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First Regulated DeFi Project KingSwap Announces Advisory Board

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Press Release:

KingSwap’s High-Yield Liquidity Platform with Extensive Staking Rewards & Digital Collectibles Set to Launch on Uniswap Later this Month

Top 5 Cryptocurrencies 2020

SINGAPORE — October 9, 2020 at 5 am EST — KingSwap, the regulated DeFi project introducing a liquidity pool platform with fiat conversions, today announced its advisory board. Industry leaders joining the KingSwap board are Michael Terpin, founder, BitAngels and Transform Group; Lionel Iruk, Esq, Managing Partner and General Counsel at Empire Global Partners and Iruke Legal Inc; and Robert Choi PhD., Founder and CEO of MKTForum and Lean Startup Korea. 
These advisors join KingSwap co-founders Dunstan Teo, Chief Architect of the Fido Protocol, CTO and prominent blockchain researcher Dr. Anish Mohammed, former Bank of Singapore Director Ho Chin Shin, KingSwap Board Member, and the rest of the KingSwap team in building the project’s high-yield liquidity platform with extensive staking rewards and digital collectibles. The project will launch on Uniswap later this month. 
“These advisors have a stellar track record of excellence and success, and are committed to supporting the KingSwap project in its goal to advance the decentralized finance space even further,” said Ho Chin Shin, KingSwap Board Director. 
“We’re excited to have their support as we prepare for the launch of this exciting new DEX,” said Dr. Anish Mohammed, KingSwap CTO.
As the founder and CEO of Transform Group, KingSwap advisor Michael Terpin has represented more than 250 cryptocurrency companies, including Augur, Bancor, Dash, Ethereum, Gnosis, Kraken, Neo, Qtum, and Tether. He’s also co-founder of BitAngels, the first angel investor group in the digital currency sector, and founder of the CoinAgenda blockchain investor conference series.
Joining Terpin on the advisory board is Lionel Iruk, Esq., who has served as lead counsel and legal advisor for numerous gaming, international business, cryptocurrency, and DeFi projects. His clients have collectively generated more than $10 billion USD to date. 
Rounding out the KingSwap advisory board is Robert Choi, PhD. Robert previously served as the global marketing officer at HDAC, a top ICO in 2017, as well as managing director of Cornet Pte Ltd. Robert specializes in brand marketing, sales strategy, and communications, and is a Lean Startup Coach. He has previous MNC experience with Procter & Gamble, Adidas, SK Group, Alliance Life, and more. 

To learn more about KingSwap, please visit https://www.kingswap.io/ or join KingSwap’s Telegram group at https://t.me/kingswap
About KingSwap
KingSwap (https://www.kingswap.io/) is a regulated DeFi project based out of Singapore that is introducing a liquidity pool platform with fiat conversions. KingSwap’s high-yield liquidity platform offers extensive staking rewards and digital collectibles. The project is based on Uniswap and set to launch in October 2020. 
Media Contact: 
Transform Group, kingswap@transformgroup.com
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Ten things that are in favor of Facebook libra

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Facebook’s Libra has not even launched and yet it is facing tough competition from numerous companies and governments who have set out to launch their own crypto coins. The Libra project has also faced criticism from many central banks because the idea of cryptocurrency is generally frowned upon by banks and governments. However, there are some things which can work in favor of Libra and make it a successful project.

Ten things which can work in favor of Libra is listed below –

1. Libra is a type of Stablecoin – Cryptocurrencies are usually volatile. However, Libra has mechanisms that will ensure that the value of the crypto-coin remains stable over a long period. Still, it is unlike other stablecoins which are backed by the value of US dollars. The value of Libra will be backed by four fiat currencies(EUR, JPY, GBP, USD) and may include other assets in the future as well.

2. Libra transactions will be fast – Unlike other cryptocurrencies like Bitcoin or Ethereum where you have to wait for several minutes before confirming a transaction, Libra will work like physical cash and transfer almost immediately.

3. Libra will be more centralized than most cryptocurrencies – Cryptocurrencies like Bitcoin and Ethereum are secured by thousands of people who mine the currency. Libra will be secured and backed by at least 28 companies like eBay, Uber, Spotify, Fatfetch, etc. These companies will ensure that Libra is run smoothly and without any issues.

4. Libra will enforce identity verification – In order to open a new account and use Libra, you have to very your identity by submitting Know Your Customer(KYC) documents or any other personal information. This will ensure that both the customer and the online vendor will be protected from fraud and not become a target of scammers.

5. Libra will be available worldwide – Initially, Libra will be launched in the US and Europe but Facebook has already announced that it plans to launch Libra in as many countries as possible. The company has a particular interest in launching Libra in countries which don’t have proper access to financial infrastructures like Africa, Latin America, and Southeast Asia.

6. Libra can be purchased with Fiat Currencies(Euro, Dollar, Pound) – Just like any other cryptocurrency, you can purchase Libra by exchanging it with other cryptocurrencies. However, you also have the option to buy Libra using the Libra app which will allow you to convert your fiat currencies at a specific exchange rate.

7. Libra transactions will be low-cost -Cryptocurrencies are known for their low transaction costs and Facebook intends to keep this trend. Facebook has promised that Libra will allow you to do transactions across international borders in a cheap way. In fact, you can afford to make payments for food and travel as well.

8. You can use Libra to purchase products and services – Libra has partnered with many companies including Uber, Mastercard, Spotify, PayPal, Farfetch, Vodafone, Visa, eBay, and many more. According to Facebook, by the time Libra launches, the association will have around 100 members.

9. Libra will launch soon – Libra is set to launch in the first half of 2020. So, although the project is still in early development, you can be sure that everything is going according to the plan as Facebook as made such a claim.

10. Libra will bring smart contracts – Libra will run on a new type of programming language known as the ‘Move’, which will ensure that the blockchain remains extremely secure. Another advantage of Libra is that it will also be flexible enough to implement smart contracts and custom transactions. Thus, before long, you may expect Libra to run decentralized apps(dApps).

Thank you for reading the article.

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IMPORTANT DISCLAIMER
Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

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Recent crypto scams and their genesis

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The blockchain technology is comparatively new and it is natural for it to be a target of scammers. Since cryptocurrencies rely on the blockchain, it is impossible to corrupt any sort of data. However, intelligent scammers have inevitably found a way to use it for criminal purposes.

The media is teeming with cryptocurrency-related news on frauds and money laundering cases.

crypto scammer arrested

One such case was uncovered by the Indian police. Divyesh Darji was apprehended by the CID in Gujarat where he was allegedly running a scam by the name BitConnect. Further investigation revealed that the scheme originated back in 2017. A CID official reported that “Darji had promised that the investor would get the principal amount in 99 days. He had also promised to give interest on the principal amount as per robotic trading profit along with 1% to 1.6% bonus as a referral bonus at every 11 days.”

Darji lured his investors to invest in “Regal Coins”, guaranteeing unrealistic returns up to 5,000% on each investment. The scam was brought to light by a local citizen named Vishal Savalia, who approached the CID after incurring a loss of approximately $26,783. Another CID official described how the scam took place. “Savalia had allegedly given the money to Darji’s daughter, through another accused and Darji’s aide, Ramdayal Purohit and Dimki herself had downloaded Regal Coin app in Savalia’s cell phone and got him registered on his website.”

The police were only able to arrest Purohit while Darji received bail in May. This was the third case that was related to Darji and the authorities were keeping a close eye on him. Darji was finally arrested in August of 2018 while he was promoting BitConnect in Surat, possibly scamming crores of rupees from his investors.  

A similar case happened in the US where Commodity Futures Trading Commission(CFTC) apprehended a UK-based entity named Control-Finance Ltd. The company is reported to fraud more than 1,000 investors laundering 22,858 bitcoins(at least).

The company prompted investors to deposit the money they were getting by buying the company’s bitcoins. They claimed to provide daily trading profits to the investors with the help of professional cryptocurrency traders. The company even went as far as sending BTC deposits to investors from other buyers, presenting them as actual profits from coin trading. However, this wasn’t the case.

During September of 2017, the website was taken down by Control-Finance and all traces of it was removed from the internet and social media platforms. Payments were suspended and the company claimed to reimburse its investors by November the same year. However, they laundered the coins using Crypto wallet services and got away with the scam. Cryptocurrency or Bitcoins, in this case, were created for their high-level of security. However, since it is a rather new concept, scammers are having a field day with Bitcoin enthusiasts, robbing them of their possession. If something is too good to be true, it probably is not true. Whether you are investing with money or cryptocurrencies, always stay sharp and safe.

Thank you for reading the article.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

IMPORTANT DISCLAIMER
Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

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What will happen if India bans bitcoin?

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The cryptocurrency market, which was already struggling under constricting norms, is being pushed further towards doom due to government bans. The verdict of government on crypto will have a huge impact on the Indian Economic Infrastructure as investors from around the country have infused heavily into these digital currencies.

During a meeting in the financial stability and development council of India, the officials suggested banning “the use of private cryptocurrencies in India”. The secretary in the department of economic affairs, Subhash Chandra Garg also attended the meeting to propose norms on the virtual currencies.

Rashmi Deshpande, the associate partner at Khaitan & Co, a law firm representing cryptocurrency exchanges, assured that “even if it happens, will take time.” She also added that “First the draft regulations will come out, then it will be introduced to the public domain for feedback. After that, it will be introduced in parliament, from where it has to get the necessary approvals to become law.”

The cessation of cryptocurrencies will chiefly affect three key structures of the country. They are:

* A loss of stocks and technology

* Inability of the investors to adept

* The possibility of blockchain without cryptocurrency

1. The Reserve Bank of India has barred Indian banks from having anything to do with cryptocurrency exchanges and traders. Since then, the number of investors has nosedived and trading volumes have been at an all-time low.

Subham Yadav comments “If they ban the use (of cryptocoins), which probably means that people won’t be able to buy or sell, then the exchanges will have to shut down.” When asked further about the topic, he said, “I am sure one by one all the law enforcement agencies, such as the income-tax department, may come after us, which will make things worse for the industry.”

Shifting business to a foreign location could be a solution but not for smaller traders.

2. There are an estimated 5-6 million cryptocurrency users all across the country. Even if the authorities did ban the currency, they wouldn’t do it overnight. As explained by blockchain consultant, Pramod Emjay explained, “There can’t be an overnight ban. Considering so many Indian investors have bet on these digital currencies, they will be given time and avenues to divest their stakes”.

Also, there is no certainty on whether there will be a ban on possession as well. If there isn’t one, traders can exchange them overseas and have no problem retaining their assets. 

3. There is a high possibility that the blockchain technology could fall into the hands of the government. The authorities are keen on the idea of blockchain but not cryptocurrencies, but one is dependant on the other, explained Nischal Shetty, founder, and CEO of WazirX, another Indian cryptocurrency exchange. “Blockchain is useful as a ledger because the technology allows us to keep the data in the public domain and we will still be able to protect it. This is possible only because of cryptocurrencies. If you remove crypto from blockchain then the database will become so slow and inefficient that it will be worse than the existing system that the government is using.”

Thank you for reading the article.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

IMPORTANT DISCLAIMER
Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

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