Chinese Police to Take Legal Action Against EtherDelta

According to the Primite managing partner, exchange is involved in exit scam
07 August 2019   625

Chinese police, according to some reports, are investigating the activities of the decentralized exchange EtherDelta.

This was reported by Primite managing partner Dowey Wan.

She added that platform founder Zachary Coburn sold EtherDelta to a group of Chinese investors. The latter issued an EDT token, shortly after which an exit scam of the trading platform followed. Then angry investors appeared to complain to law enforcement.

She also stressed that the Chinese police are merciless to fraudsters whose actions affect the interests of a large number of retail investors.

Last November, the US Securities and Exchange Commission (SEC) indicted EtherDelta founder Zachary Coburn for managing an unregistered stock exchange.

The regulator’s statement said that the decentralized EtherDelta exchange acted as a secondary market for trading ERC-20 tokens, which the SEC considers to be “digital securities”.

ICE to Acquire Bridge2 Solutions for Bakkt

Bridge2 Solutions will be transferred to the management of the Bakkt trading platform to help them with the app development
06 February 2020   229

The Intercontinental Exchange (ICE) holding announced its readiness to redeem Bridge2 Solutions, the developer of loyalty programs for sellers and buyers, to expedite the release of the Bakkt application.

According to ICE, after the transaction, Bridge2 Solutions will be transferred to the management of the Bakkt trading platform, a subsidiary of ICE. To this end, Bakkt will use the funds raised in the B-series financing round.

Bridge2 Solutions collaborates with leading global brands and large financial institutions, developing loyalty programs for their customers, as well as incentive programs for employees. By taking advantage of Bridge2 Solutions' ties with various companies, the Bakkt platform will accelerate the development of its custom application, with which investors can pay for purchases with cryptocurrencies around the world.

As the chairman and CEO of ICE, Jeffrey Sprecher, emphasized that after the launch of the custodial service Bakkt Warehouse and the first regulated options and futures for bitcoin, the release of this application will be a key stage in the further development of the platform.

With the launch of the Bakkt app, we will, for the first time, offer consumers a robust platform to consolidate and use all of their digital assets, from crypto to loyalty points to in game tokens, in one user-friendly wallet. Combining Bridge2 Solutions’ embedded relationships with banks and merchants and their innovative Loyalty Pay solution will enable us to launch new products that further drive loyalty and empower consumers to trade, transfer and spend digital assets in entirely new ways.

 

Mike Blandina

CEO of Bakkt

ICE management did not disclose the terms of the acquisition of Bridge2 Solutions, but clarified that such a transaction would not have a significant impact on ICE’s net profit or ROI.