Another Olympic athlete, Apolo Ohno, is entering the cryptocurrency game. He and a team have developed the HybridBlock platform, an all in one crypto trading gambit. The ICO seeks substantial start-up capital, but not in the form of US dollars. The SEC is still working out the bugs on regulating ICOs and will continue to drive projects like these away from American markets.
A New Game
Olympic speed skater, Apolo Ohno, is taking his competitor’s mindset to the cryptocurrency scene. He has announced the launch of HybridBlock, his own cryptocurrency. He says that in a market where people with inadequate information lose a lot, he wants to make crypto trading more palatable and accessible.
HybridBlock is directly aimed at people who want to get into the crypto trading game but are unsure of where to start. Of course, expert investors will be able to get into HybridBlock as well. Ohno says he is interested in the crypto sphere because of its potential for transforming the economy. Apolo Ohno has teamed up with a number of crypto enthusiasts to develop this new, all in one, crypto platform.
Ohno is not the only athlete to have fallen in love with the crypto scene, but he says that shortly after his retirement in 2013, he got into the space just like anyone else would. He was paying close attention to the market and participating at a core level. He is excited to be a part of building a new product that will facilitate crypto trading.
So what makes HybridBlock different than the dozen other coins that have recently emerged? Ohno says the focus is to educate everyday users on the use of crypto, as well as how to mitigate trading risks. The ICO for HybridBlock will not accept US dollars, and Ohno has said that investment opportunities are unique.
He has already invested a good chunk of change into the project, and hope to raise the equivalent of $50 million in the ICO phase. Ohno says that, even though the crypto space is full of challenges, he is ready to be successful. He has, after all, been trained to win repeatedly, every four years. He says that his experience as an athlete makes him very used to adapting to challenge, and overcoming it.
Regulators Ice Ohno Out
While Ohno and his team try to get HybridBlock off the ground, the SEC is still unamused with cryptocurrencies, especially ICOs. SEC’s Jay Clayton has never been a big fan of the crypto market, and in January of this year, his agency leveled the hammer against the industry. The major concern that Clayton and the SEC have about crypto trading and ICOs is that they look an awful lot like securities trading, but don’t follow the same rules.
Clayton calls for higher standards of security, transparency, and honesty in the ICO space, adding that to investors, ICOs can look very legitimate, like a NASDAQ offering, but have none of the protections of stock market investments. He also sees lawyers spending a lot of effort to make an obvious security look like something else, then dubbing it an ICO.
This disingenuous behavior on the part of crypto traders is illegal and irksome to the Chairman, and he and his agency won’t have it. The SEC’s wariness of ICOs is one reason that the HybridBlock ICO will not be accepting US dollars.