Cryptocurrency Exchange Coinbase Could Soon Launch an Initial Exchange Offering Platform
According to Coinbase’s head of institutional sales in Asia, Kayvon Pirestani, San Francisco-based cryptocurrency exchange Coinbase may soon issue a proprietary exchange token.
Speaking on a panel Wednesday about the evolution of cryptocurrency capital formation at CoinDesk’s Invest: Asia conference, Pirestani said an initial exchange offering (IEO) platform is one of several capital-formation tools currently being explored by Coinbase.
“We think there’s a really interesting opportunity there for Coinbase,” said Pirestani, adding:
“In a nutshell, Coinbase is carefully exploring not only the IEO space but also STOs [security token offerings]. But I can’t make any formal announcements right now.”
IEOs have already been supported by most other major exchanges including Bitfinex, Binance, OKcoin and Kucoin. Not unlike an initial coin offering (ICO), an IEO is another crowdfunding tool for cryptocurrency startups. It relies on an exchange to act as the trusted broker offering the token sale – with each exchange issuing its own proprietary token (such as Binance’s BNB) to execute the sale. It usually requires a commitment from the exchange to handle know your customer (KYC) and anti-money laundering (AML) checks on a startup’s behalf.
While Pirestani said news about a potential Coinbase IEO platform may emerge in the “next few months,” plans for regulated securities offerings in the U.S. are less far along.
Announced in July 2018, Coinbase received regulatory approval to acquire several securities firms with broker-dealer licenses including Keystone Capital Corp., Venovate Marketplace and Digital Wealth LLC.
Pirestani also noted that security tokens are “talked about a lot but traded much less” and that Coinbase would wait for more market demand to roll out an STO product. (Positive)
Facebook’s Libra Seeks Payment System License from Swiss Regulator
Facebook’s Libra Association is looking to get a payment system license from Switzerland’s financial regulator.
The association announced Wednesday that the license under the Swiss Financial Market Supervisory Authority (FINMA) can “empower billions of people.” The association has also submitted a request for a ruling to clarify its regulatory status, “We are engaging in constructive dialogue with FINMA and are encouraged to see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system,” said Dante Disparte, Libra’s head of policy and communications. Adding, “This is an important step in Libra’s evolution, and we look forward to continuing our engagement with all stakeholders over the coming months.” (Neutral)
Major Clearing and Custody Bank of Istanbul Will Use Blockchain to Trade Gold
Takasbank, the major clearing and custody bank of Istanbul, has announced the completion of BiGa, its R&D project which uses blockchain technology to trade physical gold.
The transfer of this gold is going to be similar to the Takasbank safes and is going to be stored in the Istanbul stock exchange. Each unit of digitized transferable gold will be called BiGa, which is equivalent to one gram of gold and has its value tied up to physical gold.
The project’s completion took 1.5 years, after which pilot tests were carried out with Albaraka Türk, Garanti BBVA, Kuveyt Türk, Vakıfbank and Ziraat Bank, which are parties to the gold transfer system. The press release emphasized upon the transparent nature of the exchange platform, which is created in such a way that an external third party can monitor it, thus making it different from existing conventional blockchain platforms. The bank will provide people with an e-wallet which can eventually be used to trade using BiGa.
The government of Turkey listed blockchain as an important factor in determining the sustainability of the Turkish economy from 2019-2023. (Positive)
Posjetite našu Mjenjačnicu kriptovaluta
- brza i izravna konverzija kriptovaluta za fiat valute i obrnuto
- jednostavna i kvalitetna usluga prema standardima FIMA brenda
- povjerenje temeljeno na dugogodišnjem iskustvu i rezultatima