Golden Gate Ventures has announced that it plans to launch a $10 million cryptocurrency and blockchain startup investment fund, according to TechCrunch and other media outlets. The Singapore company’s new fund will be called LuneX Ventures and will focus investments on “early-stage” cryptocurrency exchanges, security firms, and similar digital currency and blockchain-related projects.
Swiss private bank Maerki Baumann is now offering banking services to blockchain and digital currency companies, according to International Investment. The decision comes as a number of cryptocurrency firms have moved to jurisdictions outside Switzerland, sparking concern from Swiss regulators.
China’s Legal Weekly has reported that a Chinese OKCoin customer has filed suit against the cryptocurrency exchange, alleging that it failed to allow him to withdraw the Bitcoin Cash he was entitled to after the 2017 Bitcoin hard fork. He is seeking $25,000 from the exchange, as well as additional compensation to cover losses sustained by his inability to liquidate his Bitcoin Cash at its higher price point last December.
For many years, our view of the governance model for information was based on the centralized approach. Even now, in the 21st century when most information is already stored in databases, we have gotten used to the idea that data that belongs to us… is not managed by us. Instead, it is managed by certain trusted parties such as governments (national registers), banks (financial databases), private companies (social networks) and so on. However, the rise of Bitcoin has sparked a new debate about the need for those controlling third-parties. Now that we’ve managed to build a transparent, auditable, independent financial system that requires no intervening third-parties, blockchain advocates naturally wonder why we can’t apply these properties – or at least some of them – to other systems. After all, the blockchain has opened the door to a fundamentally new way of managing data – one that belongs to the community. This is the primary question that we’ve decided to cover in this article.
The Securities and Exchange Commission is reportedly looking into cryptocurrency deals at brokerages, according to a report from Bloomberg. The regulatory agency is seeking answers to questions about brokerage business practices involving trading fees, financing, and ICOs.
Cryptocurrency enthusiasts could soon be able to pay for Starbucks offerings using Bitcoin, according to a report from CNBC. The coffee icon has partnered with Intercontinental Exchange (ICE), Microsoft, and others to collaborate on a new global digital assets platform that will facilitate consumer cryptocurrency transactions.
Coinbase customers in the UK will now be allowed to purchase digital currency on the exchange using the British Pound, instead of being forced to rely on the euro for those transactions. The change was announced by Coinbase in a blog post on Wednesday.
Cryptocurrency exchange Blocktrade.com is now open for beta testing, becoming the first fully-regulated digital currency exchange, according to Forbes. The new exchange will offer trading for Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple, with plans to list “Crypto Traded Indices™. Security Tokens, and Tokenised Assets” later in the year.
Nasdaq reportedly hosted a meeting in Chicago several days ago to facilitate efforts to bring new legitimacy to the cryptocurrency industry. The closed-door gathering brought together representatives from Wall Street and cryptocurrency exchanges, including the Winklevoss Twins’ Gemini exchange. Nasdaq has acknowledged that the meeting took place but provided no other official statement on the gathering.
The U.S. Securities and Exchange Commission’s Thursday rejection of the Winklevoss Bitcoin ETF drew a sharp dissent from Commissioner Hester Peirce, who suggested that her fellow regulators erred in their decision. Peirce commented immediately on Twitter and made her case against the SEC denial in a post published on the SEC website.
In a recent interview with the Innovation Show, DNotes Global Inc. CEO Alan Yong stressed the important role that trust plays within the digital currency industry. During a discussion that covered a wide range of cryptocurrency-related issues, he addressed everything from digital currency’s original promise to the current state of the industry and the challenges it confronts as it continues to grow and mature.
The U.S. Securities and Exchange Commission has denied the latest attempt to list shares for the Winklevoss Bitcoin Trust, voting 3-1 to reject a proposed rule change submitted by BATS BZX Exchange. Thursday’s decision marks the second time the SEC has rejected the proposed Winklevoss ETF.
Coinbase announced in a blog post on Wednesday that customers in the EU and Australia can now use their Coinbase cryptocurrency balances to purchase e-gift cards. The new feature is being offered as part of a partnership with WeGift and will be available on a limited rollout basis to customers in Australia, France, Italy, the Netherlands, Spain, and the UK.
Fortune has released its 2018 “40 Under 40” list, which the company describes as its “list of the most influential young people in business.” For cryptocurrency enthusiasts, however, the most interesting thing about this year’s list is that it includes several well-known crypto personalities.
Digital currency exchange Coinbase has created a political action committee, according to reports from Reuters and a public filing with the Federal Election Commission. The FEC filing indicates that Coinbase, Inc. Political Action Committee was created in June.
Quebec’s energy regulators have decided to allow the Hydro-Quebec utility firm to impose higher electricity costs on customers mining cryptocurrency, according to a report in the Montreal Gazette. The Régie de l’énergie decision will permit Hydro-Quebec to charge those miners’ electricity consumption at 15 cents per kilowatt hour – twice the rate paid by the company’s other customers.
Spotlite USA confirmed on Monday that its plans for a Kodak-branded Bitcoin miner leasing operation have been shelved, according to reporting from the BBC. The plan, which involved renting Spotlite’s Kodak KashMiners mining rigs to would-be crypto miners, has reportedly been blocked by the U.S. Securities and Exchange Commission (SEC).
The Hong Kong Monetary Authority is preparing to launch a blockchain-based trade finance platform, according to a report from Financial Times. The project is a joint effort between the HKMA and Chinese firm Ping An Group’s financial technology subsidiary OneConnect, which designed the platform. 21 banks are expected to be involved, including HSBC.
For many years intermediaries have found a way to wedge themselves between consumers and merchants, profiting from both sides and making transactions below a certain dollar value all but impossible. Thanks to the internet, the world we know is changing very rapidly, and increased competitiveness in the payments sector is providing people with options that never existed before. The increased competition from small business and startups is creating the beginning of a fee-slashing snowball effect and putting more money in the pockets of consumers. And as consumers gain access to income that would otherwise be allocated to pay for financial services, businesses will immediately enjoy revenue increases and widening margins as their payment processing fees are all but eliminated overnight. With this extra money at their disposal, they can more effectively for expand the business, provide better products, and ensure that customers get even more value for their dollars.
U.S. Representatives serving on the Subcommittee on Monetary Policy and Trade will be conducting a hearing entitled “The Future of Money: Digital Currency” on Wednesday, July 18, according to a memorandum from the Financial Services Committee. The Committee memo announcing the hearing and scheduled witnesses suggested that testimony is expected to encompass a broad range of crypto-related topics: