Microsoft and Bank Hapoalim joined forces

One of the largest IT company in the world and biggest Israel's bank will use blockchain for managing digital bank guarantees
08 September 2017   2798

Israel's largest financial institution Bank Hapoalim and Microsoft are developing a blockchain platform for managing digital bank guarantees. This is reported by the Fortune.

According to the developers, the new platform will significantly improve the efficiency of financial operations and reduce the amount of "paper work". At present, in order to receive a bank guarantee, the client must come to the office, issue documents, transfer guarantees to the beneficiaries, return them back to the bank, if they were not used, etc. The new solution is designed to speed up this process by reducing the number of routine operations.

The new process will enable Bank Hapoalim customers to receive security documents in a digital, automated and secure manner, without physically coming to the branch and in a very short process.

Arik Pinto

CEO, Hapoalim

The system will use Microsoft's Azure cloud computing platform, as Maersk do.

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   159

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.