, a Swiss company for technology regulated investment funds, has announced a three-day Reinvent Finance Hackathon event, beginning on Thursday the 17th of May 2017. With the event, the Swiss company plans to help introduce new developers to the world of blockchain, aid the development of modules for the Melon Protocol, and create industry specific programs that help to integrate blockchain into the traditional IT infrastructure.
The Hackathon will take place over 3-days and looks to host a technical group of seasoned blockchain developers and companies alongside developers from outside the world of blockchain who are looking to jump into the field.
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South Korean cryptocurrency exchange Bithumb is reportedly re-evaluating its strategy to launch its own coins through a corporation in Singapore, following news of fraud that could have serious side effects to both companies. Under the current laws, Bithumb coins will still be subject to Korean regulation whether launched abroad or not.
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Bithumb’s ICO
One of South Korea’s largest cryptocurrency exchanges, Bithumb, had a plan to launch its own coins for institutional investors through a corporation in Singapore.
On Tuesday, Bithumb confirmed that it is collaborating with Singaporean company B.Buster to “build a global [crypto] payment system.” The project is known as BTHB. “We received some investment from Bithumb to proceed with the project. Through a contract to use the trademark, [we have] prepared the project name “Bithumb Coin,” B.Buster explained.
However, local media reported on Wednesday that the companies are now re-evaluating this strategy.
The tokens were going to be issued by B.Buster, according to Sedaily, noting that the company is “re-examining” the project after hearing “news of the issuance of the coins abroad, the coin resale, and investment recruitment fraud” related to the unlaunched coins.
As soon as rumors that Bithumb was going to issue its own cryptocurrency circulated in the crypto community, ICO investor recruitment began in the market, Daum described. Etherscan, which provides data about Ethereum-based tokens, currently shows 2 Bithumb coin listings: 10 billion Bithumb Coin (BTHB) and 1 billion Bithumb Coin Point (BTHP). Bithumb denied having knowledge of these listings, the news outlet detailed.
Reconsidering Not Terminating
Prior to the re-evaluation, B.Buster said “We have limited resale and distribution until the listing on the exchange,” the news outlet noted. However, if B.Buster is selling to general investors and not to institutions, it “would be a breach of contract” with Bithumb, the publication pointed out. “In the meantime, the rumors spread and more investors are getting more and more concerned about the investors’ protection, which is why the ‘reassessment’ position was revealed.”
According to the news outlet, Bithumb and B.Buster expect to be “issuing a coin in the end,” calling the project a “reconsideration” rather than a termination.
B.Buster reportedly announced on Wednesday, “There will be no public sale for the ‘BTHB’ project. Only selected institutional investors are allowed to participate, excluding citizens/entities of the Republic of Korea and People’s Republic of China, and citizens/entities/residents of the United States of America.” The company noted that “Any sale at this point is only to institutional investors” that it is already in touch with. “Please beware of scammers and impersonators” pretending to be the company or its affiliated entities, B.Buster reportedly warned.
Korean Laws Still Apply
The financial authorities have warned that domestic cryptocurrency exchanges issuing and promoting their own tokens could have “serious side effects such as internal price manipulation,” Money Today reported, adding:
The current law also makes it clear that Bithumb coins are subject to [Korean] regulation. Under the Electronic Money Act coins whose value fluctuates like virtual currency cannot be a means of payment.
Recently, Kakao Corp was also rumored to be launching an ICO abroad. The Korean Financial Services Commission (FSC) also warned that the company’s ICO, if launched, would still be subject to Korean laws and could have an adverse impact on its Korean subsidiaries.
What do you think of Bithumb launching its own coins? Let us know in the comments section below.
Images courtesy of Shutterstock, Bithumb, and Etherscan.
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With a new focus on security tokens and financial regulation, Blockchain entrepreneurs and enthusiasts are introduced to the World Blockchain Forum in New York. Early bird ticket release ends May 7th.
Continuing a remarkable year delivering record-breaking events in Miami and Dubai, the Keynote team have set their sights on the Big Apple to host the first WBF: Security Tokens & ICOs. Shifting from the previous theme ‘ICOs and Investments’, this World Blockchain Forum will introduce New York to fintech industry leaders, inspiring speakers, experts and innovators from around the globe, opening up dialogue that explores security tokens in blockchain.
Held at Manhattan’s Metropolitan West, the two day event will feature Keynote’s new ‘ICO Pitch Panels’ where ICOs will use a discussion panel platform to showcase their product moderated by an industry leader. Attendees will also experience a comprehensive introduction from those knowledgeable in not only blockchain and financial regulation, but also Wall Street backgrounds, offering invaluable insight into the future of security tokens.
In a saturated environment of blockchain events, Keynote’s reputation for producing the finest and most valuable crypto conferences continues to grow, and so the limited exhibitor places are expected to get snapped up fast as past events have sold out weeks prior to their launch. For latest sponsorship and exhibiting availability please contact Tom Lunn at tom@keynote.ae
WBF New York speakers include:
Bruce Fenton – Founder & CEO, Chainstone Labs
Dr. Moe Levin – Founder, Keynote
Trevor Koverko – CEO, Polymath
Harry Yeh – Managing Director, Binary Financial
Gabriel Abed – Chairman, Bitt
Veronica McGregor – Partner, Goodwin
Esteban Van Goor – Managing Partner, Megalodon Capital
Oliver Gale – Executive Director, Bitt
Paul Puey – CEO, Edge
Jason King – Co-founder, Academy
Tracy Leparulo – CMO, Polymath
Steve Dakh – Ethereum, Aeternity, Kryptokit
“Though bitcoin and blockchain technology is rapidly becoming more understood, security tokens remain a black-box to most people. Which is strange, because as far as I can tell, the only real way to unlock the next trillion dollars of value in the ecosystem is by digitizing the traditional financial world through security tokens.” said Moe Levin, Founder and CEO of Keynote. “Showcasing the best and brightest in the industry has been the aim of Keynote since 2012, and we’re excited to be bringing the 8th edition of the World Blockchain Forum to New York City.”
For a full list of speakers visit:
All tickets can be purchased at:
About Keynote
Keynote was launched in 2012 by blockchain strategist Moe Levin. Further information and details about Keynote and their events can be found at keynote.ae
For media inquiries, please contact Amandah Hendricks, Keynote’s Chief of Communications at amandah@keynote.ae
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