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Traditional Bank Swissquote Allows Lakediamond to Offer ICOs Directly

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Fiat-currency bank SwissQuote permitted an artificial diamond producing firm to offer Initial Coin Offerings (ICOs) on its platform to raise fresh capital.

That the Swiss are exceptional bankers was proven again on Thursday. Fiat-currency bank SwissQuote permitted an artificial diamond producing firm to offer Initial Coin Offerings (ICOs) on its platform to raise fresh capital to fund the purchase of new equipment.

The bank has used its website to attract customers along with educational information on “how to finance a start-up with an ICO.”  The banks also advertised the exclusive pre-sale of the tokens: 10% bonus along with ‘one’ free tokens for every ten tokens the investor purchase. The promotional offer is limited to the “first CHF 4’000’000 contributions only,” the website quotes. The Public ICO will begin only in next year, January 2019.

 

LakeDiamond and why is Swissquote backing it

At the heart of the unusual offer by the Swiss bank is the Swiss company – LakeDiamond. The company has been using cutting-edge technology to manufacture ultra-pure diamond using reactors useful especially for high-tech industrial purposes. The products by the LakeDiamond’s reactors are of high net value, and the company now needs to expand its production with new reactors and will also focus on improving production capacity.

The token that Lake Diamond will issue is called the LakeDiamond token (LKD) and will be based on blockchain technology. The token will provide “right of use” for growing diamonds and will also define the amount of time. The tokens will allow the first-time payment tokens for the production of these physical assets.

The token will have a value equivalent to “one minute of growth reactor operating time. It produces lab-grown diamonds. One minute is the smallest possible unit, so the tokens are non-divisible past this point. If a diamond plate takes 180.5 minutes to grow, it will consume 181 LKD.”

Currently, the LKD tokens are priced at 50 cents each. The supply of these tokens will be at 6.8 million. It can also be of use to the system for utility purposes.

SwissQuote has allowed the company to debut an ICO since it believes that the company has been following ‘ethics.’  The earlier round of abuse witnessed in diamond mining companies has been the backdrop for LakeDiamond.

 

Good Investment Opportunity

SwissQuote believes that this is an excellent investment opportunity and will benefit its partners as well. Hence, traditional banks are willing to explore new age economics in Switzerland. This is because of the rich banking culture of the country which allows executives of these banks to consider new age products and services and realign for their clients.

Their focus is on offering exclusive services, backed by their confidential services standards. The controversy concerning cryptocurrencies is their legal tender. Since the general condition in Switzerland is favorable in exploring the use of these non-fiats, the use of ICOs has been on the increase in this Alpine country.

Hence, when SwissQuote proposes to offer ICOs to its clientele, it is a next step in reiterating the traditional banking system which remains oriented to providing its clients the products and services they demand and will achieve a profit from. There is no question of considering ICOs as illegal tender in this case, and hence SwissQuote has been exceptional in serving its clientele.

#Bitcoin

Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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#Bitcoin

Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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#Ripple

Ripple Latest Updates and XRP Market Analysis

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Ripple has partnered with yet another large bank CIMB Group and secured the 2nd position according to the market capitalization.

Ripple has partnered with yet another large bank CIMB Group which is the 5th largest bank in Asia. CIMB Group announced that it will implement RippleNet Software to process cross-border payments. Ripple’s XRP has also crossed ETH and secured the 2nd position according to the market capitalization.

 

CIMB Bank to use RippleNet

According to sources, CIMB Bank is the 1st bank in Asia in order to implement blockchain technology in such a place where the payments are small in value but the amount of transactions is very high.

SpeedSend, which is CIMB Bank’s platform with use RippleNet to improve the transactional speed and costing for international payments.

 

XRP Crosses ETH

XRP which is Ripple’s native token has crossed ETH is terms of market capitalization. The Ripple Company says that their token XRP and Ripple are not interlinked but it is always seen that as Ripple extends its partnerships with banks over the world, the price and market capitalization of XRP tends to rise.

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