Coinbase wants to sell blockchain analysis software to the IRS and DEA a year after its Neutrino acquisition 21035

Coinbase wants to sell blockchain analytics software to two U.S. government agencies, according to public documents. Records obtained by The Block show that the U.S. Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS) intend to buy licenses from Coinbase for an analytics platform called Coinbase Analytics. Documents related the purchases by the IRS and DEA were published in April and May, respectively.

Notably, the IRS document draws a connection between Coinbase Analytics and Neutrino, an intelligence agency that Coinbase controversially purchased in 2019. The acquisition drew controversy due to its founders’ involvement in the Italian spyware firm Hacking Team, and Coinbase ultimately said that it would part ways with team members associated with Hacking Team.

As the IRS document explains:

“As law enforcement techniques evolve and other cryptocurrencies gain acceptance, criminals are using other types of cryptocurrencies, not just Bitcoin to facilitate their crimes. In addition to the Bitcoin Blockchain, Coinbase Analytics (fka Neutrino) allows for the analysis and tracking of cryptocurrency flows across multiple blockchains that criminals are currently using. Coinbase Analytics also provides some enhanced law enforcement sensitive capabilities that are not currently found in other tools on the market. This action will result in a Firm Fix Priced purchase order, Period of Performance: One base year from date of award with one 12-month option.”

Public records indicate that Coinbase has not been officially granted the awards, and the company does not appear in queries submitted to USASpending.gov, a directory for government contract awards. According to this database page, Coinbase’s registration to offer products and services to the U.S. government became active on April 28, with an expiration date of April 13, 2021.

When reached for comment, a Coinbase spokesperson told The Block that “[t]he information offered in Coinbase Analytics has always been kept completely separate from Coinbase internal data,” going on to say:

“Coinbase Analytics data is fully sourced from online, publicly available data, and does not include any personally-identifiable information for anyone, regardless of whether or not they use Coinbase. Coinbase Analytics is a blockchain analytics product that we use internally for compliance and global investigations. It’s an important tool to meet our regulatory requirements and protect our customers’ funds. We developed Coinbase Analytics with technology from the Neutrino acquisition. Coinbase also offers this product to financial institutions and law enforcement agencies to support compliance and investigation use cases. This tool only offers them streamlined access to publicly-available data and at no point do they have access to any Coinbase internal or customer data.”

It is unclear how much Coinbase would be paid for the licenses. The DEA document includes a subheader explaining that it is “Required for Limited Source Acquisitions Over $10,000 but not Exceeding $250,000,” indicating that the amount paid would fall in that range.

The documents illustrate how the two agencies want to apply Coinbase’s platform to their respective investigative toolkits. In the case of the IRS, the software would be utilized by the tax authority’s Criminal Investigation Cyber Crimes Unit.

The DEA document states:

“Coinbase Analytics (CA) cryptocurrency intelligence tool, provides investigators with identity attribution and de-anonymities virtual currency addresses domestically and internationally. CA is known for its accuracy of attribution which includes some of the most conservative heuristics used in commercial blockchain tracing tools. This is critical in avoiding false positive during target identification.”

The DEA document further explains that “[w]ithout this advanced tool DEA would not be unable to conduct on the spot verification of money movement” and “this is the least expensive tool on the market and has the most features for the money.” On the latter statement, no price point is given.

A DEA Limited Source Document is dated February 11, 2020, and according to the contract directory, it was originally published on May 18. As noted: “All communication regarding this posting shall be in writing and received on or before 10:00 a.m. (ET) May 22, 2020.” The IRS document was posted on April 7.

Coinbase Analytics is not a publicly acknowledged offering. However, the term appeared in a since-removed job listing that sought a Senior Frontend Engineer. Results for that job listing still appear via Google search, as do results for a Product Manager role.

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TADS Awards – The World’s First Annual International Awards for Tokenized Assets & Digitized Securities Launched in Hong Kong 8589

TADS Awards (which stands for “Tokenized Assets & Digitized Securities Awards”) is the world’s first annual international award for the asset tokenization and digital securities sectors. It celebrates these industries by recognizing and honoring significant contributions and distinguished achievements worldwide. Hosted annually, TADS Awards gathers together individuals and businesses to share the energy that tokenization brings to the financial markets around the world — https://tadsawards.org/.

The World Economic Forum forecasts that by 2027, 10% of the world’s GDP will be tokenized — with an estimated market capitalization of US$24 trillion. TADS Awards nurtures the growth of TADS industries by jointly establishing “best practices” and setting “measuring standards” for high-quality tokenized assets and digitized securities through close collaboration with other industry leaders on the global market.

“TADS Awards creates important recognition for best of breed ideas and solutions in emerging technologies like Blockchain and Digital Assets. Such a platform not only aids in creating awareness, but also fosters a healthy competitive spirit that is vital for progress and growth of the industry imperatives,” said Nitin Gaur, Director of IBM Financial Sciences and Digital Assets at IBM.

“Tokenization is a futuristic business model, providing a platform for key information exchange, empowering sustainable growth and operational efficiency through digitized and FinTech based incentives,” commented Peter Koo, APAC leader of IT & Specialized Assurance, Deloitte Touche Tohmatsu.

Martin Sabine, Chairman of Somerley Capital said, “The TADS Awards recognizes pacesetters in a breakthrough area of activity which Somerley believes has the potential to disrupt and enhance the provision of financial services.”

“Asset tokenization is not the future, but the present. It is happening in front of our eyes. As our industry emerges as a whole, it is important to recognize outstanding projects and the pioneers behind them, who are paving the way for a more accessible, efficient and transparent financial future,” reflected Emi Lorincz, Board Member of the Crypto Valley Association.

“As the digital technology flagship of Hong Kong and home to the largest FinTech community with over 360 FinTech companies, we are committed to strengthening Hong Kong’s international finance center position under the digital economy era,” said Peter Yan, Chief Executive Office of Hong Kong Cyberport. He further added, “TADS Awards is a strong impetus in recognizing innovative and impactful solutions in the digital asset area. We look forward to seeing winning solutions under TADS Awards being brought to a new stage of development.”

“Asset tokenization is reinventing capital markets. Digitization of securities can facilitate cross border investment and allow investors to access valuable and unique investment opportunities worldwide. Enterprises are able to access global liquidity at a fractional cost, as  compared to the conventional financial market,” said Mr. Chan Heng Fai, Executive Chairman of American Pacific Bank.

Huobi Perpetual Swaps Joins DeFi Yield Farming Campaign with $200,000 Reward 12780

To celebrate the seventh anniversary of Huobi, Huobi Futures has launched a DeFi Yield Farming campaign with $200,000 reward to premium users on September 21.  The campaign starts at 16:00 UTC on September 21 and ends at 15:59:59 UTC on October 1.

Huobi perpetual swaps supports the following DeFi assets UNI, LINK, YFII, SUSHI, DOT, YFI and ADA for this campaign. Except for ADA and DOT, the remaining five are all DeFi tokens. So far, Huobi has 61 widely-accepted tokens in its swaps suite including 28 DeFi tokens, becoming the crypto platform that offers the most coin-margined swaps globally.

Campaign Rules: Whilst the daily cumulative Maker amount exceeds $1,000 on the designated assets – UNI, LINK, YFII, SUSHI, DOT, YFI and ADA, the prize pool will be divided according to the portion of the users’ cumulative Maker amount. It means the larger the Maker amount is, the more reward the user will receive.

1. The yield farming campaign will start at 16:00 UTC on September 21 and ends at 15:59:59 UTC on October 1;

2. Sub-accounts cannot participate in the campaign as independent accounts; sub-account transactions will be merged into their main accounts; Huobi App will not display yield farming rewards of sub-accounts.

3. Users can check their rewards at Huobi APP.

4. Rewards will be allocated in equivalent value of tokens. The number of tokens issued will be calculated based on the closing price of the day; Yield farming rewards below 1USD will not be issued.

5. Reward will be calculated to 6 decimal places for YFI, 5 decimal places for YFII, 2 decimal places for DOT, LINK, SUSHI, UNI and ADA. The exceedances will be truncated.

6. Rewards will be allocated to the user’s perpetual swaps account in the following day.  Pay attention to the SMS and Email notifications.

7. The final interpretation right of this campaign belongs to Huobi Futures.

Core Scientific Named Bitmain’s Cooperative Repair Center in North America 13320

Core Scientific, the largest digital asset mining operation in North America, announced it has partnered with Bitmaintech Pte. Ltd (“Bitmain”), the industry-leading cryptocurrency mining equipment manufacturer, to become Bitmain’s cooperative repair center in North America. This partnership means that Core Scientific, led by the former COO of Microsoft, Kevin Turner, is the only cooperative North American repair center servicing and repairing Bitmain’s machines using original parts, materially reducing the downtime typically involved with sending machines to China for repair.

Over the past year, the digital asset mining industry in the United States has witnessed an uptick in activity with bitcoin hash rate increasing by 78% between September 2019 and April 2020, placing the U.S. just behind mining leader, China. As more mining equipment from Asia is imported to respond to rising institutional demand, miners require closer access to trained experts who can promptly diagnose problems and repair equipment with original parts to maintain competitive hashrates. Having a dedicated repair center within close proximity to miners will allow North American miners to remain hashrate competitive and profitable.

“Having a repair center close to miners in the United States is key to improving efficiency when it comes to repairing mining rigs,” said Kevin Turner, CEO of Core Scientific. “By eliminating the substantial economic and opportunity costs associated with sending equipment back to Asia to be fixed, we can help Bitmain – and the mining industry as a whole – continue to grow. Our skilled in-house engineering team is primed and ready, and will now have access to original replacement components to ensure units stay in warranty.”

As Bitmain’s cooperative repair center, Core Scientific will be able to perform repairs for any customer whose Antminer warranties have expired. Repairs will be completed by engineers who have attained Bitmain’s Ant Training Academy certification.

“Mining rigs run continuously all day, every day. It is inevitable that machines will require maintenance and repairs will need to be performed,” said Irene Gao, Antminer Sales Director of NCSA Region, Bitmain. “By opening a cooperative repair center stateside with a trusted partner, Core Scientific is helping Bitmain serve our customers and vice versa. We have enjoyed working together over the past three years and this latest partnership serves to support that.”

This announcement marks another important step in the relationship between Core Scientific and Bitmain. Most recently, Core Scientific expanded its inventory of machines by facilitating a record purchase of nearly 18,000 units of Bitmain bitcoin mining machines. Earlier this year, Core Scientific also launched the first Ant Training Academy outside of China which allows more North America-based participants to access Bitmain’s digital miner maintenance training and accreditation service.

Block Crafters, Global Accelerating Program Selection of Participants Complete for ‘Block Crafters CHALLENGE X 2’ 13626

On the 27th August, professional blockchain accelerator Block Crafters (Co-CEOs Suyong ParkHoon Song) completed the selection of company participants for its ‘Block Crafters CHALLENGE X 2 Program’ (“Block Crafters CHALLENGE X 2”), a global acceleration program for Korean blockchain technology convergence startups.

Block Crafters launched the program having been selected for two years straight as an organization running ‘K-Global Accelerator Development’, hosted by the Korean Ministry of Science and ICT (Minister: Kiyoung Choi, “MSIT”) and the National IT Industry Promotion Agency (President: Chang Yeong Kim, “NIPA”). The program is organized by Block Crafters, in cooperation with Honest Ventures (CEOs Seungheum Lee, Seungmin Baek) as a participating organization.

This year, 9 startups from the 4th Industrial Revolution convergence field, including blockchain, were selected as participants. In the venture category 7 companies: Comake, Nine Corporation, Big-After, Opus-M, dsrv labs, Gorilla Bomb, Granora; and in the Early Venture category 2 companies: Proptalkchain, IREVIEW. 

Block Crafters will provide accelerating to the selected companies for 20 weeks until the end of November. Companies will receive early investment, professional mentoring, commercialization and technology, investor networking, global expansion, facilities, promotion, etc. customized to each company’s needs. Further, to help the selected startups with global expansion, Block Crafters will hold a demo day and investor networking event in November with speakers invited from Korea and abroad in 4th Industrial Revolution-related fields.

In parallel, participating organization Honest Ventures will provide the participants with professional and extensive advice to attract follow-up investment. Honest Ventures is an early startup investor that provides funding, network expansion, competence building and other support to businesses commercializing 4th Industrial Revolution and other cutting-edge technology such as content, bio, semiconductor or ICT – even if they are on their second attempt. Currently, Honest Ventures participates in the ‘Chuncheon SME Growth Support Fund’, ‘Gyeonggi Second Chance Fund’, ‘Honest Smart City Fund’, ‘Innovation Business Park Fund No. 1’, ‘NEXEED Fund No. 1’ and more.

Suyong Park, Block Crafters Co-CEO, said, “Each of the 9 startups participating in Block Crafters CHALLENGE X 2 is achieving meaningful results in their respective area and I hope they will grow into flag bearers for the 4th Industrial Revolution era”, adding “As an industry-leading accelerator, we will continue to prepare various accelerator programs such as Block Crafters CHALLENGE X 2 going forward, and identify pioneering startups in the blockchain technology convergence area”.

Block Crafters, host of Block Crafters CHALLENGE X 2, is a professional blockchain accelerator founded in May 2018. Immediately following its establishment, the company screened over 500 blockchain projects worldwide and is carrying out acceleration and investment connection for selected projects in diverse fields. The projects currently accelerated by Block Crafters have performed exceptionally, attracting over KRW 10bn in follow-up funding and striking over 40 global partnerships. Further, in May the company attracted strategic investment from private investor Yang-Hyun Cheon, Chairman of Cocone, as well as venture capital (VC) firms DT& Investment and TINVESTMENT, marking a new start for the Block Crafters as a digital asset service provider in the field of finance and investment.

In the year following the launch of digital asset service Haru, the company has seen rapid growth and is continuing to expand its service area. Haru’s user numbers have grown almost 1,000% worldwide this year, showcasing the service’s incredible global presence and popularity. In the same period, user deposits have increased by over 450%, underscoring the great trust and reputation the platform has amongst the crypto community. The company’s performance figures are driven by active demand, as users benefit from competitive interest rates on a variety of deposits and lock-ups offered on the platform. To date, over $30,000,000 has been transacted on the platform, with over 200,000 separate payouts to users – showing that Haru has the scope and infrastructure to scale to record-breaking levels.

INX Crosses Over the Mandatory Minimum of $7.5M – Now Accepting BTC, ETH, USDC 11102

INX Limited today announced it has raised over USD 7.5M in its initial public offering, exceeding the minimum requirement for the offering. The Company also starts accepting payments in Bitcoin (BTC), Ether (ETH) and USD Coin (USDC) at 10am EDT on MondaySeptember 14th, 2020.

INX has launched the first-ever SEC-registered security token IPO aiming to raise up to $117 million from both retail and institutional investors. INX intends to use the net proceeds raised from the sale of INX Tokens for a launch of a regulated trading platform for digital assets  including cryptocurrencies, security tokens, and their derivatives, for the establishment of a cash reserve fund, and for the continued development and operation of INX Trading Solutions, .

INX has set the offering price at $0.90 per Token with a minimum investment of $1,000. BTC/USD, ETH/USD and USDC/USD exchange rates will be determined in the manner as disclosed in the final prospectus.  More information can be found in the final prospectus and at https://token.inx.co/.

A registration statement relating to the offering of these securities was declared effective by the SEC on August 20, 2020. Copies of the registration statement can be accessed by visiting the SEC website at www.sec.gov. The offering is being made only by means of a prospectus. A final prospectus describing the terms of the offering has been filed with the SEC and forms a part of the effective registration statement.

Enjoy Big Discount in CoinAD.media 4th Birthday Celebration 12231

CoinAD.media

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