Blockchain Report — 12/10/2018
Summary: South Korean Blockchain Startup Will Fight Country’s Ban On ICOs In Court; Coinbase Might Add Up To 30 New Cryptocurrencies To Its Platform; Cryptocurrency Wallet Trezor Adds Support For Ethereum
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South Korean Blockchain Startup Will Fight Country’s Ban On ICOs In Court
According to Finance Magnates, a South Korean blockchain company called Presto has gone to a local court to claim that South Korea’s ban on Initial Coin Offerings (ICOs) is unconstitutional.
South Korea initially banned companies raising money through ICOs in the country in September 2017. The reasoning for the ban was that there were too many ICO frauds occurring and that ICOs are highly speculative in nature, and that many retail investors in ICOs do not understand what exactly it is they are investing in. The South Korean government gives out harsh financial penalties to any company that violates the ban.
The CEO of Presto, Kang Kyung-won, stated his reasoning for fighting the ban:
“As a blockchain startup, we have been hitting a snag as the government and the National Assembly have done nothing over the last one year since the government’s blanket ban on ICOs. We will ask the court to rule on the ICO ban and the legislature’s nonfeasance.”
A constitutional lawyer working for Presto is making the case that the country’s ban on ICOs violates South Korean citizen’s constitutional right to property and right to equality, and that the ICO ban “arbitrarily discriminates against ICO companies without reason.”
Coinbase Might Add Up To 30 New Cryptocurrencies To Its Platform
According to CNBC, Coinbase announced in a blog post that they are looking to support the trading of more cryptocurrencies on their platform. In total, Coinbase is exploring adding up to 30 new cryptocurrencies to their platform for trading.
This is all in a mission to support Coinbase’s goal: to list as many cryptocurrencies as possible. In the post, Coinbase stated “Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.”
However, Coinbase makes no guarantee that all the cryptocurrencies listed in the blog post will eventually be listed, due to requiring cryptocurrencies to be compliant with U.S. law as well as the various technical requirements involved in storing different types of cryptocurrencies.
Cryptocurrency Wallet Trezor Adds Support For Ethereum
According to CCN, the popular hardware wallet Trezor has announced in a blog post that the wallet now supports the storage of Ethereum, Ethereum Classic, and other ERC20 tokens. Trezor will continue to integrate with third party services such as MyEtherWallet, MyCrypto, and MetaMask.
Furthermore, the cryptocurrency exchange Coinswitch was added to Trezor as a new exchange partner. This is in addition to two other cryptocurrency exchanges, Shapeshift and Changelly, which will allow users to trade their Ethereum directly from their Trezor wallet.
This move to add support for Ethereum is a result of Trezor aiming to be the leading cryptocurrency hardware wallet globally. Trezor faces significant competition from other companies in the industry, such as Ledger Nano, KeepKey, and Sony. Sony announced in October that it is planning to create its own cryptocurrency hardware wallet.
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