Huobi Transitions From Current HUSD System to New ERC-20 Token

Huobi cryptocurrency exchange will transition its HUSD token from its current stablecoin system to an ERC-20 token through a partnership with crypto startups Stable Universal Limited and Paxos Trust Company. Per a press release published on July 17, Stable Universal will develop a new ERC-20 HUSD Token, which will be pegged to the United States dollar and held in reserve by the New York State Department of Financial Services-regulated custodian Paxos. Huobi will be the first platform to list HUSD Token. In the coming days, Huobi will change over from…

Binance Announces Burn of Team’s BNB Token Supply

Major cryptocurrency exchange Binance announced that it completed the eighth Binance Coin (BNB) token burn and that it intends to also burn the tokens allocated to its team in an announcement published on July 11. Per the announcement, 808,888 BNB (equivalent to over $23.7 million at press time) of the Binance’s team allocation have been burned in the event. The exchange notes that the burn is part of the firm’s commitment to burn a total of 100 million BNB tokens and that the team’s supply equates to 40% of the…

Props Announces First SEC-Approved Consumer-Facing Blockchain Token

Delaware-based blockchain organization Props PBC has released a token approved by the U.S. Securities and Exchange Commission under Regulation A+, according to a press release on June 11. According to the company, this is “the first consumer facing crypto token qualified by the SEC” via Reg A+. As previously reported, Reg A+ is an alternative to conducting an IPO that is intended to accommodate startup businesses seeking initial funding. This token has been issued on the Ethereum blockchain. According to the announcement, the Props platform is capable of abstracting a blockchain…

Brazilian Coffee Farming Cooperative to Issue a Coffee-Backed Token

Brazilian coffee farming cooperative Minasul plans to issue a coffee-backed token, Bloomberg reported on July 11. According to Bloomberg, Minasul’s president Jose Marcos Magalhaes declared at the Global Coffee Forum in Campinas that Minasul intends to launch the token this month. Farmers will reportedly be able to use the coin to buy fertilizer, machinery and other non-farm products — including cars and food — in a digital marketplace. Per the report, farmers will also be able to acquire the token in exchange for current and future coffee beans production: 30%…

US SEC Approves Blockstack Token Offering Under Regulation A+

The United States Securities and Exchange Commission (SEC) has given blockchain-based startup Blockstack the go-ahead to run a $28 million public token offering under Regulation A+, according to a report by The Wall Street Journal (WSJ) on June 10. Blockstack will reportedly launch its token offering online tomorrow, July 11. While other firms have previously taken advantage of Regulation A+ funding, this marks the first time that investors will receive a token, rather than shares in the company. Regulation A+ is an initial public offering (IPO) alternative geared towards startups…

Polymath Stops Two Projects, Lays off 10 to Focus on Security Token App

Ethereum (ETH)-based security token platform Polymath will terminate its two planned in-house projects to focus further on bringing securities onto blockchain, the firm announced in a blog post on July 4. Polymath is funneling the company’s newly freed resources towards its Polymath Token Studio, a decentralized application (dApp) that has reportedly enabled the issuance of over 130 security tokens to date, the company said in the announcement. As a part of the announcement, Polymath has laid off 10 employees who were working on the two discontinued product initiatives. The company…

Recent Bitfinex IEO Ampleforth Token is Not Stable

Cryptocurrency investment firm Maple Leaf Capital called ampleforth (AMPL), the token recently released in the first Bitfinex’s Initial Exchange Offering, “anything but stable” in a series of tweets published on June 27. While Ampleforth reportedly raised $4.9 million in 11 seconds in a Tokenex earlier in June, Maple Leaf Capital has said that the AMPL token’s mechanics do not grant it stability, and its low volume makes it easily to manipulate. The firm went on to explain that the token in question is not pegged. The firm elaborated: “So even…

Future for State-Backed Brazilian Token Issuance Unclear as Bank Sees Leadership Reshuffle

On June 18, Brazil’s National Bank for Economic and Social Development (BNDES) announced the election of Finance Director José Flavio Ferreira Ramos as its interim president.  Ramos will serve as the BNDES head until the inauguration of 38-year-old Gustavo Henrique Moreira Montezano, a former economist and the current deputy secretary of privatization and disinvestment.  Montezano’s appointment followed two meetings on June 17 between Brazilian President Jair Bolsonaro and the country’s minister of the economy and former economic advisor to Bolsonaro’s presidential campaign, Paulo Guedes. The meetings were held in response…

Ethereum Co-Founder Criticizes Facebook’s Libra Token for Centralization

Ethereum co-founder Joseph Lubin said that Facebook’s Libra token is like “a centralized wolf in a decentralized sheep’s clothing” in an article published on tech news outlet Quartz on June 21. The social media giant released the white paper for a its cryptocurrency dubbed Libra earlier this month to mixed reviews from experts in the cryptocurrency and blockchain industries and concern from government regulators. In his article, Lubin notes that Libra’s white paper describes feelings common among many in the cryptocurrency community. It states that “sending money across the globe…