The Federal Deposit Insurance Corporation (FDIC) has initiated an investigation into OKCoin USA Inc. (OKCoin) and its senior executives for alleged false and misleading statements regarding the company’s insured status. According to the FDIC’s legal division, OKCoin may have violated Section 18(a)(4) of the Federal Deposit Insurance Act (FDI Act) and its implementing regulation, 12 C.F.R. Part 328, Subpart B.
The FDI Act and Part 328 prohibit individuals or entities from misrepresenting the insured status of deposits or knowingly providing false information about the extent and manner of deposit insurance. The FDIC has the authority to enforce these provisions, including issuing cease-and-desist orders and imposing civil money penalties.
The FDIC’s investigation focuses on statements made by OKCoin on its website and social media platforms. The company’s claims that it is “Licensed across the US with FDIC insurance on OKCoin accounts” and that it provides “FDIC insurance for all USD deposits” are under scrutiny. Additionally, OKCoin’s Chief Marketing Officer made a social media post on Twitter stating, “If you are in the US we offer FDIC insurance on USD deposits.”
These statements allegedly imply that OKCoin itself is FDIC-insured, that all customer funds, including crypto assets, are covered by FDIC insurance, and that the FDIC endorses a specific blockchain. However, the FDIC clarifies that OKCoin is not FDIC-insured and that the FDIC does not insure non-deposit products or endorse particular blockchains.
The FDIC has demanded corrective action from OKCoin, which includes the immediate removal of all statements that suggest FDIC insurance coverage in any form other than specified by the FDI Act. OKCoin is also required to cease making any false or misleading statements about its insured status while providing clear information about the insured depository institution (IDI) with which it has a relationship for deposit placement.
OKCoin has been given fifteen business days to respond to the FDIC’s demands and provide written confirmation of compliance. Failure to respond or address the concerns raised may result in further actions being taken by the FDIC in accordance with the FDI Act.
The FDIC’s investigation is limited to potential violations of Section 18(a)(4) and Part 328 of the FDI Act. The outcome of this matter may not affect the FDIC’s assessment of other violations, nor does it prevent other federal or state agencies from pursuing actions related to potential violations of other laws and regulations.
Okcoin, the U.S. affiliate of cryptocurrency exchange OKX, announced on March 13 that it had no exposure to defunct U.S. tech bank Silicon Valley Bank (SVB). However, Okcoin CEO Hong Fang stated that the platform’s U.S. dollar wire and ACH deposits had been “immediately paused” due to the regulatory intervention in Signature Bank, Okcoin’s primary partner for customer transactions in dollars.
On March 12, New York state regulators closed Signature Bank, a major financial institution for fiat-crypto on-ramping, citing a “systemic risk exception” in the wake of SVB’s collapse. In addition to suspending dollar deposits, Fang wrote that “over-the-counter services will be temporarily paused too,” including its quick buy and recurring buy functions. Okcoin also stated that the suspension extends to “crypto transactions by credit card” and “trading USD-crypto trading pairs.”
Fang reassured users that “all corporate and all customer funds are safe” and that “USD withdrawal not affected. The processing pace will be subject to bank operation.” All crypto deposit and withdrawal functions remain intact, including those of U.S. dollar-pegged stablecoins. Furthermore, the suspension appears limited to dollar deposits, as other fiat deposit methods, such as those made in euros, are unaffected.
Okcoin is working to find alternative channels and solutions in real-time, and the suspension is not expected to impact crypto transactions significantly. Fang emphasized the platform’s commitment to its users, stating, “If this weekend has told us anything, it’s the significance of the future that we are building. Our commitment to you hasn’t changed either.”
The crypto-friendly Signature Bank was a key partner for many crypto firms, including Coinbase, Celsius, and Paxos, which have since disclosed that they held balances in the bank. U.S. federal regulators have stated that Signature Bank depositors will receive their balances in full post-shutdown.
The shutdown of Signature Bank has raised concerns in the crypto community about the risks associated with fiat-crypto on-ramping and the importance of selecting reliable banking partners. While Okcoin has assured its users that their funds are safe, the incident highlights the need for greater transparency and accountability in the crypto industry.
Hong Kong-based startup, Bloom announced its collaboration with cryptocurrency exchange Okcoin to offer token rebates and introduce a gamified retail experience to its clients.
Digital payment in Hong Kong is becoming more common in people’s daily life. To break through the current spending landscape in the city dominated by credit card and their cash rebates or reward points mechanism, the spending app has offered a reward scheme to get a spending rebate in terms of cryptocurrency.
Customers now have more options to gain rewards and even take a glimpse of the crypto space. By partnering with Visa credit card, it allows customers to convert their spending credits into crypto according to the latest price.
Per the press release, the scheme now supports over 10 mainstream cryptocurrencies, including Bitcoin, Ethereum and Dogecoin.
According to the company’s website, the company “aims to provide personalized spending rewards from cash rebates to digitalized coupons to consumers by connecting partner brands and card issuers.”
Eddie Rong, the founding member of Bloom, welcomed the partnership with Okcoin and wishes more customers might embrace the crypto space, “With the increasing awareness of cryptocurrencies in Hong Kong, although the cryptocurrency market has been volatile recently, we seek to build a platform for beginners on top of an exciting spending experience, empowering members to save cryptocurrencies and shop at the same time.”
The app offers a HK$10 worth of Bitcoin bonus for customers who connect their first Visa credit card to their account or conduct their first transaction in this program, according to the official website.
The company said its app integrates real-time data via an application programming interface (API) to help its members stay on trend in the cryptocurrency space. Furthermore, the app allows the withdrawal of cryptocurrencies to designated crypto wallets or covert them into Bloom Coins for in-app redemption of nonfungible tokens (NFT), e-coupons, and fashionable collectables, without being charged, and members could choose their preferred way of keeping rewards at no costs.
The company believes the new platform “will help democratise crypto and lay the foundation for them to play a more important role in the financial system.”
Meanwhile, their counterpart Okcoin will provide zero-fees account opening services to their clients, encouraging them to adopt their crypto trading services.
“The combination of Bloom’s rewards program and easy-to-use spending product provides an ideal avenue for new and existing crypto users to interact with digital assets every day, and we’re glad to help make this possible,” Khairi Azmi, general manager of Okcoin (Asia) said, adding that the platform would make crypto to be more common and “regular to go mainstream across the world” among ordinary people daily life.
Crypto adoption is expected to expand to the retail level among the institutional investment market in the city. According to a recent study, Hong Kong is marked as the top-rank region or economy in terms of the level of crypto readiest, as the city enjoys the highest number of blockchain startups per 100,000 people and the number of crypto ATMs proportional to the population.
To tap into the non-fungible token (NFT) craze, crypto exchange Okcoin has established a marketplace that will attract no transaction fees.
The free trading NFT marketplace is expected to offer creators significant agency when selling their work since royalty rates range from 0-10% in other marketplaces.
Hong Fang, Okcoin’s CEO, acknowledged:
“We’re launching a free market for NFTs where prices and profits will be determined by supply and demand, more so than anywhere else. Web3 is about restoring economic power to the people.”
The San-Francisco-based crypto exchange will offer NFTs from famous collections like Crypto Punks, the Bored Ape Yacht Club (BAYC), Boss Beauties, and World of Women.
To adhere to the “crypto for all” objective, the marketplace will also showcase collections from previously marginalised creators in the traditional finance and tech innovation fields.
Fang noted:
“In the same way that blockchain technology empowers financial freedom with cryptocurrency, it empowers creators with NFTs.”
Minting of NFTs usually takes place on Binance, OKC, Polygon, and Ethereum blockchains. Therefore, users will have the chance to link external wallets like MetaMask, enabling them to trade NFTs.
Randi Zuckerberg, Okcoin’s brand advisor, sees the marketplace as a stepping stone towards making crypto more accessible. He added:
“Making NFTs more inclusive is something I’ve dedicated myself and my company HUG to because we know there are huge opportunities for both creators and collectors in NFTs waiting to be unlocked.”
Crypto exchanges are gearing up for the NFT marketplace based on announcements from Gemini, Kraken, and Coinbase. For instance, the launch of the Coinbase NFT marketplace is expected to tie with the Bored Apes entering the movie scene in June.
Furthermore, different brands are entering the non-fungible token sector for various reasons. For example, Nestle, a Swiss multinational food and drink processing conglomerate, recently released NFTs for a charitable cause in the Middle East & North Africa.
Cryptocurrency exchange Foxbit operating in Brazil, which is trading Bitcoin, Ether, Litecoin, TrueUSD and XRP etc, has announced that it has raised $21 million in a Series A round led by OK Group, owner of cryptocurrency exchange Okcoin.
Foxbit on Tuesday said that the funds raised will be used to develop new technologies, expand the company’s products and technical teams, and potential acquisitions, and will focus on reducing transaction fees by integrating blockchain networks and attracting more Brazilian investment.
João Canhada, CEO of Foxbit said in a statement that:
“The company has evolved a lot in recent years and together with my partners we understood that this investment was now a necessary step to further improve the services provided to our customers.”
Foxbit was founded on Dec 10, 2014, by the company’s CEO João Canhada, Luís Augusto Schiavon Ramos. Prior to this Series A funding, Foxbit has raised a total of $130K in funding over two rounds. The last funding was raised on Apr. 1, 2016, from a Seed round.
Cryptocurrency exchange Okcoin has announced Randi Zuckerberg — the sister of Meta CEO Mark Zuckerberg — will be joining the platform’s brand advisory council in its aim to bring more women into crypto.
In a Thursday announcement, Okcoin said that in addition to hiring Zuckerberg, the exchange would be committing $1 million in an attempt to reach a 50% female user base by 2025. Zuckerberg was the former director of market development and a spokesperson for Facebook until she resigned in 2011, moving on to start her own social media firm in addition to founding the Zuckerberg Institute — a program aimed at educating business leaders, entrepreneurs and students.
“Crypto and this new era of wealth creation should be open to everyone,” said Zuckerberg in a video promoting her move to the crypto exchange. “I’ve joined Okcoin’s advisory council to support that mission and bring more women into the world of crypto.”
Had so much fun filming this video (complete with a cameo from my toddler) and over the moon to be working with @Okcoin to get more women into the crypto space https://t.co/FtURPcFcSt
— Randi Zuckerberg (@randizuckerberg) December 2, 2021
With the hiring of Zuckerberg, Okcoin will have many women in key leadership positions at the exchange, including CEO Hong Fang as well as head of content and brand Mandy Campbell. Fang told Cointelegraph last year the crypto exchange had seen a significant influx of women in 2020, with 50% of female users to the platform in the first quarter being new.
“Historically, women and other marginalized groups have been locked out of the traditional financial system,” said Fang on the $1 million commitment. “Cryptocurrency is turning this norm on its head through the wealth-creating opportunities created by decentralized finance, but we’re still seeing lower adoption among women.”
Related:Women-led events may encourage long-term female participation in blockchain
Founded in 2013, Okcoin is one of the world’s oldest crypto exchanges and has steadily expanded to serve customers in more than 190 countries. Though its headquarters are based in the United States, the exchange secured regulatory approval to operate in Malta and the Netherlands in July.
Cryptocurrency exchange Okcoin has reported the number and trading volume of institutions surged significantly in the last year, driven largely by stablecoins and tokens in decentralized finance.
In a report released on Tuesday, Okcoin said it had seen a 450% increase in the number of institutional customers on its platform between September 2020 and September 2021, as well as a 124% increase in institutional trading volume over the same period. According to the report, 53% of the purchases institutional investors made in September were for altcoins. In addition, the customers showed “a greater appetite for non-Bitcoin crypto assets” compared to previous years.
Specifically, the exchange reported institutions had turned to “younger assets” in 2021, including MiamiCoin (MIA) — the city of Miami’s own token released by CityCoins on Aug. 3 — as well as Avalanche (AVAX), which launched more than a year ago. This contrasts with purchasing behavior in 2020 and earlier, when “institutions exclusively favored altcoins that were at least four years old, such as Ether and Litecoin.”
Related:Cointelegraph Consulting: How Avalanche is reimagining DeFi
“Institutional activity on the platform is indicative of macro sentiment among large-scale investors, with clientele including asset managers, venture capital and hedge funds, retail brokers, payment processors and other entities around the globe,” said Okcoin.
Other firms in the crypto and blockchain space have reached similar conclusions based on data from trading platforms. In September, analytics firm Chainalysis reported that transactions of more than $10 million accounted for over 60% of DeFi transactions in Q2 2021. CoinShares also reported that over a week in September, institutional interest in Solana (SOL) far exceeded that of Bitcoin (BTC) and Ether (ETH).
Founded in 2013, Okcoin is one of the world’s oldest crypto exchanges and has steadily expanded to serve customers in more than 185 countries. Though its headquarters are based in the United States, the exchange recently secured regulatory approval to operate in Malta and the Netherlands.
Bitcoin Core’s most prolific developer Marco Falke has received Okcoin’s latest Open Source Developer Grant.
This marks the second year he has been awarded a grant from Okcoin, allowing him to work on Bitcoin Core remotely full time.
Falke will focus on testing, modularization, and outreach.
Cryptocurrency exchange Okcoin announced today the latest recipient of its Open Source Developer Grant, Bitcoin Core developer Marco Falke.
“Falke is Bitcoin Core’s most prolific developer, and this is the 2nd year he has been awarded a grant from Okcoin,” the company said in an announcement shared with Bitcoin Magazine. “The grant is awarded with no strings attached, allowing him to focus solely on open source development.”
In September, Falke became Bitcoin Core’s most active contributor after logging his 1,752nd commit to the project’s GitHub repository, surpassing W. J. van der Laan.
“When it comes to my contributions, I think the majority are smaller improvements, which are each exciting for their own reasons,” Falke told Bitcoin Magazine in September. “I’ve mostly continued to improve testing and spend time on quality assurance and review.”
Thanks to Okcoin’s grants, Falke has been able to work remotely from an undisclosed location in improving the Bitcoin Core codebase full time. The developer received his first yearly grant from the cryptocurrency exchange last year, allowing him to move from New York City to his new secret location. With the new funding, Falke told Okcoin he would focus on testing, modularization, and outreach.
Falke hunts for vulnerabilities in Bitcoin Core’s code through a fuzz testing technique, in which a program sends large amounts of data to Bitcoin Core and analyzes its reaction. If the project behaves differently than expected, the fuzzer program flags what caused the anomaly.
The developer also works in modularizing the codebase, structuring it into separate modules. This practice makes it easier for developers to work on patching and improving code and makes running Bitcoin Core possible with lower computational costs.
Finally, Falke said he would also train new developers to work in Bitcoin Core and increase the project’s robustness and resiliency.
Okcoin shared with Bitcoin Magazine that the firm has now invested more than $1,000,000 in Bitcoin open source development through its grant program.
The creator of Litecoin, Charlie Lee, continues to guide us through memory lane. For part one, he took us throughLitecoin’s fair launch. Considering the small number of projects that have managed to do this, it’s a pretty big achievement. Today, for part two, we’re going to cover the project’s relation with cryptocurrency exchanges. Charlie Lee wears his heart on his sleeve for this one, and tells a heartfelt story that ends up in betrayal. Can you feel the excitement in the air?
Related Reading | Charlie Lee Predicts Resurgence of Litecoin as Bitcoin Cash Falters
This part of the story is all about relationships, connections, and the long road to credibility. It’s also about Charlie Lee’s resistance and willpower.
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Before we get into the meat and potatoes of the story, though, a light detail that shouldn’t go unnoticed.
Charlie Lee Gives Flowers To The Litecoin Logo Creators
There’s not much story to the logos, but it’s cool that Charlie Lee gives credit where credit is due. The first and the second one show evolution:
The second logo was designed by @mjbmetals. I still like that quite a lot. It looks well next to that Bitcoin logo.https://t.co/T5hzEldonI pic.twitter.com/Uy5qpl8JUP
— Charlie Lee (@SatoshiLite) October 7, 2021
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And the final one is a simplification of the second one:
And the current logo is designed by Robbie Coleman (@robertfcoleman) and his team.
Of course being decentralized, there are many other logos that people have created and used. Some are pretty wacky. And people can use whatever logo they want and I can’t do anything about it. 😂 pic.twitter.com/M7FgBcGPum
— Charlie Lee (@SatoshiLite) October 7, 2021
That being said, let’s get back to the story.
LTC price chart for 10/09/2021 on Coinbase | Source: LTC/USD on TradingView.com
Litecoin’s Long Hard Road To Exchange Listings
This contradicts the title, but, in 2011 Litecoin was immediately listed in the defunct BTC-e. The site was a pretty successful cryptocurrency exchange that fell into disgrace when the US Justice Department accused them of laundering funds from the Mt. Gox hack, but that’s another story. Regarding Litecoin, Charlie Lee tells us that the listing, “helped a lot as miners had access to liquidity pretty quickly. Litecoin quickly become one of the most popular coin on BTC-e.”
From 2011 to 2013, I spent a lot of time supporting Litecoin’s early growth and pushed for adoption wherever I can. I pretty much talked to all the exchanges to support LTC. I realized that liquidity is super important for a coin. Without liquidity, you can’t do anything.
— Charlie Lee (@SatoshiLite) October 7, 2021
However, even though Lee “pretty much talked to all the exchanges to support LTC,” it was two years later that the second one listed Litecoin. Bitfinex took a chance on the nascent project, “This was a huge deal for Litecoin. It’s the first major exchange to support LTC.”
At the Bitcoin 2013 conference, I remember attending a talk by Bitstamp Co-Founder and CEO Nejc Kodrič( @nejc_kodric). During the Q&A after the talk, I asked him if Bitstamp will add Litecoin. I think he just chuckled and went to the next question.
— Charlie Lee (@SatoshiLite) October 7, 2021
Then, Charlie Lee remember how he tried to get the CEO of Bitstamp to list them and he laughed him off. Only to list the coin in 2017. The same thing happened with BitPay, who ended up supporting Litecoin only this year.
The Chinese exchanges, though, listed Litecoin from the beginning. “Sometime late 2012 to early 2013, 2 of the largest exchanges in China, Okcoin and Huobi, added support for LTC. That was huge.” A question arises, did Charlie Lee have to throw shade at those two exchanges this hard? “The trading volume was also pretty crazy, but unclear how much of that was fabricated.”
In 2013, I thought it was time for me to step away from Litecoin. I was very fortunate to find Warren Togami (@wtogami), Founder of the Fedora Project, to take over as Litecoin lead developer. Warren is amazing and we were very lucky to have him at the helm of development.
— Charlie Lee (@SatoshiLite) October 7, 2021
Charlie Lee And Coinbase, A Love Story
So, in 2013 Charlie Lee steps down as Litecoin’s lead developer and leaves the job to Warren Togami. At the same time, he leaves a high-paying job at Google because they weren’t interested in anything crypto-related. That’s when Coinbase gets into the picture. Lee contacts them to see if they’re interested in listing Litecoin and they end up hiring him instead.
I interviewed at Coinbase and on paper, it sounded like a horrible deal. I would have to commute to SF, which was an hour each way, take a 50% or so pay cut, work twice as hard, and miss out on all the Google perks. But it was a no-brainer for me.
— Charlie Lee (@SatoshiLite) October 8, 2021
Accordingto Charlie Lee, “Coinbase was the hot startup and THE crypto company that is making Bitcoin easy to use. I knew that if Bitcoin didn’t succeed, Litecoin wasn’t going anywhere either.” A cold hard truth that all of the Altcoins have to live with to this day. Besides that, Lee wanted to eventually convince Coinbase to support Litecoin. How could he not?
But at least he created a cool banner for it. 😁https://t.co/7BToh7YNdX
After that, there were rumors of @MtGox finally adding its second coin, Litecoin. At the time MtGox had like 97% of the total Bitcoin trading volume. Support of LTC would be huge for Litecoin’s liquidity. pic.twitter.com/rfBhA7z1Pm
— Charlie Lee (@SatoshiLite) October 8, 2021
The Chinese connection paid off and the BTC China, lead by Charlie Lee’s brother, listed the coin. “Although it was a huge news, what took him so long?!,” asks Lee hilariously. Also notice that the banner that he mentions plays on the fact that Charlie and Bobby are brothers.
In 2015, there were rumors that the infamous Mt. Gox exchange was going to list Litecoin. At the time, this was THE place to be. Charlie Lee finallyconfirms the story, “The rumors were actually true. I was talking to the CEO, Mark Karpelès almost on a daily basis in mid 2015.” However, the Mt. Gox hack was exposed before they materialized those plans. And all hell broke loose. “In hindsight, it was a blessing in disguise.”
Then, as it happens, things turned sour in the Charlie Lee and Coinbase romance.
That changed though in 2016. The was when Litecoin trade volume exploded on Chinese exchanges and it was clear to me that Coinbase was leaving a lot of money on the table by not supporting altcoins. And it made business sense for Coinbase to add altcoins.
— Charlie Lee (@SatoshiLite) October 8, 2021
The Brian Armstrong tweet he refers to says: “Ripple, Stellar, and Altcoins are all a distraction. Bitcoin is way too far ahead. We should be focused on bitcoin and sidechains.” Wow. What would the Brian Armstrong of the present say about that statement?
Anyway, in 2016 Litecoin’s trading volume was exploding in the Chinese exchanges and Charlie Lee saw his opportunity. “This was also when Ethereum was starting to get big. So I put together a proposal to Brian and Fred Ehrsam to add both LTC and ETH to Coinbase.” The proposal’s thesis was that, since people in the US had no easy way to buy, store, and trade those coins, there was “a lot of unsatisfied demand.” And Coinbase could make a lot of money.
There was a lot of unsatisfied demand. People in the US had no easy way to store and trade these coins. And Coinbase would steal a lion share of the demand if we added the 2 coins to start.
Both Brian and Fred like the idea but they crossed out LTC. They just want to do ETH.
— Charlie Lee (@SatoshiLite) October 8, 2021
Here it is: betrayal. The two Coinbase executives broke Charlie Lee’s heart by accepting the proposal, but only for Ethereum. “Although I went along with the plan, it kind of rubbed me the wrong way. Litecoin had a much higher global trade volume at the time and was the #2 coin in marketcap.” A little while later, Lee took three months of Coinbase to focus on his project.
Related Reading | CHARLIE LEE: AN UNCOMMON INTERVIEW
In the next episode, Litecoin’s story intertwines with Bitcoin’s and the controversial Segwit implementation. We’re going to discover that Charlie Lee and his team were instrumental in this. How? Tune in to find out.
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Though Okcoin chief compliance officer Megan Monroe said that there are still certain grey areas over cryptocurrencies in the United States, further regulation may not be the best solution.
In a statement to Cointelegraph, Monroe said current U.S. regulations are sufficient to police cryptocurrency exchanges, token issuers and custody wallet providers, but “jurisdictional boundaries of these federal financial regulators are neither clear nor collaborative.” Rather, she advocated for a framework with greater clarity to determine which crypto firms should be subject to regulation and let investors know which protections are available.
“A clear regulatory framework with established jurisdictional boundaries, flexible compliance standards and open communication channels with registrants (as well as with state regulators) would be a good way to initiate an evolving framework for market participants to grow their businesses,” said the Okcoin chief compliance officer. “[This] would provide retail customers that seek to work with regulated entities a clearer understanding of the investor protections that would be available to them.”
She added:
“We do not believe that further regulation will necessarily prevent fraud and platform abuse […] Fraud should not be limited to focusing on retail customer regulatory compliance issues in the securities markets.”
Two of the major government agencies handling digital asset regulation in the United States, the Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC, have different jurisdictional claims regarding crypto.
The SEC often determines whether tokens are securities using the Howey Test, with Chairperson Gary Gensler arguing the crypto industry, including decentralized exchanges, falls within the regulatory purview of the federal agency. However, former CFTC Chair Christopher Giancarlo has claimed that cryptocurrencies are commodities and thus would be subject to regulation by the CFTC.
The apparent lack of clarity can be seemingly confusing to crypto firms that are considering relocating to the U.S., or local ones making the transition to the digital space. David Schwartz, chief technology officer of Ripple Labs, told Cointelegraph earlier this year that it was “difficult to figure out which laws apply and how they apply to something new,” like cryptocurrencies or blockchain technology.
“Over time, the regulators have educated themselves about the industry and expanded their scope to incorporate new blockchain technology, such as decentralized exchanges and DApps,” said Monroe. “But, the regulations still lag behind the industry innovation, which is why the regulators have yet to provide comprehensive regulatory guidance on decentralized finance technology.”
Related:Will regulation adapt to crypto, or crypto to regulation? Experts answer
The Okcoin chief compliance officer said that an “incubator” approach might be one possible solution to this “patchwork of financial regulations,” wherein crypto traders and businesses could operate without fear of legal action for a set period of time. She also encouraged projects to clearly identify the risks to both investors and users, and for greater communication and collaboration between agencies like the CFTC, SEC and Financial Crimes Enforcement Network.
