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#CryptoCorner: OKEx Developing Blockchain, Binance Partners with IdentityMind for Compliance and Data Security and Bing (NASDAQ: MSFT) Blocked 5 Million Crypto Ads in 2018

Point Roberts, WA and Delta, BC - March 26, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: OKEx Developing Blockchain, Binance Partners with IdentityMind for Compliance and Data Security and Bing (NASDAQ: MSFT) Blocked 5 Million Crypto Ads in 2018

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Crypto Corner

OKEx Developing Blockchain, Bitmain Announces New CEO Following IPO Expiry, Binance Partners with IdentityMind for Compliance and Data Security and Bing Blocked 5 Million Crypto Ads in 2018

Stocks discussed: (NasdaqGS: MSFT)

According to a recently published blog post, crypto exchange OKEx has been developing its own blockchain, which will be called OKChain. The chain's native utility token, OKB, will be able to be used for transaction fees and Dapps developed on the chain. The development team has decided to put OKB on the ERC-20 blockchain at first, but it will migrate to the OKChain mainnet once it is deemed stable.

With mining giant Bitmain's IPO application having lapsed as of yesterday, the company published an announcement today indicating that Haichao Wang has been named as the new CEO after co-founders Jihan Wu and Micree Zhan stepped down months ago. Addressing the IPO application with HKEX, the announcement makes clear that Bitmain's listing ambition has not disappeared.

Bitmain's listing application to HKex in September 2018 has reached its 6-month expiration date. We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value. We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart the listing application work at an appropriate time in the future.

CoinDesk reports that Binance, the world's largest crypto exchange, has partnered with Medici Ventures portfolio firm IdentityMind to improve compliance and data security. IdentityMind defends against fraud through know-your-customer (KYC) and anti-money laundering (AML), and helps exchanges with client onboarding, transaction monitoring and case management solution. IdentityMind CEO and president Garrett Gafke said:

"Our risk and compliance platform powered by a patented digital identities engine meet the scale demands of Binance's global operations while providing a highly accurate system for assessing any global risk factors from outside entities for transactions."

According to a review published yesterday, Microsoft's (NasdaqGS:MSFT) search engine Bing blocked over 5 million cryptocurrency-related ads in 2018. The report reads:

Cryptocurrency as an asset class saw a bull run in 2018, increasing valuations multi-fold. The high returns and volatility of cryptocurrencies invited a lot of interest from retail investors and speculators looking to make a quick return. There wasn't much regulatory oversight, and the overall pseudo-anonymity built into currencies like bitcoin made cryptocurrency a prime target for fraudsters and scam artists to defraud end-users. Bing Ads therefore decided to ban cryptocurrency content from our advertising platform and blocked more than 5 million ads containing cryptocurrency content.

Sam Mowers, Investorideas

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Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com/

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