Video Digest, May 1: Singapore Will Issue FinTech Patents Faster, ASX to Start Using Blockchain, Fake Giveaway from Durov

New months starts from groundbreaking news of blockchain and cryptocurrency world. The topics are: Singapore’s FinTech patent initiative will provide for the growth of the entire industry, the Australian Securities Exchange to start using blockchain tech in 2020, fake giveaway from Durov: scammers have stolen a Twitter account to pose themselves as Telegram CEO.

Singapore’s FinTech Patent Initiative will Provide for the Growth of the Entire Industry

Intellectual Property Office of Singapore announced a Fintech Fast Track initiative which allows startups in the sector receive patents faster. From now on, it will take six months instead of two years.

The initiative was announced at the 2018 World Intellectual Property Day (World IP Day) Event. It will open new opportunities for digital finance industry startups from all over the world attracting them to Singapore in their pursuit to obtain patents as fast as possible. Therefore, it might potentially boost the overall country’s economy and promote the growth of the sector. 

The Australian Securities Exchange to Start Using Blockchain Tech in 2020

The blockchain-based system will come to replace an old Chess post-trade settlement system currently used by the Australian Securities Exchange (ASX). The financial technology is planned to go live approximately at the end of 2020 or the beginning of 2021.

The ASX will use a new distributed ledger technology (DLT) to manage the Australian financial market. DLT to be designed by Digital Asset has some similar points with blockchain technology behind bitcoin and some altcoins. First of all, it will create a stable secure record of data that functions as a single source of truth. However, it won’t need any public network to verify a transaction, as in the case with bitcoin. The ASX will be a single trusted institution, while the whole DLT platform will become a private network, allowing the access to only known participants.

Fake Giveaway from Durov: Scammers have Stolen a Twitter Account to Pose Themselves as Telegram CEO

Having taken benefit of Telegram’s downtime, crypto giveaway scammers offered users a free cryptocurrency on behalf of Pavel Durov as an apology and gratitude for support. To do that, they have hijacked a Twitter account of a Swedish musical band Club 8 and made it look exactly like Durov’s.
Their tweet contains links to websites which allegedly should give you 5000 ETH or 10000 BTC. However, as soon as one clicks the link, there is a request for sending a small amount of crypto to get a big prize (for ETH, it’s from 0.5 to 10). According to Medium.com’s investigation, people have already sent over 500k USD in cryptocurrency to these fake accounts.