Sentinel Protocol collects $8m to tackle cryptocurrency fraud

Sentinel Protocol, a crowdsourced threat intelligence platform built on blockchain, has reportedly raised $8m via its initial coin offering ICO.

Singapore-headquartered startup Uppsala Foundation raised the capital n in for the development of its fraud prevention blockchain, with the public token sale reaching its sales target in under four minutes according to various publications.

The blockchain-based threat intelligence platform aims to defend users against hacks, scams, and fraud using crowdsourced threat data collected by security experts and artificial intelligence.

It collects and analyses real-time hacks, scams, and fraud information, which it then makes available to crypto exchanges, wallets and payment services through the decentralised Threat Reputation Database (TRDB) as a free API.

Uppsala Foundation aims to create an ecosystem that ‘discourages malicious behaviour’ by preventing the use of stolen cryptocurrencies while incentivising security professionals who are rewarded for their contributions.

For this to work, individuals and/or organisations will be able to report hacking incidents on the portal.

Following the rise in popularity for cryptocurrencies and ICOs globally, countries around the world are taking different approaches to regulation. Some are in the process of debating how best to regulate cryptos, while some have banned them all together.

In the UK, CryptoUK, the first self-regulatory trade association for the UK cryptocurrency industry, officially launched. Seven companies formed the association to look at ways to promote the development and recognition of digital currency technologies in the UK. Just a few months after launching, it called for regulation in the industry by setting out new plans for HM Treasury to make cryptocurrency investment a regulated activity under the Financial Conduct Authority (FCA).

The move came a few weeks after the Treasury Committee launched an inquiry into unregulated digital currencies and distributed ledger technology.

The Securities and Exchange Commission (SEC) also recently filed a fresh warning to investors about unregulated cryptocurrency exchanges. The SEC, Divisions of Enforcement and Trading and Markets, published a statement on “online trading platforms,” or cryptocurrency exchanges, that trade in tokens minted by initial coin offerings (ICOs) and digital assets in general. Bermuda also launched legislation to regulate cryptocurrency and initial coin offerings, while Japan’s cryptocurrency industry was reported to be preparing to establish a self-regulatory body.

Copyright © 2018 RegTech Analyst

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