One of the strictest regulatory bodies in the United States has just approved the proposals from two companies that are looking to issue cryptocurrency tokens whose values are pegged to the US dollar.
According to the statement published today, the New York Department Of Financial Services (NYDFS), which is also known for the creation of the “BitLicense” framework for cryptocurrency companies, confirmed that it had given official approval for issuing the so-called “stablecoins” to two chartered companies.
One of them is the Gemini Trust Company, which is founded by the Winklevoss brothers – and the other is Paxos Trust.
Right now, the most well-known stablecoin on the market is Tether (USDT), which functions as an altcoin most frequently used on cryptocurrency exchanges where it functions as a proxy for actual USD on platforms that don’t have regulatory authority to hold fiat currency on behalf of their clients.
The two new dollar-pegged stablecoins will function just like Tether (USDT). However, analysts believe that they can serve a larger role in international commerce – in the form of USD-denominated transactions which settle in seconds, versus the fiat transactions of actual dollars which use three or more business days to settle.
A superintendent of the NYDFS named Maria T. Vullo hailed the development as confirmation that these regulatory frameworks do not inhibit innovation in the fintech sector. According to Vullo:
“As the financial technology marketplace continues to evolve, New York is committed to fostering innovation while ensuring responsible growth. These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework that safeguards regulated entities and protects consumers.”
DFS Continues to Foster Responsible Growth in New York’s Fintech Industry with New Virtual Currency Product Approvals https://t.co/hG2jWTGsRc
— NYDFS (@NYDFS) September 10, 2018
More news about the official approval will come tomorrow – exclusively on DC Forecasts.
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‘’Intranel made us an offer that for 20% of the company they would handle all of the business management and development things like helping with hiring and managing staff, paying tax, lobbying for regulator guidance and all the ‘boring’ business stuff.’’The company offered to contract about 4 people to the developers at a discounted rate and also to provide assistance with finding decent employees for Cryptopia. Since then, the story took a turn for the worse since Intranel hired staff only for themselves and contracted the new employees to Cryptopia and they were given unwarranted managerial latitude so when the exchange was very reliant on the staff, Intranel demanded more than 5% equity in the exchange. The cryptopia co-founder resigned from the position and VCdragon claims that he was not even paid during the 1 month holiday. He stated:
‘’They bled money everywhere they could, we paid for tax on their staff’s flu shots? We paid taxes on Christmas fits to their staff and our company bought the gifts. Everything they were unable to take for themselves they pissed into the wind on needless expenses and luxuries to the company could not afford….that ultimately buried us. ‘’In the coming altcoin news was reported that Intranel also attempted to sell the Cryptopia company and was also nearly bankrupt.
Steve Wozniak Co-Founds Blockchain-Based Energy Firm In Malta
Steve Wozniak is in the latest cryptocurrency news for investing a new blockchain-based company that is headquartered in Malta. In the latest updates we can see that Steve Wozniak co-founds the energy efficiency company named Efforce as a report by the Maltese news daily The Malta Independent issued on July 18 shows.
The reports show that Steve Wozniak co-founded the company along with Jacopo Visetti who - as his LinkedIn profile shows - works in the renewable energy and environment sector. The page also shows that Visetti co-founded Efforce in January 2018 which is approximately one year and seven months ago.
The Efforce’s LinkedIn page also features Steve Wozniak in the news - just like many best cryptocurrency news sites at this time. According to the page, the company provides the first blockchain-based platform focused on investing in energy efficiency, with its main goal of “being recognized as the first and main platform in the world for tokenized energy savings.”
In the report which is viral in the altcoin news, Wozniak is featured for his recent statement about Efforce at the pre-launch for the Delta Summit which is a blockchain conference held in Malta every year.
Now that Steve Wozniak co-founds the firm, he also said that "EFFORCE is a unique business model and we can have a great impact on the entrepreneurship."
As the news show, Steve Wozniak reportedly spoke about his view towards blockchain and how he thinks that blockchain will be a great boon to decreasing the public’s environmental impact without requiring people to change their habits. Wozniak also addressed the local government and its pro-blockchain attitude as the key to Efforce’s decision to launch in Malta.
Steve Wozniak also said that efficiency has always been important to him. He said the idea is to save money on energy but also to do good on the environment. “Blockchain will improve the way we use energy and lower energy consumption without changing our habits,” Wozniak said.
As we previously reported, Steve Wozniak also co-founded a blockchain investment project in October 2018 this year. He founded the venture capital fund EQUI Global to support investments in blockchain solutions.
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