DeHedge is pleased to announce that, as part of its MVP, it has signed the first contract for hedging risks in ICOs with the .
The Shivom project tokens were hedged for a total of $3 million. The product is in the process of tuning, and DeHedge can guarantee 50% coverage of risks when a hedging event occurs.
This strategy is chosen to demonstrate the work of the MVP and to prove to everyone that reducing possible dangers during token sales almost to zero is a reality.
The launch of the DeHedge MVP has attracted the attention of many experts of the cryptocurrency sector. In this regard, the COO and Co-founder of DeHedge, Dmitry Asimov comments: “Launching the first product is always an exciting moment. We have come a long way, both in terms of improving our scoring model, and in terms of adapting the hedging algorithms to crypto market.
Currently, there are more than 25 projects in the funnel for selected placements that have passed automatic scoring, and preliminary agreements have already been reached with four of them. In particular, Shivom has signed an agreement on the placement of hedged tokens in the amount of $3mln,” – said Dmitry.
It should be noted that the projects selected by DeHedge for cooperation on hedging are being rigorously selected by the scoring model specially developed by DeHedge. Three specialists of the company take part in the selection of projects, and the co-founders give the final verdict.
Thus, downright scams and dubious projects are automatically filtered. It is thanks to the DeHedge scoring model, the basic principles of which are set out in the Manifesto of a respectable startup, that the company hopes to reduce the number of frauds on the ICO market.
According to Dmitry Ansimov, this approach attracts more and more partners who want to participate in the development of the DeHedge product. “The DeHedge platform continues to grow as effective partnerships with exchanges and otc-platforms for greater scalability of its products are being established. We have already started to change the industry, forming a new standard of investor protection, and we invite everyone to become a part of these changes within the framework of our Pre-Sale as of March 15,” – said Dmitry.
Pre-Sale starts on March 15, 2018 at 11:00 (UTC). All Pre-Sale participants will receive a discount of 25% on the purchase of DHT Tokens. The minimum investment amount is $300. The hardcap is $3 million.
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It looks like the State of New York is preparing itself for turning into a more friendlier place for crypto investors and entrepreneurs as the new bill proposed by New York State Assembly legislator Ron Kim (D-40) intends to get rid of the bureaucratic burdens levied on digital currency-related businesses.
The new bill takes a direct aim to replace “BitLicense” which is now viewed as the most maligned regime imposed on crypto startups operating in the New York. Kim discussed the issues with BitLicense with several blockchain industry experts after which he presented the legislation on March 13, 2018.
Under The New York Cryptocurrency Exchange Act, the Assembly Bill talks about a new mechanism that will replace the existing licensing regime and will be based on independent audits thereby making it sure that the investor’s interests remain protected.
While talking to , Kim said that the new bill will look to clear the path of startups by getting rid of the controversial components of the law while preserving the essential ones that help to protect investors. Kim said: “It would get rid of the fee and the actual license itself. We want to embrace the startup companies that are trying to launch exchanges.”
However, the addition of section-9x will make it compulsory for crypto businesses and entities to be subject to routine audits by any public or third-party depository service. These audits would ensure that businesses properly safeguard digital assets without compromising on investors security. The businesses should ensure adequate insurance for account holder assets and produce the proof-of-asset ownership.
Kim believes that such a change would be surely welcomed by the startup community, especially the ones who have struggled with the BitLicense in the past. Till now, only a few handful companies have been successful in getting BitLicense since 2015.
In a word to , Kim said “What New York needs now are common-sense laws and security procedures to provide a degree of clarity for both businesses and the public. This legislation will give consumers and companies the confidence needed for widespread adoption of cryptocurrency in New York.”
Kim also expressed his disappointment over the thing that BitLicense has given too much power the New York State Department of Financial Services (NYDFS) and things were approved through a unilateral process. In a word to CoinDesk, Kim said: “As of now, one person, the superintendent from one state government agency, has way too much power over the current regulations, without any oversight, to determine which exchanges are allowed in the market.”
He further added “The BitLicense, and its [regulations], were created unilaterally through the executive office without any legislative authority. That’s not the way we should treat the tech sector.”
While expressing confidence in the new law, Kim said that the regular auditing process will ensure more transparency in the accounting records of cryptocurrency businesses, which are independently verified. He further added that “There’s a tremendous opportunity, as the financial capital of the world, to take a leadership role. There are so many people interested in getting involved, with cryptocurrency, for the right reasons that I envision a whole new revenue stream that would help the state of New York.”
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