Author: TheBlockchainExaminer.com

luxxfolio-continues-mining-growth-and-increases-btc-reserves-by-16%

LUXXFOLIO Continues Mining Growth and Increases BTC Reserves by 16%

February 3, 2022 Published by

 

LUXXFOLIO Holdings Inc. (the “Company” or “LUXXFOLIO”) (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt/Berlin: LUH) a vertically-integrated digital asset company announces the following operational update:

Mining Overview (as at or for the month of January 2022):

  • Bitcoin Mine site operating at ~139 PH/s – 6% Increase MoM (Dec. 31, 2021: 131 PH/s);
  • Total monthly Bitcoin mined of 22.01 (Dec 2021 = 20.45 Bitcoin);
  • Bitcoin equivalent reserves at end of month of ~82.6 (78 BTC and 64 ETH) (Dec. 31, 2021= 71.5);
  • Expansion of the New Mexico mining operation continues as scheduled. Groundwork has been completed and all electrical equipment has been delivered to the site. Electrical connections are being finalized with the first phase expansion scheduled to be completed over the next month, coinciding with the next batch of miner deliveries.
  • Final completion of expansion is scheduled for calendar Q2 of this year, which will increase capacity from approximately 8MW to 15MW.
  • The company has opened a second mining operation in Canada where it is mining Filecoin as part of its diversification strategy.

Ken MacLean, President of LUXX commented “Our mining site expansion is nearing completion including the addition of 2100 miners by mid-2022. With immersion technology, we anticipate this will increase our capacity to 370-395 PH/s. In addition, we are beginning to see miner purchasing opportunities as supply chain improvements continue and inventory levels begin to rise.”

Recent Company Highlights

Date

Milestones

Nov 2021:

LUXXFOLIO Procures Immersion-Cooling for Crypto Mining Operations with
anticipated 25% Increase in Hash Rate (NR Nov. 10, 2021)

Nov 2021

LUXXFOLIO accepts early delivery of an additional 100 Miners (total of 735
early deliveries) resulting in a Hash Rate increase of 162% since Sept. 1 2021
(NR Nov. 16, 2021)

Nov 2021:

LUXXFOLIO closes acquisition of Ethereum mining operation (NR Nov. 27, 2021);

Dec 2021

LUXXFOLIO closes ~$10 Million Institutional led Bought Deal Financing led by
investment banking firm PI Financial (NR Dec. 2)

Dec 2021

LUXXFOLIO finalizes order for additional 500 Bitmain S19J Pro miners thereby
increasing anticipated future hash rate to 360 PH/s (NR Dec. 16, 2021)

Jan 2022

LUXXFOLIO rolls out Decentralized Storage Vertical (NR Jan. 31, 2022)

Estimated Calendar Miner Delivery and Installation Dates

  • Q1 2022: 600 Miners
  • Q2 2022: 1100 Miners
  • Q3 2022: 300 Miners
bitcoin-sv-technical-standards-committee-recommends-first-technical-standard

Bitcoin SV Technical Standards Committee recommends first technical standard

February 2, 2022 Published by

 

Bitcoin Association for BSV, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV (BSV) blockchain and digital currency, today announces that the Bitcoin SV Technical Standards Committee (TSC), an industry-led standards organisation for the BSV ecosystem, , has progressed the Merkle proof standardised format to the recommended stage – the first BSV Technical Standard to reach this milestone.

Merkle proofs are vital to all uses of Simplified Payment Verification (SPV) described in the original Bitcoin whitepaper and form the foundation of most user interactions with the Bitcoin network. Because there are a wide variety of implementations transmitting and receiving Merkle proofs, a standardised format was proposed to improve interoperability of Merkle proofs between applications across the BSV ecosystem.

After first being proposed in June 2020 and passing an initial checkpoint review by the 10 Technical Standards Committee members, the proposed standard data format for Merkle inclusion proofs was drafted by a dedicated workgroup and subjected to several subsequent review phases – including an open public review – after which the standard was published in June 2021. Following the publication of the standard, the TSC has monitored the standard for adoption from businesses to determine its usefulness to the broader BSV ecosystem.

With the Merkle proof standardised format now in use across three prominent ecosystem applications – the Bitcoin SV node software, Merchant API (mAPI), ElectrumSV and ElectrumX – the TSC has determined that the standard has reached a sufficient level of adoption to progress to the recommended stage. The standardised format for Merkle proofs is now recommended for all businesses across the BSV ecosystem that utilise Merkle proofs in their application or service. The TSC will continue to monitor the standard for adoption, as well as any potential improvements or modifications that may be required to ensure that it remains useful and relevant for businesses that implement it.

The TSC was established to professionalise the development of Bitcoin technology in order to support major enterprise use and accelerate global adoption. It works to promote technical excellence and enhance interoperability across the BSV ecosystem through standardisation. The committee aims to facilitate industry participation and representation in the development of global standards that will promote technical excellence and enhance interoperability across the BSV ecosystem. To find out more, visit tsc.bitcoinassociation.net today.

Commenting on today’s announcement, Bitcoin Association for BSV Founding President Jimmy Nguyen said:

‘The work of the Bitcoin SV Technical Standards Committee is vital to professionalising the development of Bitcoin technology for business and ensuring that it is compatible, interoperable and useful. After nearly two years of work, the Merkle proof standardised format becoming the first standard to reach the recommended phase and see real adoption across the BSV ecosystem is a testament to the hard work that has been put in, the processes that have been developed – and more broadly – the importance of the TSC. I would like to extend my personal thanks to the TSC, the members of the Merkle proof standardised format working group and all of the individuals that have contributed to the success of the first BSV technical standard.’

Also commenting, Chair of the Bitcoin SV Technical Standards Committee Steve Shadders said:

‘The first BSV technical standard progressing to the recommended stage – the final stage for technical standards – represents a significant achievement for the Bitcoin SV Technical Standards Committee. The process to get to this stage has been lengthy, but the standard satisfying all of the criteria required to reach the recommended stage is significant and serves as validation, not only for the Merkle proof standardised format, but also for the TSC and the value it brings to the wider BSV ecosystem. Being the first technical standard to reach this stage, there have been several lessons learned throughout the process for the TSC and its working groups, which will benefit the development of all future technical standards – and more broadly – the BSV ecosystem.’

coinfield-selects-datavault’s-patented-nft-minting,-management,-and-monetization-platform-for-purchases-in-over-187-countries-worldwide

Coinfield Selects Datavault’s Patented NFT Minting, Management, and Monetization Platform For Purchases In Over 187 Countries Worldwide

January 31, 2022 Published by

 

Data Vault Holdings Inc., leading the way in tokenomics and metaverse data visualization, valuation, and monetization, today announces a deal with leading international cryptocurrency exchange Coinfield, which has established users within 187 countries and has an average daily trade volume of $33 million per day. Coinfield will leverage patented tools provided by Datavault® that enable end users to mint their own crypto tokens and market them through its leading global exchange. Datavault’s patented technology will provide Coinfield’s NFT exchange with robust tools for both the creation and monetization of NFT assets.

In the evolution of the cryptocurrency market, NFTs surged to $10.7 billion in Q3 2021, more than eight times the sales volume in Q2 2021. Datavault® technology is strategically positioned to tap into the vast opportunities within this emergent market, and its value is unlocked inside the scale and volume that Coinfield has established within traditional cryptocurrency trading. The combination of both Coinfield’s existing and growing user base and Datavault’s NFT platform creates the largest and most technically equipped NFT exchange ever built.

“While NFTs have existed for a number of years, the market is still very nascent. It is only within the last two years that NFTs have experienced tremendous growth and interest from sectors both fringe and mainstream. For those of us dedicated to the advancement of data transformation, who have predicted the financial and societal benefit of data autonomy for years, the explosion of NFT creation and trading in 2021 is a watershed moment for the data industry. Our empowerment of Coinfield with our patented NFT platform will create minting, management and monetization capabilities that are second to none. This new Coinfield NFT Exchange powered by Datavault® will augment the company’s profitability within the growing metaverse,” states Nathaniel Bradley, co-founder and CEO of Data Vault Holdings.

Coinfield currently serves 240,000+ users and anticipates a substantial increase in trading volume with the onboarding of 9 to 10 million mobile and trading platform users from Tingo Mobile, a leading agri-fintech business based in Africa. As a fully regulated crypto-to-fiat exchange, Coinfield provides access to more than 20 of the most popular digital assets that include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and now through Datavault®, non-fungible tokens (NFT’s). Coinfield also serves as an on and off-ramp for major fiat currencies USD, EUR, GPB, JPY, CAD, and AED. In 2021, Coinfield serviced $17 billion in transactions. The exchange can also sustain 10,000 orders per second.

The introduction of an NFT exchange powered by Datavault® will allow Coinfield users to monetize individual data assets. These assets–which may include but are not limited to art, GIFs, video highlights, collectibles, avatars, music, or tweets–will be transformed into one-of-a-kind digital items to buy, sell or trade through the Coinfield NFT Exchange, powered by DatavaultⓇ.

Benefits of NFT creation through Coinfield include value preservation, increased liquidity through decentralized finance (DeFi), enhanced security through blockchain technology, and authenticated, immutable ownership.

The Coinfield NFT Exchange powered by Datavault® will enable consumers to take advantage of this new asset class. This agreement represents a leap forward in providing companies with the suite of crypto technology tools needed to access the full potential within the metaverse.

at-506%-cagr,-blockchain-technology-in-healthcare-market-to-hit-usd-513.1-million-to-2028,-says-brandessence-market-research

At 50.6% CAGR, Blockchain Technology In Healthcare Market to hit USD 513.1 Million to 2028, says Brandessence Market Research

January 31, 2022 Published by

 

According to Brandessence Market Research, the valuation of Blockchain Technology in Healthcare Market will grow to USD 513.1 Million to 2028, growing from USD 248.7 Million in 2021. The market is set to register robust growth with a promising CAGR of 50.6% during 2022-2028 period.

Increasing demand for easy-to-use and inexpensive data management tools is the key factor driving the growth of Global Blockchain Technology in the Healthcare Market. “Blockchain Technology In Healthcare Market Size, Share, And Trends Analysis Report By Type (Public, Private) By Application (Supply Chain Management, Clinical Data Exchange And Interoperability, Claims Adjudication And Billing Management, Other Applications) By End-User (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, Other End Users) Based On Region, And Segment Forecasts to 2022 – 2028″

Get Sample Copy of This Premium Report@ https://brandessenceresearch.com/requestSample/PostId/569

Scope of Global Blockchain Technology in Healthcare Market Report:

Blockchain technology is one of the most important and disruptive technologies in the world. There is an increase of blockchain technology in various industries to innovate the way they function. One of the industries that are looking to adopt the blockchain in the healthcare industry. A blockchain can be simply defined as a time-stamped series of an immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data is secured and bound to each other using cryptographic principles. Blockchain technology has the potential to transform health care, placing the patient at the center of the health care ecosystem and increasing the security, privacy, and interoperability of health data. It can provide a new model for health information exchanges (HIE) by making electronic medical records more efficient, secure, and disintermediated.

Key market players, of Blockchain Technology in the Healthcare Market are like,

  • IBM
  • Microsoft
  • Guardtime
  • Pokitdok
  • Gem
  • Patientory
  • Hashed Health
  • Chronicled
  • Isolve
  • Factom
  • Blockpharma
  • Medicalchain
  • Simplyvital Health
  • Farmatrust

Increasing Threat of Counterfeit Drugs is One of the Major Factors Driving the Market Growth

Increasing incidences of information leaks, to reduce drug counterfeit and strategic initiatives taken by the key players are the major factors driving the growth of this market. Counterfeit medicines are on the ascent, murdering an expected 1 million individuals per year. For example; The World Health Organization (WHO) gauges that around 10% of prescriptions over the world are fake and that this rate is as high as 30% in certain zones of Asia, Latin America, and Africa. Thus, the OECD has reasoned that the fake pharmaceutical industry is worth someplace in the district of $200bn every year – for correlation, the illicit medication exchange is worth around $246bn.

Due to how rewarding the fake prescription business currently is, it has seen emotional development as of late, making Interpol report a nine-fold increment in the volume of phony medications provided between 2011–14. Blockchain innovation, infamous for its applications in verifying tremendous swathes of information that is difficult to control, can possibly handle this developing illegal industry by following the development of medications. In addition, the growing need for an efficient health data management system and the increasing prevalence of diseases are expected to create a huge amount of data and supplement the market growth. However, the Lack of a central entity & common set of standards may hamper the market growth. Moreover, leveraging blockchain technology in healthcare records will ensure that the data cannot be altered to ensure data integrity.

Blockchain in Technology Healthcare Market Segmentation:

By Type:

  • Public
  • Private

By Application:

  • Supply Chain Management
  • Clinical Data Exchange and Interoperability
  • Claims Adjudication and Billing Management
  • Other Applications

By End-User:

  • Pharmaceutical Companies
  • Healthcare Payers
  • Healthcare Providers
  • Other End Users

Get Methodology @ https://brandessenceresearch.com/requestMethodology/PostId/569

North America is Expected to Dominate the Blockchain Technology in Healthcare Market.

North America is expected to dominate the global technology in the healthcare market within the forecast period. According to The United States Census Bureau, more than 91.2 Million Americans were secured by medicinal services protection, out of which Medicaid gave protection inclusion to the 19.4% and Medicare represented 16.7% and 16.2% profited protection benefits by direct-buy. To keep up the constant record of protection holder’s insurance agencies can favor Blockchain innovation in the future. The European market is expected to be the second-largest market for blockchain innovation in the social insurance showcase. The market development in this district can be credited to the expanding number of clinical preliminaries with expanding innovative work consumption in the pharmaceutical industry, expanding mindfulness about Blockchain innovation in the area, and rising social insurance use is relied upon to drive the development of the market.

Asia-Pacific is expected to be the quickest developing blockchain innovation in social insurance advertising within the forecast period attributable to the expanding non-exclusive pharmaceutical industry in the district, consistently expanding interest in human services and reception of innovation in medicinal services.

On Special Requirement Blockchain Technology in Healthcare Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South.Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Our Market Research Solution Provides You Answer to Below Mentioned Question of Blockchain Technology in Healthcare Market.

  • Which are the driving factors responsible for the growth of the Blockchain Technology in Healthcare market?
  • Which are the roadblock factors of this market?
  • What are the new opportunities of Blockchain Technology in Healthcare, by which market will grow in coming years?
  • What are the trends of this market?
  • Which are the main factors responsible for a new product launches?
  • How big is the global & regional market in terms of revenue, sales, and production?
  • How far will the market grow in the forecast period in terms of revenue, sales, and production?
  • Which region is dominating the global market and what are the market shares of each region in the overall market in 2021?
  • How will each segment grow over the forecast period and how much revenue will these segments account for in 2028?
  • Which region has more opportunities?
  • And More

Get Full Access of all Report: https://brandessenceresearch.com/technology-and-media/blockchain-technology-in-healthcare-market

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binance-secure-asset-fund-for-users-valued-at-$1bn

BINANCE SECURE ASSET FUND FOR USERS VALUED AT $1BN

January 31, 2022 Published by

 

Binance, the world’s largest crypto and blockchain infrastructure provider, today announced that it has updated its Secure Asset Fund for Users valued at US$1 Billion.

The Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established by Binance in July 2018 to protect users’ interests. When the fund was established, Binance committed a percentage of trading fees in order to grow it to a sizeable level to safeguard users interests.

Changpeng Zhao (CZ), Founder and CEO of Binance said: “At Binance we always said ‘funds are safe’, and today the Binance Secure Asset Fund size acts as an effective safeguard as well as protection for users against such unlikely issues. Coupled with our state of the art security, we are confident that our user’s interests are well-protected.

CZ added: “Transparency is an important element of building trust, which is why we are publishing our insurance fund wallet address. We call on all centralised exchanges to do the same as it will benefit the entire ecosystem and demonstrate to governments, regulators and important stakeholders our collective commitment to uphold trust, integrity and transparency in the crypto ecosystem.”

When the Secure Asset Fund for Users was first established in 2018, Binance began allocating 10% of all trading fees to provide insurance for potential security breaches. Moving forward, Binance will continue to monitor the size of the SAFU in order to ensure the fund size remains adequate to protect users interests.

The Secure Asset Fund was valued at US$1 billion based on the opening price on January 29, 2022. The value of the fund will fluctuate based on the market.  The Fund can be viewed in two wallet addresses and comprises BNB, BUSD and BTC. The wallet addresses are here and here.

arv-partners-with-ibm-to-build-a-national-digital-corporate-identity-system-for-thailand’s-standardized-corporate-onboarding-process

ARV partners with IBM to build a national digital corporate identity system for Thailand’s standardized corporate onboarding process

January 31, 2022 Published by

 

AI & Robotics Ventures Company Limited (ARV), a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), announces that it is launching a blockchain-based National Digital Corporate Identity (NCID) platform, developed in collaboration with IBM (NYSE: IBM).

The platform will reduce the time it takes for corporate onboarding, also known as Know Your Customer (KYC), at banks. By improving the identity verification of corporate authorized signatories, what used to be a paper-intensive process that could take more than four weeks to complete, is reduced to less than a week. The swifter and leaner process will offer more opportunities for banks and corporates to engage in opportunities which otherwise would have been discouraged due to existing KYC processes.

The NCID platform, the first-of-its-kind digital corporate identity system in ASEAN (Association of South East Asian Nations), incorporates Thailand’s Electronic Transaction Development Agency standards of self-sovereign identity on public blockchain and secure cryptographic key encryption. Developed on IBM Cloud and Red Hat OpenShift, the platform is secured by the industry’s highest FIPS 140-2 Level 4 security certification, implementing the Keep-Your-Own-Key concept to support future scale and expansion.

“Today marks an important milestone where multiple parties, from government agencies, regulators to PTTEP and its banking partners, collaborate to uncover and tackle the bottle-neck challenges of the corporate onboarding process with Web3 technology,” said Sinthu Satawiriya, Head of Ventures at AI and Robotics Ventures. “In collaboration with IBM, this secured platform will unlock new digital banking opportunities between corporates and banks. We believe that the platform and its system will revolutionize the access to digital finance for the entire juristic community across Thailand’s financial and business ecosystem in the near future, in alignment with the Smart Financial Infrastructure effort and ecosystem currently led by the Ministry of Finance and Bank of Thailand.”

“IBM is proud to bring our superior technologies, our proven industry expertise and our hybrid cloud infrastructure to help ARV pioneer the creation and execution of this new digital ID network,” said Sawat Asdaron, Managing Director of IBM Thailand and Managing Partner of IBM Consulting. “This blockchain-based digital ID platform will bring transformational impact, as not only does it speed up processing time markedly, but also will lead to the standardization of corporate identity verification process for banks in Thailand and support the journey towards comprehensive digital infrastructure of our country.

The system will go live on the ASEAN’s first-of-its-kind joint sandbox set up by the Electronic Transaction Development Agency and the Bank of Thailand in early 2022 and will be first used by PTTEP and its banking partners for corporate KYC for treasury and bank accounts.

As the anchor of the network, PTTEP has collaborated with Bank of Thailand, Electronic Transaction Development Agency and their more than 11 partner banks to pilot the platform via ARV.

gate.io-is-launching-a-new-market-maker-incentive-program-for-potential-corporate-partners

Gate.io is launching a new Market Maker Incentive Program for potential corporate partners

January 28, 2022 Published by

 

Through their premium services and programmes, Gate.io has become one of the most popular cryptocurrency exchanges in the world. Now, Gate.io is launching a new competitive Market Maker Incentive Program with five major rewards, including a total prize pool worth $800,000.

Market Maker at Gate.io

A market maker is one of our most important partners on Gate.io, as the company focuses on increasing liquidity on its exchange while continuing its expansion. Gate.io supports some of the leading cryptocurrencies in the world with flexible leverage of up to 100x, a frequency of 900r/s for order placement, 5000r/s for order cancellations and support for over 300 connections through WebSocket. Therefore ensuring Gate.io to continue serving corporate and VIP clients at our maximum capability.

Market Maker Incentive Program

In order to promote Gate.io premium services, Gate.io is announcing a new Market Maker Incentive Program, where top liquidity users can enjoy various rewards ranging from 200, 000 USD in monthly prize pool money to free 30 days VIP+1 experience, interest free loans worth up to 4 mil USD, exclusive COLO services with millisecond updates and many more.

In order to participate in this campaign, all accounts on Gate.io or new accounts from other platforms must have exceeded trading volumes of  3000 BTC in 30 day spot or contract trading. Afterwards, each account can apply for VIP membership of Level 8 to Level 15 and participate in the competition.

galaxy-digital-announces-public-filing-of-registration-statement

Galaxy Digital Announces Public Filing of Registration Statement

January 28, 2022 Published by

 

Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy Digital” or “the Company”), a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, today announced that it has publicly filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed reorganization and domestication of Galaxy Digital from the Cayman Islands to Delaware, and proposed Nasdaq listing of the Class A common stock of Galaxy Digital Inc., a new Delaware holding company, under the ticker symbol “GLXY”.

As previously announced, the Company intends to complete the proposed reorganization and domestication to become a Delaware-based company, and subsequently list on the Nasdaq, upon completion of ongoing SEC review and subject to stock exchange approval of such listing.

The proposed reorganization and domestication is also subject to approval by shareholders of the Company and applicable regulatory authorities, including the Toronto Stock Exchange. The Company anticipates holding a shareholder meeting to seek approval following the effectiveness of the registration statement.  Further details will be included in a management information circular of the Company to be mailed to shareholders and posted on the Company’s SEDAR profile at www.sedar.com.

Shareholders may obtain a free copy of the registration statement (including the management information circular/prospectus and the consent solicitation statement/prospectus contained in such registration statement) and any other relevant documents filed with the Securities and Exchange Commission (the “SEC”) from the SEC’s website at http://www.sec.gov. SHAREHOLDERS ARE ADVISED TO READ THE FINAL VERSIONS OF SUCH DOCUMENTS, WHEN AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Copies of the final versions of such documents can also be obtained without charge, when available, via the Company’s investor relations website: https://investor.galaxydigital.io/.

This announcement shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of any of the proposed transactions. A registration statement relating to the securities described in this announcement has been filed with the SEC but has not yet become effective. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

verifyvasp-launches-travel-rule-working-group-with-14-korean-virtual-asset-service-providers

VerifyVASP Launches Travel Rule Working Group with 14 Korean Virtual Asset Service Providers

January 28, 2022 Published by

 

VerifyVASP launches the Travel Rule Working Group (TRWG – Korea) in association with 14 operators who have completed the virtual asset service provider registration process in Korea. The Travel Rule Working Group will utilize VerifyVASP’s end-to-end encrypted messaging protocol to satisfy the Travel Rule requirement by the end of March, which is the deadline to comply with Travel Rule in Korea under the “Act on Reporting and Using Specified Financial Transaction Information”.

APROBIT, Beeblock, Cashierest, COIN & COIN, COREDAX, Flata, FLYBIT, FOBLGATE, GOPAX, Hanbitco, Huobi Korea, OkBit, TENNTEN, and PROBIT are among those who are participating in the Travel Rule Working Group. The VerifyVASP team anticipates additional participation from other businesses who have completed the virtual asset service provider reporting process. The Travel Rule Working Group plans to complete all the necessary integration and testing by mid-February before conducting a month long pilot, expecting stable operations in full compliance with the regulatory requirements before the end of March.

In December 2021, VerifyVASP attracted strategic investment  from Chainalysis, the blockchain data platform. The company provides  data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. VerifyVASP also adopted InterVASP Messaging Standard (IVMS101), the international messaging standard for transmitting Travel Rule Information, which is essential for the solution to link licensed VASPs not only in Korea, but also with other VASPs, globally. VerifyVASP’s end-to-end encryption technology seeks to protect personal information according to the requirements of various jurisdictions including the European Union’s GDPR.

“In accordance with FATF’s recommendations, compliance with the Travel Rules is a global trend, and over the past few years we have put our resources into develop a stable solution which fully complies with regulatory requirements,” said Jae-Hyeon Park, CEO of Lambda256, the technology partner of VerifyVASP. Ulisse Dell‘Orto, director of VerifyVASP and Managing Director Asia Pacific & Japan (APJ) at Chainalysis expressed his ambitions for the partnership with VerifyVASP: “We have been pioneering Travel Rule adoption in South Korea and plan to expand both regionally and globally to provide more transparency to the global virtual asset industry and help it grow safely and responsibly.”

verady-launches-the-ledgible-crypto-platform-to-unify-professional-tax-and-accounting-offering

Verady Launches the Ledgible Crypto Platform to Unify Professional Tax and Accounting Offering

January 27, 2022 Published by

 

Ledgible, the leading professional-first platform for tax and accounting of crypto assets formerly aligned under the Verady brand name, announced the company’s comprehensive crypto tax management and reporting solution is now unified under the Ledgible Platform to connect traditional finance and accounting with the new realm of cryptocurrency and Decentralized Finance (DeFi). Crypto continues to grow in popularity and is going mainstream because of massive increases and adoption by investors, consumers, and financial institutions. The market cap for all cryptoassets is in the trillions meaning that tax and accounting professionals need a tax solution that is made for the blockchain.

This announcement comes alongside the news of Ledgible Crypto’s full integration into the top professional tax software solutions in the world. These integrated tax platforms are used by tax professionals to file over half of all the tax returns in the United States. With over 50 million Americans owning cryptoassets, Ledgible Crypto’s ability to enable these financial advisors to accurately assist their clients in handling this new asset class for reporting and planning is critical.

“With the start of tax season this week, we want to make Ledgible available to all the hard working tax professionals who are discovering they have clients with crypto when filing 2021 tax returns. The first question on the 1040 form is now asking if the filer has crypto,” said Kell Canty, CEO of Ledgible. “Our goal at Ledgible is to help empower tax professionals to serve their clients’ crypto needs. The Ledgible Crypto Platform automatically identifies taxable crypto transactions and calculates the gain/loss in the necessary reporting format for both individuals and tax preparation firms.”

One of the biggest challenges for crypto holders and tax professionals is to account, track, and manage all the crypto data across multiple wallets and exchanges to calculate gains/losses and income. Holders do not receive monthly statements and this process is time-consuming and difficult to do manually. While many transactions, like selling crypto for US dollars or other traditional currencies are widely understood, there are several nuances unique to crypto including, NFTs, swapping, hard forks, airdrops and making a purchase in crypto as well as income from mining, staking and other DeFi activities.

The Ledgible Crypto Platform is the bridge between cryptoassets and traditional financial accounting and the most advanced platform available for determining crypto tax liabilities and delivering that data to the tax filing systems used by professionals. Ledgible Crypto Tax is a SOC 1 & 2 Audited platform that features client and team management, collaboration driven workflow, and advanced crypto tax features for tax professionals. The platform produces IRS Form 8949 and other reporting formats that are directly importable to filing systems with all major tax and accounting solutions. The Ledgible Platform supports a wide range of integrations across major blockchains, cryptocurrency exchanges, and wallets.

Along with the Ledgible brand unification, the Company added two new executives. Trevor English is VP of Marketing where he is implementing SaaS brand strategy to accelerate the company’s growth and generate awareness around crypto tax obligations. Joe Stephens also joined as CFO where he oversees financial operations planning and reporting.

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