Energy Giant BP to Consider Partnering With ICO

BP's technology director for digital innovation said that non-financial enterprises may be more open to blockchain innovation than financial companies
19 April 2018   1186

The energy giant BP is considering the possibility of concluding agreements with the blockchain start-ups that conduct ICO, and even conducts internal listings of tokens. This is reported by Coindesk.

Speaking at the Blockchain Expo in London, Julian Gray, BP's technology director for digital innovation, said that non-financial enterprises may be more open to blockchain innovation than their competitors in financial services.

We haven't done anything with public chains yet. But that doesn't mean we won't. We have done proof of concepts using tokens internally, transferring value.
 

Julian Gray

Technology director for digital innovation, BP

BP needs to significantly expand its knowledge in this area, he said. Nevertheless, the company already now has a sufficient number of people who realize that blockchain, even open ones, are not only the "territory of hackers".

Gray added that although his department does not need financing, he is ready to work with other projects that have followed the path of the ICO.

Would we partner with people who are doing this stuff? Yes, I think so. Not right now, but I wouldn't be surprised if we did.
 

Julian Gray

Technology director for digital innovation, BP

The moderator of the meeting, Lewis Cohen, a partner of the law firm Hogan Lovells, noted that he was interested to hear these words from a representative of a company such as BP.

I have been looking at this for a long time and I don't believe in taking the view that ICOs are terrible, like we have heard from many people. However, I would stress that is my view - and not necessarily the view of BP.
 

Lewis Cohen

Partner, law firm Hogan Lovells

British Petroleum, also known as BP, is a international oil and gas company headquartered in London, England. It is one of the world's seven oil and gas "supermajors", whose performance in 2012 made it the world's sixth-largest oil and gas company.

Gladius to Register Token as Security & Refund Investors

Startup self-reported in SEC on unregisted securities offering and cooperate with Commission, so it won't be fined
21 February 2019   93

Cryptocurrency startup Gladius Network LLC has informed the US Securities and Exchange Commission (SEC) about the sale of unregistered securities. On February 20, the SEC filed relevant charges.

During the ICO, the Gladius project raised $ 12.7 million in cryptocurrency equivalent for the development of a network for leasing computing facilities to protect against cyber attacks. The SEC stressed that the startup did not register their tokens as securities, as required by federal law, and did not agree to exclude them from the rules in the legal manner.

Moreover, tokensale was held after the publication of the SEC report on the situation with The DAO, in which the regulator stated that ICO can offer securities.

The press release says that Gladius contacted the SEC in the summer of 2018 and expressed interest in cooperating with the investigation. Thus, the agency refused to levy a fine, because the startup voluntarily agreed to return the funds to investors who require it and register the token in accordance with the provisions of the Securities Act of 1934.