Banks in Finland are turning down business with a large Nordic cryptocurrency exchange. Prasos, based in Finland, has now had four bank accounts closed and is now dependent on just one account. The platform exchanges cryptocurrencies for euros and relies upon banks for its service, but they’re becoming increasingly wary due to uncertainty regarding the legality of the operations. Cryptocurrency regulation is currently unclear, but banks are erring on caution. They’re particularly wary of involvement with money laundering, believing the anonymous or pseudo-anonymous nature of virtual currencies to be shaky legal ground. An agreement was reached at the European Union last year which we would see cryptocurrency fall under the same anti-money laundering regulation as fiat funds, and whilst this is not yet being enforced, banks are keeping well clear of involvement. The Prasos platform has lost its connection with banks following a tenfold increase in volume since the prior year, with the $185m sum raising suspicions among institutions.
With bitcoin, ethereum and other big name digital currencies regularly making the news for their role in controversies and developments, it is often easy to overlook the rest of the cryptocurrency market, even those rising in prominence like as IOTA. With a market cap of around $5 billion, it is currently the eleventh most valuable cryptocurrency. Unlike others, however, IOTA has its own unique spin on the blockchain tech, called Tangle. It is also able to boast zero transaction fees. In recent times, IOTA’s heritage in the German capital has clearly attracted several indigenous companies with deep pockets. For instance, the Chief Digital Officer of Volkswagen Group, Johann Jungwirth, is one of the board members of the IOTA Foundation. Bosch Group, through its venture capital arm, RBVC, has also invested an undisclosed amount and works closely with the foundation. When interviewed by Bloomberg, IOTA co-founder Dominik Schiener shared his belief that with these new partnerships, IOTA is heading for the “next growth cycle”. There are also rumors circulating in the crypto community surrounding a possible smart contracts-like feature in IOTA. Setting up multiple offices around the world, including ones in Canada, Japan, Norway and South Korea, is perhaps in anticipation of explosive growth following these changes.
CryptoWorld LLC, a crypto asset consultancy firm, announced today that the firm will be hosting a unique one-day conference to address the challenges and opportunities blockchain technology presents to the investment community.
Over 30 of the world’s leading blockchain, cryptocurrency and investment experts are to speak on a variety of important topics, including regulation, crypto based products, capital raising and valuation at the Intercontinental Hotel in Times Square on March 22nd 2018.
The most important issues surrounding cryptocurrencies and tokens will be explored with dynamic and thought provoking sessions covering topics such as how to raise capital using cryptocurrency, lessons learned from ICO’s, how to evaluate crypto assets, regulation and investor protection, transparency, trading and execution as well as the existential risks facing the market today. Continue reading CryptoWorld LLC Announces Wall Street and The Internet Of Money Conference
About our conference
We started off as the Hamburg chapter of Google’s Women Techmakers Chapter in Hamburg and are now a non-profit focusing on making the tech world more inclusive. Our conference on Blockchain is for everyone that wants to learn about this technology that is on top of Gartner’s Hype Cycle. We encourage meaningful relationships between our community, Blockchain experts and the media.
DR. FRIEDERIKE ERNST : COO Gnosis
Friederike Ernst is the COO of Gnosis and the General Secretary of the German Blockchain Association.
ROUVEN HECK : Product Lead – Digital Identity – Consensys
Rouven is Co-Founder & Project Lead for the Digital Identity Platform (uPort) at ConsenSys
KATHARINA FEGEBANK : Second Mayor of the Free and Hanseatic City of Hamburg
Katharina Fegebank is second mayor of the city of Hamburg and minister for science, research, equalities.
MIN-SI WANG : Chief Product Officer, BitPesa
Min-Si is in charge of product development at BitPesa, a Kenyan bitcoin payments startup.
SÉBASTIEN COUTURE : Co-Founder of Epicenter and Stratumn
Sébastien Couture is co-founder at Stratumn. He is also the co-founder and host of Epicenter podcast
SIMON SCHWERIN : CEO medixain
Simon Schwerin supports XAIN AG as a Business Development Advisor and is leading medixain as a CEO