Fujitsu and JBA are using blockhain in financial service

Japanese Bankers Association and Fujisu are developing blockchain-based financial service testbed
18 September 2017   840

The largest IT equipment and services provideer Fujitsu together with the Japan Association of Bankers (JBA) are developing a blockchain based platform for the financial services industry. This is reported on the official website of Fujitsu.

As noted, with the help of a new banks will be able to effectively develop applications for new financial services and test them quickly. Fujitsu's open source platform is based on Hyperledger Fabric technology.

JBA will provide its Collaborative Blockchain Platform to its member banks and other institutions as a testbed environment for applications employing blockchain technology, such as for settlement and funds transfer services, and identity and time-of-transaction authentication. JBA will support efforts toward practical implementation of these applications.
 

Fujitsu press release

 In October, member banks will begin to develope their own applications for the platform, testing various ideas to determine the most viable of them. It is reported that the JBA intends to help financial institutions in the practical implementation of these applications.

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   223

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.