European Banks to Test Live Blockchain Financial Trades

The project involved Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit
03 July 2018   700

A group of European banks announced the successful conduct of a cross-border financial transaction using the we.trade blockchain platform, CoinDesk reports.

The experiment was held for five days with the participation of 10 companies, the operations were processed by four banks using blockchain.

The project involved Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit. One of the project participants, HSBC Bank, said that three of its clients managed to complete transactions via we.trade within Europe.

In the development of we.trade, which is designed to improve the effectiveness of cross-border financial transactions, the IBM blockchain and the Hyperledger Fabric technology were used.

As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting.
 

Parm Sangha

Blockchain Lead, IBM Europe

Currently, we.trade operates in 11 European countries, but it can expand shortly. So, the operational director of the platform Roberto Mancone has already informed that the next step will be the attraction of additional banks and their clients both in Europe and abroad.

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   277

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.