Vaultoro Presents a Revamped Interface and Will Soon Be Releasing a Lightning-based Tokenized Gold

Coinspeaker Vaultoro Presents a Revamped Interface and Will Soon Be Releasing a Lightning-based Tokenized GoldVaultoro, the market’s first gold crypto-hedging solution since 2015, releases today a revamped version of its commodities exchange based on a new C++ modular engine optimized for high-frequency trading, clocking up to 1.2 million trades per second.The User Interface has also been redesigned to serve both newcomers and experienced crypto traders.Vaultoro co-founder Joshua Scigala said:“Our goal is to become the largest and most modern commodities trading platform in the world and to do that we need a perfect foundation. We have put in hundreds of hours into R&D to meticulously bring the security and speed crypto investors need.”More than 20.000 investors have traded over $95 million worth of physical gold on the platform. Gold holdings are insured by ​Helvetia​, audited by ​BDO International​, stored by ​Brink’s Switzerland​ and ProAurum Switzerland.Vaultoro is working to launch a gold-backed coin (“VGOLD”) by the end of the year, based on the Lightning Network token protocol RGB. VGold aims to provide a secure system to transact with physical gold, and is backed with a minimum of 100% physically allocated investment-grade bullion.Scigala said:“Our company was the first order book exchange to enable Lightning Network and we have contributed many hours developing on it. We see so much potential in payment channels and RGB provides the framework we need. This will enable use cases like serialised gold bars to be fully allocated, while the ownership is transferred over the Bitcoin network using the much faster second layer.”The stable-coin asset class has become a key part of the crypto ecosystem, and has an estimated value of $4.8 billion. Unlike other so-called “stable coins”, VGold will be the first in the market to be insured and audited.With this revamped new version, other trading pairs of cryptocurrencies and precious metals will soon be available. Starting today, the Dash / Gold pair will be debuting on Vaultoro.Scigala said:“We have had multiple crypto projects asking for the ability to hedge in real physical gold as it can be insured and audited, unlike FIAT-based stable coins. Dash is our first option because I really like all the work the Dash community has invested in broadening cryptocurrency adoption in Venezuela and around the world. After Dash, we will be looking at the top 10 cryptos. Any project we list has to be legal, solve a real problem and have a large enthusiastic community.”Vaultoro is already backed by startup VCs ​Techstars​ and ​Finlab AG​, and is now preparing a new round of investment to help push VGold into the market. An equity ​fundraising​ campaign is now live on ​BnkToTheFuture.com.Joshua Scigala said: “Our community is everything to us. We would like to give them the rare opportunity of owning actual stock of our company, so they can help us shape our products and vision while harvesting some of the benefits.”Details of the campaign — and exclusive benefits — will be released to registered Vaultoro users today.About VaultoroSince 2015, fintech start-up Vaultoro has been working toward its vision of digitizing the world’s assets and making them transparently accessible to everyone. Products include Vaultoro Trading; the world’s first gold-hedging solution, the ​Glass Books ​Transparency Protocol and Bar9, a gold savings account.To date, more than two tons of gold (with a current value of 95 million dollars) have been traded on Vaultoro, whose  head offices are located in Berlin and London. The start-up currently has more than 20,000 customers from 94 countries.Founded by Philip and Joshua Scigala, Vaultoro’s management team includes Waldemar Meyer (former Head of The German Precious Metals Society), Ana Valdes (London School of Economics) and Gabriel Escalona (Rocket Internet, Delivery Hero). Vaultoro is backed by Techstars, Finlab AG (​WKN: 121806/ISIN DE0001218063)​ and more recently by the Dash DAO, who invested in the development of the market’s first Dash to physical gold pair.Vaultoro Presents a Revamped Interface and Will Soon Be Releasing a Lightning-based Tokenized Gold

Coinbase Spearheads Group to Help Crypto Companies Circumvent Security Violation

Coinspeaker Coinbase Spearheads Group to Help Crypto Companies Circumvent Security ViolationOver the years, crypto firms have found themselves on the wrong side of the law for failing to meet securities rules. As a result, industry leaders are incorporating the initiative to help companies avoid such messes. Coinbase through its official blog post revealed it has co-founded the Crypto Rating Council, a member organization intended with helping cryptocurrency firms decide if they adhere to stipulated U.S federal securities law.Coinbase’s initiative is backed up by seven other companies: Kraken, Grayscale Investment, Genesis, DRW Cumberland, Circle, Bittrex, and Anchorage.As part of the support, the council will provide a 1-5 rating for a particular token’s or cryptocurrency’s similarity to security. The numbering represents the strength of the rating system. For instance, a 1 represents a crypto asset with minimal operational similarities to security. And the trend increases gradually up to a 5 that would be consistent with the illustration of security.Currently, the council has ranked 20 crypto assets, with Bitcoin (BTC) ranked 1 due to its top cryptocurrency by market cap. Others that landed the position of 4 or 4.5 include XRP, Maker (MKR) and Polymath (POLY) respectively.The Crypto Rating Council mentioned that the rating system-that it emphasizes isn’t investment advice since it is focused on outdated past case law and SEC guidance, and the technical and legal experience of the companies compiling up the group.Complicated RulesKristin Smith of the Blockchain Association revealed that Coinbase initially fronted the initiative. According to Smith:“It’s an effort by the industry to comply with the incredibly complex [U.S.] securities laws.”At the moment, only cryptos listed by exchanges involved in the council have been ranked and released, with more still expected. Assets that get a 5 may never be revealed by the Council. All assessments of the assets are responsible for the improvement, as cautioned by the Coinbase blog.Brian Brooks, Chief Legal Officer of Coinbase later revealed that the Council wouldn’t uncover 5 ratings, because member exchanges wouldn’t service these assets.Brook went ahead to say that:“Since a 5 rating indicates that the asset can only be listed on a registered securities exchange or ATS, by definition those ratings wouldn’t be published because the relevant assets aren’t listed by any member.”If council members later get a go-ahead to manage ATS systems by regulators such as FINRA, that may shift, he added.However, Binance CEO Changpeng “CZ” Zhao was skeptical of the latest rating system, posting on Twitter:The guys who score above 2 should form their own counsel and re-rate everything again.— CZ Binance (@cz_binance) September 30, 2019The formation of the council surfaces at a time of Ripple‘s motion to abandon a lawsuit of its XRP cryptocurrency. Ripple mentions in its filing that XRP isn’t a security, though this wasn’t a primary concern in its motion to abandon.Coinbase Spearheads Group to Help Crypto Companies Circumvent Security Violation

Justin Sun, Warren Buffett, Donald Trump, And the Great East-West Crypto Chasm

Coinspeaker Justin Sun, Warren Buffett, Donald Trump, And the Great East-West Crypto ChasmIt’s no surprise to international travelers when they find themselves in uncomfortable situations. Travel is fun for the very reason that it puts people in places where they are culturally out of their element, and must enjoy and embrace what they find. But there are also times when cultural differences are more than just a photoblog story of summer vacation. Cultural differences can have massive impacts on the way politics happen, and the flow of money and business around the world. This has never been more true than in the crypto explosion that has occurred since the founding of Bitcoin in 2009. As the nascent blockchain and cryptocurrency industries have made inroads into both eastern and western cultures, the clash between those cultures has become drastically more pronounced. The Gap WidensAs an illustration, take the recent debacle with Justin Sun and his bid to have lunch with Warren Buffett. Sun’s vacillations were shocking to westerners, as he invited a host of crypto influencers, only to cancel the trip. Needless to say, it appeared that Sun had effectively lost his mind with all the media attention (consider, he invited the sitting President of the United States to the lunch!).In another culturally confusing moment, the Tron founder was willing to publicly deface himself, profusely apologizing for the international missteps that led up to the problems. Then, after all the waffling and posturing, Sun’s western communications director, Cliff Edwards, announced that the meeting had simply been postponed. And this doesn’t even speak to the deepening issues facing east/west relations spurred on by tariffs set by Trump. The saber-rattling and threats have created an environment where the cultural differences are keeping both parties from even coming to the negotiating table – surely a sign of massive cultural dissonance. And even if these areas weren’t enough, there are already cultural barriers that keep the east and west from fluid and meaningful cooperation as well. Taken together, the situation looks hopeless, particularly for new cryptocurrencies and blockchain-based businesses seeking inroads into the Chinese market. With cultural, political, and social chaos in the relationship, new strategies must be found to help companies penetrate the eastern barrier. Pushing ThroughHowever, in spite of the challenges, companies are finding new ways to gain a foothold in the Chinese market. And no wonder, given the massive amount of financial gain to be had in becoming a cryptocurrency of choice for Chinese users. These new companies, like the recently minted BiKi exchange, are using social media platforms, and cultural influencers as inroads to Chinese consumers. BiKi’s WeChat follower base is some 200,000 strong, and the exchange is able to push information on new currency additions out to this base, effectively starting the PR management for its clients. Additionally, the company is taking advantage of the growth of influencer culture in China. By reaching on to influencers with many millions of followers, the company is able to connect on another level with a segment of the Chinese population that is most likely to consider cryptocurrency use. The basic reality for these firms is that, while the cultural divide may be wide, technology has a special way of speaking a global language. By reaching out through social media these companies are offering consumers access to technology that is otherwise difficult to find. Because technology is ubiquitous, consumers not only appreciate the additional access, they also spread the news of the new offerings to friends. While the culture will likely remain diverse, the hope for international connection is effectively possible through this system. Only through the International language of technology will the east/west divide find closure. And, with blockchain technology and cryptocurrencies growing in influence, the complexity of these cultural divides may be moving in a positive direction. Justin Sun, Warren Buffett, Donald Trump, And the Great East-West Crypto Chasm