2gether’s first tokenization project is 2GT; it is token. The Spanish exchange suffered a serious hack in 2020 and is still struggling with the anger coming from some of its clients.

Spain-based cryptocurrency exchange 2gether announced the release of a new development platform that will focus on “tokenizing ideas or projects”. The platform will be called Token Makers. With this project, the company intends to add to its portfolio of services the creation of tokens for individuals, organizations, and companies, in addition to the sale of cryptocurrencies, and Bitcoin is among them.

As a vital part of the launch of its new platform, 2gether also released its native token, called 2GT, which they consider their first tokenization project. 2GT is available to more than 100,000 users on its platform in at least 22 countries and exceeds 60 million euros in transactions per month.

Also, the Spanish company has created a second tokenization project called Foodcoin, which will see the light of the public within the next few weeks on Calle Ponzano in the very heart of Madrid. This Token Makers project offers a service that mainly focuses on the hospitality sector, which permits each hotelier to create their own token with which they can reward their customers through a 2gether app.

Five (5) More Tokenized Projects on the Way

The company reported that it is currently creating another five tokenized economies projects with five different promoters. Although the release date remains unknown, the launch could hit the market within the next few months.

Ramón Ferraz, CEO of 2gether, assures that a new industry with more accessible services and features is possible in new ways of value exchange between people and organizations, in a more intelligent, efficient, and collaborative way.

Tokens are a means of representing things in the real world, to which users assign a certain value. This financial behavior allows building value exchange relationships from tokens, facilitating the incentive of actions and participation of the users.

The reception of ideas for the creation of new tokens from their clients happens through a form users can issue on 2gether’st official page. The Spanish company has not specified whether its clients will be able to take control of the supplies of their tokens, as well as the cost of fees and other common features.

Hacking 2gether Affected the Exchange’s Relationships with Customers

In August 2020, 2gether faced a criminal attack; exposing the private data of its clients and making the exchange lose more than one million euros in cryptocurrencies after the theft.

In a communication sent to users who would participate in the lawsuit and other interested parties, the law firm highlighted that the company cannot socialize losses for which they are not responsible and even less that they allege lack of solvency due to being a ‘startup.

The firm stressed that 2gether is a limited liability company with more than 800,000 euros of share capital and that they will have to assure, as far as possible, the full restitution of funds as soon as possible.

By: Jenson Nuñez

Political leaders from Argentina, Brazil, Paraguay, Mexico, and other countries in the region joined the trend of laser eyes on Twitter to show their support for Bitcoin to the public.

Since Salvadoran President Nayib Bukele’s pro-Bitcoin announcement, a sudden wave of political leaders from across the Latin American region has also rushed to speak out in favor of the main cryptocurrency.

This week, El Salvador made history around the world after passing a law that allows Bitcoin as a legal tender in that South American Nation. The move came just four days after Bukele laid out plans for legislative reform during the Bitcoin Miami 2021 event.

Since then, the Salvadoran president has commented in various speeches his intention to turn the Central American nation into an ideal headquarters for entrepreneurs and companies in the cryptographic industry, including the crypto mining sector. Bukele also changed his profile picture on Twitter to carry laser beams as a sign of his supportive stance for Bitcoin and its community.

But amid applause from the global Bitcoin enthusiast community and criticism from others who called Bukele’s pro-Bitcoin announcements a ‘distraction’ from the country’s real problems; other political leaders in Latin America quickly began to follow the president’s steps.

Although not all highlighted plans to set a promotion for the adoption of Bitcoin, most of the leaders took to Twitter to express in some way their support for the largest cryptocurrency. Regardless of their intentions, they managed to get the attention of the crypto community, leaving in air the chance to bring a more favorable outlook for Bitcoin across the region.

El Salvador politicians and their Supportive Stance on Bitcoin

In El Salvador, several political leaders publicly expressed their support for Bitcoin after Bukele’s announcement. The historic movement to legalize cryptocurrency nationally brought pride to the nation, and they celebrated the president’s actions and echoed the laser-eye trend in support of Bitcoin.

Monica Taher, in charge of international technological and economic affairs at the Secretary of Commerce and Investments for the Government of El Salvador, went to her Twitter account to express her opinion in favor of the adoption of Bitcoin in that country. She also changed her profile picture on the social network to adopt laser eyes a day after Bukele’s announcement at the Miami conference.

After recording over a thousand reactions to her makeover post, the official has been vigorously sharing posts about the main cryptocurrency, as well as retweeting comments from some other important leaders. Taher publicly voiced her support for the president’s strategy to promote Bitcoin mining with clean energy from national volcanoes.

Members of the Legislative Assembly of El Salvador also followed suit: Ernesto Castro, Ruben Flores, Caleb Navarro, and William Soriano, shared their support for Bitcoin; some even changed their respective photos on Twitter to laser eyes ones.

By: Jenson Nuñez

The Committee is preparing for more and more banks to hold cryptocurrencies. Expect the responses to be submitted before September 10, 2021.

The Basel Committee on Banking Supervision, a forum that brings together banking watchers from around the world, asked financial institutions to count on enough reserve capital to cover losses in any bitcoin holdings.

The information appears in a document published on March 13, 2020. The document says about a proper Design of a prudential treatment for cryptocurrencies. This document compiles data from a questionnaire that previously circulated on December 13, 2019.

The document explains in detail on page 11, that in a treatment of liquidity risk, the crypto assets would be subject to stable financing required at 100%.”

Regarding this working paper, the regulatory entity again opened a public consultation on June 10, 2021, and hopes that the answers on the matter will be posted before September 10 of this year on its website.

In the press release that the Basel Committee prepared to show this set of proposals, it divides cryptocurrencies into two large-scale groups: those that can receive treatment under the existing Basel framework with some slight upgrades, including stablecoins and tokenized financial assets. and those that receive better treatment for being crypto assets with greater risk, with bitcoin heading first.

More and more banks want to integrate cryptocurrency custody services in their stock; a good example of these intentions is the U. S. Bank. This bank is one of the largest financial entities in the United States of America, and it intends to include this service for its clients.

Cryptocurrencies Would Turn Into an Essential Feature for the Banking Sector

The Basel Committee received on March 13, 2020, various comments from interested parties. The comments, in PDF format, appeared on their website.

According to said financial entity, given these potential advantages, cryptocurrencies could become essential for the banking sector. Therefore, it is also vital to avoid imposing an oppressive framework on banks’ exposures to these assets from the outset.

The Canadian Banking Association agreed with BBVA on their idea about cryptocurrencies and their underlying technologies as benefits that facilitate peer-to-peer interactions and promote efficiency.

The Japanese Bankers Association (JBA) saw that high-risk cryptocurrencies could be the cause to set a conservative prudential treatment at this phase. The JBA acknowledges that skepticism remains about the value of cryptocurrencies and their sustainability, particularly towards those types of cryptocurrencies that have no natural value.

The JBA believes that such conservative treatment, including the definition of high-risk cryptocurrencies, should be a provisional plan if it gets incorporated into prudential standards.

For this association, although the sustainability of the value of crypto assets remains under a veil of uncertainty, there are still chances to keep studying these assets as a value traded in the market; For this reason, the JBA says that it cannot deny that, in the future, the value of crypto assets will get more stable.

By: Jenson Nuñez