What Ban? Bithumb Eyes India for Expansion + 11 More Crypto News

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Cryptocurrency exchange news

• South Korea’s major crypto exchange Bithumb is hoping to launch an exchange in India, per a report from the India Times. The media outlet states that the company’s Bithumb Global arm is hoping to win permission from Indian regulators. The exchange says it is hopeful of “expanding” in India, striking partnership deals with cryptocurrency exchanges on the subcontinent, as well as “funding Indian cryptocurrency startups and introducing new initiatives for Indian traders.” As reported, the Indian government has considered stern measures as part of any potential crackdown, with ministers even considering a proposal to punish cryptocurrency holders with jail sentences of up to 10 years. (Learn more: What Effect Could an Indian Ban Have on the Global Crypto Industry?)
• Binance has struck a deal with regulation technology provider Coinfirm. The exchange says the deal will allow it to use of the latter’s platform to improve its anti-money laundering (AML) compliance system. Coinfirm is the developer of a blockchain-agnostic AML Platform, which allows cryptocurrency exchanges to fall into line with Financial Action Task Force (FATF) AML guidelines.
• The CEO of South Korean exchange CoinZest has denied that it is on the verge of bankruptcy, despite the fact that the exchange has suspended fiat withdrawals seemingly indefinitely. The CEO says the exchange is developing an “international platform” that is causing a delay to its withdrawals services, although furious customers have alleged that the company is on the verge of financial ruin. Per Bridge Kyungjae, national auditors are investigating the matter.

Blockchain news

• China Merchants Bank International has partnered with layered blockchain Nervos to jointly develop and launch decentralized applications for financial services. Additionally, the bank will act as a strategic ecosystem partner and help Nervos grow its blockchain network within the financial services industry, the blockchain startup said.

Regulation news

• House Financial Services Committee has invited Facebook Chief Operating Officer Sheryl Sandberg to testify on Oct. 29 about the Libra project, but only on the condition that CEO Mark Zuckerberg agree to appear before the committee before January, The Information reported, citing a person familiar with the matter.
• The self-regulatory Japan Cryptocurrency Business Association has issued a consultancy paper on security token offering (STO) guidelines to its 123 members. Per Fisco (via Minbaku), different regulations will apply depending on whether or not tokens can be legally categorized as securities.

Adoption news

• The Venezuelan state-backed exchange and bank Glufco has launched a cryptocurrency debit card service, and a Point-of-Sale (PoS) terminal for Bitcoin, Ethereum, Dash and its own native tokens, as well as the government-developed, oil-backed Petro token. According to Diario Bitcoin, the card will not be able to support fiats “for now.” The system should allow customers to pay for goods and services using cryptocurrencies in stores equipped with compatible hardware.
• The South Korean police force has been talking up its new blockchain-powered driver’s license. The police force has begun work on the app, along with all three of the country’s major telecoms companies (KT, LG U+ and SK), as previously reported. Per Asia News Agency, the police now say the blockchain-based Pass app will be ready to roll out by “the first half of next year”

Investment news

• Verisart, a developer of blockchain-based certification for the arts and collectibles market, has raised USD 2.5 million in seed financing. The round was led by Galaxy Digital EOS VC Fund with further investment from existing investors Sinai Ventures and Rhodium. The funding will enable Verisart to expand its commercial platform for authentication and further contribute to the art world, the startup said.
• Oneiro, a provider of blockchain solutions, said it has secured an investment of USD 5 million from COSIMO Ventures. This is the second investment round by COSIMO to Oneiro, following a seed round of USD 3 million in February 2018, bringing the total venture capital investment to date to USD 8 million.
• Vega, a developer of decentralized infrastructure, said it raised USD 5 million in strategic seed round, led by Pantera Capital. The fresh capital will help the startup to achieve their goal of designing and implementing a protocol for “safe and non-custodial decentralised margin trading.”
• Major American venture capital firm Andreessen Horowitz is launching “Crypto Startup School to encourage more tech entrepreneurs to start crypto projects and help crypto-curious builders navigate the idea maze.”