OKEx, a major cryptocurrency exchange platform has announced plans to set up shop in the tiny island nation of Malta. The plan was made known via a on the platform’s website on 12 April 2018. OKEx becomes the second dominant cryptocurrency exchange platform to announce a move to Malta in little over a fortnight.
In March 2018, BTCManager reported that Binance was getting ready to open an office in Malta, with the country’s Prime Minister even formally the platform to the country. Just like Binance, OKEx also has a presence in both Hong Kong and Japan.
Crypto-Friendly Regulations
Speaking on the proposed Malta expansion plans, Chris Lee, the CEO of OKEx expressed optimism that the move would greatly benefit his company. He went on further to say that:
“We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem.”
Chris Lee is not the only one who attributes the company’s move to Malta to be based on the crypto-friendly nature of the island country. Tim Byun, the Chief Risk Officer and Head of Government Relations of the platform also praised for being a crypto-progressive nation. According to Tim Byun:
“Malta’s Virtual Financial Asset Act is a solid foundation for the industry and the government to work together in fostering the nascent blockchain/digital asset industry. More specifically, Malta’s sound risk-based approach will help cultivate a responsible, compliant, and healthy ecosystem.”
The Growing Maltese Blockchain and Crypto Community
The Maltese government has been blockchain and cryptocurrency firms and has taken major steps to create an enabling environment for the burgeoning industry. With many countries either enacting stringent regulations or , Malta is looking to step into the void being created and provide a suitable location for cryptocurrency enterprises.
As part of its efforts, the country has already initiated plans to establish the. The body will be tasked with the mandate of creating appropriate regulations to govern the crypto market in the country. The body will also contribute to attracting other crypto investors into the country. The initiative is being championed by Silvio Schembri, the Maltese Parliamentary Secretary for the Digital Economy.
Presently, Malta is an aspiring blockchain hub with many already being tested in the country. With OKEx looking to join Binance in the country, it means that the concerning of trading volume are about to have a presence in the country.
Both Prime Minister Muscat and Zhao Changpeng have on separate occasions alluded to the fact that they are aware of many crypto firms that are looking to make the move to Malta. With all of these incoming crypto firms, Malta could become the blockchain and crypto center of the world.
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Ripple has invested a sum of $25 million in XRP to Blockchain Capital Parallel IV LP, a first of its kind fund which accepts capital investment in digital assets. The fund focuses exclusively on the development of the blockchain space.
Investment Made with XRP
According to the April 11 , has accepted $25 million worth of XRP, Ripple’s native token, making it one of the first venture firms to receive an investment via a digital currency.
However, the company made clear that the XRP investment will not be part of its traditional fund, and instead, will be added to its newly created digital asset investment vehicle, called the Blockchain Capital Parallel IV.
The company, which manages a fund of $150 million, would make use of this investment in startups that are developing ventures using blockchain technology. The Parallel IV fund will also identify new use-cases for the XRP Ledger and Interledger Protocol.
XRP Ledger and Interledger protocol provide a platform for developers to work directly with the technology and develop it.
Possible ‘Crypto – Ecosystem’
“There are entire verticals — such as healthcare or identity management — that could benefit from blockchain or distributed ledger technology,” said Bart Stephens, co-founder and managing partner of Blockchain Capital.
Stephens believes that is one of the innovators in the digital assets sector, and is actively involved in building a “crypto ecosystem.”
Stephens added, “Whether it’s using XRP, bitcoin or just the underlying blockchain technology, our goal is to find the best projects and give them the resources to be successful companies that deliver value to customers for the long term.”
Will Crypto Be The Future Of Funding?
After ICOs, investors across the world have if future VC investments would be a mixture of fiat investments and digital tokens. But, the largest questions remains that of protecting investor money, as cryptocurrencies are infamous for their massive price volatilities.
seems optimistic about making investments in VC funds in the future and does not consider this investment as its last. It would continue to look for opportunities to help and invest in passionate entrepreneurs, companies, and funds that have a common vision.
Patrick Griffin said, “We plan to be major players in shaping the future generation of blockchain or crypto companies. Blockchain Capital is the premier fund for any project looking to get off the ground in the blockchain space.”
Griffin is the VP of Strategic Growth at Ripple, the department which creates opportunities beyond its core payment business.
Possible PR Gimmick Again?
Earlier in March, BTCManager on Ripple’s $29 million donation to the educational crowdfunding website .
Similar to the publicity buzz generated after that announcement, Ripple has effectively created news as the world’s first digital asset player in the VC market. But, it is important to note that XRP is a pre-mined currency, meaning the tokens have no intrinsic value and neither have developers spent time and computing energy to give it any value.
With this news, Ripple is essentially increasing awareness of its token amongst new cryptocurrency investors, who would consider it “better” than and other decentralized currencies as Ripple uses its tokens to make important investments.
Positive sentiments can fuel a token buying frenzy, which leads to XRP prices going upward. This directly equates to more money earned by Ripple, since it holds 60 percent of all XRP in its private account.
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