The Swiss-based venture, has been established by a group of major global banks, trading firms and leading energy company that include ABN AMRO, BNP Paribas, Citi, Credit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS, and Societe Generale. The venture has been developed in partnership with the Ethereum-focused blockchain infrastructure and solutions group ConsenSys. It will digitalize trade and commodities finance processes trough a blockchain- based open platform. The first komgo product will standardize and facilitate the know-your-customer (KYC) process. The second will be a digital letter of credit, allowing commodity houses or other platforms to submit digital trade data and documents to the komgo customer banks of their choice. From the next year, the platform aims to widen to agriculture and metals.
A Singapore blockchain startup launches blockchain electric vehicles that mine crypto as users travel. The intention is to reduce carbon emissions, since road vehicles are the largest contributors of CO2 emissions in the transport sector. CyClean aims to combine blockchain and cryptocurrency software with electric-powered vehicles as well as other products, such as solar panels and bicycles. The company will allow its users to rent these energy-efficient products and be rewarded with cryptocurrency. The amount of CyClean coins awarded to users will be proportionate to the distance travelled or watts produced. The CyClean Coin (CCL), a CCL/USDT trading pair is now listed on HitBTC, a global cryptocurrency exchange. At the time of writing, CCL is the highest trading ICO token on HitBTC, following only the established cryptocurrencies and altcoins. UK’s leading port operator, Associated British Ports (ABP), has signed an agreement with digital logistics enabler Marine Transport International to develop blockchain use for port logistics. Blockchain solutions for port logistics could reduce time spent on the manual review of scattered data. With Blockchain, all those systems can be connected to ensure data is accurately and quickly shared, helping speed up and simplify the flow of trade in and out of the UK.
3. U.S. Regulators Acts Against Crypto Firm Falsely Claiming to Represent Coinbase, Cointelegraph
The Texas Securities Commission (TSC) has issued an emergency cease and desist order against a Russian crypto firm. The company allegedly misappropriated both Coinbase and Cointelegraph materials to attract investors. The cease-and-desist order states that Coins Miner falsely claimed to be registered at a U.K. address, but the firm was in fact operating from Volgograd in Russia. It is charged with sending unsolicited emails to many recipients including Texas residents, luring them to purchase investments in crypto mining programs issued by Coins Miner. Coins Miner is further charged with publishing a “phony” video that “falsely” depicts its facilities, engineers, and financial professionals, and with using “fake” photos that purport to show the interior of its office suite, but are in fact stock Internet photographs available for purchase online, and also with misappropriating a video of a Fortune journalist discussing crypto next to a superimposed Coins Miner logo.