Barclays bank and CLS Group to find Swift alternative

Barclays bank partners with CLS Blockchain Consortium  in order to find Swift alternative
26 September 2017   2451

The second largest asset in Britain, Barclays bank, joins the CLS Group consortium in order to develop a system for rapid and secure foreign exchange transfers, an alternative for SWIFT transactions.

As reported by coindesk.com, Lee Braine, from the Barclays Investment Bank's CTO office, claims that the institution has become interested in the project due to the fact that the CLS platform is to operate side-by-side with the existing SWIFT solution, rather than being forced on customers.

People can connect via Swift or via a new [distributed ledger technology] connection mechanism. So, you have a choice.
 

Lee Braine
Investment Bank CTO Office

Thus, Barclays will now work alongside the group's other members, including JPMorgan Chase, Goldman Sachs and Bank of China, aiming to bring new levels of efficiency and security to the forex settlements industry.

As reported, the platform called CLS Net is expected to let participants trade global currencies using six different kinds of blockchain-based products. Hyperledger Fabric is to serve as the basis of the new platform.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   197

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.