Stakenet to introduce a new generation of coin staking

Cryptocurrency staking initiative Stakenet is set to release the product on June 30 to bring innovation into the segment
06 June 2018   509

The world's first trustless proof of staking coin, Stakenet is going to launch its platform on June 30. The key services of the platform are:

  • TPoS Marketplace;
  • Staking as a Service;
  • Multicurrency Wallet;
  • Pooled Masternodes

These features will ensure users staking 24/7 with multiple crypto currencies. Pooled masternodes will aid people with less knowledge in tech. StakeNet is aspired to create an environment that allows ease and secure staking via TPoS. It is also going to provide a blockchain with masternodes, lightning network, security algorithms, CCPoS, etc.

Currently the project is at Excalibur era of development that encompasses SegWit update, cold staking from Ledger Nano S and Lightning Update. At the moment of publication, StakeNet market characteristics are as follows:

Average price 0.559725 USD
Market cap 37,046,799 USD
Volume (24H) 287,843 USD

Financial Establishments warned by UK Central Bank

The Bank of England’s Prudential Regulation Authority (PRA) reminded financial institutions`CEOs that activity with crypto-assets may cause “reputation risks”
29 June 2018   207

In a letter dated June 28th to CEOs of banks, insurance firms, and designated investment companies, PRA Deputy Governor Sam Woods briefs leaders to act in correspondance to regulatory rules and work with the PRA to reveal any sort of information the financial watchdog would deem as important.

In his letter Woods writes how the cryptocurrency industry has experienced fast growth but is filled with “high price volatility and relative illiquidity.” He claims it is vulnerable to nefarious activities like money laundering and terrorist financing. The letter approves: “crypto-assets should not be considered as currency for prudential purposes,” but discussions are still going on about the prudential treatment of crypto-assets.

The letter points out risk strategies and management systems the PRA considers as appropriate in demands to cryptocurrency. The members and senior leadership demand PRA approved individual to sign off on any sort of risk assessment procedure a firm has “for any planned business direct exposure to crypto-assets and/or entities heavily exposed to crypto-assets.”

The PRA as well recommends businesses to conduct their necessary diligence before exposure to crypto-assets and directs firm leadership to rely on expert voices to assess risk. Finally, the watchdog awaits firms to keep governing contacts abreast about any cryptocurrency-related activity or planned exposure and give a risk estimation about supposed exposure.