Sabotaging exchange Blockchain

​ASX accused of sabotaging the launch of the ClearPay exchange blockchain platform

ISignthis CEO accused the Australian Stock Exchange (ASX) of sabotaging the launch of the ClearPay platform by NSX.

ClearPay, a joint venture between iSignthis and NSX, is developing a blockchain platform to simplify settlements and up-to-date asset accounting between bidders, the share register and the stock exchange.

The fact that NSX and iSignthis are developing the ClearPay platform for calculations on the blockchain became known in February. However, John Karantzis, CEO of iSignthis and NSX, says some market participants learned about the collaboration in advance. In his opinion, this led to the fact that ASX suspended trading in iSignthis shares (ISX) on October 2.

Karantzis said that ASX has launched a “public inquisition” regarding ClearPay because of concerns that the platform will compete with ASX Austraclear settlement service, as well as its own DLT-based trading system. “Honestly, ASX’s attempts to crush us are very successful,” he said.

ASX has been working on a DLT-based system to replace its clearing system for nearly five years. Initially, the exchange planned to launch the solution in April 2021, but at the end of March it announced that it would postpone the launch due to the coronavirus pandemic. At that time, Karantzis said ClearPay would be launched in early 2021.

ASX said it has suspended trading in iSignthis shares, whose value has grown tenfold during 2019, in order to examine in detail the company's activities after a market research group has expressed concern about the disclosure of information, management and shareholder structure of the company.

In December 2019, iSignthis sued the exchange, claiming that suspension of trading was illegal. Then, in April of this year, the company demanded an injunction that would prevent ASX from issuing a report alleging that iSignthis had violated the law. The court did not satisfy the claim.

In a report released on April 30, ASX reports that iSignthis issued 336 million shares after it signed four unusual contracts outside of its core business lines, which were publicly disclosed much later.

“If ASX resumed trading ISX shares now, this would allow the holders of new shares to immediately sell them on the market and leave with proceeds in circumstances where there are serious questions about the legality of the company’s actions,” the report said.

In a statement, Karantzis said: “The ISX board does not agree with the ASX report, which it considers to be a fundamentally erroneous document, forming a series of erroneous conclusions based on incorrect information and assumptions.” Karantzis added that iSignthis is continuing litigation against ASX.

The ASX press service declined to comment on the allegations, but said the exchange received information about the collaboration between iSignthis and NSX in February, more than five months after the suspension of trading in ISX shares.

​Garnet FX joins Finance Commission

An offshore forex broker has become a member of a neutral mediator who promises compensation of up to 20,000 euros per claim.

The Financial Commission, a neutral mediator that regulates the Commission will act as an intermediary for the receipt of claims and will provide outsourcing of compliance control.

According to FinCom representatives, the Garnettrade brand, part of the Garnet FX group of companies, has been operating in the Forex and CFD markets for the past 12 years. The brand was created by a group of Swiss asset managers and now offers its trading services to both retail and institutional consumers using the MetaTarder 5 platform. In addition to offshore registration, the company also has an Australian ASIC license. As the pick, the Garnet FX brand serves customers from 50 countries.

A broker with registration in Saint Vincent and the Grenadines entered the category with an established compensation fund of up to 20,000 euros per claim. Recall that the Financial Commission is an industry-specific dispute resolution service supported by a Dispute Resolution Committee composed of Forex industry professionals. The Commission provides its members with an additional resource in the form of an objective and cost-effective dispute resolution process, which is independent of any broker and regulatory body. Now the list of FinCom members includes 24 brokerage brands and 5 technology providers.

​Square recorded a double increase in profit from bitcoin sales in the first quarter of 2020

The payment company Square on Wednesday released its financial statements for the first quarter of 2020. Revenues from the sale of bitcoin in the segment under review amounted to $ 306 million, gross profit - $ 7 million. Compared to the previous quarter, profit in this area increased by 90%, compared with the same period last year - by 367%.

The company notes that April turned out to be a particularly active month for its Cash App, through which Bitcoin is sold.

“In April, the Cash App showed worthy revenue and gross profit growth compared to last year, and also reached the maximum monthly turnover on transactions, including bitcoin volumes,” the report says.

According to The Block, the Cash App recorded an increased customer interest in buying Bitcoin amid the crisis caused by the coronavirus pandemic.

Bitcoin sales volumes in Cash App continue to grow

“The spread and involvement of equity investments in Bitcoin has accelerated in recent weeks, driven by market interest and volatility,” said Square Square CFO Amrita Ahuja.

In April, Square announced that it would allow customers to directly top up their accounts with incentive payments from US authorities.

Earlier, Coinbase Exchange noted an increase in the number of deposits by $ 1,200 - support for exactly that amount was received by US residents from the state.