Scandinavian Bitcoin Dealer Struggles to Find Banking Partners 138

One of Northern Europe’s largest Bitcoin dealers is finding the lack of regulation surrounding cryptocurrency a hindrance to their business model. Prasos Oy has systematically burned through all but one of their Finnish bank accounts.

Last Chance Saloon

The banks that have closed their doors to Prasos Oy because of fears that the company might be breaching money laundering rules. So far, the cooperative S-Bank, the Op Group, Saastopankki, and Nordea Bank AB have shut down the company’s accounts.

For now, Prasos Oy still has an active account with POP Bank. However, their CEO, Henry Brade, spoke to Bloomberg about the precarious situation they are currently in:

“The risk is that we’ll see our last bank account closed before we can get the next one opened. That would freeze our business.”

Whilst there is no specific law telling Scandinavian banks how to view cryptocurrency, there is anti-money laundering legislation already in place. These laws demand that those offering financial services must follow KYC (“know your customer”) practices.

However, the fact that the anonymous appeal of cryptocurrencies sits at odds with the money laundering legislation is a huge warning sign for the banks. What’s more, the dramatic growth of companies like Prasos Oy over the last twelve months is another factor causing suspicion for financial institutions. Brade continued, touching on how the growth of the industry, as well the lack of guidance the banks themselves are willing to provide, is affecting his company’s relationship with the banks:

“We’ve realised that the growth in international transaction volumes started to disturb the banks. Along the way, we’ve been given very little information by the banks on what we could do to solve the problem.”

At the end of last year, the European Union agreed to extend their money laundering legislation. Although yet to be enforced, the rules will now cover cryptocurrency under their remit.

In the meantime, neither the European Bank Authority or Finland’s Financial Supervisory Authority are offering any form of advice to companies like Prasos Oy. Hanna Heiskanen of the FSA dismissed the issue as one between the company and the banks:

“Cryptocurrency trading places are not currently under the regulatory mandate of the Finnish FSA.”

Meanwhile, the EBA stated today that they would not recommend banks provide their services for companies involved in cryptocurrency transactions.

Despite the hostility they are facing from the banks, Prasos Oy is still trying to continue with their business. Brade told Bloomberg how his company were trying to improve their KYC practices and work with banks to help them understand where funds came from:

“We’ve created identification practices, which we have taken into use in March, and they comply fully with anti-money laundering laws and regulations, even though authorities do not even require this from us as our business in not under regulatory obligations.”

Evidently, not all of the planet’s banks are as phased by money laundering regulation as those in Scandinavia appear to be. Just last month we reported on US Bancorp’s blatant violations of the Bank Secrecy Act. We’d never condone tax avoidance but even if some of Prasos Oy’s customers were wanting to “clean” dirty cash with cryptocurrency, we’re sure it wouldn’t be nearly to the tune of the $613 million that US Bancorp was fined.

 

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PARSIQ Now Integrated Into Polkadot For Smart Triggers Across The Polkadot Relay Chain 6725

PARSIQ, a platform that monitors data and automation across blockchains, bridging both on and off-chain apps and sending out user alerts once transactions are executed, now offers compatibility for smart triggers with the Polkadot Relay Chain. A smart trigger is effectively a smart contract that is deployed into the PARSIQ ecosystem. It allows triggers from external chains to be passed to off-chain systems. It collects data across a variety of chains in real time and then constructs an indexed composition of actions in any one chain, in a process of reverse-engineering. It can validate and process a huge amount of real-time data simultaneously via its distributed data management layer, by utilizing chain specific feature extraction.

Building a Bridge

PARSIQ shares the same ideology as Polkadot, which is to bridge data across a huge network of chains, leaving all chains completely equal to one another, where each chain has its own personal real world uses and strengths. This is a model which builds strength from numbers, and enhances usability by combining the entire group of chains into one strong network.

PARSIQ, is the bridge between the chains and between off-chain applications too. Developers can build their own smart triggers using PARSIQ. These smart triggers react to events, plus they are able to store and alter data and also to learn from the data as they grow.

PARSIQ is now integrated across all of the major blockchains including Bitcoin, Ethereum, Binance Smart Chain, Solana, Celo, Dash and Algorand to give users a way to simplify the automation of their processes and applications off-chain.

NetObjex Partners with Zortag for Anti-Counterfeiting and Tracking of Assets for the Digital Economy 7090

NetObjex, a SaaS Platform for the Digital Economy, today announced a partnership with Long Island, NY based Zortag, a maker of security and authentication technologies. NetObjex, a leading player in the Digital Asset space, has developed NFTs (Non-Fungible Tokens) for digital, physical and dynamic assets for last 4 years, announced new last-mile security measures. “NFTs are a great way to tokenize unique assets. These assets can be a) digital e.g. music, movies; b) physical e.g. paintings, sculpture; or c) dynamic e.g. energy, water, carbon emissions. We have a comprehensive platform for handling all these cases using our unique combination of IoT-AI-Blockchain system”, stated Raghu Bala, CEO of NetObjex.

“We have a patented technology at Zortag that is a powerful anti-counterfeiting solution, and when integrated with NetObjex provides customers with the peace of mind that the physical asset backing the NFT is infact authentic”, states Dr. Satya Sharma, President & CEO of Zortag.

The NetObjex platform provides capabilities for

  • creation digital twins of physical assets
  • associating that twin with an NFT on a blockchain
  • the creation of storefronts for the sale of NFTs
  • secure vaults for those wanting to warehouse their valuables
  • wallets with unique Zortag scanning capabilities for consumers to verify physical goods and track their NFT tokens

“We have built an end-to-end platform for all participants in the NFT ecosystem, which sets us apart from the rest of the pack”, added Bala.

About NetObjex
NetObjex provides enterprise software and business solutions for real-time tracking, tracing and monitoring of digital assets. The industrial grade NetObjex Matrix digital twin asset management platform unifies IoT, AI and blockchain technologies as a continuum for intelligent automation and data marketplaces. NetObjex clients and partners benefit from global coverage across key verticals like energy, manufacturing, transport, healthcare, communications, retail & government.

About Zortag
Zortag provides a unique identity to any physical item which is almost impossible to be duplicated, even by Zortag itself. Such an item may be an article of commerce, an entity, or an individual. Uniquely identifying an item, authenticating the genuineness of that item, and authorizing who has access to information about that item is a major organizational challenge in today’s digital economy. Furthermore, assuring the authenticity and integrity of goods, people, and information is critical in all business and personal transactions. Our technology has wide applications to this end, including protecting brands from counterfeit products, providing secure access to digital assets, making information available to different constituents at varying levels including law enforcement, authenticating products for sale on online shopping sites, and securing supply blockchains and the storage of cryptocurrencies.

Original Basquiat Headlines NFT Auction 6259

With bids starting at a single Ethereum, the first Non-Fungible Token (“NFT”) featuring original work of world-renown artist Jean-Michel Basquiat (American,1960-1988) will go to auction beginning APRIL 26, 2021 thru APRIL 30, 2021 at https://opensea.io/accounts/DaystromNFT. The online auction is sponsored by DAYstrom, the Emmy-winning, multi-segment mindshare behind the iconic BowieBank who anonymously said; “Markets no longer trade upon consensus alone, it’s anonymity, exclusivity, authenticity and individuality that determine value on the Blockchain today; NFT’s are an asset whose time has come.”

The highest bidder will receive an encrypted digitized token of Basquiat’s original work captioned “Free Comb with Pagoda” (mixed media – 1986) conveyed on the Etherium blockchain, along with all related IP and copyright in perpetuity. The artist’s work and signature have been certified by the Authentication Committee of the Estate of Jean-Michel Basquiat, with provenance including Michael Petronko Gallery in New York, private collection in Nevada, Heritage auction as lot #64054 in 2012 and finally sale to private collector in 2015 where it remains. At the winner’s discretion, the original artwork will be deconstructed, leaving the NFT as the only remaining form of Basquait’s work to exist.

Basquiat is widely considered among the most highly valued modern artists in the world and appears in permanent collections at LACMA, MoMA, Metropolitan Museum of Art and the Whitney Museum of American Art. His work has shattered public sales records across the globe and periodically appears at Christie’s, Bonham’s & Sotheby’s where his work brought $110 million at auction in 1997. Although the 27-year-old “Radiant Child” died in 1988 after only a decade as a professional artist, his impact remains eternal.

SOS Enters into a Purchase Agreement for 575 Cryptocurrency Mining Rigs 6190

SOS Limited (NYSE: SOS) (the “Company” or “SOS”) announced today that the company has entered into an agreement to purchase 575 cryptocurrency ETH mining rigs. Under the terms of the agreement, the Company is expected to obtain approximately 400 GH of ETH hash rate. The mining rigs are expected to be delivered on or about April 30, 2021.

This purchase is another step in implementing SOS’ cryptocurrency mining strategy. The Company is pleased it has been able to secure mining capacity during this global mining equipment shortage.

Mr. Yandai Wang, CEO of SOS, commented, “we are optimistic about the future of cryptocurrencies and Ethereum in particular. This is part of our overall strategy to develop blockchain-based environments and services and which will be a core part of our growth in 2021 and beyond”.

About SOS Limited

SOS is an emerging blockchain-based and big data-driven marketing and solution provider as well as cryptocurrency mining operator. The core infrastructure of SOS’ marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud “software as a service (SaaS)” platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry.

SOS has obtained a national high-tech enterprise certification and the title of “Big Data Star Enterprise,” awarded by Gui’an New District Government. Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 2 patents. For more information, please visit: http://www.sosyun.com/ .

Big Plays in the Online Gambling Space 6016

Before COVID-19 transformed the world, many sectors were already moving toward digital adoption and adaption; the global pandemic has hastened that transition in many ways. The world revolves around smartphones, laptops, computer and digital devices as almost anything can be done online—from seeing a doctor to attending school. Even as hope for the pandemic ending surges, the trend to live life online is likely here to stay. The founders of Lottery.com (Profile), which recently entered a definitive merger agreement with Trident Acquisitions Corp. (NASDAQ: TDAC) to become a publicly listed company, recognized the shifting trend years ago and were pioneers in addressing the untapped online global lottery market. The company has found a way to combine blockchain with other cutting-edge technology to provide at-home lottery participation, with the end goal of being a leader in the huge lottery and sports betting markets. Now the company is timing its entrance into another hot public market: investor appetite for special purpose acquisition companies, or SPACs. The gambling space could see unprecedented growth as the pandemic eases and the economy recovers. Some of the big players in the space have online options and are looking to benefit from all things digital. Boyd Gaming Corporation (NYSE: BYD) offers B Connected Online, a robust, attractive online player community. Caesars Entertainment Inc. (NASDAQ: CZR) has Caesars Casino & Sportsbook where users can participate in world-class casino games and wager on sports. Wynn Resorts Limited’s (NASDAQ: WYNN) WynnBET is a premier casino and sports betting app that was just awarded an online sports betting permit in Virginia, and Las Vegas Sands Corp. (NASDAQ: LVS) is reportedly eyeing online betting opportunities.

  • Valued at $398 billion, the global lottery market tops out at more than the SaaS, video games and film industries combined.
  • Lottery.com has announced a definitive agreement to become a public company through a business combination with Special Purpose Acquisition Corporation (SPAC) Trident Acquisitions Corp.
  • The company has created a suite of high-margin lottery products, with operations in 12 U.S. states and plans for expansion.  
  • Future gross revenue forecasts estimate $71 million in 2021, $279 million in 2022 and $571 million in 2023.

Mind-Boggling Numbers

Multibillion-dollar markets are compelling opportunities, and that is certainly true of the $138 billion global video games or $158 billion Software-as-a-Service (SaaS) sectors. However, even more attractive is the $398 billion global lottery market — larger than the global video games and SaaS markets combined. Even more mind boggling are the projections that the global lottery market will reach $625 billion by 2025.

Despite the numbers, the opportunity is often unrecognized as long-held patterns of buying lottery tickets at a retail point of sale may seem hard to change. With less than 3% of global lottery sales made online, the challenge is evident, but the potential is vast: that’s only an estimated $12 billion market penetration into a nearly $400 billion industry. With an increase in online activity seemingly inevitable, the possibilities of growth and return seem appear significant.

Behold the pre-ICO Sale of Bitsfine with its BFN Token – a Futuristic Token Offering Multitude Benefits 6120

The acceptance of blockchain technology is on rage. Harassing the power of blockchain technology and cryptocurrency – Bitsfine has added an entirely new dimension to the utility of cryptocurrencies. It is a detailed ecosystem offering crypto utility services.

Even though all the leading banks and financial institutions worldwide have already been interested in blockchain technology and cryptocurrencies, hardly there is any way to spend it. Crypto holders have to convert the cryptocurrencies into fiat currencies to use for real-world transactions. That’s what inspired Bitsfine to develop a platform where crypto holders can use cryptocurrencies for their real-world usage with ease.

The best news is that it has its own coin, called BFN. Why so? The BFN is the foundation of the Bitsfine entire concept. It allows its users to directly purchase any service, with minimal transaction cost, at lightning speed, with utmost security, and by maintaining transparency.

You can use the standard go-to token- Bitsfine token (BFNT) and all other cryptos like BTC, ETH, etc., the way you want, without converting them into fiat.

The platform’s core offerings are; a utility token, banking services, debit card, and DeFi services. The Bitsfine company will offer utility and banking services, whereas major gaming and social trading platforms will accept the BFN tokens. At the social trading platform, anyone can trade and invest without in-depth knowledge of trading because you can avail the service of professional traders who will trade for you and share the profit.

The platform has a massive variety of gift cards and vouchers. Cryptocurrencies can be transferred into Bitsfine prepaid debit cards and transacted at ease through ATMs. In this decentralized world, we want everything at our fingertips. Therefore, Bitsfine App is here, which works for both android and iOs users.

Bitsfine ICO is Live now– 1st April 2021. Behold this futuristic movement, and participate at the earliest! Here are the details of both offers-

1. The total supply of coins is 1000 crores.

2. For the first 5% tokens, a user will get a 100% bonus if they buy 10 lakh tokens or above in a single transaction.

3. A user who buys 40,000 tokens or above in a single transaction will get a bonus of 25% for the first 10% tokens.

Popular cryptocurrencies like Bitcoin, Ethereum, and Ripple can be used to buy BFN tokens seamlessly.

To participate in the ICO, visit its official website https://ico.bitsfine.io/register.