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   248

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.

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3 ICOs of Extrabit banned by Alabama Securities Watchdog

Alabama Securities Commission (ASC) has ordered alleged cryptocurrency mining firm Extrabit to stop its token sale offering in the state
25 May 2018   97

The U.S. state's securities regulator, the Alabama Securities Commission (ASC), has supported its colleagues in Texas and New Jersey in hitting out at ICOs that are soliciting local citizens. The cease-and-desist order which was published yesterday  claimed that the agency has ordered purported cryptocurrency mining firm Extrabit to cease its token sale offering in the state.

The ASC declared the company has been illegally begging Alabama investors with what it considers an unregistered securities offering after it announced its token sale on the website of WSFA, an NBC-affiliated TV station recognized in the state capital, Montgomery. While presently the online advertisement appears to have been taken down, the agency said in the order that the firm originally claimed that investors in the pre-ICO phase could buy Extrabit's token "EXB" at half price.

The advertisement claimed that in order to take part in the pre-sale, the user should invest $20,000 and after the purchase, the tokens will be sent to MyEtherWallet within 48 hours. Then, Extrabit's white paper states that, since the firm generates its profits chiefly from mining bitcoin, zcash and monero, it pledges a 185 percent return on investment every quarter for investors who maintain a positive balance in their EXB wallet.

As well as offering unbooked securities, the ASC said the project made "materially misleading" suggestions to deceive investors. Extrabit is not the only token project that is targeting residents in Alabama. A Google search for "token sale" on the WSFA website currently comes up with over 200 press release-style ads from various ICO projects. 

The ASC has also checked two other token sale projects, called LEV and Platinum, with cease-and-desist orders entered on May 2 and May 18. Like with Extrabit, the agency charged the two projects of selling unregistered securities in Alabama while making vaporous promises to potential investors over the likely returns on investment.