Binance Labs leads a fundraising for MobileCoin

MobileCoin announced that Binance Labs, a blockchain technology incubator, will lead the fundraising for the project development
25 April 2018   1680

Privacy and security are main selling points for the cryptocurrencies. And now MobileCoin partners with Binance Labs to raise funds for the development.

The Medium post on April 24 by MobileCoin team announced their partnership with a blockchain technology incubator Binance Labs. This partnership is a significant step towards their ultimate goal, not only attracting funds (a hefty sum of $30 million in Bitcoin and Ethereum) for the development, but also, according to TechCrunch, allowing the new cryptocurrency “'priority consideration' for being listed on Binance as part of the relationship.”

And while working with Binance Labs is a significant plus for the investors' peace of mind, the team themselves is quite good. Moxie Marlinspike, the founder of encrypted messenger Signal, is listed as a technical advisor and Shane Glynn, who served in Google since 2010 as a product counsel, continues the trend being the legal counsel for the project, ensuring that MobileCoin satisfies all the most strict of cryptocurrency regulation around the world.

Reportedly, MobileCoin will use Stellar Consensus Protocol to power coin's network and allow for scalability and speed of transactions, for when the coin is integrated into the mobile messaging apps.

Binance Labs commented on the fundraising program:

“A mobile-first, user-friendly cryptocurrency, like MobileCoin, plays a critical role in driving mainstream cryptocurrency adoption. The MobileCoin team and Binance Labs share a common vision and we are proud to be a supporter of what they are doing.”

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   410

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.