#UPbit Conducts Internal Audit, First #NASDAQ Powered Exchange to Launch Next Month and Taiwanese Bank Introduces #Blockchain Payment System


Crypto Corner - May 15, 2018

UPbit Conducts Internal Audit, First NASDAQ Powered Exchange to Launch Next Month and Taiwanese Bank Introduces Blockchain Payment System

South Korean cryptocurrency exchange UPbit, which was subject to a police raid on May 11, has conducted an internal audit, according to local news outlet Naver. UPbit, which is South Korea's largest crypto exchange, was suspected of fraud and selling currency that it doesn't have. The company's CEO, Lee Seok-woo said, in a rough translation, that the audit has revealed these suspicions to be unfounded.

""I have been notified that the amount of coins is 100% identical to the number of coins," he said."

The raid of UPbit coincided with the selloff of 8000 BTC by a former Mt. Gox trustee. Both events are believed to have caused the crypto market to drop.

The first Nasdaq-powered crypto exchange, DX, will launch next month, according to an exclusive on Finance Magnates yesterday. DX Exchange CEO Daniel Skowronski explained the threefold advantage of the Nasdaq association: "the brand name, the technology and the regulations."

"While the first advantage is quite self-explanatory, Skowronski further explained that their technology would rely on NASDAQ's infrastructure, such as its matching engine - used by over 70 exchanges around the world."

Taiwanese bank Taipei Fubon Commercial Bank has introduced a blockchain-based payment system, according to the Taipei Times:

"The payment system utilizes the Istanbul Byzantine Fault Tolerance algorithm, which cuts the transaction time to less than 1 second, making it suitable for wider adoption, the bank said, adding that businesses benefit from improved bookkeeping by using blockchain-based payment systems."

Sam Mowers Investorideas.com

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