UK’s Ofcom Granted £700,000 For Exploring Blockchain Tech

UK’s Ofcom Granted £700,000 For Exploring Blockchain Tech
October 9, 2018

The crypto market remains range bound, with Bitcoin remaining rock solid at $6,500 levels.  Mike Novogratz, founder and CEO of the crypto investment firm Galaxy Digital Capital Management, has forecast that Bitcoin will not break above $9,000 in 2018. He had predicted a price of $45,000 earlier this year. The fund manager believes that the decline or weakness seen in the market is related to the actions of firms which are selling their holdings “to fund the burn rate of the industry.”

 

Government initiatives

The European Securities and Markets Authority (ESMA) has stated that it is studying Initial Coin Offerings (ICOs) to find out how they should be regulated. ESMA was established in Paris (France) in 2011, with an aim to build a common guideline for European Union (EU) financial markets and monitor them. The ESMA also works in tandem with the other European Supervisory Authorities which specialize in the field of insurance, banking (EBA) and occupational pensions (EIOPA). The ESMA is studying ICOs to find out how they comply with the prevailing securities regulations on a “case-by-case” basis, as well as their impact on competition in the fundraising sector.

 

The UK Office of Communications (Ofcom) has been granted £700,000 (~$916,000) by the Department of Business, Energy and Industrial Strategy (BEIS) to study the implementation of blockchain technology. The grant will supposedly assist the UK telecoms regulator determine how blockchain can enhance the management of landline telephone numbers. Founded in 2016, the BEIS is a government department aided by 46 agencies and public bodies. It is responsible for business, technology, industrial strategy, energy, and climate change policy and innovation. According to the announcement, Ofcom intends to rope in industry participants to trial the administration of “millions” of telephone numbers using blockchain technology. The agency announced: “We issue blocks of these numbers to telecoms operators, who manage the numbers and movement (porting) of them into and out of their control.”

 

Private sector initiatives

Air France-KLM, the world’s fifth largest airline by revenue in 2018, has joined hands with a blockchain travel related software development firm, Winding Tree. The partnership intends to minimize costs for the airline’s customers by removing intermediaries.Air France-KLM believes that blockchain will assist in providing “a more advantageous travel offer for customers, which is more profitable for suppliers, in particular by reducing the number of intermediaries.”

Enterprise software company and former QWERT manufacturer BlackBerry, has unveiled a blockchain-powered platform focused on the healthcare sector. The official announcement states that BlackBerry has entered into an agreement with tech firm ONEBIO to build an “ultra-secure” system based on blockchain technology. The system is to be built for the recording and sharing of medical data, with input from laboratories, patients and IoT devices. The data entered will be made anonymous and shared with researchers.

Goldman Sachs backed cryptocurrency finance company, Circle Internet Financial Ltd. has bought SeedInvest, a broker-dealer and equity crowdfunding platform. The terms of the transaction of the purchase were not disclosed. The startup investing platform SeedInvest was established in 2012. As of date, the New York-based company has enabled 220 firms to raise capital from more than 240,000 investors. The average investment made in a company through the SeedInvest platform is $500,000, while the maximum investment raised was $2,000,000. Circle is planning to extend SeedInvest’s offerings to cryptos, including stablecoins and tokenized securities, subject to Financial Industry Regulatory Authority’s (FINRA) approval. Furthermore, companies will supposedly be able to raise capital through a regulated platform, offer adequate liquidity to investors through Circle’s cryptocurrency exchange and get access to portfolios of retail investor through Circle Invest.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world


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