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Spanish Financial Watchdog Warns Against Unregulated ICO Scheme

A Spanish financial watchdog has issued a warning against Ethereum (ETH)-based token dubbed AlyCoin. As Financial Magnates reported on Nov. 18, the Comisión Nacional del Mercado de Valores warned the public against AlyCoin as it the coin is registered neither in Spain nor in the corresponding registry and thus promotes unregulated initial coin offerings (ICOs). Specifically, AlyCoin purportedly provides its customers with financial services in violation of the second paragraph of Article 17 of the …

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Public Statement Aims to Define Legal Status of Crypto Assets in the UK

The United Kingdom Jurisdiction Taskforce of the Lawtech Delivery Panel published a statement concerning the status of cryptocurrencies, distributed ledger technology (DLT) and smart contracts under English and Welsh private law. U.K. entrepreneur network Tech Nation announced the paper’s publication on Nov. 18. The document attempts to address the legal uncertainties of cryptocurrency and recognizes crypto assets as tradeable property and smart contracts as enforceable agreements under local law. The importance of regulating blockchain Lawtech …

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DeFi Startup Compound Finance Raises $25 Million Series A Led by A16z

Lending protocol Compound Finance just raised $25 million in a round led by Andreessen Horowitz’s a16z crypto fund, marking one of the largest venture capital investments in a decentralized finance (DeFi) startup to date. According to DeFi Pulse, Compound has nearly $103 million worth of crypto locked up in its automated system, which can generate returns for users comparable to interest. Today’s announcement of the Series A follows Compound’s $8.2 million seed round in 2018. …

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Abra Adding 60 New Cryptocurrencies in Consumer Adoption Push: Report

California-based cryptocurrency wallet and investment service Abra is adding a total of 60 new cryptocurrencies to its platform, reports suggest. According to CoinDesk on Nov. 12, the increasingly widespread payment gateway is planning to more than treble its existing crypto offerings for international users from 30 to 90 tokens. Four stablecoins to debut on Abra platform Four stablecoins including Tether (USDT), Paxos Standard (PAX), TrueUSD (TUSD) and Dai (DAI) will reportedly be among the new …

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Dai Stablecoin Hits 100M Debt Ceiling Ahead of Collateral Protocol Upgrade

The Dai (DAI) stablecoin has reached its 100 million token debt ceiling, meaning that there are currently 100 million Dai tokens minted.  Data from Etherescan shows there are the top 100 holders of the Ethereum-based stablecoin hold over 72 percent of all Dai tokens.  The stablecoin originally had an upper limit of 50 million tokens. In July 2018, the Dai community voted to increase the debt ceiling to 100 million DAI by appointing a new …

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MakerDAO Proposes New DAI Ceiling After Hitting $100 Million Cap

The MakerDAO loan system, administered by the Maker Foundation, hit its debt ceiling Wednesday with roughly $100 million worth of the stablecoin DAI issued and more than $339 million worth of ethereum locked up as collateral. On Thursday, the Maker Foundation proposed a new debt ceiling of 120 million DAI, which will now be voted on by holders of MKR governance tokens. “MakerDAO has hit that limit and no more [DAI] can be generated until that …

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TZERO to Tokenize $25M of Luxury Residential Development in UK

Overstock’s blockchain arm tZERO will provide its technology to tokenize River Plaza, a luxury residential development in Manchester, United Kingdom. Following a partnership with U.K.-based real estate investment firm Alliance Investments, tZERO plans to tokenize at least $25 million of River Plaza on the Tezos blockchain, according to a press release on Oct. 30. A 180-unit luxury residential development, River Plaza is the first initiative of Alliance Investments’ real estate tokenization plan to tokenize around …

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Deutsche Boerse, Commerzbank Settle Tokenized Securities Using DLT

German securities marketplace Deutsche Boerse and Commerzbank have completed a joint pilot transaction settlement of post-trade securities using digital tokens and distributed ledger technology (DLT). Tokens generated from both commercial bank money and securities  While the transaction also involved major German asset manager MEAG, which operates under Munich Re-owned ERGO Group, one of the largest German insurance companies, Deutsche Boerse officially announced on Oct. 23. Meanwhile, the underlying technology and the legal concept were jointly …

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How Can EEA’s Reward Token System Help Banks Motivate Their Employees?

Enterprise Ethereum Alliance (EEA) created a token system to encourage the active contribution of member organizations and their employees to the consortium, as reported by Cointelegraph on Oct. 8. The tokens are powered by the EEA’s Off-chain Trusted Compute Specification and is said to be trustworthy enough for use both within and between different companies. The system was first demonstrated at the Devcon5 conference at the start of October in Osaka as part of an …

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Kik Messaging App Now Has New Owner, Will Continue Work on Kin Token

MediaLab, a Santa Monica-based holding company, has finalized an agreement with Kik Interactive to acquire the Kik messaging platform. MediaLab sees the long-term potential of Kik and Kin token On Oct. 18, in a blog post to the millions of members of the Kik community, MediaLab announced that it has acquired the Kik messaging app and explained how the acquisition will impact the app’s future. MediaLab said that the company is committed to Kik for …

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