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Startup Raises $3.9 Million in Tokenized Equity on London Stock Exchange Platform

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Blockchain startup 20|30 has raised £3 million ($3.93 million) in a sale of tokenized shares on a platform operated by the London Stock Exchange Group (LSEG).

While a trial effort looking at using tokenized equity to modernize the financial markets, the share offering involved real cash and was issued on the LSEG’s Turquoise equity trading platform.

20|30 sets out to tokenize equity and other securities using distributed ledger technology. The firm was notably part of the fourth cohort of the UK Financial Conduct Authority’s (FCA) regulatory sandbox, announced last July.

As CoinDesk reported, LSEG and the FCA previously said they were working with 20|30 and distributed ledger technology startup Nivaura toward demonstrating for the first time that equity in a U.K. company can be tokenized and issued within a fully compliant custody, clearing and settlement system. With today’s news, the first stage of that plan looks to have been successfully carried out.

The project set out to explore “tools to help companies raise capital in a more efficient and streamlined way,” said the LSEG.

After the primary issuance of an equity token based on ethereum, “the next step will be to offer secondary transfers. Then we can work our way up the ‘capital stack’ to reinvent private equity and, public markets,” Tomer Sofinzon, co-founder of 20|30, told the Financial Times at the time.

Speaking to CoinDesk about the project in July, Dr. Avtar Sehra, CEO and chief product architect at Nivaura, said: “Someone can use our technology to do all the legal documentation, tokenize these assets and execute them. LSEG has then been forward-thinking enough to help get these orders out to the existing market.”

 

 

source.nulltx.

Blockchain

Germany’s central bank chief is not alarmed by Facebook Libra

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  • Germany’s central bank chief, Jens Weidmann, believes that Libra must answer all the questions before they go ahead.
  • He feels that if Libra delivers on its purposes, then it can be “attractive to consumers.” 

The president of Germany’s central bank and European Central Bank policymaker, Jens Weidmann has stated that he is in favor of Facebook’s Libra. As per Reuters, Weidmann said at a G7 meeting:

“There’s no reason to be alarmed but there’s reason to be vigilant.”

Weidmann also said that Facebook should only go ahead with Libra after answering all the questions posed to them. Facebook’s blockchain lead, David Marcus, recently revealed to U.S. senators and congressional representatives, that Libra will go ahead only after it has satisfactorily addressed all regulatory and ethical concerns. Weidmann also believes that if Libra delivers on all its promises, then  it can be “attractive to consumers.”

source;.fxstreet
 

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Someone Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung

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Someone in South Korea appears to be trying to take advantage of Samsung’s blockchain efforts by nabbing the “Samsung Coin” trademark.

According to filings with the Korean Intellectual Property Office (KIPO), an application to register the trademark in both English and Korean was submitted on July 10 by an individual called Kim Nam-jin.

The filing was made under categories related to computer programs, such as “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”

However, when contacted, a Samsung representative told CoinDesk that the tech giant was not behind the application.

“We don’t work this way,” they said.

While the trademark application does not specifically state whether it’s related to blockchain or cryptocurrency, the filing follows CoinDesk’s previous report that Samsung is developing its own blockchain using ethereum tech, and may eventually issue its own cryptocurrency, possibly called “Samsung Coin.”

In a possible clue as to their motivation for the filing, the same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.

The KIPO database shows that Kim Nam-jin also filed an application on July 10 seeking to trademark “ThinQ Wallet.”

However, on July 2, LG Electronics, also based in South Korea, filed trademark applications both in South Korea and in the U.S. for “ThinQ Wallet.”

Based on the LG application details, the wallet would provide a variety of mobile services including “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.”

The “Samsung Coin” filing was initially covered by a few news sources that incorrectly indicated Samsung is applying for the trademark.

CoinDesk Korea’s Shinjae Yoo assisted with reporting.

source:.coindesk.

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WATCH: A FinTech Lawyer Breaks Down Libra’s Legality

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Joel Telpner, Chair of Fintech and Blockchain Practice Group at Sullivan & Worcester LLP, isn’t surprised that Facebook is getting a grilling on Capitol Hill. In fact, he’s pleased.

“These are attacks on Facebook itself that really has nothing to do with crypto has nothing to with Libra it’s just Facebook being bad boys you know [they’re] concerned about [their] privacy policies,” he said.

His point, quite simply, is that any scrutiny of crypto in DC is vital.

“Parts of the hearing so far where they’ve actually been able to get into conversations about Libra and about crypto have been interesting because on that side of it you’ve seen some Senators that have been skeptical,” he said. “But overall it’s kind of it’s been encouraging to hear some of the senators talking about ‘Hey, this is a good thing.’”

Telpner joined CoinDesk editor Pete Rizzo in a wide-ranging conversation about the legality of Libra and, in the end, what Facebook and the Government will have to do to come to terms with the future of crypto.

You can read our complete Libra coverage here and watch our CoinDesk LIVE interviews here.

source:.coindesk.

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