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U.S. Probes Boeing Satellite Deal Backed by China

January 14, 2019 |

The SEC and the Commerce Department are investigating Boeing’s relationship with a satellite startup backed by a Chinese government-owned firm, following a WSJ article last month.
WSJ.com: What’s News Asia

U.S. Probes Boeing Satellite Deal Backed by China

January 13, 2019 |

The SEC and the Commerce Department are investigating Boeing’s relationship with a satellite startup backed by a Chinese government-owned firm, following a WSJ article last month.
WSJ.com: US Business

Father of Strasbourg attacker said his son backed IS group

December 16, 2018 |

The man described as the father of the 29-year-old suspect in this week’s deadly Christmas market attack in Strasbourg says his son subscribed to the beliefs of the Islamic State group.
FOX News

Australian Company Issues Loans Backed by Cryptocurrencies

December 9, 2018 |

Australian Company Issues Loans Backed by Cryptocurrencies

A Melbourne-based company is now offering crypto-backed loans. Helio operates under an Australian Credit License (ACL) issued by the Australian Securities and Investments Commission (ASIC). In the current bear market, cryptocurrency holders can borrow fiat money and keep their digital coins for better times.   

Also read: Chat Bot Advises Crypto Startups and Investors

Helio Lends Fiat Against Crypto as Collateral

Australian Company Issues Loans Backed by CryptocurrenciesHelio Lending accepts four major cryptocurrencies as collateral. The platform currently supports bitcoin core (BTC), ethereum (ETH), litecoin (LTC), and ripple (XRP). It offers loans for up to 48 months and with an APR of between 17 and 24 percent, depending on the value of the collateral.

Customers can choose between 30, 40 and 50 percent loan-to-value (LTV) ratio. For example, a 10,000 Australian-dollar loan with a 30 percent LTV would require the borrower to pledge 7.19 BTC as collateral. In this case, the APR would be 17 percent and the monthly payment 350 Australian dollars (around US $ 250).

Helio’s website has a calculator that can produce different loan configurations. The minimum amount that can be borrowed is set at 1,000 Australian dollars. The application process starts with providing a valid email address. To complete signup, applicants should follow the confirmation link sent by the platform.

Credit License Secured

Australian Company Issues Loans Backed by CryptocurrenciesAccording to Helio’s founder, John O’Shea, his company is the first licensed entity in Australia to offer crypto-backed loans. He believes there’s a massive market for digital assets in the country. Some estimates suggest that Australians perform cryptocurrency transactions worth around $ 2.8 million daily.

Speaking to Businessbuyinvest.com, O’Shea stated there are currently not enough service providers and companies willing or able to support the growing market and to loan against crypto assets. That’s why he sees an opportunity to “capitalize on something that is so highly sought after, yet so underserviced.” The entrepreneur explained:

We provide finance to both individuals and businesses through cryptocurrency asset-backed lending. This means that clients who hold bitcoin, ethereum, litecoin or ripple are able to use their assets as collateral for loan financing.

Unlike traditional lenders, Helio can rely on the digital assets transferred by its customers to a secured collateral wallet. In the event of a default, the company can sell the coins to cover the losses. At the same time, Helio’s customers can benefit from the protection provided by ACL and ASIC laws and regulations.

According to Australian media reports, Helio Lending has obtained its credit license by acquiring another company that held one, Cashflow Investment. The ACL license will allow Helio to offer its clients even more favorable terms in the future.

What do you think about cryptocurrency-backed loans? Share your thoughts on the subject in the comments section below.  


Images courtesy of Shutterstock.


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The post Australian Company Issues Loans Backed by Cryptocurrencies appeared first on Bitcoin News.

Bitcoin News

Grant Thornton Attests USDC Is Backed by Fiat, Huobi Sets Up Communist Party Branch

November 22, 2018 |

Grant Thornton Attests USDC is Backed by Fiat, Huobi Establishes Communist Party Branch

In exchange news, we look at a major accounting firm’s attestation that all USDC tokens issued by Circle are fully backed by fiat dollars. We also focus on a Huobi Group subsidiary that has set up a Chinese Communist Party branch, as well as Bakkt, which has listed the reasons behind its move into bitcoin.

Also Read: US Bank That Serves 483 Cryptocurrency Companies Is Seeking an IPO

Accounting Firm Supports Circle’s USDC Claim

Grant Thornton Attests USDC is Backed by Fiat, Huobi Sets Up Communist Party BranchCoinbase has published a post on its blog announcing that accounting firm Grant Thornton LLP has issued an attestation report vouching for Circle’s assertion that its USDC tokens are fully backed by fiat reserves. The firm said that Circle “correctly stated” that the 127,408,827 USDC tokens it had issued by Oct. 31 were backed by $ 127,412,240,89 held in its custody accounts. It also said that the examination “was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.” The attestation does not constitute an audit.

Huobi Creates Communist Party Committee

Grant Thornton Attests USDC is Backed by Fiat, Huobi Sets Up Communist Party BranchA subsidiary of Huobi Group has established a Communist Party committee in China, making it the first known distributed ledger technology company to set up a party branch. The charter of the Chinese Communist Party states that any enterprise in China that employs at least three party members shall establish a party branch tasked with promoting the official party line.

The subsidiary, Beijing Lianhuo Information Service, reportedly set up its party branch late last week. The company was established in April of this year and has registered capital of 20 million yuan ($ 2.9 million). The founder and chief executive of Huobi, Li Lin, holds a 99 percent stake in Beijing Lianhuo.

Bakkt States Motivations Behind Move Into Bitcoin

Grant Thornton Attests USDC is Backed by Fiat, Huobi Sets Up Communist Party BranchBakkt, the forthcoming cryptocurrency platform owned by Intercontinental Exchange, recently took to Twitter to address the motivations behind its decision to launch a BTC product. It stated that BTC accounts for over half of the total capitalization of the cryptocurrency market. Further, it said that BTC is legally recognized as a commodity, with corresponding derivatives markets under regulation by the U.S. Commodity Futures Trading Commission. The tweet also stated that customer demand for bitcoin will facilitate the creation of “a liquid product on which to build a futures contract.”

Do you think that other stablecoin issuers will seek to attain formal attestations of their fiat reserves from major accounting firms? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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The post Grant Thornton Attests USDC Is Backed by Fiat, Huobi Sets Up Communist Party Branch appeared first on Bitcoin News.

Bitcoin News

PR: IXE Token Backed by Blockchain Powered Education Platform Little Detective

November 13, 2018 |

IXE Token Backed by Blockchain Powered Education Platform Little Detective

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Little Detective will be launched in various stages, starting from China, followed by South-East Asian countries and Europe.

November 13, 2018: After immense success with ICO and now listed in LAToken, Exrates and Idex, Little Detective is finally on its development and production stage and announced about prospective discussions with some European countries for the distribution of its next-generation blockchain edutainment platform. As the first blockchain powered edutainment portal, Little Detective is especially targeting the developing countries that suffer from limited access to quality education, teachers and teaching supplies.

“We have devised a self-learning and exploratory edutainment platform which aims to effectively address the shortage of teaching supplies and lack of access to quality education in countries around the world. We are on our way to discuss the distribution of our innovative platform in some European countries.”

Little Detective has already announced about the plans of launching the platform in China, Asia and now Europe. Developed by Ixtus Edutainment, Little Detective is the first blockchain-powered edutainment portal, which aims to forward democratic participation in education across communities all over the world. The platform is targeted towards pre-school and lower primary school children.

Little Detective has declared to roll out its futuristic platform in various phases. China constitutes the biggest market for Ixtus and the company has chosen the Sino market for the Phase 1 of the launch of Little Detective. The platform will debut in China in 2019.

“We have decided to launch Little Detective initially in China and we are targeting first-tier provinces including Beijing, Shanghai and Guangzhou. We are also targeting highly populated provinces in the country such as Chongqing, Chengdu, Tianjin that altogether show a massive population totaling to 111 million”, stated Mr Alan BEK, CEO of Ixtus.

Little Detective is aimed to create a holistic learning ambience where the little users will be motivated to develop critical thinking and decision-making skills along with motor and speech skills. The platform is inspired by Western ideas of education and with China fast becoming highly receptive to Western thoughts, the Sino market easily qualifies to be the debut base for Little Detective.

The second phase of the launch of Little Detective is scheduled to start 12 months after the China launch and is declared to target major South-East Asian countries including Vietnam and Indonesia.

“A lot of Asian countries today are fast incorporating English in primary education but unfortunately lack of a proper curriculum to teach the language is a major obstacle here. Moreover, we have also witnessed shortage in supply of quality teaches as well as training, development and teaching methods in these highly populated countries that prevent quality education from reaching to the masses. We are looking forward to bridge the gap here with our blockchain edutainment portal.”

The phase 3 and 4 of the launch of Little Detective will be carried out in rest of Asia Pacific, Europe and other parts of the world.

“There are many developing economies in Europe and other parts of the world that have prioritized education policies but suffer from restricted access to quality education and shortage of resources. We are focused on helping these nations to overcome such shortages with our self-learning & exploratory platform.”

For more details, please go to http://ixtus.io
CMC link : https://coinmarketcap.com/currencies/ixtus-edutainment/

Contact Email Address
info@ixtus.io
Supporting Link
http://ixtus.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: IXE Token Backed by Blockchain Powered Education Platform Little Detective appeared first on Bitcoin News.

Bitcoin News

Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc

August 23, 2018 |

Union Bank AG, a bank in Liechtenstein that offers corporate banking services mainly to companies based in Germany, Switzerland, Austria and the Middle East, has announced that it will be launching its own security tokens in alignment with Liechtenstein’s regulatory authority, FMA, and subsequently its cryptocurrency, “Union Bank payment coin,” which is fully backed by a fiat currency – the Swiss franc.

Also read: Regulations Round-Up: Malta Clarifies Law, UK Wealth Managers Urge FCA Action

Fiat-Backed Crypto to Disrupt International Transactions

The virtual currency would reportedly be a competitor to other similar solutions like Stellar Lumens (XLM) and Ripple (XRP). Union Bank AG says it’s operating in a blockchain-friendly environment and that it has already been supporting initial coin offerings (ICOs) and clients to facilitate efficient and transparent conversions between crypto and fiat currencies.

Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by Swiss Franc

“Our goal is to become the world’s first blockchain investment bank and to provide tangible solutions which help drive efficiencies, reduce cost base and open up new revenue opportunities for our customers and intermediaries alike,” M.H. Dastmaltchi, Chairman of the board of directors of the bank said in a statement. “Our fiat-backed Union Bank payment coin has the potential to disrupt the approach to international trade and international cross-border transactions,” he added.

Combining Traditional Banking and Financial Technology

Union Bank says it will be collaborating with Verum Capital AG, a company in Switzerland providing expertise covering mainly post-ICO services, in order to achieve its goals. This announcement comes a few days after Cryptoassets, the Liechtenstein-based exchange, partnered with Binance, the world’s largest exchange by trade volume, to launch a fiat-to-crypto exchange in Liechtenstein. 

Adrian Hasler

Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: “We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.” The alpine principality is currently working on its Blockchain Act, since March 2018, that is expected to support blockchain companies and implement a comprehensive legal framework for the crypto sector.

There are other aspiring full service blockchain banks, one of them providing such services is Palladium in Malta. Union Bank AG added in its statement that as a fully licensed and regulated bank, it is in a privileged position to combine all the advantages of traditional banking with the possibilities inherent in the blockchain technology.

What do you think about this bank in Liechtenstein issuing its own cryptocurrency? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Adrian Hasler (Facebook).


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The post Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc appeared first on Bitcoin News.

Bitcoin News

Trump’s pick for consumer agency, backed by GOP, ‘has no qualifications for this job’

August 23, 2018 |

Now that White House aide Kathy Kraninger has received the blessing of the Senate Banking Committee’s Republican majority to become the nation’s top consumer financial watchdog, it’s worth highlighting who’s in her corner and who isn’t.

Kraninger is supported, of course, by President Trump, who…


L.A. Times – Business

TMZ

Dana White Says He Would’ve Kicked Tito Ortiz’s Ass, But Tito Backed Out

August 17, 2018 |

Dana White once hated Tito Ortiz’s guts so much that the two men almost had a real-deal boxing match in 2007 … a match White says he’s 100% certain he would’ve won, but Tito was too chicken. It’s no secret that White and Ortiz clashed…

TMZ.com

Bitcoin speculators dominate cryptocurrency use now, but criminals haven’t backed away

August 8, 2018 |

The ratio of legal to illegal activity in bitcoin has flipped, according to Lilita Infante at the U.S. Drug Enforcement Administration.

When Infante started seeing bitcoin pop up in her cases at the DEA five years ago, her analysis of blockchain data showed criminal activity was behind about 90%…


L.A. Times – Business