MG Stover To Utilize Coin Metrics, Offering Clients Secondary Pricing and Validating Internal Controls 1722

MG Stover, the largest digital asset fund administrator, finalized an agreement with Coin Metrics this month, giving clients the option of a trusted secondary pricing source. MG Stover’s Head of Blockchain and Digital Assets, Seth Altman, says that “As more institutional investors evaluate the space, we go above and beyond to support institutional measures. One part of that is utilizing and collaborating with other service providers that share that same mission.”

Tim Rice, CEO of Coin Metrics, agrees and adds “Given price variability across crypto exchanges, having a reliable whole-market fixed price is important for the proper valuation of institutional portfolios. MG Stover’s move brings greater rigor to the space.”

Coin Metrics is a comprehensive financial data provider for digital asset institutions. Their CM Reference Rates platform streams USD price benchmarks and provides transparent, reliable pricing for more than 200 digital assets. Rates are produced either hourly with human review or automated in real-time every second. The technology adheres to IOSCO Principles of Financial Benchmarks and all calculation methodologies are governed by an oversight committee.

MG Stover is a third-party administration firm that services hedge, private equity and venture capital funds. Since entering the space in 2014, the firm is now the largest digital asset administration firm by both AUM and number of funds. With separately dedicated teams and technologies in place, they provide the full suite of administration services for both open and closed end cryptocurrency and blockchain funds.

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Inaugural Mainnet by Messari Crypto Event Brings Together 1,300+ Attendees & Speakers 5216

Over 1,300 attendees from around the world virtually gathered earlier this month (June 1-3) for the inaugural Mainnet by Messari event, focusing on the crypto industry’s past, present, and future of developmental progress and pain points from leading thinkers and builders including: Meltem Demirors (CoinShares), Albert Wenger (Union Square Ventures), CZ (Binance), Balaji Srinivasan (Nakamoto, CoinBase), and Neha Narula (MIT, Digital Currency Initiative).

Over 200 of the industry’s leading executives and builders participated as speakers from some of the top companies and projects including: Fidelity Digital Assets, Ark Investment, Paxos Global, Circle, Bitfinex, Lightning Labs, Kraken, Maker Foundation, Coinbase, Ledger, Chainalysis, Bison Trails, Bloq, Binance, and more. Additionally, the event raised over $60K for COVID-19 relief efforts via non-profit partners, Binance Charity and The Giving Block.

As the talks centered on many themes related to creating free, equitable systemic financial, and technological changes to our world, the prevailing global call for racial and governmental reform ignited around the globe sparked much debate, discussion, and unity on the need for innovative advancements now more than ever.

A few noteworthy talks included:

  • A heated debate took place during the session “Blockchain Analysis or Financial Surveillance” between Alex Gladstein (Human Rights Foundation) and Dr. Tom Robinson (Elliptic), inspiring Gladstein’s posit to Robinson, “I think you should quit your job and go and work for the good guys.”
  • During the presentation “Bitcoin 2020+” with Elizabeth Stark (Lightning Labs) and Neha Narula (MIT, Digital Currency Initiative), Narula sparked Twitter fodder when she questioned the need for institutional support of the movement vs. use of the people, stating “Mainstream adoption doesn’t mean institutional adoption. To me, it means people–everyday people–are actually using this network.”
  • During her keynote “The Anxiety of Influence: The Ideological Contradictions of Crypto-Governance,” Meltem Demirors (CoinShares) related the need to be different and pull away from the inequalities and power-driven decision-making structures that have been seen to go so awry over the course of history, and more specifically in recent weeks and days.
  • Albert Wenger (Union Square Ventures) thoughtfully discussed income and wealth inequality, opportunity attainment, and other themes of the scarcity of attention to valuable, curated knowledge as a society to drive impactful change during his fireside chat with Ryan Selkis (Messari), “The World After Capital.” 

Videos of select presentations will be posted on Messari.io/Mainnet2020 for attendee and Messari Pro subscriber access, and on the Messari YouTube channel in the coming days.

The event was produced by Messari, the crypto industry’s leading market intelligence company. Event sponsors included: title sponsor BitGo and top tier sponsors Bitstamp, Crypto.com, Nexo, Anchorage, Fireblocks, Sila, and ZUBR.

About Messari: 

Mainnet is a production of Messari, the industry’s leading market intelligence company focused on the digital asset ecosystem. The company’s tools and research solutions provide customers with actionable insights to confidently make decisions in the fast-moving crypto-asset space. Since its inception in 2017, Messari has built strong relationships with the industry’s top thinkers, investors, and builders from today’s most promising projects. Learn more about Messari at messari.io.

Huobi Token Begins Trading as Japan’s First Compliant Global Exchange Token 4996

Huobi Group today announced that its native ecosystem token Huobi Token (HT) has been listed on Huobi Japan as a fully compliant crypto asset. HT is the first global exchange token to receive regulatory approval for trading in the country by the Financial Services Agency (FSA), a Japanese financial regulator responsible for overseeing banking, securities and exchange, and insurance sectors.

According to crypto market analysis firm DataLight, Japan has more than 6.2 million crypto asset investors, making it the second-largest crypto trading market in the world. The country is known for having some of the most stringent compliance policies for crypto assets and limits the number of new tokens approved for trading. HT is currently one of just 26 compliant crypto assets to trade in Japan under the FSA’s guidance.

“The HT approval process was an arduous journey, so we’re incredibly excited to now offer it as a trading option for local users,” said Haiteng Chen, CEO of Huobi Japan. “The listing is a testament to Huobi’s on-going commitment to its global compliance strategy. We will continue working closely with the FSA to ensure full compliance with local regulations so our users can trade with ease in a safe and secure environment.”

Of the compliant crypto assets in Japan, HT is the country’s seventh-largest token in market capitalization. Huobi Japan supports six trading pairs for HT, including HT/JPY, HT/BTC, HT/ETH, BCH/HT, XRP/HT, and LTC/HT. Users can also access Huobi Japan’s fiat-to-crypto gateway to purchase HT directly with the Japanese Yen at local branches. In the near future, Huobi Japan will reduce the HT fee and launch HT voting functionality to strengthen the exchange.

As a localized exchange and subsidiary of Huobi Group, Huobi Japan began working with the FSA in mid-2018 to meet all regulatory requirements and obtain the proper licenses to operate legally in Japan. In late 2018, Huobi Japan received the Kanto Finance Bureau No. 0007 license issued by the Japanese Ministry of Finance, which allowed the exchange to support six digital assets, 10 trading pairs, and a fiat-to-crypto on-ramp for the Japanese Yen. This early regulatory approval of Huobi Japan ultimately helped pave the way for the HT approval.

HT’s listing comes as Japan continues to tighten regulations and updates existing laws to better define crypto assets. Last year, the Japanese House of Representatives passed revisions to two pieces of legislation, the Payment Services Act (PSA) and Financial Instruments and Exchange Act (FIEA), to classify and regulate crypto assets. Japan began enforcing the revised versions of the PSA and FIEA this past month.

About Huobi Japan

Huobi Japan is one of Huobi Group’s strategic overseas operations. Through acquiring a licensed Japanese cryptocurrency exchange ‘BitTrade’ in September 2019, Huobi Japan has since been able to provide Yen-to-crypto trading services in a legally compliant manner. In an effort to build a world leading digital asset exchange and with liquidity shared with Huobi Global, Huobi Japan is committed to providing secure, professional and quality services for Japanese users.

About Huobi Group

Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established by Leon Li in 2013, the company’s Huobi Global exchange accumulative turnover exceeds US $3 trillion. Huobi proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 170+ countries. For more information: www.huobi.com.

Ideanomics Announces Reduction of Debt Holders as Part of Growth Plans 4886

Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”) is pleased to announce the second-stage of debt conversion, with the noteholders of each of the senior secured convertible debentures, and subordinated secured convertible debentures originally issued by the company during 2019, representing approximately USD 10.6 Million owed to two NY-area funds, ID Venturas and YA II PN. This comes on the back of last week’s announcement that the Company’s Chairman and Vice-Chairman had each converted their debt as part of the Company’s plans to clean up its balance sheet and reduce interest payments as it gears up for growth. The effect of this has pushed out the average maturity on remaining debt until mid-2021.

As part of its growth plans, Ideanomics, MEG, and Treeletrik are currently expanding their management teams to take advantage of the anticipated growth. Additionally, the company is finalizing plans for a 10b5-1 program, which will allow management to enter the market to purchase the company’s stock at pre-determined intervals and avoid concerns related to the possession of material non-public information. 10b5-1 plans allow executives to notify the market ahead of time about intentions to conduct purchase and sale activities and in a regulatory compliant way with which to conduct such transactions with full transparency to the market.

About Ideanomics
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.

Ideanomics MEG Begins EV Taxi Deliveries in Guilin, Guanxi Province 5410

Ideanomics is pleased to announce the commencement of electric taxi deliveries for Guilin, Guanxi Province. In November 2019, Ideanomics announced that its Mobile Energy Global (MEG) division secured an order for 2,300 electric taxis from the City of Guilin in Guanxi province though MEG’s partner QuianXi.

Ideanomics now expects delivery of the first 200 EV taxis within July 2020, beginning immediately and completing within the next three to four weeks. This order of will be comprised of Dongfeng Nissan Sylphy ZE vehicles, a regional version of the midsize sedan also known as the Nissan Sentra in other markets. The Sylphy is the best-selling Nissan model in China. The balance of order announced in November 2019 is expected to be delivered through the end of the year and will likely involve multiple manufacturers.

The initial 200 electric taxi delivery is valued at approximately RMB 20 Million or USD 2.8 Million. Ideanomics anticipates these vehicles will be booked on a gross basis, subject to the terms of the executed sales contract and in accordance with U.S. GAAP.

“As China’s economy recovers and businesses gradually resume operations, Ideanomics continues to execute on its business plans and grow its EV business,” said Ideanomics CEO Alf Poor. “We are pleased to announce this delivery and expect to build sales momentum throughout the year while redirecting resources from non-core businesses to help support growth in MEG.”

KuCoin Doubles Down on Its Commitment to Compliance and Security with Chainalysis Partnership 6085

KuCoin, an IDG-backed crypto exchange, today announced that it has partnered with Chainalysis, the blockchain analysis company, further deepening its commitment to compliance and security and jointly promoting compliance-first business practices in the crypto industry. KuCoin will use Chainalysis KYT (Know-Your-Transaction) software to detect and prevent money laundering and illicit activity in real-time and Chainalysis Reactor to conduct further investigations into suspicious activity.

In addition to leveraging Chainalysis KYT for compliance, KuCoin has also built its own fraud monitoring system to identify early warnings of abnormal behavior to protect the security of users’ digital assets.

“We teamed up with Chainalysis to create a safe and compliant trading environment. Through KuCoin’s efforts, the crypto world will combat illegal activities, such as laundering money and financing terrorism,” KuCoin Global CEO Johnny Lyu said. “Although KuCoin has already deployed in this aspect, we hope to further strengthen our technical expansion into compliance with our cooperation with Chainalysis. Not only does it provide infrastructure to the blockchain ecosystem, but it also meets regulatory compliance requirements across different countries and regions.”

“Chainalysis is thrilled to partner with exchanges like KuCoin that prioritize compliance and the safety of its users,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “Our relationship with KuCoin is also an example of our continued commitment to working with leading exchanges in the Asia Pacific region, an important hub of cryptocurrency activity.”

Founded in September 2017, KuCoin has grown into one of the most popular crypto exchanges. Now, KuCoin offers financial services including fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch and more to its 5 million users across 207 countries and regions around the world.

Chainalysis serves as a strategic partner to financial institutions, governments, and cryptocurrency businesses like KuCoin around the world, providing expertise on sophisticated cryptocurrency crime and money laundering tactics, techniques, and procedures. Chainalysis KYT (Know Your Transaction) enables compliance teams to monitor large volumes of cryptocurrency activity and identify high risk transactions on a continuous basis by applying global AML standards to each transaction across all users within an organization’s user base. Chainalysis Reactor, the company’s cryptocurrency investigation software, helps identify and stop bad actors using cryptocurrencies for illicit activities such as fraud, extortion, and money laundering.

OK Group Launches OK Recruit, A Blockchain Talent Development Scheme 6131

OK Group, the world’s leading blockchain enterprise, announced the launch of the blockchain talent recruitment and training plan, called OK Recruit, which is expected to create hundreds of job opportunities in the blockchain industry, including positions on research, development and applications. OK Group will also train more than 1,000 blockchain elites within 3 years through partnerships with major universities and scientific research institutions in China.

As the COVID-19 epidemic continues to spread globally, many technology companies have been severely affected and even started to lay off employees. Given that, it’s unusual for companies to conduct such large-scale recruitment at this moment, which also implied a strong development momentum of the blockchain industry.

According to the announcement, OK Recruit consists of three parts, including recruitment, training and recommendation. In terms of talent recruitment, OK Group will offer hundreds of positions, among which, the main ones are in the blockchain research and application field, such as Blockchain Development Engineer, Senior Java Engineer (Blockchain), and Senior iOS Development Engineer. Others positions like marketing and operations are also open for applications as well.

In addition, OK Group will set up a special fund for blockchain personnel training, to encourage potential talent to join in blockchain industry. At the same time, OK Group will continue to strengthen cooperation with local universities and scientific research institutions to promote the construction of talent echelon.

As one of the earliest blockchain companies established in China, OK Group has been committed to promoting the research, development, and commercial adoption of blockchain technology, and is always standing at the forefront of talent development and training programs.

In recent years, OK Group has established a number of blockchain technology research institutions, among which, the Blockchain Business School has been promoting the spread of blockchain knowledge and talents through the development of courses and special lectures. Besides, OK Group also established a blockchain engineering institute focusing on the research and development of underlying technologies and public chains.

About OK Group
OK Group focuses on the R&D and application of blockchain technology. The company provides blockchain services and applications, including stablecoin, blockchain explorer, blockchain big data, blockchain asset custodian services, and blockchain training institutions. OK Group owns LEAP Holdings Group Limited (1499.HK), a listed company in Hong Kong.