PR: Vaultbank Partners with Kingdom Trust for Qualified Custodial Services for Crypto Assets

Vaultbank Partners with Kingdom Trust for Qualified Custodial Services for Crypto Assets

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Vaultbank has partnered with Kingdom Trust to provide a qualified custodial solution for digital assets. Vaultbank has built a digital asset platform allowing for the tokenization of real assets and financial instruments. The Kingdom Trust-Vaultbank partnership allows our customers to have institutional grade custody and reporting.

Kingdom Trust brings its expertise in custodial services to the Vaultbank platform with end-to-end capability to secure digital currencies with the highest levels of transparency, accountability and compliance.

Matt Jennings, Kingdom Trust’s Chief Executive Officer states, “Kingdom Trust’s relationship with Vaultbank will catapult our custody platform for digital assets giving investors access to regulated qualified custody solutions for digital currencies and tokenized securities thru one streamlined platform.”
The Vaultbank Platform is currently in beta testing, and a tiered global rollout is scheduled to begin in the third quarter of 2018. Prospective users are invited to join the waitlist on Vaultbank’s homepage at www.vaultbank.io.

Aaron Travis, Vaultbank’s Chief Operating Officer states, “By partnering with Kingdom Trust we have created a cryptocurrency exchange with a secure, compliant, and innovative custody solution that will safeguard our user’s assets and further distinguish Vaultbank and Kingdom Trust as leaders in building a regulatory compliant ecosystem for tokenizing securities.”

Vaultbank has been working with regulatory agencies and other governmental bodies to acquire necessary licenses and comply with strict requirements in jurisdictions all over the world.

ABOUT VAULTBANK

Vaultbank is a FinTech company innovating the convergence of two worlds – traditional investments and digital assets. Vaultbank utilizes blockchain technology to create, issue and trade financial instruments through a single platform. By providing the next generation suite of financial services, Vaultbank will allow for the buying, selling, and spending of cryptocurrencies, tokenized securities, and traditional equities on web-based and mobile platforms.

For more information visit: https://vaultbank.io

The Vaultbank Platform

The Vaultbank Platform intends to be one of the first platforms to compliantly facilitate the global trading of both utility and security tokens. Vaultbank has been working with regulatory agencies and other governmental bodies to acquire necessary licenses and comply with strict KYC/AML, FATCA and accreditation requirements in jurisdictions all over the world.

The VB Token

Vaultbank intends to generate profits and distribute dividends to VB Token holders. The VB Tokens represent partial ownership stakes in Vaultbank and its VB Fund and are backed by non-voting shares of Vaultbank held in equitable trust.

The Vaultbank Board of Directors

The Vaultbank Board of Directors includes former BlackRock CIO Ken Kroner, Founder Austin Trombley, former Third Point Capital Partner Keri Findley, former MasterCard Head of Digital Commerce (MEA) Aaron Oliver, and Gyft co-founder CJ MacDonald.

MEDIA CONTACT: John Nahas, john.nahas@vaultbank.io , +1-818-438-9707

Disclaimer: Vaultbank refers to a group of companies that includes Vaultbanc Ltd., a Singapore public company limited by shares, and certain of its affiliates. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere. Some of the statements in this press release may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include those relating to our expectations, estimates and intentions regarding our business and our industry, and are generally identified by the words “expects,” “intends,” “anticipates,” believes,” “plans,” “will be” and similar expressions. Readers are cautioned that forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control. Other than as required by law, Vaultbank does not undertake any obligation to update or revise any forward-looking statements. Vaultbank is not a bank as defined under the Banking Act of 1933 or any other applicable law in the United States, Singapore or elsewhere.

Contact Email Address
alina.jais@vaultbank.io

Supporting Link
https://vaultbank.io/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Vaultbank Partners with Kingdom Trust for Qualified Custodial Services for Crypto Assets appeared first on Bitcoin News.

PR: Bibox Gains Swiss VQF License – Accelerating Global Expansion

Bibox Gains Swiss VQF License - Accelerating Global Expansion

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

On 16th August 2018, Bibox, a leading AI-enhanced digital asset trading platform, announced its acquisition of Chain Capital that owns Swiss VQF license. VQF itself is the largest cross-industry Self-Regulatory Organization (SRO) with the longest history that meets the standards established by the Financial Services Standards Association (FINMA). All the members of VQF also need to meet the most serious requirements in order to get a membership. Moreover, their membership means that all their operations are carried out in strict compliance with the Anti-Money Laundering Act in Switzerland. This acquisition enables Bibox to conduct digital currency business in Europe going forward.

Bibox was founded by Jeffery Lei, co-founder of OKCoin, and was officially launched in November 2017. Within a mere span of 6 months, Bibox has impressively climbed the ranks to become a Top-10 crypto exchange in the world in terms of transaction volume. Bibox has also established footprint across the world with operation centers in more than 10 countries and regions including Estonia, the United States, Switzerland, Singapore, Canada, China, Hong Kong, Japan and South Korea.

Bibox integrates AI technology into all aspects of its platform trading, carefully screening high-quality projects for users, and has received wide acclaim from both users and industry experts for its smooth trading experience and excellent customer service. As of August 2018, the number of Bibox users has exceeded 1 million. According to CoinMarketCap’s statistics, Bibox has a consistent average 24-hour trading volume of $200 million.

Bibox’s sponsor Jeffery Lei shared that the acquisition of Chain Capital in Switzerland will not only help Bibox to better develop its European business and serve more users, but also to provide more choices to its users hence greatly improving users’ convenience. At the same time, this acquisition also serves as an example to the rest of the industry to continually explore more opportunities to further develop their blockchain business as the industry grows towards maturity.

Chain Capital is headquartered in Zurich, Switzerland’s financial center, and is a digital asset fund management company. Just 2 months after its establishment in July 2017, Chain Capital received the first VQF license issued by Switzerland, which means that the company can engage in transactions of digital assets. This is of great significance to Bibox’s expansion of its global footprint and specifically European business.

“Attaining a license is an instrumental step in our global expansion. In the future, our main task at Bibox is to apply our technical knowledge accumulated in the blockchain field to other domains, and accelerate the development of blockchain technology.” Jeffery Lei exhibits great confidence in blockchain technology in terms of both its applications and development potential, and aims to invest even more funds and energy to aid the development of the blockchain industry. “I think this is the career I can invest my life in.”

Bibox’s feat of achieving its Top-10 ranking within half a year is a result of its co-founders’ years of technical knowledge and experience in the blockchain field. Technical expert Jeffery Lei, was the Marketing Operation Manager / Product Manager at Huawei, later co-founded OKCoin with Xu Mingxing, and also served as CEO of AI company Jixianyuan. Similarly, fellow Bibox co-founder Aries Wang, is the author of Crypto Economics, has gained many years of experience in the blockchain field and is based in North America.

For more information contact:
Lesley Zhang, Director of Public Relations
media_release@bibox365.com
Bibox.com

Press Contact Email Address
media_release@bibox365.com

Supporting Link
https://www.bibox.com/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Singapore’s Golden Gate Ventures announces a $10M fund for crypto deals

VCs around the world are trying to wrap their head around crypto, and the new investment paradigm it brings. Some have made one-off deals but a few have jumped in off the deep end with dedicated crypto funds, with A16z in the U.S. the most prominent example. Now Singapore has its first from the traditional world after prominent firm Golden Gate Ventures announced a spinoff fund called LuneX Ventures.

The fund is focused on crypto and it is targeting a $10 million raise. Its announcement comes weeks after we reported the first close for Golden Gate’s new $100 million fund, its third to date, which is backed by Naver, Mistletoe and others.

Golden Gate already has some exposure to ICOs, having backed the company behind OMG, and plenty of rumors have done the rounds about its plans for a standalone fund considering the surge in ICOs, which have scooped up over $10 billion in investment this year so far.

Notably, LuneX will be the first crypto fund from a traditional investor in Southeast Asia, although Wavemaker Partners — which is backed by early Bitcoin proponent Tim Draper — does have a U.S.-based fund.

LuneX will be run by founding partner Kenrick Drijkoningen, who was previously head of growth for Golden Gate, with associate Tushar Aggarwal, who hosts the Decrypt Asia podcast. The two are assembling a small support team which will also be assisted by Golden Gate’s back office team.

Drijkoningen told TechCrunch in an interview that he believes the time is right for the fund, even though the price of Bitcoin, Ether and other major tokens is way below the peaks seen in January.

“Despite the fact that public markets are down, the amount of talent that’s moving into this space is exciting. There are young entrepreneurs who are passionate about this space and want to build an ecosystem,” he said, adding that stability on price is a good thing.

“There’s a lot of crypto funds but most of them are hedge funds,” Drijkoningen added. He explained that LuneX intends to take a longer-term approach to investments by helping its portfolio and generally doing more than shorting and quick trades.

Kenrick Drijkoningen, Founding Partner, LuneX Ventures

Drijkoningen explained the capital will be divided equally for token sales, purchasing existing tokens and equity-based investments in crypto projects. That means getting into private sales and pre-sales for ICOs, and seeing what tokens already on the market have long-term return potential. On the equity investment side, Drijkoningen is looking for what he calls “infrastructure” businesses, such as solutions for token custody, banking and more. The fund’s capital is being raised in fiat, but it is considering allowing Bitcoin, Ether and other tokens.

Although Singapore is seen by many as a ‘crypto haven’ the legal status of crypto and tokens is unclear since the Monetary Authority of Singapore (MAS) has deferred on making these decisions. That’s in contrast to places like Malta, Gibraltar and Bermuda, which are actively wooing crypto companies with incentives and legalization frameworks, but Singapore’s status as a global financial hub and a destination for Southeast Asia’s investor capital has helped make it a destination for crypto companies all the same.

MAS is known for engaging with crypto stakeholders, and Drijkoningen said there had been discussions although he did not elaborate further other than to say that the regulator is “quite well informed.” He clarified that the new fund is structured so that it is legally compliant while it is banking with a “crypto-friendly” bank in the U.S. since Singaporean banks to do provide services to crypto companies.

Drijkoningen said the fund’s LP base is comprised of high net worth individuals who understand crypto or are crypto-curious, as well as hedge fund managers and family offices. He said there’s been interest from projects that raised significant capital from ICOs and want to invest in the ecosystem and grow networks, as well as some long-time Golden Gate LPs.

There’s no doubt LuneX is an early mover in Southeast Asia — well, the world — but Drijkoningen believes it won’t be long before others in the traditional VC space follow suit. He revealed that already a number of other funds are “looking into” the opportunities, and expects that some will make a move “this year or next.”

As for LuneX, the plan is very much to scale this initial fund in the same way that Golden Gate has gone from a small seed fund to a $100 million vehicle in less than eight years.

“We want to get up and running, get a good return and raise a larger fund,” Drijkoningen said. He added that the fund is currently looking over half a dozen or so deals that it hopes to wrap up soon as its first investments.

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.

PR: Stemcell-pj – Tech to Reverse Ageing: Blockchain Startup Joins the Fight for Longevity

Stemcell-pj - Tech to Reverse Ageing: Blockchain Startup Joins the Fight for Longevity

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The mythical fountain of youth. The tales of it appeared in writings by Herodotus, it was sought by the emperors of ancient China, for its sake alchemists spent years trying to create a philosopher’s stone. Centuries have passed, technological progress inexorably moves forward, but the issue of reversing the age is still hanging at poise. All over the world hundreds of clinics and laboratories spend millions of dollars searching for a way to slow down biological time. Now, in the heyday of blockchain and cryptocurrencies, high-tech startups are also joining the race for eternal youth.

Chameleon-like cells

According to the World Bank, about 8.7 percent of the world’s population is people over the age of 65. This is about 652 million humans! The forecasts are even more discouraging: the ageing population grows at an unprecedented rate and the percentage is projected to reach nearly 17 percent by 2050.

The life expectancy increases as well. But a longer life does not necessarily mean a better life. With age, a person inevitably loses strength, beauty and is prone to serious chronic diseases. With the latter years comes an ever-growing risk factor for degenerative illnesses and the development of malignant tumors, Alzheimer’s disease, or dementia.

By defeating ageing, we might overcome many diseases. And vice versa – preventing and curing these illnesses we may finally find longevity.

For more than a decade, stem cell therapy has been at the forefront of a struggle against ageing and severe diseases.

Stem cells are the “universal” building blocks – progenitors of all cell types in our body. They are able to repeatedly divide and transform into cells of any organ. Simply put, if the body needs to regenerate a tissue, stem cells have the capacity to transform into these required tissue cells. The same happens with bones, muscles, tendons. So, the body repairs itself with no medications or surgeries involved. Stem cell therapy is already being used to treat tendon ruptures and serious diseases like leukemia and lymphoma.

If stem cells have such huge potential and have already proved their effectiveness in treating a number of diseases, then what is the problem?

Accelerating the progress

In fact, there are several problems. Firstly, the high price. For example, American clinics charge nearly $10,000 per treatment. Most patients need not just one therapy session, but an entire round. Sometimes the final cost can reach more than $100,000, not including possible travel expenses or follow-up care.

In addition, the availability of stem cell therapies worldwide is much more limited than of other medical treatments. Due to this, there is a growing phenomenon of stem cell tourism. The most popular destinations are the Asian countries of China, Singapore, Malaysia, Japan, and Thailand.

Stem cell therapy is relatively new and promising, but still largely underexplored. Hundreds of biotech companies around the world are engaged in research of biotechnologies, including stem cell transplantation. Scientists are actively pursuing studies on the use of cell therapy in restoring vision for the blind, regrowing teeth and treating Alzheimer’s and Parkinson’s diseases.

With all these companies involved, there is no surprise that the global market of cell therapy is growing rapidly. According to the analysis performed by Transparency Market Research, the industry is expected to reach $270.5 billion by 2025.

Today the struggle against ageing ceases to be just a lot for enthusiasts, donors, and philanthropists but draws the attention of large investors and venture capitalists.

The stem cell market already has its high-tech unicorns. These include biotechnology company Sangamo Therapeutics Inc. with a market capitalization of $1.34 billion; Athersys with a cap of $264.88 million, Cellular Biomedicine Group Inc. with a stock price of more than $20.

The booming crypto industry also doesn’t stand aloof and makes its own contribution to resolving the global problem. In February 2018, one of the most famous people in the crypto universe – the founder of Ethereum Vitalik Buterin – donated $2.4 million to the SENS Research Foundation, a charity funding research for treating age-related diseases.

Blockchain companies are not just donating money, some of them plan to facilitate the research of stem cell treatment and expose this innovative therapy to more people. This is what the Japanese blockchain venture Stem Cell Project is working on. It seeks to extend the healthy life expectancy and make its own contribution to the regenerative medicine – with the help of blockchain, cryptocurrency, and their own token SCC.

“What we can now do with cell therapy is just the tip of the iceberg,” comments the Stem Cell Project team. “The possibilities of stem cells usage are much wider. And we want to be at the forefront of new discoveries, which might save many lives in the future. Cryptocurrency is borderless and healthcare should be the same – with no limits.”

The project promotes a special technology for quick and accurate production of stem cells to allow more people to have access to this advanced treatment. This way, it becomes possible to optimize the cost of the cell therapy and create an environment where people can receive it on equal terms. Stem Cell Project mainly focuses on two directions: making stem cell treatment possible to pay in cryptocurrency and bringing regenerative medicine closer to millions of people – in Asia, and across the whole world. No matter who the patient is and which type of payment he chooses.

With many high-tech ventures already involved, and blockchain companies joining the race, our dreams of a long-lasting life have the potential to finally become a reality. Vitalik Buterin and the Stem Cell Project are among those ‘crypto pioneers’ who stand at the frontier and make their own contribution to modern regenerative medicine. And who knows, maybe their activities will help radically change our human lives.

Learn more about plans and vision of Stem Cell Project on the website and in Telegram chat. Join the discussion.

Press Contact Email Address
info@stemcell-pj.com

Supporting Link
http://stemcell-pj.net/en

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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‘Treasure Ship’ ICO Dupes Investors – South Korea Asks Interpol for Help

'Treasure Ship' ICO Dupes Investors - South Korea Asks Interpol for Help

South Korean police have asked Interpol for help with an investigation into the fraudulent token sale of Shinil Gold Coins that were claimed to be backed by the “treasure” on the sunken Dmitrii Donskoi. Local media reported that the sale raised an estimated $53.5 million from about 124,000 investors.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Treasure Ship Without Treasure

South Korean company Shinil Group announced on July 18 that it had discovered the shipwreck of Russian battleship Dmitrii Donskoi that was scuttled in 1905. The company also claimed at the time that about 200 tons of gold were found on board.

'Treasure Ship' ICO Dupes Investors - South Korea Asks Interpol for HelpThe firm subsequently backtracked on its treasure claims after the country’s financial watchdog, the Financial Supervisory Service (FSS), started investigating it for stock and initial coin offering (ICO) fraud, as news.Bitcoin.com previously reported.

However, before withdrawing its claims, the ICO presale had already taken place through a Singaporean company with the same name, Shinil Group, the Korea Herald described. Shinil Gold Coin tokens are supposed to be backed by the treasure on the Dmitrii Donskoi. Nikkei reported that a full-page advertisement was run in a South Korean newspaper last month, detailing:

The newspaper ad said Shinil, one or the other, would soon show video of the Donskoi wreck and, in the first half of 2019, distribute dividends worth 10% of the value of the treasure that it estimated at 150 trillion won ($133 billion) to holders of the Shinil Gold Coin cryptocurrency.

'Treasure Ship' ICO Dupes Investors - South Korea Asks Interpol for HelpCiting that the tokens were sold “to some 124,000 investors” during the presale, the Korea Herald elaborated, “Shinil was estimated to have raised funds worth almost 60 billion won [~$53.5 million] as of July 26 on the claim.”

The Singaporean Shinil Group claims that “the value of a coin was expected to rise to 10,000 won [~$9] compared to a presale price of 30-50 won [~$0.03-0.05], once it completed an initial coin offering on cryptocurrency exchanges,” the publication added.

Meanwhile, “experts have said imperial Russia would have no reason to load vast treasure on a ship that was going into battle and have also noted that there was a safer land route to Vladivostok, the treasure’s supposed final destination,” AFP reported.

Connection to Singaporean Company

As the FSS launched its investigation of the firm for financial fraud, Korean police also launched a criminal investigation.

'Treasure Ship' ICO Dupes Investors - South Korea Asks Interpol for HelpChoi Yong-seok, president of the Korean Shinil Group, insisted that “Shinil Group in Singapore had nothing to do with Shinil Group in South Korea.” However, the Korea Herald pointed out that “the two companies’ founders are siblings, and the Singapore firm has been selling virtual coins, reportedly with a promise of handsome returns in case treasure is salvaged from the ship.”

Police say “the founder of the Singaporean Shinil Group, surnamed Ryu, was also wanted in connection with fraud allegations dating back to 2014” and they had already requested Interpol’s assistance with him, AFP noted. “Police has been hunting for Ryu since 2014, when he fled the country during a separate investigation…We are asking police in any relevant country to help locate and repatriate him at the earliest possible date.”

Officials of the Korean Shinil Group, including Choi, “have had travel bans imposed on them,” the news outlet detailed:

Police in Seoul requested an international arrest warrant for the founder of a Singapore-based firm Thursday after launching an investigation into the company and a South Korean startup over false claims of discovering a long-lost Russian ‘treasure ship’.

What do you think of this treasure ship scheme? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

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NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores

NYSE Owner: Bitcoin Should Be In Retirement Funds, Credit Cards, Retail Stores

Intercontinental Exchange (ICE), owner of arguably the most important stock exchange in the world, the New York Stock Exchange (NYSE), is introducing a new company, Bakkt. The idea is to weave bitcoin into 401(k)s, credit cards, and retail. The project is getting a lot of hype due in large measure to two very powerful backers: Microsoft and Starbucks. Is this the mainstreaming ecosystem enthusiasts have been urging?

Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton

NYSE Wants Bitcoin in 401(k)s, Credit Cards, Retail Stores

ICE’s digital assets head, turned CEO of the new project Bakkt, Kelly Loeffler, explained in a company blog, “Formed by Intercontinental Exchange — an operator of global exchanges, clearing houses, data and listings services — Bakkt will work with companies that include BCG, Starbucks, Microsoft and others, to create an open ecosystem that supports growing needs in the ~$270 billion digital asset marketplace.”

ICE quietly owns and operates two dozen regulated markets and exchanges, from the United States and Canada to Europe. It also holds clearing houses in the Netherlands, Singapore, greater Europe, the US, and Canada as well. It has revenues well in excess of $5.5 billion. It’s also the parent company for the NYSE, an exchange with great prestige among traditional finance: the NYSE is 226 years old, and is easily the globe’s biggest exchange by market cap, some $21.3 trillion as of last summer.

NYSE Owner: Bitcoin Should Be In Retirement Funds, Credit Cards, Retail StoresMs. Loeffler told Fortune how for over a year ICE built Bakkt in secrecy. The company name is a twist on asset backed securities, Bakkt, which by design is to engender trust. And trust is everything in the legacy marketplace, but it has a decidedly different meaning in the cryptocurrency world. Trust on Wall Street usually means regulations, and lots of them.

Indeed, by late Fall this year, Bakkt hopes to have a fully federally regulated space for all things bitcoin. Fortune notes how “ICE aims to transform Bitcoin into a trusted global currency with broad usage.” That’s an interesting admission for enthusiasts wondering what Wall Street is ultimately up to with this enormous announcement and marketing/public relations campaign. Trust in the Bitcoin ecosystem is established through mathematics, voluntary adoption, by completely bypassing third party fragility, frictions, and gatekeepers for which legacy finance is famous.   

NYSE Owner: Bitcoin Should Be In Retirement Funds, Credit Cards, Retail Stores

Speculation and Coffee

“By combining regulated infrastructure with institutional and consumer applications,” Ms. Loeffler continues, “we’ll apply our track record of bringing transparency and trust to previously unregulated markets. In this way, we intend to play a key role in boosting institutional, merchant and consumer participation in digital assets.” Investment, also according to Fortune, includes Boston Consulting Group, Fortress Investment Group, Eagle Seven, and Susquehanna International Group in addition to better known brands Starbucks and Microsoft.

No doubt, ICE’s endorsement of Bitcoin lends a great deal of credence for other Wall Street investors to start exploring the cryptosphere. A futures market appears immediately in the works. Ms. Loeffler’s blog post details, “As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval. These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies. In addition, the clearing house plans to create a separate guarantee fund that will be funded by Bakkt.”

NYSE Owner: Bitcoin Should Be In Retirement Funds, Credit Cards, Retail StoresFortune believes the bigger move Bakkt is proposing involves everyday retail ventures. “Using Bitcoin to streamline and disrupt the world of retail payments,” the magazine stressed, “by moving consumers from swiping credit cards to scanning their Bitcoin apps. The market opportunity is gigantic: Consumers worldwide are paying lofty credit card or online-shopping fees on $25 trillion a year in annual purchases.” Both Microsoft customers and Starbucks customers are very familiar with digital, smartphone related transactions. Transitioning over to bitcoin, with institutional blessing, should be a snap, ICE is assuming.

Starbucks’ Vice President of Partnerships and Payments, Maria Smith, was quoted in the press release, noting, “As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted, and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks.” That also appears to fly directly in the face of Bitcoin’s ultimate point. To nearly everyone familiar with its power, bitcoin as a currency is an end in-and-of-itself, it is the value, and was meant to leave fiat — not to be simply a keen transfer mechanism to government paper. Nevertheless, Bakkt’s CEO, Ms. Loeffler, concludes, “We’re excited about the opportunity to help unlock the transformative potential of digital assets across global markets. Bakkt is preparing for launch in upcoming weeks, and we look forward to keeping you updated.”

Is bringing Wall Street into crypto a good thing? Let us know in the comments section below. 


Images via Pixabay, ICE, NYSE. 


Be sure to check out the podcast, Blockchain 2025; latest episode here

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PR: Vaultbank to Bring Free Stock Trading with Margin, Top 20 Cryptos, 120+ Fiat Currencies

Vaultbank to Bring Free Stock Trading with Margin, Top 20 Cryptos, 120+ Fiat Currencies

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

SAN FRANCISCO — Vaultbank announces the addition of free stock trading to its October Launch. This is in addition to crypto trading and issuance of security tokens. With all of these services on one platform, users will have a single platform solution to invest globally, trade digitally, and cash out locally.

The Vaultbank Platform is currently in beta testing. A tiered global rollout is scheduled to begin in October 2018. Prospective users are invited to join the waitlist on Vaultbank’s homepage at vaultbank.io.

Through this newly formed partnership, Vaultbank has built a solution for Retail and Hedge Fund investors allowing them to trade U.S. equity securities (NYSE, Nasdaq, OTC) that are priced greater than $1.00 per share. These customers will have the ability to trade on margin and access real-time market data, as well as the ability to short.

This partnership allows Vaultbank to utilize its existing broker dealer for equities trading. Vaultbank is in the process of obtaining its own licenses and approvals for the creation, sale, and trading of tokenized securities in addition to dozens of utility tokens.

Aaron Travis, COO of Vaultbank, shares: “The addition of traditional equity securities on our platform enables our customers to utilize a single platform solution for all of their investing needs. Whereas they would previously use 3-4 other platforms, the Vaultbank Platform will allow individuals from 120+ countries to fund their account with their native fiat, trade an array of digital assets, and cash out to their mobile wallet or bank account. This development is in line with our goal of being a leader in the convergence of traditional finance with the digital asset space through the use of blockchain technology.”

ABOUT VAULTBANK

Vaultbank
Vaultbank is a FinTech company innovating the convergence of two worlds – traditional investments and digital assets. Vaultbank utilizes blockchain technology to create, issue and trade financial instruments through a single platform. By providing the next generation suite of financial services, Vaultbank will allow for the buying, selling, and spending of cryptocurrencies, tokenized securities, and traditional equities on web-based and mobile platforms.

For more information visit: https://vaultbank.io

The Vaultbank Platform
The Vaultbank Platform intends to be one of the first platforms to compliantly facilitate the global trading of both utility and security tokens. Vaultbank has been working with regulatory agencies and other governmental bodies to acquire necessary licenses and comply with strict KYC/AML, FATCA and accreditation requirements in jurisdictions all over the world.

The VB Token
Vaultbank intends to generate profits and distribute dividends to VB Token holders. The VB Tokens represent partial ownership stakes in Vaultbank and its VB Fund and are backed by non-voting shares of Vaultbank held in equitable trust.

The Vaultbank Board of Directors
The Vaultbank Board of Directors includes former BlackRock CIO Ken Kroner, Chairman of the Board Austin Trombley, former Third Point Capital Partner Keri Findley, former MasterCard Head of Digital Commerce (MEA) Aaron Oliver, and Gyft co-founder CJ MacDonald.

MEDIA CONTACT: John Nahas – john.nahas@vaultbank.io – +1-818-438-9707

Disclaimer: Vaultbank refers to a group of companies that includes Vaultbanc Ltd., a Singapore public company limited by shares, and certain of its affiliates. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere. Some of the statements in this press release may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include those relating to our expectations, estimates and intentions regarding our business and our industry, and are generally identified by the words “expects,” “intends,” “anticipates,” believes,” “plans,” “will be” and similar expressions. Readers are cautioned that forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control. Other than as required by law, Vaultbank does not undertake any obligation to update or revise any forward-looking statements. Vaultbank is not a bank as defined under the Banking Act of 1933 or any other applicable law in the United States, Singapore or elsewhere.

Contact Email Address
alina.jais@vaultbank.io

Supporting Link
https://vaultbank.io/

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How Coinmarketcap Incentivizes Exchanges to Report Fake Volume

How Coinmarketcap Incentivizes Exchanges to Report Fake Volume

Bitforex, a cryptocurrency exchange that scarcely scraped the top 100 by trading volume until recently, has been accused of generating false trades on a mammoth scale. Crypto Exchange Ranks, which pulls in open source data from exchange APIs, has published a report in which it accuses Bitforex of creating fake volume and Coinmarketcap (CMC) of being complicit in the scam.

Also read: Powerful Cryptocurrency Firms on the Road Towards Becoming Banks

Bitforex, Coinmarketcap and the Case of the Fake Volume

How Coinmarketcap Incentivizes Exchanges to Report Fake Volume
Everything about Bitforex looks off – including its logo

Fake trading volume, defined as buy and sell orders designed to artificially create the impression of demand, are a running motif in the cryptocurrency world. For as long as anyone can remember, various exchanges have been accused of wash trading and inflating their volume. It’s the equivalent of a half-empty airliner placing its passengers in window seats to give the impression that the plane is full. Creating fake volume may sound like a relatively minor transgression, but it can have major ramifications for traders.

“Cooking the books” by falsifying activity lures traders into signing up for an exchange that may be untrustworthy, insecure, and far less liquid than it looks. Any exchange that is willing to create false volume may have few qualms about committing more egregious crimes against its users. Until recently, Bitforex was a little-known exchange, languishing around 70th in the world by trade volume. It now stands at 12th according to data provided by Coinmarketcap, with 24-hour volume of $227 million.

How Coinmarketcap Incentivizes Exchanges to Report Fake Volume

Crypto Exchange Ranks calls out Bitforex

In a detailed and compelling blog post, Crypto Exchange Ranks outlines its case for Bitforex having generated fake volume. Aside from the fact that Bitforex’ trade volume has multiplied by almost 100x in recent weeks, and now stands at more than 10x that of established exchanges like Kraken and Kucoin, there’s its modest social media presence that includes less than 2,000 Twitter followers. The Singapore-based exchange does have 65,000 Telegram followers, but much of this can be attributed to the usual spate of bots coupled with airdrop token chasers.

How Coinmarketcap Incentivizes Exchanges to Report Fake Volume
Bitforex’ claimed trade volume according to its website

Bitforex claims in its Twitter bio to be licensed in the EU, but there is no evidence to support this; in fact its website states that the platform is licensed in the Seychelles and Philippines. The site also includes such bold claims as having 1.8 million users, to be attracting 15,000 new users a day, and to have amassed $1.5 billion of trade volume, taking it as high as number five on Coinmarketcap’s exchange rankings.

Bit Who?

Crypto Exchange Ranks isn’t buying Bitforex’ claims, writing “We see that the number of UU [unique users] of BitForex is 29K. In turn, Kucoin has 889K unique users. Kraken has 666K unique users. KuCoin’s number of UU is 30 times higher than that of BitForex, Kraken’s number of UU is higher by 23 times.” It concludes:

As we have already discovered through SimilarWeb, the exchange receives the bulk of the new traffic through the referral source — CoinMarketCap; thus, the platform immediately attracts attention. Here’s the explanation: creating and implementing marketing and communication strategies and building a community in an organic way is more expensive than forging trade volumes.

While CMC is unlikely to be abetting Bitforex, in publishing the exchange’s figures without question, it is unwittingly complicit in the deception. Other crypto comparison sites have been less eager to report the sort of inflated figures produced by the likes of Bitforex, regardless of what the data pulled by API might say. With its shoddy web design, poor English, and almost certain fake volume, Bitforex does not inspire confidence. But until Coinmarketcap makes a stand against blatantly falsified volume, exchanges will be incentivized to cheat the system and lure in gullible traders eager to try out the next big platform.

Do you think Bitforex’ trading volume is real? Let us know in the comments section below.


Images courtesy of Shutterstock, Coinmarketcap, and Bitforex.


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US Ranked Top Destination for Coin Offerings, Majority of ICOs Identified as Scams

US Ranked Top Destination for Coin Offerings, Majority of ICOs Identified as Scams

The US remains a leading destination for ICO projects according to a new study that also ranks Switzerland and Singapore in the top three. The report notes that authorities in other jurisdictions, like Russia and Estonia, are working to adopt favorable regulations in order to attract more crypto startups. The findings coincide with another study identifying 78% of all ICOs as scams.

Also read: Less Than Half of ICOs Survive Four Months After Sale, Study Finds

A Third of the Largest ICOs Held in the US

Despite regulatory uncertainty, the United States has established itself as the leading destination for companies conducting Initial Coin Offerings (ICOs), a new study confirms. According to the recently published report, 30 of the 100 largest token sales were held by companies based in the US. The data compiled by the team of the Crypto Finance Conference places Switzerland second with 15 ICOs, and Singapore third with 11 of the biggest coin offerings.

“ICOs continue to gain momentum. They raised $6.3 billion in the first quarter of 2018 — more than was raised in all of 2017,” said the chief executive of CFC, Andrea-Franco Stöhr, quoted by Venture Beat. In a released statement, he also commented that the research provides an opportunity to understand which countries are embracing blockchain and crypto projects and how they do it.

US Ranked Top Destination for Coin Offerings, Majority of ICOs Identified as Scams

The authors of the study also note that a number of countries are making efforts to adopt and implement regulations that would attract and encourage more initial coin offerings. The Russian Federation, which hosted six of the top 100 projects, is one of them. Another report published earlier this year claimed that startups with Russian participation raised $310 million. That study covered a total of 370 token sales.

The other nation that has been mentioned in the study as a crypto-friendly jurisdiction is Estonia, with four of the largest ICOs. According to some reports, the tiny Baltic country accounts for up to 10% of all funds raised through initial coin offerings last year.

78% of ICO Projects Identified as Scams

Despite two recent studies suggesting investors are still bullish on ICOs, a research conducted by the Boston College revealed that less than half of ICOs survive four months after sale. Now, another study, authored by the research company Satis Group, tells us that a staggering 78% of all coin offerings conducted last year have turned out to be scams. These ICOs promised big profits but shared very little information about the project and the team behind it or didn’t even publish a white paper. Most of them disappeared right after the token sale.

The updated data in the “Cryptoasset Market Coverage Initiation: Network Creation” report, released last week, also shows that 4% of the ICO projects have failed to meet their fundraising targets and have returned the capital to the investors. Another 3% were never listed on a trading platform. Only 15% of the coins sold through ICOs continued to be listed and traded on exchanges. Of those currently trading, 7% are deemed ‘successful’, 3% are said to be ‘promising’, and 4% are tagged ‘dwindling’.

US Ranked Top Destination for Coin Offerings, Majority of ICOs Identified as Scams

It’s been estimated that of the $12 billion raised by ICOs, $1.3 billion (11%) was lost to scams, $1.7 billion (14%) disappeared in failed projects, and $624 million (5%) went to those that had gone dead. However, more than 70%, or $8 billion USD, went to ICOs that eventually reached exchanges. According to the study, most of the funds appropriated by scams were invested in three projects. These are Pincoin ($660 million), Arisebank ($600 million) and Savedroid ($50 million).

Do you think the regulatory efforts in many jurisdictions will decrease the number of fraudulent ICOs? Share your expectations in the comments section below.


Images courtesy of Shutterstock, Satis Group.


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Major Korean Exchange Bithumb Expanding into Japan and Thailand

Major Korean Exchange Bithumb Expanding into Japan and Thailand

One of South Korea’s largest cryptocurrency exchanges, Bithumb, is expanding into Japan and Thailand. The exchange is working on obtaining regulatory approval from the financial regulators of both countries. The new locations are part of the exchange’s global expansion plan.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Expanding into Thailand

Major Korean Exchange Bithumb Expanding into Japan and ThailandBithumb is currently working on obtaining regulatory approval from the Thai Securities and Exchange Commission (SEC), local media reported Friday. The exchange is the second largest in South Korea at the time of this writing, with a 24-hour trading volume of about $358 million, behind only the Kakao-backed Upbit with a $582 million trading volume during the same time period.

The exchange has already established a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (~US$90,000). Zdnet quoted the company explaining the reason for its expansion into the Thai market:

Thailand is active in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it promotes smart city business.

Thailand has recently finalized its regulatory framework for cryptocurrencies and initial coin offerings (ICOs). Bithumb has been building its Thai website, the publication added, noting that it plans to start service in Thailand at the end of October.

Major Korean Exchange Bithumb Expanding into Japan and Thailand
Bithumb Thailand’s website. Photo: Zdnet.

Expansion into Japan

Major Korean Exchange Bithumb Expanding into Japan and Thailand
Bithumb Japan’s website. Photo: Zdnet.

Japan legalized cryptocurrency as a means of payment in April of last year. All companies seeking to operate an exchange in the country must obtain approval from the country’s top financial regulator, the Financial Services Agency (FSA). However, with the hack of Coincheck in January, the FSA has been strengthening its oversight of crypto exchanges and imposing a stricter exchange approval process.

Nonetheless, Bithumb is seeking approval from the FSA with a plan to open an exchange in Japan in February next year, the news outlet conveyed. The exchange also revealed that “it plans to set up an exchange that supports the largest number of coins in Japan,” the publication noted.

Global Expansion Plan

Major Korean Exchange Bithumb Expanding into Japan and ThailandEarlier this year, Bithumb announced that it is looking for partners for its global expansion. The exchange says it will work closely with overseas partners to launch platforms that are faster and more efficient for traders worldwide.

Projects which Bithumb will collaborate with potential partners include “cash (deposit/remittance/debit) management processing, the operation of an exchange platform, [and] marketing & promotion and customer service,” the exchange detailed. According to the announcement:

Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.

According to Money Today, Bithumb has also established a subsidiary in Singapore and Britain. “We are considering establishing overseas subsidiaries in various countries such as the U.S. and Europe, but the time has not yet been determined,” the exchange clarified.

In April, the third largest crypto exchange in South Korea, Coinone, announced its expansion into Indonesia.

What do you think of Bithumb expanding into Thailand and Japan? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Zdnet.


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PR: After a Sold-Out 1st Pre-Sale Stage, DECOIN Finishes Development of Blockchain Environment

After a Sold-Out 1st Pre-Sale Stage, DECOIN Finishes Development of Blockchain Environment

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

DECOIN’s 2nd pre-sale stage, featuring a 39% bonus, ends Friday, June 22nd..
A Community-Driven Development Solution

DECOIN, a revenue-sharing exchange and trading platform, has a simple, albeit ingenious solution to the problems hampering cryptocurrency exchanges. They use proof-of-stake (PoS) as a means of validating DECOIN wallet transactions and sharing the value created by the exchange. Instead of requiring a MasterNode, users with a minimum amount of DECOIN are entitled to a proportionate return on their investment.

Boasting a 4.5/5 rating on ICOBench, DECOIN is poised to be one of 2018’s most interesting blockchain projects. As DECOIN aims to attract a worldwide user base, they are accepting multiple payment mediums for their ICO–including Bitcoin, Ethereum, Visa and MasterCard.

Decoin’s Innovative Offering

DECOIN transactions are digitally signed and verified for security. The revenues of DECOIN are then shared with coin holders. These revenues include spreads, commissions, aggregation, risk positions, and margin interest.

Their algorithm rewards loyalty by ensuring an average of 6.2% annual interest return to all coin holders that stake their coins in DECOIN’s online wallet. Thanks to new currencies, approaches, ideas, and technologies, the crypto community is in constant flux. One shift is particularly fundamental: the changing nature of the blockchain-mining ecosystem.

Blockchain mining requires incredible processing power, making it both environmentally damaging and no longer profitable for its miners. DECOIN offers an innovative, community-driven proof-of-stake (PoS) solution.

Progress in Development

DECOIN has already finished the development of their blockchain environment. This includes the generation of coins and native wallet creation. They have even launched a website for the public to view the progress.

Along with this rapid technical progress, DECOIN has added multiple languages to their platform, allowing users worldwide to benefit from their ground-breaking technology.
Attention to Regulation

DECOIN’s CEO Shay Perry has publicly stated that their team is applying for local licenses where needed, in order to ensure the viability and continuation of both DECOIN and the DTEP exchange and trading platform. Anticipating the potential scenario that DECOIN may be construed by regulators as a security, DECOIN is taking a number of precautions–including the exclusion of investors from China and the United States from participating in the ICO.

The company has commenced RMO regulatory procedures in Singapore. After this process has been completed, DECOIN’s DTEP trading and exchange platform will be able to act as a global exchange, while adhering to stringent regulatory framework.

Looking Forward

Upon DECOIN’s launch, platform users will have the ability to trade numerous cryptocurrencies on the DTEP exchange and trading platform in addition to the proprietary currency–including Bitcoin, Litecoin, Ethereum, Neo, and Ripple. DECOIN itself will also be listed for trading on multiple exchanges, which are soon to be announced.

More information on the ICO and the company itself, including whitepapers and vision, can be found on https://www.decoin.io

Follow us on our social media channels:
Website : https://decoin.go2cloud.org/SH1H
Telegram : https://t.me/xDECOIN
Bitcointalk ANN : https://bitcointalk.org/index.php?topic=3311450.0
Twitter : https://twitter.com/@decoin_io

Contact Email Address
sydney@ifergan.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Bitcoin in Brief Monday: From New York to Historic Istanbul Market

Bitcoin in Brief Monday: From New York to Historic Istanbul Market

The stories covered in today’s edition of Bitcoin in Brief hail from all across the globe. In New York a major cold storage company has received a Bitlicense, in China there are new signs of crypto mania, and in Turkey bitcoin has made an appearance at a historic Istanbul market.

Also Read: Etoro Is Launching an OTC Crypto Trading Desk for Institutions

Xapo Receives Bitlicense

Bitcoin in Brief Monday: From New York to Historic Istanbul MarketThe New York Department of Financial Services (DFS) has announced it granted a virtual currency license to Xapo, the company providing wallet, cold storage, and bitcoin-based debit card services estimated to hold around $10 billion worth of BTC. With the Xapo approval, DFS has in total approved eight firms for virtual currency charters or licenses.

The regulator says it has conducted a comprehensive review of Xapo’s application, including the company’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies. According to the license, Xapo will be authorized to offer a digital wallet and a vault service, and be subject to ongoing supervision by DFS. Xapo President Ted Rogers said: “We are very pleased with the approval of Xapo’s BitLicense application. It is the end result of much hard work, not just by Xapo personnel but by the DFS and its staff.”

2000 New Chinese Crypto Foundations?

If anyone really expected that the Chinese government could keep its hordes of cryptomaniac citizens out of the market, they’re due for a rude awakening. According to reports from the giant Asian economy, at least 2,000 new crypto foundations have been set up by Chinese people in offshore jurisdictions, most of these to facilitate the trade of new ICO tokens. The main hubs for this activity are said to be in places offering quick and easy registrations such as Singapore, the Cayman Islands, and Malta. The size of each such foundation is estimated to range from tens of millions to tens of billions of Chinese yuan.

Would-Be Bitcoin Robbers Indicted

According to media reports from the state of Georgia, a group of would-be bitcoin thieves we previously reported on has been indicted by the Superior Court of Forsyth County on charges of conspiracy to commit burglary and robbery. The five young men, Justin Ellison, Trivette Adams, Matthew Schwartz, Jacob South, and Michael McDermont, conspired to break into a local home and steal nearly $1 million in bitcoin. They were formally charged last Monday, June 11, with counts of conspiracy to commit burglary and conspiracy to commit robbery by force.

Bitcoin Grand Bazaar

An image posted to Reddit a few days ago shows that bitcoin is now available in one of the largest and oldest covered markets in the world. A retail currency exchange shop has placed a bitcoin sign to attract the many shoppers and tourists that visit the Grand Bazaar every day. Turkey could be an ideal location for bitcoin adoption as the local fiat, the Turkish lira, has been on a downward spiral for a while now and the country is an international nexus for trade.

Bitcoin accepted in 550 year old Istanbul market! from r/Bitcoin

What do you think about today’s news? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


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PR: Viola.AI, AI Singapore and Singapore Management University Announced Strategic Partnership

Viola.AI, AI Singapore and Singapore Management University Announced Strategic Partnership

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

SINGAPORE – Viola.AI, the blockchain-powered dating and relationships AI has announced its strategic partnership with AI Singapore, a Singapore government initiative to catalyse, synergise and boost the nation’s AI capabilities, and Singapore Management University (SMU) to provide dating and relationship solution for singles, couples and married couples with quality matches, date arrangements, helpful relationship advice and recommendation of goods and services.

Viola.AI is the latest product by Singapore’s home-grown 14-year-old dating company Lunch Actually Group. Co-founders Violet Lim and Jamie Lee are leveraging on blockchain technology to employ a verification system that helps singles have the confidence that they are meeting genuine singles through real-time face scan, photo and social media checks. The Viola. AI team is also creating an evolving smart Love AI based on the user’s relationship status to help singles find their match and help couples nurture and grow their current relationships.

In 2017, Singapore’s total fertility rate dropped to 1.16, the second lowest ever recorded. According to the General Household Survey, the proportion of singles in the age group of 25–29 age group has sharply increase from 51.7% in 2000 to 71.4% in 2015 in the country. And despite most of them indicated that they wanted to get married in the future, nearly half of singles in Singapore have not dated seriously before, based on the latest study by National Population and Talent Division (NPTD). The top reason for not dating was not being able to find a partner.

“When we first heard of AI Singapore, we approached them immediately and was one of the first company to showcase our proposal to them. We are glad that they understood our BHAG (big hairy audacious goal) of creating one million happy marriages and they have been extremely supportive of our project. AI Singapore has since connected us to SMU and facilitated the collaboration. We’re very excited for the impact that this strategic partnership will have for Viola.AI to make it the smartest AI Love Advisor,” said Violet Lim, CEO & Co-Founder of Viola.AI.

Viola.AI is set to revolutionize the industry and solve these current problems by creating a robust and holistic AI matching and recommendation engine that leverages on Lunch Actually Group’s existing matching model, database of more than 1.4 million users and their domain knowledge in the matchmaking service for the past 14 years. Lim added, “Our goal is to develop a powerful, more effective matching model which is not just key in giving singles better matches, but also serves as the strong foundation for developing robust advisory engine that can understand the complex relationship issues and provide appropriate relationship advice to singles, couples or married couples.”

As part of this collaboration, SMU will conduct a research project to feed data to the personality match engine model that incorporates thorough review on spouse selection and family formation and lead the various focus groups and surveys on the sociology and technical aspects on matching.

The team at SMU will benefit from Lunch Actually Group’s 14 years of industry experience, and their in-house personality-matching algorithm for their existing online and offline hybrid dating service, esync. Viola.AI will also receive tremendous support in resources through experts and the AI Apprenticeship Program by AI Singapore and SMU to create a revolutionary, efficient matching engine.

Professor Paulin Straughan, SMU Sociologist said, “Despite the many initiatives to encourage more couples to get married and start a family, it is still tough for singles, especially in Singapore, who have high pressure to do well in their career, to find the time to meet and choose the right partner. There is also shows more to be done to help couples nurture their relationship so that they can continue to strengthen marital bonds, to better prepare for marriage challenges.”

Prof. Straughan who will serve as the Principal Investigator in this project added, “The insights from sociological research that we will conduct will be essential in building the AI matching and recommendation engine, and help us better understand the singles and couples, and anticipate their needs. We expect the AI to be pro-active in recommending future actions based on users’ characteristics, needs and values to ensure a lasting and happy relationship. While face-to-face advisory remains an important aspect of marriage advisory, we anticipate that many will find it more convenient and conducive to have an AI platform that draws on a comprehensive database to provide ideal matches in a safe environment which protects their privacy.”

The strategic partnership between Viola.AI, AI Singapore and SMU is an important milestone in AI Singapore’s cooperation with different industries in the area of AI development, research and education.

“We are delighted to partner with Viola.AI and SMU in this exciting project. Viola.AI is an example of an innovative product which shows that AI technology is here to change the game and puts homegrown startup like Lunch Actually Group at the forefront of the dating industry. We’re glad to be a part of it,” said Laurence Liew, Director of AI Industry Innovation, AI Singapore.

**END**

Viola.AI will be starting their Public Sale on 17 June 2018 at 8pm (UTC+8), and its MVP product has been launched to its selected Alpha testers this week.

Join the discussion on Viola.AI Telegram: https://t.me/ViolaAI

Contact Email Address
christina@viola.ai
Supporting Link
www.viola.ai

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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