Asia Blockchain Updates 2019.12.20 Hyundai Partners with Oracle, CDPAX will be Shutdown
Hdac by Hyundai Partners with Global Cloud Company, Oracle for BaaS
Blockchain technology company backed by Hyundai, Hdac Technology announced on Dec 19th that it has signed a partnership with a global cloud company, Oracle to build a blockchain platform (BaaS) as a service.
Blockchain as a Service (BaaS) is a service model that builds a blockchain in the cloud and provides it to enterprise customers.
According to the Partnership agreement, as there is no need to build a separate server for Oracle, it can reduce costs and build and provide a fast blockchain solution.
Hdac builds project-level blockchain nodes in the Oracle cloud and provides wallet services, smart contracts, and DevOps (developing and operating software) environments.
Through this, both companies can plan to make it easier for corporate customers to implement blockchain services.
Offering a platform that supports both public and private blockchains, Hdac will combine Oracle’s autonomous database and Analytics cloud to mirror its blockchain offering data and quickly identify and respond to service issues with real-time analytics.
China is Investigating the Blockchain Fitness App, Qubu for Fraud
Chinese authorities are investigating one blockchain-based fitness application “Qubu” for illegal fundraising and financial fraud. The application promoted that users could earn cryptocurrency based on the amount of exercise and seduce members that they can profit from it, but it turned out to be the Pyramid Scheme.
On Dec 18, Vietnam’s local media agency, KrASIA, reported that the Hunan regional regulator of China launched an investigation that said blockchain-based fitness app Qubu illegally raised money and committed financial fraud.
Kubu promises members and users to compensate for the cryptocurrency a.k.a “candy” based on the user’s workout condition.
All of the app users are required to pay Alipay account information, ID card and registration fee of 1RMB. Those cryptocurrencies, so-called candy earned through the use of the app can be exchanged for cash at the In-App Exchange and can be exchanged with others.
Kubu also sells up to 1 billion candies for advertising, saying it can bring the profit up to 36.8% in 60 days with the cryptocurrency. Through this method, in December, it gathered about 95 million members.
According to the investigation, no one really made a profit as the app said in the process of rewarding. Qubu’s in-app transaction fees also have bee charged up to 20–50%. One investor told the media that he had bought 15,000 RMB (about 2000USD) worth of cryptocurrencies but made no profit.
Coinplug has Announced the Shut Down of its Crypto Exchange, CDPAX
Coinplug, a well-known blockchain technology company in Korea, has announced the termination of its own cryptocurrency exchange, CPDAX.
CPDAX announced on Dec 19th that it will sequentially end the support for a total of 10 cryptocurrency transactions. In the KRW fiat market, Bitcoin, Ethereum, and Ripple will end the trading first.
Bitcoin (BTC) markets including Ethereum, Litecoin, Ethereum Classic, EOS, TrueUSD, Bitcoin Cash, and Basic Attention Token will end the trading service after. The deposit ends at 6 pm on Dec 20th and the transaction ends at 6 pm on Dec 26th.
Through the official announcement, CDPAX officially announced that the year of 2019 was a difficult year for virtual asset investors, project teams, and esp for CDPAX. This year, the environment of virtual asset investment has deteriorated rapidly and social awareness of virtual assets has decreased.
One of the officials in CDPAX commented that “In this situation, we have decided to stop trading and deposit restrictions on stocks with very low trading volume and small altcoin projects.”