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"In some embodiments, the docking stations utilize a blockchain reservation system. As such, each docking station can be a node within a blockchain network."

The application makes frequent reference to a "public ledger," suggesting that the proposed system would be openly accessible to some extent rather than closed off to certain participants. That leger, according to the filing, "contains a record of available and reserved capacity units for the plurality of locker docking stations."

This perhaps suggests that Walmart wouldn't necessarily be the only operator of these docking stations, and possibly is aimed at enabling a degree of participation by outside parties.

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Walmart Looks to Blockchain for Better Package Tracking

Walmart has yet another delivery-focused blockchain patent in the works.

The application published on July 5 is entitled "Delivery Reservation Apparatus and Method," and as suggested, it outlines a way for managing package reservations in the context of the purchaser not being available to actually receive it.

It's the latest "smart delivery" intellectual property play from the retail giant, which in the past year has submitted a number of U.S. patent applications in this area. Indeed, the company seems to be looking at the technology as a way to automate elements of the delivery process, but to date, much of the company's public-facing work with blockchain has been focused on food supply chain tracking.

In the newly released filing, Walmart detail system of delivery lockers – located at a person's home, transportation hub or other location – that can safeguard the delivered items until their recipients can come and actually sign for them. Blockchain fits into the conceived picture as a method of connecting those lockers in order to track which ones are occupied and which ones are free to be used.

"Each space on the docking station has a corresponding capacity unit for each location on the docking station. The transactions for the capacity units are tracked in a ledger, with available capacity units indicating an open location on the docking station or contracted out capacity units indicating that either the location has a locker secured thereto or that the location is reserved for a future delivery," Walmart wrote, going on to add:

"In some embodiments, the docking stations utilize a blockchain reservation system. As such, each docking station can be a node within a blockchain network."

The application makes frequent reference to a "public ledger," suggesting that the proposed system would be openly accessible to some extent rather than closed off to certain participants. That leger, according to the filing, "contains a record of available and reserved capacity units for the plurality of locker docking stations."

This perhaps suggests that Walmart wouldn't necessarily be the only operator of these docking stations, and possibly is aimed at enabling a degree of participation by outside parties.


Report: Mining Giant Bitmain Valued at $12 Billion in New Funding Round

Chinese bitcoin mining giant Bitmain has reportedly closed a Series B round funding, which values the firm at approximately $12 billion.

Chinese business media Caixin reported on Friday citing anonymous sources familiar with the deal that although the exact number of the new equity financing is unknown, it's somewhere between $300 million to $400 million.

According to the report, leading investors in the new round include Sequoia Capital China, U.S. hedge fund Coatue as well as EDBI, a Singapore government-backed investment fund.

The news comes nearly a year after Bitmain raised $50 million in a Series A funding round, led by Sequoia Capital China and IDG Capital at the time, as reported by CoinDesk before.

Caixin's report also indicated that Bitmain is currently conducting a pre-IPO funding round and may consider a plan to go public in the Hong Kong Stock Exchange in the future.

The news, if true, would make Bitmain another Chinese bitcoin mining giant that seeks for an initial public offering (IPO).

As previously reported by CoinDesk, other major mining makers in China including Canaan Creative and Ebang Communication had both filed an IPO application to the Hong Kong Stock Exchange.


Spain's Lawmakers Push for Blockchain Use in Governance

Spain
's ruling party believes the government should utilize blockchain to operate the country's public administration more efficiently.

Last week, 133 deputies from the Popular Party submitted a blockchain-related proposal to the Congress of Deputies, the lower chamber of the Spanish Parliament. This proposal recommends that the government introduce blockchain "with the aim of improving internal processes and [providing] traceability, robustness and transparency in decision making," according to public documents.

The document continued:

"The introduction of blockchain - in administrative concessions, contracting or internal processes - will encourage greater control, traceability and transparency in the processes. In addition, the use of this technology can also bring extra revenue to the Administration through the promotion of new models of exchange of rights in sectors such as logistics, tourism or infrastructure. "

Moreover, the lawmakers recommended building public and private blockchain models "in order to favor secondary markets for goods and services that lower costs, increase productivity and encourage the creation of specialized employment."

To that end, the proposal also recommends that the government facilitate training for developers "in order to improve their implementation as much as possible."

Despite the support for blockchain technology use, the proposal did not outline any specific plans or a timeline on how to actually launch these plans.


Blockstream Launches Tokenized Assets Tool on Liquid Sidechain

Blockchain startup Blockstream announced a new custom token creation platform on Monday.

The firm has officially launched the Issued Assets (IA) program on its bitcoin-backed Liquid sidechain, allowing users to create their own tokenized assets, according to a press release. These tokens can represent any sort of financial instrument, including fiat currency, crypto assets or attested assets (such as gold coins), as well as more novel types.

Users can also adopt Confidential Assets to enable private transactions between blockchain assets, ensuring only the parties involved in a transaction will know the asset type and value being traded.

Moreover, users can conduct atomic swaps between bitcoin and IA that include altcoins, meaning that a bitcoin can be exchanged for an asset in a single transaction without using intermediaries. Finalizing a transaction takes less than 2 minutes, the startup said.

Blockstream previewed the tool at CoinDesk's Consensus 2018 conference in New York, demonstrating how the Liquid platform could be used to issue five different types of IA, representing physical goods.
In the demonstration, these assets included shirts and hoodies – and these tokens were randomly sent to attendees' paper wallets. Each paper wallet had a public key, and the owners were able to redeem the tokens for each asset it contained. After the physical gifts were redeemed, the digital assets were destroyed.


Coinbase CEO Launches Crypto Charity Fund, Aims to Raise $1 Billion

The best way to help people out of poverty is to give them money—including cryptocurrency. That’s the thinking behind GiveCrypto, a new global endeavor to distribute bitcoin and other digital currency directly to people in need.

Donors will give the crypto funds to needy recipients, who can then decide to keep the funds in cryptocurrency or exchange them for traditional money. The charity aspires to raise $10 million by the end of this year, and grow to a fund of $1 billion in the next two years.

GiveCrypto is the brainchild of Brian Armstrong, the CEO of digital currency service Coinbase, who is launching the project with a personal $1 million donation, and is encouraging anyone who’s amassed crypto wealth—including Bitcoin, Ethereum, XRP, and ZCash—to kick in too.

“I started thinking about this last year when I saw all this money people were making in crypto,” Armstrong told Fortune. “The goal is to target people in poverty and economic crisis.”

Armstrong points to a growing body of research that suggests direct cash transfers are an efficient way to end poverty, as opposed to programs in which a large portion of resources may be consumed by administrative overhead. He also believes cryptocurrency is an ideal vehicle for transfers because it costs almost nothing to move money, and gives people who lack banking a way to control wealth with just their phone.

While initial donations to GiveCrypto will be used in part for operational overhead, Armstrong says the organization in the future will be structured to let donors have 100 percent of their gift go to needy recipients.

This leaves, of course, the hard question of how to choose recipients when there over a billion people in the world living in dire poverty. Likewise, GiveCrytpo will have to ensure donations are not pilfered by local thugs or corrupt governments—a challenge that has long bedeviled traditional charities and aid programs.

“Distribution will be the hardest part,” Armstrong acknowledged, adding that his years of running Coinbase means he’s well familiar with fraud and people gaming the system.

GiveCrypto’s approach to preventing mismanagement involves taking small steps at first, including feasibility studies to figure out what works. Armstrong says there will be “lots of learning and testing” over several years.

The project will eventually rely on “crypto ambassadors” who will help identify people in need, and also assist them in learning how to use the digital wallets that store cryptocurrency. GiveCrypto already has an initial leader in the person of Rose Bloom, an anti-poverty advocate who co-founded HandUp.org, a platform for donating to poor people in the U.S.


Albeit representative of regulation & legislation, the spirited undertone of the government’s crypto initiatives signifies positive impetus for the industry overall; and, sets a solid foundation for moving forward.


A Brief History of Thailand

Thailand is in Southeast Asia, bordered by Cambodia, Vietnam, Laos, Myanmar, and Malaysia– the roots of which can be traced back to China, Vietnam, and India, and as far back as the 11th century. Despite pressure from France and the United Kingdom, it’s the only Southeast Asian country that never succumbed to Western rule.

Thailand’s population is over 68 million— with 49% of the labor market employed in agriculture and over two-thirds of its commercial output in exportation. Until recent years, Thailand had been the world’s leading exporter of rice.

The Thai Economy and its Crypto Curiosity

While the official currency of Thailand is the Baht (THB), cryptocurrencies are gaining a strong foothold within the nation, prompting The Bangkok Post’s 2017 article, titled “Bitten by the Bitcoin Bug”.

However, similarly to other countries, legislative acceptance has not been plain sailing. In 2013, CNBC headlined a story, “Bitcoin Banned in Thailand”, explaining how a “prominent bitcoin exchange” closed its doors following the Bank of Thailand’s insinuation that cryptocurrency was illegal.
In September 2017, in what digital currency evangelists welcomed as a refreshing and positive move, Thailand’s Securities and Exchange Commission (SEC) announced its official viewpoint on Initial Coin Offerings (ICOs).
In the statement on its website, the Thai SEC wrote,

“The SEC Thailand encourages access to funding for businesses, including high potential tech startups, and realizes the potential of ICO in answering startups’ funding needs.”

It is therefore clear that, in contrast to its more restrictive Asian neighbors, Thailand displays a much more accommodating approach to ICOs and cryptocurrency. As stated on the Thai SEC website, the agency seeks to promote understanding, collaboration, and caution, with the distinct need “to strike the balance between supporting digital innovation and protecting investors from potential ICO scams”.

Following this announcement, Thailand has continued positive steps forward from regulating authorities on the topic.
Blockchain Adoption

In February 2018, the Thai government’s Electronic Transactions Development Agency (ETDA) announced, “ETDA Expands National Digital ID Program with Omami” — a blockchain based system, aimed at enhancing the digital lives of the country’s citizens.

In the same month, Ethereum’s Vitalik Buterin and OmiseGo had “fruitful discussion(s) with (the) SEC of Thailand about ICO’s and exchanges”.

Following this, May saw the Stock Exchange of Thailand (SET) announced it launched its “LiVE” blockchain crowdfunding platform — facilitating peer-to-peer lending in an organized manner.

Later that same month, The Bangkok Post reported that “Cryptocurrency law takes effect” in Thailand, with the government published a “royal decree to regulate digital asset-related transactions” in the Royal Gazette.

The Bangkok Post wrote:

“The 100-section law defines cryptocurrency as digital assets and digital tokens. It tasks the Security Exchange Commission (SEC) to control and regulate the digital assets. All sellers are required to register with the SEC within 90 days of the law taking effect.”

According to Finance Minister, Apisak Tantivorawong, regulation is not meant to prohibit cryptocurrencies, ICOs or any other digital asset-related transactions — it has been implemented to protect investors. He assured The Bangkok Post that the ministry and SEC will now be working on organic laws regarding the registration of digital asset transactions.

Moreover, last week saw the announcement of “Project Inthanon” by the governor of the Bank of Thailand, Dr. Veerathai Santiprabhobin — the central bank’s own digital currency, in conjunction with private banks, to streamline & expedite future interbank settlements.

It is clear that Thailand has become a beehive of activity in the wider crypto space. By large, crypto enthusiasts are seemingly receptive to the guidance given by the regulators.


Cryptocurrency in Thailand: From Bond to Bitcoin

Thailand
shot to silver screen stardom in the 1974 blockbuster movie “The Man with the Golden Gun”, filmed in the Khao Phing Kan area. Fast forward to 2018, Thailand seems to be shooting into the crypto era with innovative volition.

Popularly known as “James Bond Island”, the location that put Thailand on the pop culture map has become a major tourist attraction. However, the vacation experience, beautiful coastlines, and culture aren’t all Thailand has to offer.

In the midst of the crypto revolution, Thailand’s legislative figures appear surprisingly receptive to a new economic advancement. A step ahead of their more restrictive Asian counterparts, Thailand seems to be shaping the crypto space early with more inclusive and organic regulation to propel their country forward in this new opportunity.

A Brief History of Thailand

Thailand is in Southeast Asia, bordered by Cambodia, Vietnam, Laos, Myanmar, and Malaysia– the roots of which can be traced back to China, Vietnam, and India, and as far back as the 11th century. Despite pressure from France and the United Kingdom, it’s the only Southeast Asian country that never succumbed to Western rule.

Thailand’s population is over 68 million— with 49% of the labor market employed in agriculture and over two-thirds of its commercial output in exportation. Until recent years, Thailand had been the world’s leading exporter of rice.

The Thai Economy and its Crypto Curiosity

While the official currency of Thailand is the Baht (THB), cryptocurrencies are gaining a strong foothold within the nation, prompting The Bangkok Post’s 2017 article, titled “Bitten by the Bitcoin Bug”.

However, similarly to other countries, legislative acceptance has not been plain sailing. In 2013, CNBC headlined a story, “Bitcoin Banned in Thailand”, explaining how a “prominent bitcoin exchange” closed its doors following the Bank of Thailand’s insinuation that cryptocurrency was illegal.
In September 2017, in what digital currency evangelists welcomed as a refreshing and positive move, Thailand’s Securities and Exchange Commission (SEC) announced its official viewpoint on Initial Coin Offerings (ICOs).

In the statement on its website, the Thai SEC wrote,

“The SEC Thailand encourages access to funding for businesses, including high potential tech startups, and realizes the potential of ICO in answering startups’ funding needs.”

It is therefore clear that, in contrast to its more restrictive Asian neighbors, Thailand displays a much more accommodating approach to ICOs and cryptocurrency. As stated on the Thai SEC website, the agency seeks to promote understanding, collaboration, and caution, with the distinct need “to strike the balance between supporting digital innovation and protecting investors from potential ICO scams”.

Following this announcement, Thailand has continued positive steps forward from regulating authorities on the topic.

Cryptocurrency in Thailand: From Bond to Bitcoin Cryptocurrency in Thailand: From Bond to Bitcoin
АRTICLES — 27 JUNE 2018 Add to favorites 1
Thailand shot to silver screen stardom in the 1974 blockbuster movie “The Man with the Golden Gun”, filmed in the Khao Phing Kan area. Fast forward to 2018, Thailand seems to be shooting into the crypto era with innovative volition.

Popularly known as “James Bond Island”, the location that put Thailand on the pop culture map has become a major tourist attraction. However, the vacation experience, beautiful coastlines, and culture aren’t all Thailand has to offer.

In the midst of the crypto revolution, Thailand’s legislative figures appear surprisingly receptive to a new economic advancement. A step ahead of their more restrictive Asian counterparts, Thailand seems to be shaping the crypto space early with more inclusive and organic regulation to propel their country forward in this new opportunity.


Breaking New Ground: South Africa Gets Its First Bitcoin Atm

South Africa, whose citizens are increasingly interested in investing and trading in cryptocurrencies, is to have its first functional bitcoin Automated Teller Machine (ATM), following up on Zimbabwe and Djibouti.

The country has the most sophisticated financial services sector in Africa and has been the front-runner in cryptocurrency taxation on the continent. This is in stark contrast to Zimbabwe which has banned banks form dealing in cryptocurrency payments and transactions.

In 2004, South Africa got its first ever bitcoin ATM at Kyalami in Johannesburg but reports say it was closed as there was no significant user interest in it.

The latest attempt is by Northwood Spar, whose general manager, George Neophytou, is optimistic that the timing is just right now. South Africa has also become a hub for digital ventures and innovators, with Zimbabwe’s Golix.com crypto exchange platform saying it will open a new office there as it expands into Africa.

Neophytou said:

“It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream.”

According to a report, there is an estimated “200 000 to 300 000 people in South Africa involved in cryptocurrencies” as of the end of 2017.

The new bitcoin cash machine for South Africa will allow trade and purchases of cryptocurrencies such as bitcoin, which is the most popular virtual currency. CCN reported this week that about 47% of South Africans plan to invest in cryptocurrencies and cryptocurrency mining.

According to those spearheading it, the ATM will “take away much of the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies” breakthrough onto the mainstream as trade, investment and payment options.

A website www.coinatmradar.com which tracks crypto ATMs across the world mentions Djibouti and Zimbabwe as the other African countries that have bitcoin cash machines. The website says there are about 3042 bitcoin ATMs in about 68 countries across the world, highlighting that these are run by about 424 operators.


Korean Exchange Puts $620K Worth of Crypto At Risk in Leaked Chat

A new cryptocurrency exchange from South Korea has leaked critical information about 19 users on its platform, which could put some $620,000 worth of a cryptocurrency at risk.

According to a report from CoinDesk Korea on Monday, an employee of Bitkoex, an exchange launched in May, posted in a Kakao group chat on last Friday details of the Karma (KRM) cryptocurrency held by the 19 users on the platform.

The report said the leaked message contained the email addresses associated with the users as well as the wallet addresses and private keys to the KRM token in their accounts, which could allow anyone with the information to access the assets.

And, the total amount of the token owned by the users worth 750 million won, or around $620,000, the report said.

Following the event, Bitkoex said the employee posted the message by accident and the exchange has moved the exposed assets to a cold wallet, which is not accessible through the internet. As such, the company asserted no assets were lost.

Yet this is not the first time that user information had been leaked from a Korean crypto exchange.

As previously reported by CoinDesk, the computer of an employee from Bithumb, one of the largest crypto exchanges in South Korea by trading volume, was hacked earlier last year. Information of as many as 30,000 users on the platform was subsequently leaked.

In fact, yesterday's report said the country's Ministry of Science and ICT inspected the information security level of 21 crypto exchanges in South Korea from January to March and confirmed that most companies have security vulnerabilities.

Just last week, Bithumb said that around $31 million in cryptocurrency was stolen by hackers from the platform.


Ethereum Classic gets listed on Sweden and Singapore exchanges

Ethereum Classic [ETC] had a good day on June 22nd as it announced listing on two exchanges – Novaexchange and CoinBene. Ethereum Classic currently has a market cap of $1.5 billion with the price at $14.96 and has seen 3.84% rise in the last 7 days. ETC ranks at the 16th position, according to CoinMarketCap.

The Sweden based exchange Novaexchange is a cryptocurrency exchange platform. Initially, it was offering BTC, LTC, and ARI when it was launched in 2016. Novaexchange currently has 12 pairs listed. Top three coin pairs are DOGE/BTC, LTC/BTC, and DOGE/LTC.

Novaexchange on their Twitter page mentioned:

“OK! Drumroll. #novaexchange now open for deposits in 4 additional currencies: #BitcoinCash (BCH), #Dash (DASH), #Ether (ETH) and #EtherClassic (ETC). Also, we have made some tough choices and are currently setting up procedures to accept new customer on Nova. #staytuned”

Novaexchange recently announced the addition of three other coins:

• BitcoinCash [BCH]

• Dash [DASH]

• Ethereum [ETH]

Yesterday, Novaexchnage webpage was down because of a DDOS attack, but it recovered from this as soon as they posted a Twitter update stating that they are back online and that all the funds and data are safe.

Gean Carlos Brinker, a Twitter user commented:

“When #ADA #CARDANO ??”

AbesatBilal, a Twitter user commented:

“All crypto like btc ponzi ponzi …. is not it enough wt ICO makers and exchanges got enough from ppl f.o.”

CoinBene is a Singapore based startup, aiming to provide the world’s best digital financial assets. It was founded in 2017 and at present has offices in Hong Kong, Malaysia, India, and Brazil. They stand at the top 30th ranking as per CoinMarketCap stats. Traders can negotiate with other traders from all over the world on this platform. Their website mentions:

“We are focused on securing the best digital currency trading experience, such as crypto-coins and tokens, anytime, anywhere. Here, you buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple and more.”

CoinBene on their Twitter page said:

“CoinBene presents another novelty to its customers: the listing of #EthereumClassic(ETC), #token which preserves the original characteristics of the network before the one https://goo.gl/JcSWDj held in 2016.”


Swiss Federal Councillor: Blockchain Will ‘Penetrate Our Entire Economy’

One
of the seven members of Switzerland’s collective head of state stated that blockchain will someday “penetrate our entire economy,” according to a transcript published by the Federal Department of Economic Affairs, Education and Research today, June 21.

Swiss Federal Councillor Johann N. Schneider-Ammann stated during a speech at the Crypto Valley Conference in Bern today that:

“Hardly anyone still doubts that blockchain will penetrate our entire economy.”
However, Schneider-Ammann added that at this point, Switzerland does not know enough about the new technologies, “their potential and their risks,” noting that the “decisive factor” will be a push for tech education:

“We need to put even greater emphasis on digitalisation and technology in schools. We need more IT specialists (not to mention Blockchain experts). And we need more research projects and professorships in this field.”

Schneider-Ammann also noted that regulation in the sphere of blockchain, cryptocurrencies, and Initial Coin Offerings (ICO) is needed moving forward, mentioning a “Blockchain Task Force” cooperating with private actors led by himself and finance minister Ueli Maurer:

“But just to be clear, a good economic framework doesn’t mean giving carte blanche! Abuses must also be consistently prevented in the new digital world. And businesses need legal certainty. Otherwise investment will be withheld.”

Switzerland has been referred to as a crypto nation, specifically in reference to Zug’s “Crypto Valley,” due to its crypto friendly tax regulations and “balanced approach” to tokens issued in ICOs. In early June, Zug announced that they would be holding the country’s first blockchain-based municipal vote this summer.


Stablecoin Project Secures Backing From Peter Thiel, Coinbase, 40 Others

A new project for a stabilized cryptocurrency that would function “like normal money,” has received backing from Peter Thiel, Coinbase, Distributed Global, GSR.IO and 40 others, according to a press release shared with Cointelegraph June 20.

The developmental-stage stable-value crypto project is dubbed “Reserve,” and closed a collective $5 mln seed round to develop a fully decentralized cryptocurrency that works “by locking up other cryptoassets in a smart contract in order to provide backing to the Reserve token and stabilize its price.”

According to Reserve co-founder Nevin Freeman, the seed funding was intentionally kept “small,” with the round focusing on partnership-building rather than amassing capital.

In response to a question from Cointelegraph, Freeman clarified what distinguishes the Reserve protocol from other stablecoin crypto projects, saying that:

"The key piece of the Reserve approach is to use cryptoassets from outside of our own ecosystem to maintain a peg, especially at the start. The problem with supporting a peg via cryptoassets that are all within a stablecoin's smart contracts is that loss in confidence in that particular stablecoin can spiral out of control. We've worked hard to make that as unlikely as we can."

Reserve considers that a price-stable cryptocurrency would offer a solution for countries where failing fiat currencies and high inflation rates jeopardize citizens’ savings.

While unpegged existing cryptocurrencies can already protect citizens from governments by being decentralized, their price volatility nonetheless limits them from serving most retail uses. In Freeman’s words:

“Put simply: nobody wants to spend a token that may be worth twice as much next month to buy a carton of milk, and nobody wants to store their savings in a token that may be worth nothing in a year.”

The project has notably sought an advising relationship with a financial services consultancy headed by a former Securities and Exchange Commission (SEC) Commissioner, that also includes former officials from the CFTC, Federal Reserve, OCC, and Treasury Department.

Earlier this month at MoneyConf Dublin, Circle CEO Jeremy Allaire made a strong case for stablecoins in a “tokenized global economy,” giving the example of debt obligations as a key use case that would require denomination in an asset with a less volatile price baseline.

Unlike Reserve, Circle’s focus is on fiat-stabilized coins - of which Tether (USDT) is the most famous, if controversial, example. Circle recently closed a $110 million fundraising round to partner with mining hardware manufacturer Bitmain on the development of its own US dollar-backed stable coin, reportedly to be released in summer.


Reality Shares Launches World’s First China Blockchain ETF

In an effort to take advantage of China’s innovation in the cryptocurrency sphere, asset management firm Reality Shares launched the first ever blockchain ETF for the country. The company says their goal is to “democratize the world’s best investing ideas.”

According to a news release on June 20th, the Reality Shares Nasdaq NexGen Economy China ETF (Nasdaq: BCNA), will focus on Chinese companies committed to “developing, researching, supporting, or utilizing blockchain.” Investors can either speak with a financial advisor about adding the ETF to an account or invest directly on Reality Shares’ trading platform.

Businesses are evaluated across seven key factors, including their role in the blockchain ecosystem, membership in the Blockchain Institute, and blockchain product stage. Businesses must score high on these characteristics to qualify for BCNA. Reality Shares says their methodology is based on a series of quantitative factors and is designed to “pinpoint and evaluate the highest-scoring companies” in the blockchain universe.
BCNA is made up of 31 constituents and is currently set to rebalance semi-annually. Reality Shares CEO Eric Ervin says it gives investors the opportunity to easily access the emerging blockchain market in China.

He noted that the Asian nation is “quickly becoming a global epicenter for blockchain innovation” and believes its blockchain industry “presents an incredibly exciting and long-term investment opportunity.”

China is quickly becoming a hub for blockchain development, Reality Shares says.

The company hopes BCNA will continue to capitalize on the overall growth of the Chinese economy. They point out how the country has several features that should be attractive to investors.

These include “historical non-correlation to the US market, the size of its equity market, and strong credit quality.” They also note how China had the most filed blockchain related patents in 2017.

Reality Shares entered the blockchain ecosystem in January after launching an ETF for investors interested in companies that are creating and implementing blockchain.

The Reality Shares Nasdaq NextGen Economy ETF (Nasdaq BLCN) is “comprised of companies committing material resources to developing, researching, supporting, innovating or utilizing blockchain technology for their proprietary use or for use by others.” BCNA currently serves as a compliment to BLCN.

Companies involved in the funds are researched and vetted by Reality Shares’ blockchain advisory board. Members include Eric Voorhees, founder of Shapeshift, Marco Santori, president and chief legal officer of Blockchain.com, Jeff Garzik, an early bitcoin developer and the creator of Metronome, and Matthew Roszak, founder of Tally Capital.


Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies

South Korean cryptocurrency exchange Coinrail has unveiled its plan to resume service despite surrounding controversies. The exchange reportedly removed a key part of its terms of service right before it was allegedly hacked, arousing suspicions.

South Korea’s seventh largest crypto exchange, Coinrail, reported that it was hacked on June 10. The damage is estimated to be around 45 billion won (~US$41 million).
On its website, the exchange states that 70% of its total coins have been safely moved to cold storage. In addition, “about 80% of the coins that have been confirmed to be leaked have been frozen/ withdrawn/ redeemed or equivalent…while the remainder is under investigation with investigators, related exchanges, and coin developers,” the exchange wrote, adding that the coins stolen are NPXS, DENT, BBC, ATX, JNT, and NPER.
Coinrail tweeted on Monday that it is in the process of restructuring its business in order to resume service around July 15. The exchange elaborated:

Coinrail will resume service before July 15 if it is determined that the service is ready to resume…We are constantly preparing a number of measures to recover the damaged coins and we will be reporting progress on the restoration measure at the end of June.

Coinrail says, “We are setting up a recovery plan with various stakeholders such as coin developers,” Sedaily detailed, noting that some customers are skeptical and do not believe that Coinrail will resume service on that date.

On Monday, about 50 customers visited Coinrail’s headquarters in Gangnam, Seoul, EKN conveyed. However, there was a notice on the exchange’s front door advising customers that they will not be able to visit the exchange’s office.

Prior to the alleged hack, the exchange reportedly removed a clause from its terms of service regarding user compensation.

Sedaily explained “the controversy over the revision of the terms [of service].” The news outlet detailed, “Coinrail has been suspected a week before the [alleged] hack” of removing the terms of service pertaining to the company’s standard indemnification provisions. This caused some to suspect that the exchange is trying to avoid responsibility for damages caused by the hack, the publication elaborated. However, Coinrail explained:

We have been working to strengthen the responsibility of the company in accordance with the government’s policy with the revision of the terms of the contract.

In April, the Korean Fair Trade Commission (FTC) examined the terms of use of 12 cryptocurrency exchanges. The agency found a total of 14 unfair terms and recommended corrections. While the country’s largest exchanges such as Bithumb subsequently changed their terms of service to comply, Coinrail removed its related terms of service, the publication revealed.

Recently, Chosun reported that some banks detected suspicious activities and closed the Coinrail’s accounts in April. However, the exchange maintains that they were only unused virtual accounts and there was no hacking evidence detected, Hankyung noted.

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