Popular Firearms Marketplace GunBroker to Launch 'FreedomCoin' Stablecoin

Leading firearm marketplace GunBroker.com is reportedly set to launch a stablecoin called ‘FreedomCoin’ that’s set to be used on its platform, in a move meant to help firearms merchants transact without dealing with financial institutions’ restrictions.

According to a recently published press release, the stablecoin is set to be a “regulatory compliant corporate currency,” developed by ICOx Innovations Inc, for GunBroker. The online marketplace lets users buy and sell hunting, outdoor sports, and firearms products. It has over 4.7 million users, and sees over $600 million in transactions per year.

GunBroker’s users will in the near future be able to accept FreedomCoins in their transactions, using blockchain technology to “replace the need for other costly and time-consuming payment options.” Users will be able to convert USD to freedomCoins via an “easy-to-use app” on the platform, which is reportedly designed to meet know-your-customer (KYC) and anti-money laundering (AML) compliance.

Bruce Elliot, the president of ICOx Innovations, noted that this is one of the cases in which a “compliant cryptocurrency can truly replace the need for other costly and time-consuming payment options which is something of extreme value to GunBroker’s users. Per his words, given the marketplace’s size, this could “potentially become the most retail transacted cryptocurrency in the US.”

Steven F. Urvan, the CEO and CTO of GunBroker, was quoted as saying:

Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions. Thanks to ICOx and BitRail, now we can virtually eliminate that problem and expose a whole new segment of gun and outdoor enthusiasts to the world of digital payments.

ICOx USA, a subsidiary of ICOx Innovations, was contracted by FreedomCoin LLC to create the cryptocurrency.  It’ll “charge up to” $2 million for its design and development, while being allowed to acquire an up to 20% stake in FreedomCoin LLC, an organization presumably established to manage the cryptocurrency.

 Notably, ICOx Innovations was reportedly behind the KodakOne platform, a blockchain-based image rights management platform licensed by Kodak. Recently, KodakOne shocked critics by announcing a million dollar beta test.

Chainalysis Launches Real-Time Suspicious Transaction Alerts for 15 Cryptocurrencies

Blockchain intelligence firm Chainalysis has introduced "suspicious cryptocurrency transaction alerts" in "Chainalysis Know Your Transaction (KYT)", its "real-time anti-money laundering (AML) compliance solution".

Chainalysis, which was founded in 2014 by Dr. Michael Gronager (the current Chief Executive Officer), Jan Moller (the current Chief Technology Officer), Jonathan Levin (the current Chief Operating Officer), is a company with two main products:

  • Chainalysis Reactor -- its investigation software suite
  • Chainalysis Kknow Your Transaction (KYT) -- its compliance software suite

Chainalysis KYT supports "real-time transaction screening"; "case management capabilities"; "enhanced due diligence"; and "KYT for token issuers".

In a press release published on its blog on Thursday (August 22), Chainalysis says that Chainalysis KYT's alerts are "designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk by helping compliance teams focus on the most urgent activity and enforce compliance policies while better allocating resources."

John Dempsey, VP Product, Chainalysis, had this to say:

As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices.

According to Chainalysis, this new feature results in alerts being generated "whenever a transfer involves a risky counterparty and crosses a value threshold." Alert levels (Severe, High, Medium, and Low) are "based on factors such as category, service, direct versus indirect exposure, direction of funds, and amount," and are available for all 15 cryptocurrencies that Chainalysis supports (including BTC, ETH, BCH, LTC, USDT, and DAI).

Michael Breu, Gemini's Chief Compliance Officer, also chose to comment on this announcement:

As a New York Trust company we are required to monitor transactions on and off our platform. Tools like KYT alerts, which provide real time and ongoing blockchain analysis, coupled with Gemini's own compliance policies, help us meet our regulatory obligations.

 

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