GMO asks customers to loan it their Bitcoins

GMO has launched a program to ask customers to lend the company BTC, promises to return the loans with interest
16 April 2018   135

After the hacking of Coincheck, Japanese regulators have stepped up and started security checks all around the country's exchanges. One of the exchanges affected by this crack down was GMO, who, while not halted outright by FSA, was ordered to increase customer security to acceptable levels. And now GMO asks its clients to loan it their Bitcoins.

On paper, the program works flawlessly. GMO will be able to enter loan agreement with its customers with the starting sum of 10 BTC all the way up to 100 BTC. Once the agreement is reached, the customer's balance will be deducted. The loan period is 90 days, but the customers will be able to return their funds before the 90 days are over, with a cancellation fee, of course. The loans held for a full three-month period will be repaid with interest. The downside of the program, according to the reports, is that customers won't be able to sell or transfer their Bitcoins during the loan period.

As of now, GMO hasn't revealed, how it plans to use the Bitcoins acquired in the program. And it's quite worrying for the community, who can't help drawing parallels with Coincheck, who has been dabbling in the similar venture before they got hacked and lost all their money.

Australia joins the crypto-discussions arena with Bitcoin & Blockchain Fair

The inaugural Bitcoin and Blockchain Fair will be presented at the Sydney Showgrounds on May 12-13 with an all-round program about cryptocurrency and blockchain
21 April 2018   26

A high profile event in cryptocurrency and blockchain is coming to Sydney, Australia on May 12-13 – Bitcoin and Blockchain Fair. The conference will provide a platform to interact and discuss on all areas of the cryptocurrency and blockchain technology sectors (fintech, investment, venture capital, regulation, ICO, etc.), current opportunities and perspectives in the form of a Forum and an Exhibition Showcases.

The Exhibition Showcase that will allow to exhibit showcases and engage with crypto services providers, government and fintech startups. Forum is the bulk of the conference and is comprised of 2-day sessions to allow international speakers and industry leaders of the crypto and blockchain sectors a chance to share their expertise. May 12 is focusing on cryptocurrency and ICO engagement; May 13 wil cover blockchain technology overview, case studies, solutions and future trends.

The fair is organized by ABF Business and Principal Sponsor Coinspot. Exhibitors and Speakers include attendees from Asia, Europe and USA together with key Australian high profile crypto & blockchain enterprises. The full agenda of the event can be found here.