Coinswipe and DeHedge just announced a tactical partnership to complete the development of the Committee on Uniform Token Identification Procedures. CUTIP is a standardized identification nomenclature for blockchain tokens similar to S&P.
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Coinswipe CEO Sarah Tulin commented, “If large sophisticated organizations like Overstock.com (Nasdaq: OSTK)), which confused Bitcoin (BTC) and Bitcoin Cash (BCH) earlier this year, are vulnerable to the risk of misidentifying cryptocurrencies, it’s something worth fixing for retail purchasers and the entire crypto community.”
DeHedge is the decentralized risk-hedging platform for cryptocurrency investors. DeHedge hedges investments in ICOs and cryptocurrencies, safeguarding investors in case of exchange rate fluctuations, scams, and project cancellations. Automatic payout DeHedge’s smart contracts are programmed to automatically pay out in full in case of a hedged event. DeHedge uses Ethereum, which is a public blockchain.
DeHedge founder and CEO Mikhail Chernov says: “CUSIP, the national numbering agency (NNA) for securities in the US, provides identification for millions of instruments, but does so based on a centralized authority controlled by the American Bankers Association and S&P. This monopoly on information, along with the associated costs, has created issues both in the US and, particularly, in the EU.The CUTIP Token ID initiative will give all the benefits of a standard number system for tokens but using a decentralized autonomous organization managed on the blockchain by constituents.”
Both Coinswipe and DeHedge share the vision that everything will eventually be tokenized on a distributed ledger. However, despite the massive opportunities represented by blockchain, a number of risks are created which can be reduced with standard disclosures and nomenclature.