Category Archives: ERC-20 tokens

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Samsung’s $2.9 Million Investment in Custody Giant Ledger Shows Major Players Watching Crypto

South Korean Electronics Giant Samsung has announced a USD 2.9 million investment in the French crypto wallet maker Ledger.

The investment firmly stakes Samsung’s claim as a cryptocurrency player after Samsung Ventures led a USD 4 million round in ZenGo, a startup developing keyless crypto wallets, amidst rumors that the company is also developing its own Ethereum-based Blockchain network with the probable issuance of its own token, “Samsung coin”.

Recently, the electronics giant revealed the latest Galaxy S10 which includes a crypto wallet which is compatible with ether and Ethereum-based ERC-20 tokens. It also supports a number of Dapps such as merchant payments services, crypto gaming platforms, and crypto collectible platforms. The S10 can store crypto private keys and supports many digital features including digital signatures.

Its thought that if Samsung Coin does go ahead, there has been some significant forward planning in terms of Samsung gaining a stake in Ledger as the French company’s ERC20 compliant hardware wallets will benefit the users of Samsung Coin.

The market looks positive for the French wallet maker. Eric Larchevêque, CEO of Ledger, recently said that he is optimistic for the future of cryptocurrency industry, as he prepares for “a whole new generation of consumers” adding:

“There is still a need for a new generation of hardware wallet and consumers are still ready to invest and buy new products. The market is still here.”

At the end of 2018, Ledger announced a partnership with blockchain-based equity fundraising platform Neufund to allow users manage their security tokens on the Ledger desktop app.

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Etherdelta Founder Fined $388,000 by SEC

In a landmark ruling for decentralized cryptocurrency exchanges, the founder of Etherdelta, Zachary Coburn, has been ordered by the United States Securities and Exchange Commission (SEC) to pay a USD 388,000 fine.

Etherdelta was until now among the top so-called decentralized exchanges. Its trading volume has crashed to USD 250,000 per day due to this news and it seems users have gone over to IDEX which now has USD 3 million of daily trading volume.

Etherdelta offers trading of Ethereum ERC-20 tokens, most of which are from initial coin offerings (ICOs) and can be considered securities by some jurisdictions, certainly by the SEC. The exchange did not have a license to operate as a securities exchange and Colburn is found liable for this since he created the exchange and operated it from July 2016 until it was sold to foreign investors in November 2017.

Coburn is being ordered to pay a disgorgement of USD 300,000, USD 13,000 of pre-judgment interest, and USD 75,000 to the SEC. The fines could have been heavier but apparently, Coburn worked closely with regulators and prosecutors.

This case sets a precedent where someone who creates the code for a decentralized exchange could be heavily fined by the SEC. This ruling could mean decentralized exchanges are considered illegal in the United States and therefore illegal worldwide. Even if a decentralized exchange tried to ban United States users, little could prevent enforcement scrutiny, as was seen with 1Broker, which was investigated by an undercover agent from the Federal Bureau of Investigations, paving the way for a lawsuit.

It would seem the only way to successfully launch a decentralized exchange is to retain full anonymity, extending decentralization to the hosting and management of the exchange hosting and software itself.

Bisq is a better example of a decentralized exchange, but still not 100% decentralized or anonymous. Most decentralized exchanges available fall short of true decentralization and autonomy, although that would be arguably impossible to create with today’s technology.

 

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