“Entity-Based” Strategy provided by Ontology and PTS

Ontology, a high-performance public multi-chain project, and Points (PTS), a blockchain-based credit service network, today declared about their partnership
05 June 2018   1676

Ontology is to promote PTS with high-performance blockchain technology, integration with Ontology’s blockchain system, data exchange services, generation and execution of smart contracts, data attestation services, and more. PTS is going to build an Ontology-based platform in order to supply different services such as financial technology products, credit data exchange, credit analysis models.

With Ontology’s technology, strong community, and PTS’ top talent pool and high-quality industry resources, the two sides will work on credit-based distributed financial and life score services, promoting blockchain innovation and application, data self-governance, and building the world’s first blockchain credit service application with a data volume exceeding 100 million.
Jiachen Zhang
Founde, PTS

“Entity-based” strategy by Ontology aims to connect entities and digital systems without the need for sophisticated technologies. This will let distributed services of a range of application scenarios to link with human, financial, physical, and business entities, and at the same time, give the users a better service experience and endorse trust coollaboration and efficiency. The partnership with PTS gives the first step for Ontology in financial credit. 

Ontology is a trust system that integrates the physical world with the digital world. It supports decentralized, community-based, and dispersed trust sources and data source collaboration. It also supports customizable compliance for different business scenarios and regulatory environments. It is a great honor to work together with PTS to integrate the Ontology distributed trust platform with financial credit. Blockchain technology has a natural connection with the financial credit industry and we expect that cooperation with PTS will bring more technical and application innovation. Both parties will work together to promote trust ecosystem development and delivering trust to society.
Jun Li
Founder, Ontology

Ontology is aimed on providing common modules on the underlying infrastructure for various types of distributed scenarios, such as those for the distributed digital identity framework, distributed data exchange protocol, and so on. Built on specific scenario requirements, Ontology will continue to deploy new common modules.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   260

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.