DX. Exchange’s Parent Company Faces Multi-Billion Dollar Scam Allegations

DX Exchange, which shut down earlier this month, is reportedly undergoing bankruptcy proceedings. Furthermore, employees of parent company CX Technologies Ltd have filed a petition in an Israeli court to dissolve the exchange.
No Payouts Since September
The exchange, which had deployed NASDAQ’s matching engine and market surveillance closed its operations in early November. The exchange further said it was looking for a merger or acquisition.
As per the bankruptcy petition filed, employees of CX Technologies have not been paid for the month of September and October. Furthermore, if claims are to be believed, the company has no funds left in its bank accounts. As a matter of fact, the company’s owner Pinhas Patarkazishvili agreed with this assessment and has allowed the proceedings to go forward.
The petition further claims that 55 employees of CX Technologies were involved in Israel’s multibillion-dollar binary options scam. As per the document, CX Technologies is a successor company to SpotOption, which was raided by the U.S. Federal Bureau of Investigation (FBI) in January 2018.
Furthermore, several Israeli suppliers have also sued CX Technologies in the last six months for allegedly failing to pay its bills. These companies include White Hat Ltd., which provided cybersecurity services to DX.Exchange; Bee2See Dotan B.S. Solutions, which provided targeted marketing of potential customers; and Malam Team, which supplied servers to the exchange, per the report. Interestingly, the report further mentions that more creditors could come forward.
DX. Exchange CEO Responds
DX. Exchange CEO Daniel Skowronski responded to the petition and said that he has applied for an MTF (multilateral trading facility) exchange license and it is about to be granted under a different entity. The latter has been subjected to backlash from the crypto community and the latter has time and again trashed the claims.
Skowronski further said that the exchange has not filed for bankruptcy as yet. He also said that the firm is still in talks about being acquired but the process is taking a bit longer time.
Will DX. Exchange manage to get acquired? Let us know, what you think in the comments below!
The post DX. Exchange’s Parent Company Faces Multi-Billion Dollar Scam Allegations appeared first on Coingape.
Source: CoinGape

World Chess to Issue Digital Tokens in ‘Hybrid IPO’

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World Chess to Issue Digital Tokens in ‘Hybrid IPO’
World Chess is going to issue tokens that will use blockchain ledgers to simplify the fundraising process and will be convertible to shares at a later point.
World Chess to Issue Digital Tokens in ‘Hybrid IPO’

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Source: CoinSpeaker

China’s Bitcoin Mining Firm Canaan Manages to Raise Only $90 Million through IPO

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China’s Bitcoin Mining Firm Canaan Manages to Raise Only $90 Million through IPO
As per its previous plans, Canaan was looking to raise anywhere around $400 million but fell short by 75% of its target.
China’s Bitcoin Mining Firm Canaan Manages to Raise Only $90 Million through IPO

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Source: CoinSpeaker

Barely a Year In, Nasdaq-Powered DX.Exchange Is Shutting Down

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Barely a Year In, Nasdaq-Powered DX.Exchange Is Shutting Down
DX.Exchange, the Nasdaq-powered digital trading platform, is temporarily shutting down as the operational costs have become too high.
Barely a Year In, Nasdaq-Powered DX.Exchange Is Shutting Down

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Source: CoinSpeaker

Nasdaq Stifles IPOs of Small Chinese Companies

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Nasdaq Stifles IPOs of Small Chinese Companies
Because the Nasdaq is more concerned with U.S. investors, the index has commenced efforts to reduce the number of IPOs it hosts from small Chinese companies. Nasdaq is now very reluctant with approvals and support for these firms.
Nasdaq Stifles IPOs of Small Chinese Companies

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Source: CoinSpeaker

SmileDirectClub Shares Go Down 28% below Their IPO Price

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SmileDirectClub Shares Go Down 28% below Their IPO Price
Teeth-straightening provider SmileDirectClub late Wednesday announced that its class A shares were priced at $23 a share, slightly above the $19- to $22-a-share range it had said it would be targeting. But yesterday its shares went down.
SmileDirectClub Shares Go Down 28% below Their IPO Price

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Source: CoinSpeaker

Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

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Nasdaq Lists New Index for Decentralized Finance Projects Called Defix
Nasdaq’s Defix index will offer real-time tracking of crypto assets of different blockchain projects like MakerDao, Augur, Gnosis, Numerai, 0x and Amoveo.
Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

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Source: CoinSpeaker

Is DeFi The Future of Crypto Finance? Some Big Industry Names Think So

The hot potato in the world of crypto at the moment is decentralized finance. Satoshi’s original notion of cutting out the bankers is now possible in this new world of digital assets and DeFi protocols. The industry is still embryonic but some of the bigger names in the world of crypto and finance are finally paying attention.
Crypto Wealth Management Built on ETH
By definition decentralized finance is a movement that leverages decentralized networks to transform old financial products into trustless and transparent protocols that run without intermediaries. In essence it is doing away with the banks and middlemen to allow people to manage their own wealth on autonomous networks governed by smart contracts.
DeFi is currently dominated by DAI which is a decentralized hard asset backed, dollar pegged stable coin.  DAI, and the MakerDAO platform uses margin trading to respond to changing market conditions while preserving its value against the major world currencies. Maker is a smart contract platform on the Ethereum blockchain that backs and stabilizes DAI through a series of dynamic feedback systems called Collateralized Debt Positions (CDPs).
By depositing ETH, people can borrow stable DAI to make other investments without risking the loss of ETH, which is what happened to most during the ICO boom. Essentially it is a crypto credit facility that can issue loans at certain interest rates. Stakers are also able to use it to generate interest while protecting their stake. Industry observer Alex Saunders noted that in a world of negative interest rates DeFi could be the answer …

Imagine #Defi Apps offering 10%pa in a world of negative interest rates. Accessing stocks, commodities & tokenised assets. Portfolios auto rebalance. Smart contracts allow custody & insurance. No middlemen taking fees. The future of wealth management is being built on #Ethereum. pic.twitter.com/Crcfm3OjhO
— Alex Saunders (@AlexSaundersAU) September 10, 2019

Maker is not the only DeFi platform out there but it is the most popular at the moment. Two others have recently be noticed by crypto exchange giant Coinbase which announced a new fund to invest in the fledgling industry.
Coinbase Invests in DeFi
In a company blog post yesterday, Coinbase stated that it aims to encourage growth in DeFi by channeling funds into the development of two protocols. To begin it will contribute 1 million of its own stablecoin, USDC, each to the development of the Compound and dYdX platforms.
Coinbase USDC Bootstrap Fund lead Nemil Dalal said that DeFi is a tiny portion of the world of banking and financial transactions, adding that the company is tracking growth in an effort to further fund its expansion.
Just last month Nasdaq announced that it was adding a decentralized finance index (DeFiX) to track the projects working in the field. It initially included Maker, Augur, Gnosis, 0x and two other obscure tokens but failed to include Ether which currently powers most of the industry.
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The post Is DeFi The Future of Crypto Finance? Some Big Industry Names Think So appeared first on NewsBTC.
Source: New feedNewsBTC.com

How Learning About Blockchain Can Help Your Future Career

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How Learning About Blockchain Can Help Your Future Career
While blockchain is conquering more and more spheres, it may be rather sensible to consider it as a new option for your career development and professional growth.
How Learning About Blockchain Can Help Your Future Career

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Source: CoinSpeaker

Fundstrat’s Tom Lee: Bitcoin Is a Safe Haven for Investors

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Fundstrat’s Tom Lee: Bitcoin Is a Safe Haven for Investors
Saying that Bitcoin can be viewed as a safe haven for investors, Thomas Lee added that Bitcoin has “done very well this year”. He still stays very optimistic about further BTC performance.
Fundstrat’s Tom Lee: Bitcoin Is a Safe Haven for Investors

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Source: CoinSpeaker

Is Bitcoin the best investment in 2019 or does the risk outweigh the cons and strip the coin of its title?

It’s not uncommon to judge an asset by the results they project, and the financial industry runs mostly on the same criteria. Steady growth, profitability and over-time losses are essential in order to carry forward an accurate analysis of a stock or commodity index. Since the introduction of crypto-assets, most traditional stocks and assets have […]
The post Is Bitcoin the best investment in 2019 or does the risk outweigh the cons and strip the coin of its title? appeared first on AMBCrypto.
Source: AMB Crypto

Swiss multi-national investment bank, USB introduces Fnality International with investment of $63.2 million

USB Group AG, a Swiss multi-national investment bank and financial services company, will be using its own digital currency for cross-border payment settlements. A report published by MarketWatch stated that a total of fourteen firms have developed a coin named, Utility Settlement Coin [USC], and among those firms includes leading banks of the United States, Europe, and Japan. The digital currency would be backed by “bank-owned currency held at the central bank.”
The project includes prominent industry players such as Barclays, Nasdaq, Bank of New York Mellon Corp., Canadian Imperial Bank of Commerce, Banco Santander, Lloyds Banking Group, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp., Credit Suisse Group AG, ING Groep NV, State Street Bank & Trust Co., Commerzbank AG, and KBC Group NV.
Notably, a total of $63.2 million has been invested in Fnality investment and it took the firm over four years for the development of the virtual currency. More so, the firm has been working with regulatory bodies of different countries in order to obtain the necessary regulatory documents.
The head of strategic investment at UBS, Hyder Jaffrey stated,
“You remove settlement risk, the counterparty risk, the market risk. All of those risks add up to cost and inefficiencies in the marketplace.”
The report stated,
“The USC token would function both as a payment device and messenger that carries all the information required to complete a trade, potentially cutting down on a transaction’s time and cost.
Interestingly, Brad Garlinghouse, the CEO of Ripple had spoken about this utility coin in a blog post on LinkedIn in August 2016. Garlinghouse had highlighted two major problems with a bank-issued digital currency, one among them being the coin backed by a “basket of currencies”. Garlinghouse had stated,
“Once backed by cash, it’s no longer an asset; it’s a liability. Trading liabilities then ultimately requires moving cash across borders, re-creating today’s system but adding more friction! We strongly believe banks need an independent digital asset to enable truly efficient settlement and we believe XRP is best positioned for that role.”
John Whelan, Head of Digital Investment Banking at Banco Santander, stated on Twitter,
“Stablecoin for wholesale purposes. After 3 years of R&D, Utility Settlement Coin becomes Fnality International.”
The post Swiss multi-national investment bank, USB introduces Fnality International with investment of $63.2 million appeared first on AMBCrypto.
Source: AMB Crypto

Activision Releases Trailer for the New Call of Duty with Sensitive Political Themes Weaved

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Activision Releases Trailer for the New Call of Duty with Sensitive Political Themes Weaved
The much-anticipated trailer for Call of Duty: Modern Warfare has been finally revealed to the game fans worldwide. It’s a fresh look at the controversial conflict shown in the previous game of the franchise.
Activision Releases Trailer for the New Call of Duty with Sensitive Political Themes Weaved

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Source: CoinSpeaker

Bitcoin on Wallstreet: BTC Related Companies Trading on the Stock Exchange

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Bitcoin on Wallstreet: BTC Related Companies Trading on the Stock Exchange
In this article, professional stock trader and investor, Baran Giresunluoglu goes over Bitcoin-friendly companies trading on the public U.S. Stock Exchange.
Bitcoin on Wallstreet: BTC Related Companies Trading on the Stock Exchange

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Source: CoinSpeaker