WFP’s Blockchain Project put for $2.4 Million by Belgium

Belgium has invested about $2.4 million to the United Nation World Food Programme (WFP) to provide a Blockchain project
20 April 2018   552

According to the earlier reports, WFP started an Ethereum-based payments pilot project in 2017. The project is objected to increase the efficiency and clarity of cash transfers which are made to displaced Syrians living in Jordanian refugee camps.

The Belgium contribution would be used to develop the research which is presently  being conducted on blockchain resolves by the agency. It will also be supplied in the unmanned aerial vehicle (UAV) project which is focused on gaining topographical data and producing damage analysis in order to better cope with natural disasters.

Alexander De Croo, the deputy prime minister and minister for development cooperation of Belgium, was the official representative to declare about the large contribution. He mentioned in his statement how it is important for Belgium government to invest in new cutting-edge technologies. De Croo claimed they also hold the great initiatives by WFP which  rushes to “come up with innovative solutions to save more lives and help more people in need”.

Rehan Asad, WFP chief of staff, referred on the important announcement claiming  that humanitarians should keep looking for better resolutions for world’s most unprotected people in the most promising digital technologies.

At present, some U.N. agencies study the blockchain applications and WFP is just one of them. Last year a blockchain working group was formed by U.N. Office for Project Services (UNOPS) that included several other UN agencies. The aim of their co-working was concluded in revealing more applications of the advanced technology in as more various spheres as possible.

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   235

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.