It’s been another strong week for cryptocurrency and blockchain adoption. Burger King is using the crypto platform to provide Bitcoin, Dash and others as its pilot cryptocurrency payment method in Venezuela. TruTrace is developing a blockchain cannabis tracking platform and Hong Kong is embracing virtual banks.
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Burger King of Venezuela accepts Bitcoin
Bitcoin became a new payment option at Burger King in Venezuela when a new association opened up crypto payments at the fast-food chain. Confirmed in a tweet, a single Burger King branch in the Sambil area of Caracas is accepting Bitcoin, along with altcoins Ether (ETH), Litecoin (LTC), Binance Coin (BNB) and Dash (DASH), as well as the stablecoin Tether (USDT).
According to a blog post by Dash executives on the movement, a total of 40 locations will follow suit in 2020. Cryptobuyer is a Panama-based cryptocurrency trading gateway startup that also operates a fleet of Bitcoin ATMs. It offers conversion of cryptocurrency funds for companies, which it then pays in fiat currency.
TruTrace Technologies has developed the first product tracking platform secured by Blockchain
According to a ProActiveInvestors report on January 3rd, medical cannabis companies are rushing to sign up for the world’s first blockchain platform to track products from seed to sale. The StrainSecure platform, developed by TruTrace, provides testing, DNA-based validation and product assurance for patients and clients.
The immutable and secure platform allows cannabis producers to build greater trust among customers in an industry famous for unreliable supply chains.
“It’s a combination of science, business software, and blockchain technology,” said Robert Galarza, CEO of TruTrace Technologies. “By focusing on granular genetic, chemical and contaminant data, as well as movement and motion information, and then merging them into a blockchain, we can provide real-time data on every product that is purchased,” he added.
Longfin CEO reaches $400,000 agreement with the SEC on fraud charges
The U.S. Securities and Exchange Commission (SEC) reached an agreement with the CEO of Fintech Longfin Venkata S. Meenavalli on fraud charges. The Securities and Exchange Commission announced that Longfin Corp. CEO Venkata S. Meenavalli agreed to pay $400,000 in restitution and penalties to settle the SEC fraud action against him.
The SEC alleged that Longfin lied to potential investors in relation to its public offering and listing on Nasdaq, concluding with a $3.5 million refund and a $3.2 million penalty.
The SEC’s complaint against Longfin, which was later confirmed by the Southern District Court of New York in a formal indictment of October 2019, focused on Longfin’s claim to be “managed and operated” in the United States and transactions of “fake” products that represent about 90% of the company’s reported revenue in 2017.
The Hong Kong Bankers’ Institute has incorporated virtual banks
The Hong Kong Bankers Institute (HKIB) has added six virtual banks as corporate members. HKIB is a non-profit institution that provides training and certification to banking organizations in Hong Kong. The latest banks to join HKIB are Airstar Bank Limited, Fusion Bank Limited, Livi VB Limited, Ping An OneConnect Bank (Hong Kong) Limited, SC Digital Solutions Limited, and WeLab Bank Limited.
Commenting on the news, Carrie Leung, CEO of HKIB, said that the launch of virtual banks marked a new era in the development of the banking sector in the region, and added: “HKIB now has a membership base of 103 corporate members and corporate affiliates and over 6,000 individual members. With the exponential growth in the local fintech sector, we believe that more virtual banks and Fintech companies will see the importance of joining our community in the coming years.”
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