Connect with us

Blockchain

US Treasury to Complete PoC of Blockchain-Based Grants Payment System

The United States Treasury Department has almost completed tests of a blockchain-based grants payment capability as part of the exploration of how the tech can improve such operations.

Republished by Plato

Published

on

The United States Treasury Department has almost completed tests of a blockchain-based grants payment capability as part of the exploration of how the tech can improve such operations.

As the Business of Federal Technology reported on Jan. 10, the Treasury Department launched a program designed to discover whether blockchain could provide more efficiencies into the operations of a blockchain-based grants payment system. Currently, the agency has almost completed a Proof-of-Concept for a blockchain-based letter of credit for federal grant recipients.

More efficient tracking

Describing the principle of the program’s operation, Craig Fischer, innovation program manager at the agency, explained that the platform tokenizes electronic federal letters of credit sent out to grant recipients, thus helping trace the distribution of the grant payments and making the transaction more secure. The tracking feature also enables the government to see data such as recipient identification, grant amount and key dates like when it was awarded.

To receive a tokenized letter, the recipient would need to have an electronic wallet associated with a bank account. The tests are expected to be finished by the end of January.

Blockchain in transactions and products tracing

Blockchain has been widely used to track transactions and products. Earlier in January, IBM and Farmer Connect – an organization committed to increasing transparency and sustainability in agriculture supply chains – demoed a blockchain-based app that allows consumers to learn about the coffee beans they purchase. The mobile app provides consumers with an interactive map to show the journey of their coffee by scanning a QR-code.

Last December, the second-largest power utility in Japan, the Kansai Electric Power Co Inc (KEPCO), extended its trial of a blockchain-powered system for transacting renewable energy credits.

A study from Cointelegraph Consulting and Swiss enterprise blockchain firm Insolar as of last December showed that blockchain technology could reduce supply chain-related costs for businesses between 0.4% and 0.8%.

Source: https://cointelegraph.com/news/us-treasury-to-complete-poc-of-blockchain-based-grants-payment-system#new_tab?utm_source=rss&utm_medium=rss&utm_campaign=us-treasury-to-complete-poc-of-blockchain-based-grants-payment-system

Blockchain

PlusToken Crypto Scammers Slammed With 11-Year Jail Sentence

Republished by Plato

Published

on

Principal actors in the PlusToken Ponzi scheme have bagged 11-year prison sentences in China. The scheme managed to defraud investors of billions of dollars in various cryptocurrencies.

End of the Road for PlusToken Scammers

According to the South China Morning Post on Dec. 1, principal members of the PlusToken scam project were sentenced to 11 years imprisonment by a Chinese court. The suspects were found guilty of duping investors of $2.25 billion worth of crypto tokens.

As previously reported by CryptoPotato, authorities arrested 27 key members of the crypto Ponzi scheme in July, in addition to apprehending 82 other individuals linked to PlusToken.

Later in November, Chinese law enforcement seized $4 billion worth of crypto from operators of the fraudulent project. According to court documents, the confiscated cryptocurrency tokens included 94, 775 BTC, 79,581 BCH, 833,083 ETH, 74,167 DASH, 1.4 million LTC, 6 billion Doge, 27.6 million EOS, and 213,724 USDT.

The clampdown of the PlusToken scam project is in line with China’s agenda to rid the country of fraudulent schemes. Also, the latest development signals a win for authorities as the PlusToken platform was one of the largest Ponzi schemes in China.

What Happened?

PlusToken, founded by Chen Bo back in 2018, had all the hallmarks of a classic Ponzi scheme, with funds generated from later investors used to benefit early investors. Chen and other operators employed social media and offline activities to get members, who in turn paid for membership fees up to $500 worth of bitcoin and other crypto tokens.

Between 2018-2019, the platform had over 2.5 million members, with rewards based on the number of new recruits that others brought on board. Meanwhile, the total number of funds generated from members was reportedly over $2.2 billion worth of crypto.

Also, court documents alleged that Chen Bo spent some of the funds on extravagant lifestyles, buying expensive cars and properties for himself and his relatives.

In addition to the PlusToken founder and other key members spending time behind bars, the ringleaders were slammed with fines. The PlusToken scammers were fined between 120,00 yuan ($18K) and 6 million yuan ($912,922),

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/plustoken-crypto-scammers-slammed-with-11-year-jail-sentence/

Continue Reading

Blockchain

Cryptocurrency Asset Management Provider NYDIG Raises $100M From a Single Investor

Republished by Plato

Published

on

NYDIG, the cryptocurrency asset management company, has raised $100 million from a single investor. The firm collected the amount during its newly-announced fund Digital Assets Fund II, after the previous fundraising project, named Digital Assets Fund I.

$150M In Just Two Crypto Investment Funds

According to officially published documents filed with the U.S. Securities and Exchange Commission, the New York-based digital asset firm revealed that it raised $100 million from only one investor on their recently announced project Digital Assets Fund II.

The operation follows its forerunner Digital Assets Fund I, which raised $50 million from investors in November. The amount has been reportedly collected from just two investors and was to invest mainly in Bitcoin.

The $50 million fundraise in November came after a quadrupling in NYDIG clients. The firm offers investment, brokerage, treasury, and technology solutions for Bitcoin to its institutional allocators, corporations, investment advisors, etc.

Another Publicly-Owned Company to Own a Big Pile of Bitcoin

As CryptoPotato recently reported, less than two months ago, asset manager Stone Ridge bought 10,000 bitcoins worth about $115 million through its subsidiary NYDIG. The new digital assets-oriented investment was reportedly to serve as a primary treasury reserve asset for the company.

Co-Founder and CEO of NYDIG, Robert Gutmann, said that considering that Bitcoin switches to a mainly institutionally-owned asset, “the company has a better position than ever” to be the leading provider of BTC solutions to a variety of banks, corporations, and institutions.

Speaking on the Bitcoin investment, Gutmann also said that the NYDIG is proud to facilitate one of the largest commitments of treasury assets to the cryptocurrency to that date. He added that he sees demand for the company’s full suite of corporate treasury and investment solutions accelerating.

In another significant recent Bitcoin purchase in October, Jack Dorsey’s Square reportedly bought $50 million worth of the most influential and valuable digital asset right now. Thus, it became the second publicly-traded company to do so in recent months after MicroStrategy.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/cryptocurrency-asset-management-provider-nydig-raises-100m-from-a-single-investor/

Continue Reading

Blockchain

TrustToken and Syscoin Partner on a Stablecoin Bridge

Republished by Plato

Published

on

Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

Continue Reading
Blockchain24 hours ago

Greenheart Punt World Debut on DigiFinex

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain1 day ago

6 Reasons it’s Worth Taking the Risk of Investing in Cryptocurrency

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Kraken Daily Market Report for November 28 2020

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain3 days ago

Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

Blockchain5 days ago

Whales Dump Ahead Of Bitcoin ATH, More Than 93K BTC Sold Since Peak

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain5 days ago

Breaking Down the Effect of Bitcoin’s $3,000 Drop on the Futures Market

Blockchain5 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Bitcoin mining difficulty approaches ATH as price stabilizes above $18K

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Ethereum soars 25% from the recent dip, eyes on $625 as bulls swing back into action

Blockchain2 days ago

Can DeFi indices finally make crypto-based passive investing worthwhile?

Blockchain4 days ago

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Blockchain3 days ago

Bitcoin returns to $18,000 as investors are mixed over what’s next for the bull run

Blockchain3 days ago

No need to fear the Bitcoin FUD, says Sino Global Capital

Blockchain1 day ago

Ethereum Prices Return to $620 Resistance on ETH 2.0 Launch Day

Blockchain5 days ago

1% Of Bitcoin’s Total Supply Has Just Been Seized By The Chinese Police

Blockchain5 days ago

Analyst: Yearn.finance’s YFI to Move Past $30,000 as Strength Mounts

Blockchain5 days ago

Russia To Introduce A “Civilized Direction” For The Crypto Market And Protect Users From Scams

Blockchain5 days ago

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternatives

Blockchain4 days ago

Chainlink, Monero, BAT Price Analysis: 28 November

Blockchain4 days ago

Crypto Markets Turn Green Following Tough Week, Bitcoin Price Nears $18k

Trending