Community Currencies in Kenya launched by Bancor

Bancor is collaborating with Grassroots Economics in order to tap into local Kenyan economies
22 June 2018   329

Cryptocurrency network Bancor has declared on June 18 about the run of “blockchain-based community currencies” in Kenya. As an official statement from the company claims, the currencies have been deployed to “[combat] poverty through the stimulation of local and regional commerce and peer-to-peer economic collaboration.” 

The currencies will be supported with money grew during Bancor $153 million ICO in June of last year. The initiative will be controlled by Will Ruddick, Bancor’s Nairobi-based Director of Community Currencies. Before this position, Ruddick constructed Grassroots Economics, a nonprofit that creates community currencies. Presently the nonprofit is serving more than 20 schools and 1,000 local businesses and works in partnership with the Kenyan government.

Communities should be afforded the same privileges as nations to develop their own prospering economies with the stability of their own currencies.
Will Ruddick
Director of Community Currencies, Bancor

Ruddick and the team at Grassroots will apply Bancor’s protocol in order to expand Grassroot’s existing paper currency system into a blockchain-built network. Firms from around the world who boost this initiative will be able to acquire and sell local currencies using major cryptocurrencies or credit, making it possible to rise the value of the community currencies from afar. The project will be initially piloted in Kibera and Kawangware, characterized by Bancor as “the two largest underserved neighborhoods in Kenya.”

Ex S&P President to Invest in iComply Startup

The startup is aimed at developing tools and services to meet the regulative standards for blockchain start-ups
14 August 2018   114

Startup iComply, working in the field of regulatory technologies and compliance with standards, has just completed the initial round of financing, which was headed by former Standard & Poor CEO Deven Sharma, CoinDesk reports.

IComply, aimed at developing tools and services to meet the regulative standards for blockchain start-ups (especially for those that conduct ICO), said on Monday that it attracted a seven-figure sum during this invest-round, but did not say the exact figure. The round was also attended by DMG Blockchain and Block X Capital.

In addition, iComply reported that it was joined by former employee of the Commodity Futures Trading Commission (CFTC) Jeff Bandman, former Managing Director of NASDAQ and the Financial Services Industry Regulation Service (FINRA) Manny Alikandro, MIT Connection Science program member, Praveen Mandal and Prosecutor Thomas Linder.

According to Sharma, he decided to invest in the startup iComply, because the project "is focused on services for ICOs related to risks and compliance with standards." Compliance with the standards, he said, will ensure the transparency of ICO issuers and thereby help to ease the concerns of regulators.

Sharma also believes that iComply can contribute to the spread of crypto technologies, helping the entry of traditional financial services into this industry.

My interest is to see iComply evolve into a benchmark that investors can use to assess credibility of issuers, sustainability of underlying services and the price of ICOs. iComply's patent-pending software enables both security and utility tokens to monitor and document compliance, governance and risk procedures, before a public blockchain executes an immutable trade, providing trust, integrity and transparency for our clients. There have been a few ICOs that had a fundamentally robust offering that I understood and did interest me [but I] missed the opportunity. Others that have transparency from a service like iComply, I would [invest in].

Deven Sharma

Ex-president, Standarts & Poors

It is the ideas of transparency and trust, according to Sharma, that sparked his interest in order to start working with the blockbuster.