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SEC Subpoenas Another Firm Following Claimed Blockchain Pivot

Sec subpoenas another firm following claimed blockchain pivot

SEC Subpoenas Another Firm Following Claimed Blockchain Pivot

Sec subpoenas another firm following claimed blockchain pivot

Long Blockchain, the beverage maker that made headlines last year when its stock surged following a pivot to blockchain and a related name-change, has been subpoenaed by the U.S. Securities and Exchange Commission (SEC).

An 8-K form submitted by Long Blockchain to the SEC on July 26 and revealed on Wednesday shows that the firm received the subpoena on July 10, with the SEC “seeking the production of certain documents.” Long Blockchain said it is “fully cooperating with the SEC’s investigation.”

The firm did not disclosed details of the documents being sought by the regulator.

The subpoena comes four months after Long Blockchain was delisted from the Nasdaq stock exchange after losing an appeal over the decision and a resultant drop in the value of its stock.

In February, Long Blockchain (which was called Long Island Iced Tea before the pivot) warned that it was facing the risk of being delisted since the SEC believed the firm “made a series of public statements designed to mislead investors and to take advantage of general investor interest in bitcoin and blockchain technology.”

This is not the first time the SEC has probed into firms that saw soaring stock prices following claims of blockchain interest.

As previously reported by CoinDesk in April, the SEC also subpoenaed Riot Blockchain after it drew public attention in a similar fashion late last year. The company also faces being delisted from Nasdaq.

The investigations are part of the U.S. regulator’s wider effort to scrutinize public companies over whether their business claims are genuine or intended to capitalize on hype around tech like blockchain.

The SECs chairman, Jay Clayton, said in January: “The SEC is looking closely at the disclosures of public companies that shift their business models to capitalize on the perceived promise of distributed ledger technology.”

SEC image via CoinDesk/Michael del Castillo

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Published at Thu, 02 Aug 2018 16:00:48 +0000

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FidentiaX Develops World’s First Tradeable Insurance Marketplace

People will soon be able to buy and sell insurance policies using the blockchain-based platform, fidentiaX, which is creating the world’s first tradeable insurance marketplace.

[Note: This is a press release.]

Most people do not know that insurance policies with cash value are tradeable on the market for higher returns. In 2014 alone, $57 billion (250,000 policies) of the estimated $112 billion USD of policies lapsed and surrendered could have been resold on the market. The minority of policyholders who know about this find it difficult locating interested buyers due to the absence of a recognizable marketplace for safe and secured transactions. Buyers looking to add policies to their investment portfolio are confronted with similar hurdles.

Limited options, lack of awareness, and accessibility have created an inequitable situation for policyholders. Insurance companies prefer that policyholders surrender their policies (thus releasing them from their sum-assured obligation) rather than encourage trading of these policies. fidentiaX aims to disrupt this status quo and break the tethers of the insurance companies by empowering policyholders to monetize their policies.

Leveraging blockchain technology and smart contracts, fidentiaX will help policyholders and investors build a portfolio of tradable policies with stable returns, while developing a trustless platform for trading of these policies.

There are many advantages of buying an insurance policy on the open market, for instance: stable returns (superior to a similar asset class with the same risk ratings), fixed tenure, liquidity, and low correlation with other asset classes.

fidentiaX will be the world’s first marketplace for tradeable insurance policies, creating a marketplace and repository of insurance policies for the masses. fidentiaX’s Policy Ledger breaks from the traditional reliance on intermediaries by creating a digital ledger for policyholders enabling them to:

  • Consolidate and manage insurance policies on a distributed ledger.
  • Creating an immutable record of available policies on the blockchain.
  • Premium payment alert
  • Coverage summary
  • Multi-signatory access for beneficiaries and trustees on mortality event

fidentiaX strongly believes that tradable policies should form part of any investment portfolio. To this end, the company will conduct periodic (minimum once a year) private sales for members only. Policies from the model portfolio will be auctioned for a minimum number of fidentiaX (fdX) tokens, and the auction will be open for members to bid on the policy (a real-world asset). The successful bidder will take ownership of the policy and could either cash out the policy or add that policy to their investment portfolio.

In the coming years, Asia will be the fastest-growing market for life insurance, with an estimated real annual compounded growth rate of 10.2 percent. fidentiaX will be focusing on building its brand within Asia before executing its global expansion strategy. Key focus countries within Asia are Hong Kong, Japan, Korea, Malaysia, and Singapore.

The establishment of the fidentiaX Open Source Foundation (FOSF) will build a framework for the community, by the community to serve the community. The FOSF aims to create an equal opportunity community of contributors from both developers and industry contributors. Using funds from the foundation, collaborators will develop freely available enterprise-grade insurance blockchain solutions to benefit millions of users and insurers worldwide. The core focus of the foundation is to develop, proliferate, and promote an open-source blockchain architecture that is not owned by any traditional large insurance institution or blockchain development firms.

fidentiaX is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Images courtesy of fidentiaX.

The post FidentiaX Develops World’s First Tradeable Insurance Marketplace appeared first on Bitcoinist.com.

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