South Korea’s oldest bank, Shinhan Bank, partnered with two other companies to develop a blockchain-based security solution.
Korea’s Shinhan bank to enhance security with blockchain
According to a report published on Aug. 14 by local news outlet TheKoreaTimes, Shinhan Bank signed a memorandum of understanding with financial technology startup Ground X and blockchain developer Hexlant to develop a blockchain security system.
Per the report, the deal will see the institution’s partners jointly develop a Private Key Management System for its banking services.
Ground X is the blockchain unit of South Korean messaging giant Kakao, and is reportedly expected to provide a
User-friendly UX will help blockchain adoption says Shinhan
The first tests of the new systems are expected to take place in October. One Shinhan Bank official commented on the development:
“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the technology to their system. […] Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant.”
As Cointelegraph reported earlier this month, Shinhan Bank is also developing a distributed ledger technology-enabled stock lending platform after signing an agreement with financial services company Directional.
Bitfinex Integrates Know Your Transaction by Chainalysis
Blockchain analysis firms continue to gain more attention. In the case of Chainalysis, the company will now collaborate with Bitfinex to keep criminals at bay.
It is crucial for any cryptocurrency exchange to ensure no illicit money streams pass through its order books.
CHAINALYSIS TOOL HELPS OUT BITFINEX
That is often easier said than done, unless one has proper countermeasures in place.
Bitfinex is seemingly stepping up its game in this particular department.
The company has begun integrating a new compliance tool developed by blockchain analysis outfit Chainalysis.
This tool is known as Know Your Transaction, and is designed to detect any and all suspicious transactions in real-time.
It is not the first major cryptocurrency
Both Bittrex and Binance took very similar measures earlier this year.
It has become more than apparent that cryptocurrency exchanges need to step up their compliance measures.
Identifying illicit money streams and ensuring they cannot be utilized in any way is crucial to bring more legitimacy to cryptocurrency. The big question is how users will respond to having their transactions scrutinized even further due to these new tools.
It is not unthinkable that a lot of users will look for alternative exchanges due to these new measures.
Given the current regulatory pressure, it seems tools such as Know Your Transaction will become the norm in the industry sooner rather than later.
CHAINALYSIS PARTNERS WITH BITFINEX FOR PRIVACY-SAFE COMPLIANCE
- Regulators Worldwide Start Looking at Blockchain Activity Directly
- Chainalysis Could Track Compromised Wallets
This week, Chainalysis announced the completion of a full AML solution applied on the Bitfinex exchange. The blockchain analysis is becoming the next frontier of verification, as the Financial Action Task Force (FATF) rules start to be unrolled from the summer of 2020.
REGULATORS WORLDWIDE START LOOKING AT BLOCKCHAIN ACTIVITY DIRECTLY
Chainalysis remarks that institutions are starting to scrutinize blockchains themselves. The startup is offering its approach to proving the origin of funds
Jason Bonds, Chief Revenue Officer at Chainalysis, commented,
Bitfinex is known as a destination for cryptocurrency traders seeking liquidity across various cryptocurrencies, and that volume requires an automated blockchain analysis solution in order to comply with regulations across the world…We are thrilled to work with Bitfinex as we mutually invest in supporting multiple cryptocurrencies
Bitfinex is not an exchange without controversy, and has faced multiple explorations into its activity. The market operator also had significant problems with its banking services, and has gone through periods of non-transparent banking. However, the exchange is taking up a significant reporting effort.
Chainalysis already tracks the biggest blockchains, as well as ERC-20 tokens, covering 41 top assets and multiple tokens. The Chainalysis KYT (know-your-transaction) system allows for the monitoring of multiple chains for suspicious activity.
BitMovio Announces Equity Crowdfunding, New Partnerships for Asia Expansion and Community Development, and New Product Feature Enhancements
BitMovio’s mission is to bring a Fortnite-style gamified experience to video entertainment. The platform aims to fundamentally change how content creators, viewers, and financiers participate, interact, and engage within the video content ecosystem.
Since launched its open beta in early 2019, BitMovio has attracted more than 1,000 creator channels on the platform with more than 7,000 hours of content uploaded.
Please Note: This is a Press Release
BitMovio Equity Crowdfunding is Live on Netcapital
BitMovio recently launched its equity crowdfunding on Netcapital and invites all global supporters to contribute while participating in its mission to redefine the video streaming market. Angel investors, partners, content creators, and fans can support the platform’s mission by pledging with as little as $100. Those who pledge before December 31, 2019 will also receive 20% worth of bonus tokens.
Featuring a freemium revenue model, BitMovio is a blockchain-enabled, gamified video entertainment platform built for the Fortnite generation. Democratizing investment in early stage companies is consistent with BitMovio’s core values as it allows anyone to invest in the company’s success and become brand ambassadors to help grow its community and advocate for its mission. The platform will use its crowdfunding resources to continue to bridge blockchain and the video entertainment free marketplace.
New Partnership with Singapore Management University
BitMovio announced a new partnership with Singapore Management University’s Business Innovations Generator (SMU BIG). This is part of the company’s continuing efforts to capture the rapidly growing entertainment and blockchain industry in Asia, particularly in Southeast Asia. SMU BIG is hosted by SMU’s Institute of Innovation
Ecosystem Partners for Product Enhancements and Community Development
To continue to enhance its hybrid video streaming infrastructure and gamified video streaming experience, BitMovio partners with world-class players in the ecosystem for product and community development.
Theta: Decentralized Content Delivery Network
BitMovio is in the process of integrating with ecosystem partner Theta’s Decentralized Content Delivery Network infrastructure. This will also allow the platform to access to Theta’s multi-million-strong community of users. BitMovio anticipates that the Beta version will be online by the end of December 2019 or early January 2020 at the latest.
Razer Gold: Fintech Solution for Emerging eSports Market
BitMovio has announced that it is in the process of finalizing partnership with Razer Gold, a fintech solution for the emerging eSports market by the eSports hardware and system provider Razer. This new partnership will introduce Razer’s community of over 80 million eSports fans to BitMovio, especially in the emerging market.
BitTorrent File System: Decentralized Cloud Storage
BitMovio is also in discussion to integrate with BitTorrent File System (BTFS)’s decentralized cloud storage protocol. It will also allow BitMovio to tap into the BTFS community of over 100 million users.
Recently Launched Usability Survey Campaign
BitMovio has recently launched a product usability survey campaign to continue to improve product usability and increase community adoption. Community members can directly provide feedback and suggestions to the platform’s developers. The first 1,000 respondents will receive 1,000 MoviBits as a token of appreciation. Respondents need to have an account registered on BitMovio to receive the reward.