One American blockchain startup named Data Gumbo Corp. is in the latest cryptocurrency news for raising $6 million from major energy companies which include the names of the venture wing of the Saudi Arabian national petroleum and natural gas company Saudi Aramco. First published by the energy-focused news outlet Worldoil yesterday, the news quickly went viral.
The Series A equity funding round saw the American blockchain startup Data Gumbo raise $6 million from companies such as the Saudi Aramco Energy Ventures (which is a subsidiary of Saudi Aramco) as well as Equinor Technology Ventures (venture subsidiary of Norway’s multionational energy operator known as Equinor). The new investments will total the Data Gumbo’s funding round to $9.3 million.
As the reports show, the funds will be used for developing the commercial blockchain network and further improving the technical, sales and marketing teams. The American blockchain startup’s blockchain-as-a-service (BaaS) is said to improve oil and gas supply chains by eliminating any disputes and enabling automated payments while decreasing reconciliation times between its supply chain counterparts.
As the Senior Investment Director at Saudi Aramco Energy Ventures Daniel Carter said:
“Distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers.”
Right now, the American blockchain startup is preparing to start the development.
“We enabled the first application of blockchain technology in the offshore drilling industry and will continue to break new ground with applications of BaaS to improve the bottom line of companies of all sizes. Blockchain will have a major impact on the oil and gas industry – and all global industries – and we will lead the charge in its broad adoption for sweeping operational improvements,” said Andrew Bruce who is the CEO of Data Gumbo.
Besides this American blockchain startup, there are many other successful startups which have been featured in many best cryptocurrency news sites. Except the US, Russia has also welcomed an initiative to use blockchain in agreements over gas supplies directly by the country’s state-owned gas giant Gazprom.
In the United States, seven global oil and gas firms partnered to form the Oil & Gas Blockchain Consortium – in an initiative that intends to conduct proofs of concept and explore and apply the benefits of blockchain technology and contribute to its global adoption.
YouTube Purge Comeback: Davinci Reports His Channel Was Blocked Again
“Yes, of course! The fact that it happened once shows that it’s completely possible again in the future. However, I don’t think it’s likely that my channel receives any strikes again in this specific purge, because I was reinstated after manual review. But, I think it’s important just to realize how much power YouTube has over YouTubers.”Also, there are a lot of people that think about the content sharing platform that is owned by Google, as a power monopolist, which is bad for the content creators. They have over and over again emphasized decentralized media sharing platform as a good alternative. Which lacks the centralized part of authority, which will eliminate the ability to ban or delete videos on the concrete topics, such as cryptocurrency.
Bithumb Filed Complaint Against The National Tax Service
“We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.”The withholding (retention) tax must be paid to South Korea by the payer of the income and not the recipient. The Tribunal has to bring a decision on the case in a deadline of 90 days. The defense of Bithumb is grounded on the fact that cryptocurrencies are still not recognized as currencies by the South Korean law, and that authorities should not tax them based on that.This is where the arguments crash. The National Tax Service (NTS) considers that the gains withdrawn in Korean Won from foreigners must be taxed. But experts on the issue are supporting the argument of Bithumb, that cryptos are not still regulated under the tax laws of South Korea. An adviser to the Financial Supervisory Service, Choi Hwoa-In Supposedly talked about this:
“Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.”
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