ARTICLE
6 February 2020

Blockchain Platforms And Crypto Exchanges Launch Products, Announce Developments

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BakerHostetler

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Recognized as one of the top firms for client service, BakerHostetler is a leading national law firm that helps clients around the world address their most complex and critical business and regulatory issues. With five core national practice groups — Business, Labor and Employment, Intellectual Property, Litigation, and Tax — the firm has more than 970 lawyers located in 14 offices coast to coast. BakerHostetler is widely regarded as having one of the country’s top 10 tax practices, a nationally recognized litigation practice, an award-winning data privacy practice and an industry-leading business practice. The firm is also recognized internationally for its groundbreaking work recovering more than $13 billion in the Madoff Recovery Initiative, representing the SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC. Visit bakerlaw.com
This week, VAKT, a blockchain-based platform for processing energy commodity transactions, announced that it had closed a $5 million investment from a major Saudi Arabian venture capital firm.
United States Technology

This week, VAKT, a blockchain-based platform for processing energy commodity transactions, announced that it had closed a $5 million investment from a major Saudi Arabian venture capital firm. According to the press release, "The VAKT platform manages physical energy transactions from trade entry to final settlement, eliminating reconciliation and paper-based processes."

Another recent press release announced the launch of Tether Gold (XAU₮), an ERC20 token product where each token reportedly "represents ownership of one troy fine ounce of physical gold on a specific gold bar." XAU₮ is reportedly now available for trading on the Bitfinex exchange. In other exchange news, Binance.US recently announced that the exchange will soon offer "staking rewards" on two "proof of stake" cryptocurrencies, ALGO and ATOM. Staking allows owners to deposit their cryptocurrencies in addresses that enable the owner to receive cryptocurrency rewards in exchange for assistance verifying transactions on blockchains that utilize proof-of-stake consensus algorithms.

Late last week, major U.S. cryptocurrency exchange Gemini announced that it had completed an independent SOC 2 Type 2 examination. According to a press release, the exchange completed a SOC 2 Type 1 exam in January 2019. In a final notable development, a report this week provided details on a U.S. patent recently awarded to a major global technology firm for a "self-aware token." The token would reportedly collect and report data on its own transactions and provenance.

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