Japanese regulators plan more raids

Following the massive hack of Coincheck several virtual currency marketplaces are under scrutiny
08 February 2018   1031

Japan’s Financial Services Agency intensifies oversight in hopes the businesses will take stronger security measures for consumers’ protection. On-site inspections are planned for this week, as earlier operators were asked to report on asset management, corporate governance and security. However, many companies provided vague details on their business model or were found to have low security measures in terms of asset management.

Without the scrutiny of the regulator and also the lack of professionals in cybersecurity and internal auditing on the market may lead a slow pace of the improvement. Hopefully, the planned raids will make the necessary push for more security and stronger safety in the virtual currency industry. A reprimand will lead to disciplinary measures such as improvement orders

In the race for customers’ attention, many operators didn’t properly address the security consequences of such actions.Among the total 32 cryptocurrency exchanges, Coincheck is currently one of the 16 platforms that are not formally registered with the FSA because the operation started before the cryptocurrency law went into effect last April in Japan.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   169

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 
 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.