordered to forfeit more than $36 million.

In December, Centra co-founder Robert Farkas was sentenced to one year in prison for his role in the scheme. Trapani has also pleaded guilty.

Celebrities DJ Khaled and Floyd Mayweather, who promoted the offering on social media in 2017, agreed to six-figure settlements without admitting to wrongdoing in 2019 after Centra’s investors filed a lawsuit against the pair.

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Source: https://cointelegraph.com/news/co-founder-of-floyd-mayweather-promoted-ico-sentenced-to-8-years

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Spike in digital land and NFT sales push Axie Infinity (AXS) price to new highs

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The popularity and sale of NFTs have exploded over the past few months as many artists and collectors have been consistently selling entire NFT collections for millions of dollars.

One platform that has emerged as a fan favorite is Axie Infinity (AXS), a blockchain-based trading and battling game inspired by games like Pokémon and Tamagotchi. In the game, players collect, breed, raise, battle and trade token-based creatures known as Axies. 

In the past two months, the market cap for AXS has increased 600% from $19.25 million to its current value of $115 million as users rush to the platform for a chance to win a rare and valuable Axie. 

Data from Cointelegraph Markets and TradingView shows that the price of AXS has surged 74% over the past 24-hours, going from $1.78 on March 3 to a new all-time high of $3.10 on March 4 on the back of a 1,000% surge in the 24-hour trading volume. 

AXS/USDT 4-hour chart. Source: TradingView

While AXS has been in an uptrend for months, the altcoin really started to gain momentum at the beginning of February following the launch of Ronin, an Ethereum (ETH) network sidechain designed to help AXS users escape high transaction costs and network congestion on the Eethereum network.

Since Ronin’s launch on Feb. 1, the number of active users on the platform has skyrocketed as NFTs began to explode in popularity and mainstream news channels reported on record-setting sales for one-of-a-kind pieces of digital art.

Axie Infinity active users. Source: Axie Infinity

Digital land in Lunancia, the player-controlled virtual realm of the Axie universe, is also attracting increased attention with one user recently spending a total of $1.5 million to purchase nine digital land plots.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AXS on March 3, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for AXS reached a high of 76 on March 3, just hours before the price began to rise from $1.84 to its new all-time high at $3.10.

Despite the recent pullbacks experienced in the wider cryptocurrency market, key on-chain metrics like Glassnode’s Reserve Risk indicator show that the Bitcoin rally is still in its early, suggesting that there is plenty of room for BTC to appreciate before it reaches the peaks seen in previous bull markets.

Continued strength for Bitcoin price is likely to translate into an increased interest in NFTs and as the nascent sector expands, projects like AXS could continue to rise in popularity.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/spike-in-digital-land-and-nft-sales-push-axie-infinity-axs-price-to-new-highs

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