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   1706

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.

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   304

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.