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Finteum @ Blockchain For Finance Conference

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Ahead of the Blockchain for Finance Conference 2018, Dogpatch Labs in Dublin’s IFSC held a pre-conference pitch session which was attended by about 60 people. This writeup looks at a talk from Brian Nolan, Founder of Finteum about their finance platform which aims to make a global financial market for intraday borrowing using Distributed Ledger Technology. Brian introduced himself with a background in managing bonds and derivatives, including at Bank of Ireland Capital Markets as well as UBS, and incorporated in May 2018. The main problem he discovered in his time is that intraday mechanisms currently in the financial system Source: https://bitcoinsinireland.com/finteum-pitch-session-bfc2018-conference/

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Iran Becomes First Country To Use Bitcoin As a Medium of Exchange

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Following new sanctions by the United States Treasury Department earlier this week, Iran now hopes to use Bitcoin for cross-border settlements, local media reported Thursday.

The Iranian government amended its crypto regulations so that miners can redirect cryptocurrencies to Iran’s finance mechanism for international trades as the country’s fiat currency continues to suffer from both the US sanctions and the coronavirus pandemic.

Iran Wants Only Legally Mined BTC

The amended legislation was a joint proposal by the Central Bank of Iran (CBI) and the Iranian Ministry of Energy, Iran Mail wrote, citing a report from The Islamic Republic News Agency (IRNA).

The regulation stipulates that only legally mined cryptocurrency in Iran will be used for financing imports from other countries. This means that crypto miners are obligated to sell mined BTC directly to Iran’s central bank.

“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” the report said.

The legal cap for each miner would be based on the level of subsidized electricity they consume in their mining operations and instructions from the Ministry of Energy.

Bitcoin trading was illegal in Iran until August 2019, when the government released a regulatory framework for cryptocurrencies. Since then, the country has kept an open mind towards cryptocurrencies. The government even provided exclusive energy for miners to encourage crypto mining operations while also discouraging illegal mining.

After issuing more than 1,000 licenses for bitcoin and crypto mining gear in January, the government announced last month that it is offering three power plants to miners in the country.

Evading US Sanctions

With the US dollar acting as a vehicle currency in the global market, Iran believes using bitcoin will help them boycott all the restrictions imposed by the Trump administration.

This makes Iran the first country in the world to officially declare bitcoin as an international medium of exchange. Meanwhile, other countries are hard at work researching or developing a central bank digital currency.

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Source: https://cryptopotato.com/iran-becomes-first-country-to-use-bitcoin-as-a-medium-of-exchange/

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Crypto Exchange FTX Launches Bitcoin Pairs for Wall Street Stocks Like Tesla, Apple, Amazon

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Crypto derivatives exchange FTX will give cryptocurrency traders the opportunity to trade tokenized shares of major companies like Apple Inc. and Amazon. The so-called fractional stocks will soon be available on the company’s platform.

Tokenized Shares To Some Of The Biggest

As per a recent report, FTX will be partnering with German financial firm CM Equity AG and Swiss-based Digital Assets AG. The cooperation aims to offer traders the so-called fractional stocks – about twelve stock/crypto pairs that will be traded on FTX’s platform.

Alongside additions like Apple Inc. and Amazon, the list of company stocks includes Netflix Inc., Facebook Inc., Tesla Inc., and the SPDR S&P 500 exchange-traded fund.

According to the news report, FTX’s move is part of a more intense urge towards the cryptocurrency industry to popularize securities token listings.

Reportedly, the new token additions will target investors who find it hard or inconvenient to access a variety of stocks via traditional markets.

Sam Bankman-Fried, CEO of FTX, said:

“For a lot of people, it’s a hassle” to access stocks. There are ways to do it, but they feel very much old and clunky. Giving people access broadens out what you can trade.”

He also added that the tokens will behave much like a depositary receipt or an exchange-traded fund (ETF). Investors can trade them on FTX but will have to cash them out because of the underlying security via CM Equity, which holds the actual securities.

Reportedly, there will be no management fees for holding the tokens. Trading fees will remain, though. The launch will go live shortly after the beginning of the registration on Thursday. Traders in the U.S. and FTX’s other restricted jurisdictions won’t be able to trade the newly added tokens.

Delivering Different Trading Opportunities

FTX is known for launching products that are rather different than those on other traditional cryptocurrency exchanges. It was one of the first venues to launch an index on Uniswap coins back when the DeFi boom was all the rage on the crypto market.

As CryptoPotato reported, recently, the company launched a Uniswap futures index combining the top 100 pools on the Uniswap platform. The project offered traders to employ a traditional digital asset exchange to access markets through the decentralized trading platform.

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Source: https://cryptopotato.com/crypto-exchange-ftx-launches-bitcoin-pairs-for-wall-street-stocks-like-tesla-apple-amazon/

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The Hoff claims to have invented Bitcoin in 12th anniversary video

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Nine celebrities with profiles on the sponsored video-sharing platform Cameo have published messages wishing Bitcoin (BTC) a happy birthday ahead of the twelfth anniversary of the publication of its whitepaper on Oct. 31.

The videos were paid for by crypto security firm Halborn, and feature Hollywood notables, musicians, and comedians including David Hasselhoff, Charlie Sheen, Carole Baskin, Charlamagne Tha God, Gilbert Gottfried, Doug Benson, Hassan Johnson, Soulja Boy, and RZA.

Most of the celebrities were reading off talking points and showcased varying levels of crypto-literacy. Charlamagne Tha God questioned whether the pictures that he found upon Googling ‘Satoshi Nakamoto’ actually depicted Satoshi.

Dorian Nakamoto, as featured in the top Google search results for ‘Satoshi Nakamoto’

Charlie Sheen offered praise to Satoshi Nakamoto and expressed excitement at the chance to invest in BTC — once he finds a job of course. He admitted he has little knowledge of cryptocurrency.

The Hoff made the bold pool-side claim that he invented Bitcoin:

“I’d like to tell the world […] Bitcoin was not invented by Satoshi Nakamoto. Bitcoin started with ‘The Hoff.’ I, David Hasselhoff, invented Bitcoin, and I’m going to keep what I know about Bitcoin a secret.”

Tiger King star Carole Baskin emphasized the virtues of contact-less payments amid the coronavirus pandemic, predicting the virtual currency will be “the future.”

RZA wondered if “maybe soon there will be a Wu-Tang Bitcoin.”

While Oct. 31 commemorates the publication of the Bitcoin whitepaper, the network’s genesis block was not mined until Jan. 3, 2009.

Source: https://cointelegraph.com/news/the-hoff-claims-to-have-invented-bitcoin-in-12th-anniversary-video

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