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Coinplug receives its fourth Korean government project of 2019

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Coinplug, a South Korean blockchain developer, was selected for the fourth time this year by a government-backed institution to participate in the development of blockchain solutions. R&D, public and private sectors are the areas the South Korean Government is supporting in 2019 and the consortium where Coinplug is a member received 6.2 Billion Korean Won to participate.

The latest appointment is in the R&D area. Coinplug will work with ETRI, the Korean Electronics and Telecommunications Research Institute, to develop a self sovereign identification platform that doesn’t depend on a specific blockchain and is able to disclose only the needed or requested information (zero knowledge proof). This has as a goal to ensure privacy protection and achieve true interoperability.

Coinplug will conduct this project in collaboration with its technical partner, Metadium, for the two year project. The research will be conducted in collaboration with Korea Post, the Korea Financial Telecommunications & Clearing Institute, Koscom, BD (BlueDigm) and, fellow blockchain developer, ICON.

We [Coinplug] have been studying the blockchain technology since 2013 and we are actively exploring areas of utilization where blockchain technology can be meaningful,” said Coinplug’s CEO Jun-sun. “Social concerns and responsibilities for the industry are some of the main reasons we started Coinplug, it makes sense to collaborate in these projects and bring greater benefits to the society”

Coinplug will also develop a solution to prevent fraud using its B2B service, Metadium Enterprise. This task was appointed by the Ministry of Science and ICT and will be implemented by the Institute of Information and Communications Technology Planning & Evaluation (IITP). By implementing zero knowledge proof, the platform will detect transactions with possible relation to fraud and report them to the pertinent authorities without disclosing any other kind of sensitive information within the same block of data. The project is expected to be finalized next year and it will be applied in different services starting with fintech companies.

Coinplug was selected by KISA (Korean Internet & Security Agency), with the support of the Ministry of Science and ICT, to work on two projects. The first one belongs to the private sector and is being developed in collaboration with the leading South Korean telecommunication company and six other companies, including commercial banks. Coinplug will use its technical partner, Metadium, to develop a platform that creates, manages and exchanges certificates for 13 educational institutes.

The project in the public sector intends to build a platform to store and manage Renewable Energy Certificates (RECs) with KOSPO, Korea Southern Power. Through this platform, Coinplug will enable real-time information sharing on multilateral renewable energy supply, simplifying administrative procedures and improving access to relevant information.

As any government-backed project, the competition was tough, with hundreds applying for the opportunity to be selected for one of the projects in each category. Coinplug, being the world leader in blockchain patents, has the experience and technology to achieve the goals of each project and bring Korea one step further in blockchain innovation.

 

SOURCE Coinplug, inc.

Fintech

Wirex Launches Enhanced Cryptoback™

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Today, payments platform Wirex launched a supercharged update of their revolutionary Cryptoback™ rewards programme. Customers can now earn up to 1.5% back in Bitcoin on Wirex Visa card purchases.

Released in 2018, Cryptoback™ was the world’s first rewards programme that paid out 0.5% in cryptocurrency for all in-store spending with the Wirex Visa card. Thanks to the recent launch of the Wirex Token (WXT), customers can now triple the amount of BTC they earn – making investing in cryptocurrency easier than ever before.

Depending on the amount of WXT held, in-store Wirex card purchases now generate up to 1.5% in Bitcoin. There are three levels of crypto rewards available:

  • 500,000 WXT = 1.5% Cryptoback™
  • 100,000 WXT = 1.0% Cryptoback™
  • 50,000 WXT = 0.75% Cryptoback™

Wirex have calculated that the average UK consumer stands to earn more than £300 in Cryptoback™ every year, just by using their Wirex Visa card for day-to-day spending. Unlike many other cashback programmes, Wirex doesn’t impose restrictions on what customers can do with their rewards. Cryptoback™ can be redeemed instantly into their Bitcoin accounts, or quickly and easily exchanged into fiat for spending.

Enhanced Cryptoback™ is just one of the ways that holding Wirex Tokens allows customers to get even more out of their account. They can also enjoy heavily discounted fees based on the same structure, with access to premium products, merchant offers and airport lounges coming soon. As Wirex co-founder Pavel Matveev explains:

“We created the Wirex Token to be something that provides tangible value and benefits for holders beyond its market trajectory. Enhanced Cryptoback™ is the perfect example of this, as it allows customers to earn and invest in digital currency with a minimum of fuss. We’re looking forward to introducing even more benefits for WXT holders soon.”

 

SOURCE Wirex

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Aegis Capital Corp. is pleased to announce its commitment to Equity Research

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Aegis Capital Corp. continues to expand its equity research platform with the addition of Benjamin Zucker and James Jang. Benjamin joined in May 2019 as Head of Specialty Finance and James joined in June 2019 to head up the Maritime & Special Situations. These new coverage areas will bolster Aegis’ existing research footprint in the Internet/TMT and Healthcare sectors.

Mr. Zucker joined Aegis from BTIG LLC, where he was a Director and lead analyst covering Mortgage REITs and real estate finance companies. Prior to BTIG, Mr. Zucker was a Vice President at JMP Securities LLC where he covered similar sectors. Benjamin began his career in equity research at Pritchard Capital Partners. At Aegis, Mr. Zucker’s coverage will span across several Specialty Finance sub-sectors including Mortgage REITs, Equity REITs, Business Development Companies (BDCs) and Financial Technology firms (FinTech). Benjamin’s current coverage list includes: Medalist Diversified REIT (MDRR), Sachem Capital Corp. (SACH), and Saratoga Investment Corp. (SAR).

Mr. Jang joined Aegis from Maxim Group LLC, where he was a Senior Vice President and lead analyst covering the Industrials, Infrastructure and Clean-Technology sectors. Previously, Mr. Jang was a senior analyst at Sidoti & Co. covering furniture and textiles and was an equity research associate at Canaccord Genuity covering Maritime and Upstream E&P companies. Since joining, Mr. Jang has expanded Aegis’ research platform into the Agriculture, Oilfield Services, and Industrial Technology sectors with coverage of Profire Energy (PFIE), Marrone Bio Innovations (MBII), Yield10 Bioscience (YTEN) and Sigma Labs (SGLB).

Michael Pata Aegis’ Head of Business Development commented: “Hiring Benjamin and James continues to show Aegis’ commitment to equity research, which brings institutional quality analysis to the small and mid-cap universe.”

 

SOURCE Aegis Capital

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LexinFintech Announces US$300 Million Private Placement of Convertible Notes with PAG

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LexinFintech Holdings Ltd. (NASDAQ: LX) (“Lexin” or the “Company”), a leading fintech platform for educated young adults in China, today announced that it has entered into a convertible note purchase agreement with PAG, a leading Asia-focused private equity firm with over US$30 billion in capital under management, pursuant to which the Company will issue and sell convertible notes in an aggregate principal amount of US$300 million to PAG through a private placement. The private placement is subject to satisfaction of customary closing conditions and is expected to close on or around September 16, 2019. The gross proceeds raised from this placement will be approximately US$296.4 million.

The convertible notes will mature in seven years, bearing interest at a rate of 2.0% per annum. The notes will be convertible into fully paid Class A ordinary shares of the Company or ADSs at a conversion price of US$14 per ADS at the holder’s option from the date that is six months after the issuance date.  The holder of the notes will have the right to require the Company to repurchase for cash all or any portion of the notes on the fourth anniversary of the issuance date.

At closing, the Company will appoint to its Board of Directors one person designated by PAG.

Mr. Jay Wenjie Xiao, Founder, chairman and chief executive officer of the Company, said, “We are excited to have PAG as our new investor. This investment will enable Lexin to further develop and enhance our consumption-based ecosystem, improve product offerings to our educated adult customers, continue to invest in technology, build up additional consumption scenarios, and provide more consumer benefits to our customers.”

“PAG has a strong commitment to and deep understanding of China’s financial services industry, and we have a demonstrated track record of seeking out and engaging with the industry’s leading companies,” said PAG Chairman & CEO Weijian Shan. “Lexin has an unparalleled platform for meeting young consumers’ credit needs while strictly controlling and minimizing credit risks, which makes it unique, and we are looking forward to supporting the company as it embarks on its next stage of growth.”

Goldman Sachs (Asia) L.L.C., BofA Merrill Lynch and China Renaissance acted as the private placement agents to Lexin on the transaction.

 

SOURCE LexinFintech Holdings Ltd.

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