Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   365

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.

Bitstamp May be Connected with Nexon

Public filings establish the strong link yet between Bitstamp and Korean gaming firm Nexon
09 July 2018   390

The corporate report of NXC Holding confirms that the giant of the game industry Nexon and one of the oldest bitcoins-exchanges Bitstamp could conclude a partnership. However, it remains unclear whether it is a direct purchase of the trading platform, reports CoinDesk.

Thus, NXC Holding is the sole shareholder of the Belgian investment and consulting company NXMH B.V.B.A., which owns 99% of the Belgian Bitstamp Holdings N.V.

It should be noted that even on April 25 Bitstamp Holdings N.V. made a purchase of Japanese Bitstamp Japan Co., Ltd. Nevertheless, the operator of the exchange is British Bitstamp Limited, and the appointment of the Japanese company is unknown.

Nexon also stressed that the Belgian company is not a trading platform operator.

People want to trust other people within new games, and blockchain technology can help bring that reputation across different sort of games.

Owen Mahoney

CEO, Nexon's U.S.

In January 2017, the Bitstamp exchange has achieved the goals of the investment campaign ahead of schedule, raising € 1.3 million.