BnkToTheFuture, a Hong Kong-based online platform that facilitates investments in fintech, and companies, that it has completed a $33 million on February 16, 2018. It must be noted that the hard cap for token sales was only $3 million on February 16, 2018, as tokens worth $30 million had already been sold prior to the .
Initial Coin Offering Rewards Investors
The BF Token (BFT) opened at 10:00 pm UTC on February 16, 2018, for whitelisted ETH addresses only and was sold out in two minutes and 17 seconds. A maximum of 30,000,000 BFT were on offer during the sale. Avid crypto enthusiasts latched on to them as soon as the ICO opened.
The platform will reward token holders for their due diligence in finding and researching deals, and providing fast investor updates and they will receive priority access to top utility and security tokens, as well as to specific areas on our platform formerly reserved for qualified investors. was started in 2009 with a mission to build the most reputed platform for qualified institutional investors.
The developing team behind the project is now preparing for their planned secondary and securities token market which they are targeting to roll out in Q3 2018. The company owns one of the largest online investment platforms for professional investors.
It also has a strong portfolio and a solid history of facilitating more than $268 million in the most valuable companies in the industry including , , , among others.
Co-founder of BnkToTheFuture Simon Dixon had stated in an interview with a reputed news portal:
“We’ve been doing this quite a while and then (initial coin offerings) came in and started disrupting our industry. Companies didn’t want to offer equities anymore. The large companies were either not willing to do it or they had a model more suited to the ICO model.”
Simon Dixon also , “The ICO boom has proved that there is a huge appetite to allocate funds to Blockchain technology when a liquid secondary market exists, if they had the choice I think most would have preferred to trade shares in the company rather than tokens with no shareholder rights. With the current regulatory landscape, we feel the time is right to bring ICO style trading and liquidity to the private equity markets all through a compliance-driven platform.”
Success Despite Diversity
BnkToTheFuture aims to be the premier market exchange to allow investors to invest in other cryptocurrency and blockchain startups. The trading platform will mode the likes of Nasdaq Private Market with the exception being that it will cater exclusively to blockchain and fintech companies.
It is remarkable that the ICO managed to raise a whopping $33 million despite Facebook to ban advertisements of ICO from across its platform in January 2018.
Zuckerberg’s move may excite world regulators to other crackdowns for advertising these financial products over electronic media.
Global authorities that since ICOs and similar products are traded as securities, they must be governed by the same laws that are used to govern securities trading, thus bringing them under the watchful eye of several countries.
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As the first bank in Liechtenstein to allow cryptocurrency investing through their platform, has made a momentous decision in the world of cryptocurrency trading. Many banks have classified cryptocurrencies as a speculative investment and not one they want to be involved in, for example, in and , but Bank Frick has changed the tides here.
The goal for this European bank is to position themselves as a forward-thinking bank that can make significant changes while still abiding by the regulatory framework.
Bank Frick has previously been active in allowing crypto-based products, but this move removes one more intermediary, so it is just the banks in between the cryptocurrency and the investors. Originally, they were the first bank in Liechtenstein to allow for in cryptocurrencies, in partnership with .
These baskets have experienced significant gains in the meantime, but Bank Frick is still quick to say that investors should be cautious with speculative investments. The bank’s services are currently in demand all across Europe, and this will strengthen as their adoption of cryptocurrencies catches on. In words of Hubert Buchel, the Chief Client Officer:
“This is because they know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework.”
The service will allow the purchase of the five most popular cryptocurrencies; , , , , and . Users will benefit from the ease-of-mind that comes from knowing there are strong protections in place against hackers and theft. Bank Frick is regulated much more tightly than any online trading platform is, which means an added level of security.
Helps to Increase Convenience of Investing
In the last few years, the goal of bitcoin, and most cryptocurrencies, has most been to their reach to as many people as possible. For the coin to succeed on any large scale, it needs to reach adoption by a population outside of the small fringe group that currently invests in bitcoin.
One of the key setbacks to investing in bitcoin is the perceived difficulty in buying it. Although platforms like Coinbase have done a great job of making it to , there are still concerns over storage, and the anti-money laundering laws in place do a lot to foment this anxiety.
So with financial institutions like Bank Frick making it easier to purchase cryptocurrency, lack of convenience can no longer be an objection. The bank’s end goal is to make it as easy to bank with cryptocurrencies as it is to bank with fiat currencies. This forward-thinking model is a great hedge against any changes which could occur in the world of economics over the next few decades.
Can Cold Storage Be Centralized?
The obvious objection to the expansion into digital assets and offering cold storage is that the whole point of cryptocurrencies is directly in contrast to the function of banks.
Cryptocurrencies were designed to be a hedge against any failure that could occur within banks. Their overall goal is to create decentralized currencies rather than have a centralized power like the be in charge of money. Knowing this, it doesn’t make sense to have a bank be the custodian of the cryptocurrencies.
At the same time, this sort of widespread use of bitcoin and other is exactly what is necessary to better the entire system. There are trade-offs, but in the long-run, it will be good for the future of cryptocurrency.
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