HKEX to Develop Platform for Post-Trade Blockchain Trial

New blockchain platform, being created together with Digital Asset, is designed for processing trading results after completion of transactions
31 October 2018   235

The Hong Kong Stock Exchange (HKEX) has entered into an agreement with the blockchain-startup Digital Asset to develop a blockchain-platform for processing trading results after completion of transactions, which will be used in the Northbound Stock Connect system. This is reported by CoinDesk.

In March, HKEX announced that it plans to follow the example of the Australian Stock Exchange (ASX), which previously shifted settlement operations to the blockchain-rails through a system developed by the Digital Asset startup. This technology is intended in part to replace the outdated clearing system CHESS by 2021.

The Northbound Stock Connect program was launched by HKEX in 2014. It allows foreign and Chinese investors to trade securities in each other’s markets using trading and clearing systems operated by exchanges from their countries.

According to the HKEX exchange, it, together with Digital Asset, has already completed work on a functional prototype of the system aimed at solving all these problems. The prototype allows a group of market participants to pre-set how the settlement operations will take place, and thus not experience difficulties due to the difference between time zones.

In addition, the test system allows real-time synchronization of the post-trading status of the transaction between asset managers, brokers, custodians and Hong Kong Securities Clearing Company Limited - the HKEX system for clearing settlements on operations with securities.

HKEX said it plans to begin a new phase of developing a platform that will involve a wider range of market participants.

Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   70

The founders of the South Korean exchange Pure Bit, who were suspected of stealing investors' money, announced the return of funds.

According to the local edition of BlockchainROK, representatives of the exchange have already partially returned the money to some users and pledged to return all other funds.

On November 4, the exchange team launched the ICO with the goal of collecting about $ 30 million to create a crypto exchange. However, on November 9, Pure Bit closed the site, said goodbye to its investors and removed everyone from the group in the KakaoTalk messenger. Also, the founders of the exchange withdrew funds from the account that was used for ICO.

According to CCN, one of the issues traced the Ethereum address of the exchange and asked Upbit to block the account and freeze the funds. Upbit fulfilled this request.

This is Pure Bit. First off, I would like to apologize to everyone that was affected by the ICO. Since November 5, I raked in 16,000 ETH and did not open a crypto exchange as promised. I kicked out everyone in our social media chat groups and disappeared without any message. I negatively affected investors in the project psychologically and financially. I made an unforgivable mistake that cannot be turned around, blinded by money. It has been less than a day and I have already started to suffer from guilt. Although it cannot be compared with the hardship faced by the investors, I also felt significant guilt. I sincerely apologize to all of the investors in the ICO who were affected by the operation.

CEO of Pure Bit

The founder of Pure Bit also notified that he would return ETH 16,000 to depositors without taking into account the payment of services to a third-party company that organized ICO.