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Blockchain-Based Alternative Investment Firm to Be Listed on Bloomberg Terminal

Blockchain-Based Alternative Investment Firm to Be Listed on Bloomberg Terminal

A blockchain-based alternative investment provider that tokenizes commercial debt is being listed on the Bloomberg Terminal, according to a news release published on June 4.

Cadence is believed to be the first digital asset to obtain a Financial Instrument Global Identifier (FIGI), enabling professionals who use the Bloomberg Terminal to research its offering and execute trades.

The company connects investors with businesses that need to borrow money in order to plug temporary gaps in their cash flow. On its website, Cadence says the minimum investment amount is $500, giving consumers “opportunities traditionally reserved for institutions.”

Currently in private beta, Cadence claims its platform allows investors to generate passive income and hedge against market volatility. Every deal matures within a year, and the company is aiming to deliver annualized returns of more than 10%.

In the news release, Bloomberg Head of Data Standards and Strategy Richard Robinson said:

“The assignment of a FIGI to digital assets is a natural and simple example of the standard’s native utility. It is proof that FIGI can easily extend to new, even esoteric financial instruments.”

Last June, the Bloomberg Terminal started listing Huobi’s Cryptocurrency Index, which tracks the performance of the top 10 traded assets on its exchange.

Source: Pivot – Blockchain Community

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JP Morgan unveils its own cryptocurrency | Crypto Insider

J.P. Morgan might seem like the most unlikely party to create a cryptocurrency asset. Jamie Dimon, J.P. Morgan’s CEO, is known for his negativity toward bitcoin. In a September 2017 article, Fortune reported on Dimon calling BTC “a fraud.” Although, the same article included details of Dimon’s apparent positive sentiment toward blockchain technology solutions, as seen in J.P. Morgan’s previous research and projects in the field.

Source: JP Morgan unveils its own cryptocurrency | Crypto Insider

Colorado Securities Regulators Crack Down on Four More ICOs for Alleged Illicit Practices – Helen Partz

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The Colorado Division of Securities has filed cessation orders against four Initial Coin Offerings (ICOs) allegedly involved in fraudulent and illicit practices, according to an official announcement Nov. 20.

Colorado Securities Commissioner Gerald Rome issued the new cease and desist orders following investigations by the Division’s ICO Task Force. Rome has issued 18 cessation orders to ICO projects offering unregistered securities since May, 2018. According to the announcement, at least two more orders are still pending.

The recent orders affected four crypto and blockchain-related firms; Global Pay Net, Credits LLC, CrowdShare Mining, and CyberSmart Coin Invest. All the companies were reportedly accessible to Colorado residents and allegedly violated securities laws.

Regulators state that the projects also engaged in fraudulent marketing practices; Global Pay Net allegedly falsely claimed that “investors receive 80 percent of the company’s profits.” CrowdShare Mining promised an “at least 1,000 percent” four-year return on investment for investors who bought its token.

Commissioner Rome stated that the “sheer number” of cease and desist orders against ICOs should be a “red flag […] that there is a real risk that the ICO you are considering is a fraud.” Rome also highlighted the problem of crypto investor protection, claiming that fraudsters “simply create a fake ICO to steal investors’ money,” and “trick investors into wrongfully paying them.”

Earlier this month, the securities regulator issued cease and desist orders to four ICOs for allegedly offering unregistered securities.

On Nov. 19, Italian securities regulator Commissione Nazionale per le Società e la Borsa (CONSOB) issued enforcement actions against three crypto-related firms for alleged violation of local financial laws by failing to register as financial intermediaries.

That same day, the North Dakota Securities Commissioner issued a cease and desist order against an alleged Russia-based ICO that posed as Liechtenstein Union Bank.

According to a recent study by the University of British Columbia, ICOs face a “compliance trilemma” that limits their potential. Some issuers shirk compliance measures in order to “reach a distributed pool of investors” and have an offering that is “cost-effective.”

The study explains, “If issuers forgo these costs, the risk of being non-compliant rises significantly. The result is a trilemma, whereby issuers currently must forgo one of these goals to realize the other two, or to compromise on all three.”

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