In today’s edition of The Daily we cover stories about two Nobel winners to advise the crypto industry, another leading sports team launching a fan token, Malta Stock Exchange and Binance creating a new trading venue, and a Chinese company that will transform a US Defense Department facility into a mining farm.
Two Nobel Laureates to Advise Crypto Industry
Cryptic Labs, a commercial research firm, has announced the addition of Dr. Eric S. Maskin and Sir Christopher Pissarides to its Economics Advisory Board, both winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Dr. Maskin of Harvard University will focus on game theory and mechanism design, with an emphasis on how blockchain companies can guide user incentives at a company level, while Dr. Pissarides of the London School of Economics will provide expertise on macroeconomic trends.
Pissarides said: “Blockchain is the most exciting development in financial markets in recent years, but we still don’t know enough about it to recommend a wholesale transition of all our transaction records to blockchain. I look forward to working with the team at Cryptic Labs to leverage my expertise in macroeconomics to help companies improve the use of blockchain, make it more secure and more widely accessible, and examine the implications that it has for trade, financial markets and economic performance.”
Maskin commented: “I think that blockchain technology is potentially important for a modern economy. Most discussions of blockchain technology focus on technical issues. I am more interested in the economic value such technology can bring. I believe that my background in economics and mechanism design should be useful for that purpose.”
Paris Saint-Germain Launches Fan Token
Paris Saint-Germain Football Club is the latest sports team to create a fan token. The French club signed a multi-year strategic partnership with Socios and will be the first team to join the platform. As “Official Branded Cryptocurrency Partner”, Socios will benefit from a wide range of marketing rights including in-stadium, TV and digital exposure.
As part of the partnership, Socios will develop a “Fan Token Offering (FTO)” for the club. The token will be listed on the platform and will allow fans to engage through mobile voting and polling platforms as well as grant access to exclusive rewards, content and experiences.
Marc Armstrong, Chief Partnerships Officer of Paris Saint Germain said, “Always at the forefront of digital innovation, Paris Saint-Germain is determined to leverage the opportunities that cryptocurrency can provide. This revolutionary technology will have an important impact on the Club’s overall business strategy and the way we engage with our fanbase. We are very pleased to welcome Socios.com to the Paris Saint-Germain family.”
Malta Stock Exchange and Binance to Create a New Token Exchange
MSX, the fintech arm of the Malta Stock Exchange, has signed an agreement with Binance to launch a digital exchange for security tokens. The new trading platform is meant to leverage Binance’s international reach and the regulated stock exchange’s expertise in regulatory compliance and client due diligence.
“We are excited to continue to help build the blockchain ecosystem in Malta, which has become a global hub for blockchain technology through active and transparent crypto regulations,” said Changpeng Zhao, CEO of Binance. “This partnership will allow Binance and MSX to host traditional financial assets on blockchain technology through security tokens. We look forward to bringing more innovations to Malta and further establishing our presence here.”
Joe Portelli, Chairman of the Malta Stock Exchange, stated, “Malta is taking the helm of regulating blockchain technology and cultivating a centre of excellence within the global digital innovation landscape. The Malta Stock Exchange is thrilled to be teaming up with Binance, a market leader in the digital asset sector, and we look forward to seeing this exciting new market opportunity develop and push the boundaries of the Maltese financial sector.”
Chinese Company to Transform US Defense Department Facility into Mining Farm
Wuhan General Group (China), Inc. (OTC PINK: WUHN) has announced that it’s negotiating a redesign of a US Defense Department data center into a mining facility. According to the company, the 55,000 sq. ft facility has over 3MW of power ready to accommodate up to 1,300 mining rigs with an additional 12,000 to be deployed upon its upgrade to a 30MW facility in 2019. The first order of rigs from Asicminer should arrive in late October and more are expected in the coming months. The company estimates this operation can bring monthly revenue in excess of $3.5 million based on current cryptocurrency market prices for the initial 1,300 mining machines in operation.
CEO Ramy Kamaneh said: “We had planned to build this operation three months ago, but with the bearish cryptocurrency market, we took a step back to reassess our strategy. The decision to wait for market stability was a good one, especially considering many cryptocurrency machines are no longer profitable in the current market. We acted in the best interests of the Company and its shareholders and firmly believe that the market has bottomed and a bullish market is starting again.”
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
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