Crypto Exchange Uphold To Acquire JNK Securities

  • Crypto exchanges manoeuvre to comply with regulations
  • Uphold could see wave of new institutional investors with deal
  • Deal will allow sales and trading of ICO tokens with DEC and FINRA oversight

Uphold, a global digital money platform has agreed to acquire New York-based broker-dealer JNK Securities Corp., in the latest move by a crypto platform to manoeuvre itself towards traditional markets.

Uphold and JNK have filed an application with the Financial Industry Regulatory Authority (FINRA) for the approval of the change of ownership and business expansion. If the deal is approved it will give JNK clients access to crypto trading, potentially bringing new institutional investors to Uphold’s platform and the larger crypto ecosystem.

“Many crypto assets (particularly ICO tokens) may be treated as securities in some cases,” Uphold Chief Executive Officer Adrian Steckel said in a statement:

“Through Uphold’s new securities division, the digital currency platform would be able to offer sales and trading of ICO tokens and fractional equities and provide other exchange services.”

Adrian Steckel

Uphold, formerly known as Bitreserve, currently allows users to send and receive eight different digital coins, as well as numerous traditional currencies. The firm, which brands itself as a ‘cloud money vault,’ is not strictly a cryptocurrency exchange, is more like a bank for buying and holding different currencies, converting them into other currencies, or sending them to other members internationally. The company has offices in California, London, Portugal and Shanghai, and claims to have facilitated over $3.6bn of transactions.

Uphold’s move follows similar acquisitions by larger US cryptocurrency exchanges. Coinbase Inc. said earlier this month that it is buying a trio of firms including a broker-dealer to offer customers blockchain-based securities. The Coinbase announcement came hours after reports that Circle Internet Financial Ltd. intends to pursue registration as a brokerage and trading venue with the SEC so it can help investors buy and sell tokens deemed to be securities.

Full terms of the agreement were not disclosed with the announcement.

Craig Wright Accuses Satoshi Nakamoto of Plagiarism

Michael LaVere
  • Craig Wright says if he is not bitcoin's creator then Satoshi Nakamoto plagiarized him.
  • Wright is in the midst of a $10 billion settlement with the estate of his late partner Dave Kleiman. 

Australian tech entrepreneur Craig Wright, who claims to be the original creator of bitcoin, says that Satoshi Nakamoto, the pseudonymous author of the Bitcoin whitepaper, plagiarized. 

Wright, who adamantly defends his position as bitcoin’s creator, was forced to enter settlement talks with the estate of his late partner Dave Kleiman following a judge’s ruling that he owed over $10 billion in the dispute. 

Now, the Australian computer scientist is altering his story slightly saying that Satoshi Nakamoto must have plagiarized his work in creating Bitcoin’s white paper. Speaking at the CC London Investment in Blockchain and AI Forum 2019, Wright told audience members that he intends to release a thesis written in 2008 which will confirm him as bitcoin’s rightful founder. 

He said, 

Either I am Satoshi or Satoshi plagiarized me. You can make the choice, I don't really care because he actually took whole paragraphs from my LOM. So it’s either me or… I don’t really care if you like it.

Wright has previously said that the name ‘Satoshi Nakamoto’ was a moniker for his collaboration with the late Dave Kleiman as the original inventors of bitcoin. 

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