UBS-Backed Blockchain Platform to Conduct Pilot Trades

The platform called Batavia is developed in cooperation with tech giant IBM
20 April 2018   631

Trading financial blockchain platform Batavia, founded by the banking giant UBS in conjunction with IBM, carried out the first real transactions for corporate clients. This is stated in a joint press release of the companies.

The project also includes Bank of Montreal, CaixaBank, Commerzbank and Erste Group.

During the pilot launch, two operations were performed: the sale of cars from Germany to Spain and the sale of textile raw materials from Austria to Spain. In addition, the process established a link between all parties (suppliers, buyers and financial institutions) necessary for conducting transactions.

According to representatives of Batavia, the platform has completed a full sales cycle, automatically creating agreements and closing payments. The whole process was provided with the help of smart contracts, and transactions were recorded in the block.

The members of Batavia have demonstrated how sharing data among permissioned network members can accelerate cross-border trades and bring new transparency to the financial system, both in real-time and at scale.
 

Jason Kelley

General manager, IBM Blockchain Services

Batavia, based on the IBM Blockchain, was first introduced by UBS in 2016 at the banking conference Sibos in Geneva.

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   197

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.