Here’s a brief of some of the latest and most interesting news from the cryptosphere.
Security Tokens Trading Platform
The team of the Open Finance Network unveiled their platform to make security tokens a working and tradable mechanism for investors, becoming the first to launch a live, regulated security token trading platform in the United States. This launch marks a key milestone in the security token ecosystem development.
Security tokens are created as an investment, meaning token holders get dividends each time the company issuing the tokens earns a profit. They are considered to be the key to cryptocurrencies achieving mainstream adoption. Unlike utility tokens, which aren’t sustainable enough, security tokens are able to grab institutional investors’ attention.
Crypto Support for Yellow Vests
The Yellow Vests movement began in May 2018 motivated by rising fuel prices and the high cost of living. Protesters have called for lower fuel taxes, the reintroduction of the solidarity tax on wealth and the raising of the minimum wage.
The Gilet Jaune Coin (GJCO) was launched to support Yellow Vests (aka Gilets Jaunes in France). The aim of this project is “to create a parallel economic system during this struggle for freedom”. The developers of the Gilet Jaune Coin call it censorship-free and fraud-resistant, saying that its use is “recommended during the fight against the banking oligarchy, seeking to enslave us!”. It remains unclear whether the coin is legitimate and if it is actually related to the Yellow Vests Movement.
Hong Kong Stock Exchange and Bitmain IPO
Bitmain, a Bitcoin mining giant headquartered in Beijing, files for IPO. The company claims they grossed over $2.5 billion in revenue in 2017, the revenue for the first six months of 2018 surpassed $2.8 billion. Bitmain officially filed an application to go public on the Hong Kong Stock Exchange in September.
The Hong Kong Stock Exchange (HKEX) has been reluctant to approve Bitmain’s IPO application. “The exchange is very hesitant to actually approve these bitcoin mining companies because the industry is so volatile.” In case this IPO takes place, it will mark the first time a major cryptocurrency-focused company gains listing status and wins regulatory approval.