Dutch Financial Services Corporation to Invest in Blockchain

ING Group plans to research and apply blockchain technology
01 May 2018   780

The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam, with such primary businesses as retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services.

ING Group has reportedly partnered with R3CEV LLC, a distributed database technology company, which leads a consortium of more than 200 firms in research and development of distributed ledger usage in the financial system and other areas of commerce.

It’s extremely interesting to investigate the potential of this new system further in the partnership we’ve entered into with the other banks. A technology in which banks can take us forward in terms of the safer, cheaper and more effective storage of transactions. What’s more, the old systems won’t simply disappear. People still want to be able to talk to a familiar institution or knock on the door when they need good advice.

Mark Buitenhek

Global Head Transactions, ING Group

ING Group plans to research and apply blockchain technology, as it developed and modified a zero-knowledge proof, which is a technique for financial institutions like ING group to protect their client’s information.

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   346

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.