ICONLOOP & SBI Savings Bank to Join Forces

ICONLOOP technology will be integrated in SBI Simple Authentication, the first authentication service on the blockchain in the Korean savings banking industry
01 April 2019   438

The developer of the Korean blockchain project ICON, ICONLOOP announced the integration of its technology into the SBI Savings Bank identity authentication service. According to the publication, SBI Simple Authentication will be the first authentication service on the blockchain in the South Korean savings banking industry.

The application will allow you to authenticate using a PIN or fingerprint. The authentication information will be stored by SBI nodes, and the ICORELOOP system of smart contracts SCORE will be used to verify it.

Both companies participating in the project hope that they will be able to increase the safety of the proposed product using the blockchain. ICONLOOP has been working with SBI Savings Bank since November 2018. In addition to authentication, their collaboration involves certification of electronic documents.

Blockchain-based ‘SBI Simple Authentication’ has the opportunity to be a leading solution in financial markets to enhance both convenience and safety by applying blockchain to services that are actually being used. ICONLOOP will work closely with SBI Savings Bank to find synergies in various fields and provide differentiating solutions.

Jonghyup Kim


In early March, ICON introduced a standard for the issue of tokenized securities on the blockchain.

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   182

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.