Bitcoin Daily: FINRA Files First Crypto Disciplinary Action; Paris Soccer Team Plans ‘Fan Token Offering’

Blockchain payment network GRAFT has reached a “critical milestone”: the group said that it has received an end-to-end transaction that took under 2 seconds on its network, according to a statement. The system seeks to serve as a “last mile” bridge to link crypto users and merchants who utilize point of sale (POS) terminals.

The idea is to create “credit card-like Real Time Authorization (RTA) system” for digital assets. GRAFT Co-creator Slava Gomzin said in a statement, “this is a huge milestone, not just for our alpha test, but it represents a key breakthrough making virtually any digital asset useful at the point of sale by solving the key challenges of transaction speed, fees, and volatility.”

French soccer team Paris Saint-Germain (PSG) plans to roll out a cryptocurrency to help football enthusiasts participate in what is described as a “Fan Token Offering,” Coindesk reported. To that end, PSG is teaming up with Socios to provide the technological backbone for the offering. The aim for the token is to help fans participate in voting such as opponents for friendly matches or the type of team jersey for PSG. In addition, the token could help fans participate in “certain matches” or even meet athletes.

In other news, China’s Ministry of Civil Affairs is looking to blockchain to help track charity donations, Coindesk reported. To that end, the agency plans to have a network that will integrate databases from the government with private sector online donation services. The idea is to make donations more visible to the public in a quicker manner. Already, China’s major eCommerce players Tencent and Alibaba both have mobile applications for donation services.

And the Financial Industry Regulatory Authority (FINRA) has filed its first disciplinary action involving digital currency, the agency said in a statement. The body alleges that a Massachusetts man engaged in securities fraud and “the unlawful distribution of an unregistered cryptocurrency security.”  To that end, FINRA alleges that the man tried to get investment for a “worthless public company” by issuing and selling a digital currency.