40% Companies of UK's Sandbox to Use Blockchain

Companies use distributed ledger technology for different goal, from debts to API
04 July 2018   492

The Office of Financial Conduct Authority (FCA) of Great Britain published a list of 29 companies that will become participants of the fourth group in the "sandbox" of the regulator. 40% of these companies use distributed registry technology, Cointelegraph reports.

FCA Sandbox is an initiative that helps companies test their products and services on a "live" market. At the same time, the regulator assumes the protection of consumers and, at the same time, does not limit the company. "Sandbox" was part of the initiative called "Innovate", which was launched in 2014. Since then, applications for participation in Innovate have been submitted by more than 1,200 companies, and about 500 have received support.

For the fourth round of participation in the "sandbox" 69 applications were submitted, of which 29 companies were selected. Interestingly, more than 40% of them use distributed ledger technology in their activities, with six companies using it to automate the issuance of debt or capital. In addition, two companies use a distributed registry to calculate insurance, and the rest - for geolocation, API or artificial intelligence.

The regulator also noted that a "small number" of firms approved for participation in the "sandbox" have a relationship to "cryptoassets". Companies, taking into account the risks, should assess how their solutions are suitable for customers.

Cohort Four has seen a large increase in the number of firms testing wholesale propositions including firms that are aiming to increase the efficiency of the capital-raising process. Alongside these we can see significant use of [DLT], some experimentation with cryptoassets which will help inform our policy work and propositions aimed at helping lower income consumers.

Christopher Woolard

Executive Director of the Strategy and Competition Department, FCA

In March this year FCA, after the success of the British "sandbox", launched a similar initiative for the global market. Woolard then stressed that the regulator sees the need for a global sandbox for those companies that "grow at real scale and pace." He noted that 90% of companies from the first group of the sandbox participants entered the real market.

Top-3 Upcoming ICO 18th - 24th Nov. Acc. to Our Readers

Continue reading to get info on the latest ICO poll results
19 November 2018   9

Our readers are dedicated cryptocurrency enthusiasts and fans of blockchain technology. We provide them with the ability to express their opinion regularly. Let’s check top three upcoming ICO according to our readers.

1. Brain Space 

“The creation of an infrastructure that will become a strong foundation for the intellectual property market in the world, as well as reduce the process of identifying and developing the potential of authors to the level of access to the international arena at times”: the Brain Space team works to solve this task, because without the accessible, convenient and understandable procedures for registration and recording of the results of intellectual activity, and without the necessary and understandable tool it is difficult to imagine the achievement of the goal indicated in the strategies of a multitude of institutions scientifically technological development of the cultural sphere.

Brain Space ICO
Brain Space ICO

There's no info on Brain Space funds except pic above.

2. Cryptobuyer

Cryptobuyer started back in December of 2015 helping people in countries with high levels of hyperinflation and devaluation such as Venezuela and Argentina, where we had an unprecedented success with more than 40,000 registered users in a very short time and in an organic manner. Rapidly we continue to grow and start our operation with Crypto ATMs, becoming the definitive way to connect the FIAT world with the digital one, breaking down the educational barriers on this technology thanks to its ease of use. In 2018 we incorporated a practical point-of-sale solution that is already in use in more than 50 stores and that allows any merchants to easily accept crypto-currencies as a form of payment without having to worry about understanding the technology, breaking down another barrier for adoption. This set of solutions built from scratch by a solid foundational team with extensive experience in the area have made Cryptobuyer a 100% operational ecosystem, with real customers and merchants.

Cryptobuyer ICO

There's no info about ICO process except the pic above.

3. FinanceX

The FinanceX exchange platform enables users to trade using the local currency from a range of countries. This makes trading faster and easier as users can buy/sell cryptocurrencies directly instead of a slower and more difficult method using an intermediate, such as BTC or ETH. It also means that users can trade from many different countries with no added difficulty, setting us apart from other exchanges.

FinanceX ICO

175,000,000 FNX sold during tokensale. Great result!

Hope you’ve liked the results. Stay tuned!