China & Tencent to Fight Blockchain Security Risks

Vice President of Tencent Bin Ma announced the creation of the China Blockchain Security Alliance
22 June 2018   928

Technological giant Tencent began to cooperate with the Chinese government on combating the risks associated with the blockchain, CoinDesk reports.

Tencent's Vice President Bin Ma announced the creation of the China Blockchain Security Alliance during the Blockchain Security Forum in Beijing.

The forum was organized by the Association of Technology Markets of China and is aimed at coordinating the work of various organizations on the "healthy development of the blockchain industry".

The security alliance of China's blockchain will include Tencent Security unit, as well as the Blockchain Case Study Center, the Association of China's Technology Markets and more than 20 public and private institutions.

The decision to form the structure was made against the backdrop of an increase in the number of crimes related to the blockchain in China. In April, the state edition of Xinhua reported that the Xi'an city police in the central part of the country suspended the activity of the financial pyramid, in the promo materials of which the developing technology was mentioned. The victims of the scheme are over 13,000 investors who invested about $ 13 million in 17 days.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   101

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.