Hi everybody, I’ve got some deep fried, gooey in the middle, and of course lightly seared news coming for you straight out the toaster oven.
Cananada (also known as Canada) has a basketball league. Did you know that? I had no idea.
But the rabbit hole goes much deeper than this. Canada’s basketball league is offering Bitcoin as an option for players to receive their salary. That’s right the CEBL will enable Bitcoin payments to be accepted by players through a partnership with BitBuy.
Also we saw the Carolina Panthers Russell Okung receive 50% of his salary in Bitcoin. So professional sports players are realizing that getting paid in Bitcoin is an investment in the future.
We also had Kimmel Mckenzie of the Guelph Nighthawks, (I mean the guy’s a legend, Go Nighthawks) saying that this opportunity to be paid in Bitcoin is really exciting because he believes that this investment will appreciate greatly over the next 10–30 years.
The Canadian Basketball league and its players are making a really exciting first step in early adoption by allowing Bitcoin to be accepted as a mode of payment.
All this influx of attention and money is going to start flagging the awareness of people who are interested not only in protecting customers and protecting the population, (you know governments/regulatory bodies) but also who are interested in maintaining control and who are trying to limit people from removing their funds out of traditional monetary systems and placing their assets into cryptocurrencies.
And so with that we see an emerging story coming out of England, in which a particular bank named TSB set out to bar 5.4 million of its customers from buying crypto.
I looked into this and somewhat have to decode the headlines; barring people from crypto is impossible. Unless you remove their access to the internet, and tie them to a chair.
They’re not barring their customers access to cryptocurrencies, their disabling the customer’s ability to deposit funds directly from the bank into a cryptocurrency exchange. Banks can’t disable people’s access to crypto but they can prevent people from withdrawing the money from a specific bank into an account.
In particular bank TSB has moved to prevent people from depositing money into Binance and Kraken. This appears to have been triggered by a rising number of crypto fraud incidents and complaints that have been logged by users of the bank.
So it makes sense, a lot of people who use this bank may have invested into something that turned out to be a scam, and have perhaps begun raising concerns and asking for their funds to be returned. That’s where a bank begins looking into what’s going on and may have noticed that this is happening too much and thus determined to pull the plug.
So this isn’t necessarily like the “big bad banks” trying to destroy freedom, this can be seen as a direct response by banks to all the complaints of their customers who have maybe made poor decisions and who have lost money because they’ve placed it into scams or have put their money into volatile markets and are trying to find a way to get their money back.
This trend that isn’t only happening at bank TSB. Other British banks such as Barclays and Starling have moved to ban customers from depositing cash into cryptocurrency trading platforms as well, and then you may remember at the beginning of the year we saw HSBC move to prevent customers from withdrawing profits from crypto exchanges into their bank accounts.
I could stand here and say that banks are clamping down their iron fist on the free will of the public and pose a threat to the freedom that cryptocurrency represents, and that we need to destroy banks by sending in hordes of drone ants or something. But I really want to lean into a more realistic and neutral direction with what is going on, and I think a main reality that we’re dealing with is a disconnection between the emerging cryptocurrency market and traditional banking systems and governments.
There is a lack of communication, and when you don’t understand something you’re naturally afraid of it. If you’re a bank or a government and have an interest to protect people, if you have an interest to protect your customers, but don’t understand something such as this emerging cryptocurrency market which has created a lot of opportunities. Millions of people have both made or lost millions of dollars to volatility and or fraud, so naturally you are going to be looking at those numbers and may start considering regulating it heavily.
Given that within this new and disruptive space you may not always have all the information needed to properly verify an investment, there needs to be a link between the emerging cryptocurrency markets and traditional banking and governments, essentially granting the power to regulate and to not make it very hard for people to use cryptocurrencies in their everyday life. We have to be aware of what the job of governments and banks is, and in a lot of ways their resources, time, and money are spent protecting people from criminal activity.
A government is sort of like a big hornet’s nest that protects you from a lot of the dangers of the jungle and a bank is a big vault that protects your money. When you have fraud and funds being lost within these cryptocurrency markets (that are still somewhat like the wild west of currencies where wagons get attacked by marauders posing as altcoins) you have a situation where you need some sort of policing. You need protection for people who might not really be sure what they’re getting themselves into and who lose their life savings in many cases due to scams.
Who then is working to help provide governments and banks the type of information and data that they need so that they can do their job to protect their citizens and protect their customers?
Well I was exposed to a project called Sekuritance, and this is essentially a leader in what is called RegTech, which some people would argue is the new FinTech.
RegTech is regulatory technology and of course if you understand FinTech, eventually you’re going to realize a need for RegTech to integrate with FinTech for mass adoption at an institutional level.
Again, similar to a country without police, how do you ensure that people are safe to walk around in streets? You could have an anarchist society and there may be a lot of freedom there, but would you allow your child to go get ice cream in an anarchist society without his or her sword? And how much money would you allow that child to carry to the ice cream parlor?
So what a project like Sekuritance helps to ensure is that there is more access to information, and therefore providing more trust and security.
When I had to get my identity verified by Binance it took three weeks and something that Sekuritance is hoping to do is to allow such a verification process to take seconds. Because it will allow there to be a massive database of blockchain encrypted information that is accessible to Binance, and allows it to easily verify a user. Binance is forced to get my social security number, my ID, and all of my information because of the regulation requirements on finance. The government will look to collect taxes. That and death are the two realities of life, and the earth is flat as we all know.
Sekuritance makes the identity verification process much more proficient, which is great for exchanges and other cryptocurrency markets that are required to gather such information about its customers.
But this is also really big for governments and banks because it allows them to have access to cryptographically secured information.
So let’s say you had a project that had a very successful seed round, raised a lot of money and is being brought into the market. There may be millions of dollars collected from various people from all over the world who have pumped their money into this project, and so a government will look at that project and they’ll say: “Well how do we know that a warlord isn’t pumping his blood money into that token and laundering money?” How does a government know that is not happening? That’s where international regulators step in seeking to secure information about who is buying what in order to ensure that there aren’t any criminals who are becoming empowered to exploit such unregulated areas within crypto.
A project such as Sekuritance helps to secure and supply information, and allows that information to be traded securely between projects and regulatory bodies — which is a game changer. Information needs a channel to flow through, information that does not get channeled becomes stagnant and it becomes centralized.
If you can have information that is free-flowing, accessible but also secure, which is fundamentally the purpose of a blockchain and witness projects such as Sekuritance taking advantage of this technology to allow all of the information that’s required by regulatory bodies to be accessible, to be secured and to be usable by governments, exchanges, and banks, it will likely accelerate the rate of mass adaption.
All of this being automated, because within FinTech, like within decentralized exchanges, there are indicators of different markets that are emerging, which allow you to automatically invest using algorithms and smart contracts. Similarly we’re going to see this in RegTech, and Sekuritance helps to sift through such data with ai in order to deliver this information directly to governing bodies, allowing there to be a much easier process of verification.
Because governments and banks aren’t only interested in regulating one or two projects, but more so interested in regulating the entire cryptocurrency market, it makes sense that Sekuritance would be blockchain agnostic. That allows there to be communication and connection between two different worlds, between regulators and disruptive technology. To wall ourselves off from the entire global ecosystem is not smart when you’re trying to change the world.
I see blockchain technologies as globally transformative, I believe that blockchain is here to stay, and a project that can create a bridge between the regulators and the banks that are often here to protect us, and giving them access to information that they need to do their job is a positive thing for the overall health of the cryptocurrency market.
I’m very intrigued by this project and I’m excited to see how it grows and where it’s going.
You can check them out at Sekuritance.com and read up on their white paper here.
Its technology is multi-layered and a little confusing so I wanted to keep this as a high level overview for you guys, but if you want to get into the specifics of the technology, how their token is used, how they used a hybridized blockchain design, and a lot of the different aspects of their technology, go check out their white paper and check out their team. A key advisor for Sekuritance is Jeff Kirdeikis, CEO of Trustswap.
So some really awesome people working on this project and I think it has a lot of potential moving forward.
Friends, family, Canadian basketball players, thank you so much for reading up until this point and I wish you the best of luck on your adventure.
Have fun and see you again soon.
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