Korea's Jeju Island May Become ICO Hub

Governore belives that blockhain can help South Korea
14 August 2018   1565

The governor of the South Korean province of Jeju Won Hee-ryong plans to make his island the center of the blockсрфшт industry. Despite the tough position of the state in relation to crypto-currencies, Jeju Island can be allocated to a special zone for ICO and cryptocurrency. This is reported by Korea JoongAng Daily.

Governor Won announced the proposal at a meeting with the South Korean government. The event, among others, was visited by the country's finance minister Kim Don Yong.

Blockchain can cut costs, provide stable transactions and essentially has the potential to become a game changer that could alter the ecosystem of the internet platform industry. For Korea to become a leader rather than a consumer of this new global industry, we need to quickly allow [the operation of] blockchain and cryptocurrency [firms].
 

Won Hee-ryong

Governor, Jeju

According to the plan of the governor Won, the blockchain start-ups in Jeju can easily conduct the initial offers of coins (ICO) and collect the necessary funds.

Also, the authorities of the Jeju province propose to create a special structure together with representatives of the state and experts in the crypto-currency area, which will deal with issues of state support for the block industry. There's no news on the mining regulation in Jeju.

Last fall, the South Korean authorities have banned the conduct of ICO, as well as all types of lending in digital currencies, including margin trading.

Media to Report on Canaan's IPO Date

According to a survey of institutional investors, the company's valuation is in the range of $ 2-3B
12 November 2019   104

Canaan Creative, a Chinese manufacturer of bitcoin mining equipment, will conduct an initial public offering on the leading NASDAQ stock exchange on November 20. This is reported by The Block, citing its own sources.

Bitmain rival filed an IPO on October 28 and expects to raise $ 400 million. Underwriters are Citi Group, Credit Suisse, Galaxy Digital and four other companies.

At the same time, it remains unknown at what price the company intends to place its shares.

Rumors that Canaan is considering an IPO in the United States appeared at the beginning of the year. This is the third attempt by the company to conduct an initial public offering - earlier Canaan unsuccessfully tried to conduct an IPO in Hong Kong and mainland China.

According to the submitted documents, last year the net profit of the manufacturer of miners Avalon amounted to $ 8.3 million with revenue of $ 394 million. However, in the second half of 2018, Canaan lost $ 16.7 million amid falling bitcoin prices.

According to a survey of institutional investors, the company's valuation is in the range of $ 2-3 billion.