Blockstack Raises $23 Million USD in First Regulated Token Offering

BlockstackBlockstack

Blockstack has raised $23 million USD in the first-ever token offering approved by the US Securities and Exchange Commission.

Blocskstack PBC, which is a decentralized computing network aiming to antiquate data breaches and trust violations, first announced the token sale in July, having received SEC approval to raise up to $28 million USD in a Reg A+ compliant offering. The breakdown of the token offering consisted of $15.5 million USD raised through the sale of  74.3 million Stacks tokens through its Reg A+ sale in the US, and an additional $7.6 million USD through the sale of 30.6 million tokens through its Reg S offering in Asia.

In a blog post released by Blockstack today, CEO Muneeb Ali said, “Our goals for working with regulators in the States were twofold. Primarily, we wanted to reach more retail investors who can be users of our network, and have a financial stake in the success of our ecosystem. Secondly, we identified Asia as a priority market, and our SEC qualification added weight to our strategic move toward Asia.”

Over 4,500 entities participated in the token offering, including Arrington Capital, Recruit Holdings, and Hashkey Group, who led the Asian offering round. Blockstack also secured a strategic investment from Recruit Holdings, a Japanese HR firm with a market cap of $50 billion USD. As part of this agreement, Recruit will purchase some of Blocksrack’s STACK tokens with a view to advancing decentralized technologies in Japan.

>> Bitcoin Volatility Eases: Is This Good or Bad for Crypto Traders?

Ali was keen to emphasize the importance of Asia as a market by saying “Asia is arguably the largest market for crypto […] Japan is a very interesting market for crypto because it has clarity around regulations. It is legal to own and trade crypto assets, but only those whitelisted by the regulators.” Given its advancements in the Asian market, being the first company to conduct an SEC-approved token offering, and even receiving investment from Harvard University, Blockstack is somewhat of a trailblazer in terms of engaging in regulated crypto trading.

Featured Image: DepositPhotos © iqoncept

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

Facebook Libra Must Follow US Rules, Says Treasury Official

LibraLibra

It was back in July that Facebook’s Libra was announced and ever since the announcement, it has become the subject of intense scrutiny from lawmakers. It has not only led to the scrutiny of the entire cryptocurrency project announced by Facebook (NASDAQ:FB) but that of the wider cryptocurrency market as well and consequently, it has proven to be a massive disruption. It also coincided with the point at which Bitcoin price started giving up the momentum that it had gained in the first half of the year.

Key Details

In a new development, a key US Treasury Official has stated that Libra will need to comply with the highest regulatory compliance standards before it is launched.

Although regulatory clarity is something that many in the crypto space are eager for, it has given rise to a whole deluge of uncertainty and remains one of the factors why many tokens, including Bitcoin, have underperformed. Sigal Mandelkar, who is the undersecretary of Treasury of Terrorism and Financial Intelligence, spoke at a conference in Geneva and made the above-mentioned comments. However, more importantly, she not only spoke about Libra but went on to state that strict regulatory compliance is necessary for all cryptocurrencies that operate in the United States.

>> Coinbase Launches New $2 Million USDC Bootstrap Fund

According to reports, Mandelkar said, “Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go.” Considering the threat of money laundering pertaining to cryptocurrencies, many regulatory officials have asked for greater regulation to be put in place.

At the conference, the official also said that it is important to put in more anti-money laundering safeguards in place in order to ensure that cryptocurrencies are not misused in any way. That being said, many in the crypto space are actually looking for more regulatory clarity so that institutional money can flow into it.

Featured image: DepositPhotos © Stockcrafter

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

Tether Introduces New Yuan-Linked Stablecoin, CNHT

TetherTether

The cryptocurrency space has had its fair share of controversies throughout the course of its short existence, and one of the biggest ones to date is the one related to stablecoins. There are plenty of stablecoins in circulation these days, but the most controversial one so far is Tether, and it is simply due to the fact that is it is the most popular one within this particular group of digital assets.

Key Analysis

The reason why many in the crypto space are suspicious of Tether and other stablecoins is because most of them are backed 100% by the United States dollar (or another fiat currency). However, it goes without saying that for many traders, Tether has its own uses, and it has become quite popular over the years.

The controversies surrounding Tether are not going to stop it from growing further, and today the stablecoin issuer announced that it has launched another stablecoin, only this one is going to be backed by the Chinese Yuan. The one backed by the US Dollar is known as the USDT, and the newly launched token is going to be called the CNHT. It should be noted that the Tether platform has also produced the EURT, which is backed 100% by the Euro. Due to the launch of this new digital asset, Tether has stated that the world’s main fiat currencies can now be put to proper digital use.

>> Facebook Libra to Be Pegged to Multiple Currencies as Stablecoin

Tether has had a controversial history so far and is subject to lawsuits related to security laws violations. In addition to that, it has also been alleged that Tether has been used by rogue traders to artificially prop up the price of Bitcoin and other cryptocurrencies. It is a problematic allegation since such actions might point to a pump and dump scheme by way of which gullible investors might end up losing a lot of money. It remains to be seen how the latest digital asset is welcomed by the crypto space.

Featured image: DepositPhotos © artefacti

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

Facebook Libra to Be Pegged to Multiple Currencies as Stablecoin

LibraLibra

One of the biggest disruptions to the crypto space this year has been the announcement of Libra from the tech giant Facebook (NASDAQ:FB) back in July. The white paper published by the company about its cryptocurrency resulted in a lot of chaos and eventually led to turmoil in the crypto market as lawmakers expressed their doubts about Libra quite vehemently.

Key Updates

The company was asked to clarify several aspects of the Libra project to United States senators. In a report by one of the leading business publications, the company told Senators yesterday that the token is going to be a form of stablecoin. Unlike a traditional cryptocurrency, it is going to be backed by an algorithm, a currency, or even a commodity.

According to reports, the currencies that are going to be used to back Libra are going to consist of major currencies. Some of the currencies that will be backing Facebook Libra are the Singapore Dollar, the United States Dollar, the Euro, and the Japanese Yen, among others. The inquiry was put in place by Mark Werner, the Democratic Senator from Virginia. The company apparently put forward the list of fiat currencies that are going to back up its cryptocurrency.

>> Bitcoin Could Fall Below $10,000 Mark as Altcoins Gain

That being said, Facebook did eventually clarify that the final list of currencies that are going to back Libra is going to be finalized by the Libra Association. The Libra Association is made up of a range of entities and companies that are part of the entire project. That being said, the company went on to state that the digital currency is only going to be offered in regions after all regulatory concerns with regards to the digital currency have been cleared. It went on to state that Libra will only be offered after appropriate permission has been awarded by those in charge of the region.

Featured image: DepositPhotos © BrianAJackson

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

Apple Watching Cryptocurrencies, Says Vice President Bailey

Apple watching cryptocurrenciesApple watching cryptocurrencies

Apple (NASDAQ:AAPL) has been and continues to be an influential company; and if it’s looking at the crypto industry, you know virtual currencies must be doing something right. According to sources, that’s what the tech giant is doing, with VP Jennifer Bailey stating it is “watching cryptocurrency.”

Here’s what we know.

Apple Watching Cryptocurrencies: The Facts

At a private event in San Francisco, VP of Apple Jennifer Bailey took the stage, explaining to the crowd that the billion-dollar company is “watching cryptocurrency,” as it thinks the industry has “interesting long-term potential.” While the crypto industry has experienced troubles in the past, from crypto scams to outright haters, Apple maintains a belief that virtual currencies are “interesting,” and, with Apple’s reputation, saying that goes a long way.

That’s not to say Apple has announced a move into the sector, however; but people do seem to be all for it if it were to happen. It’s not just Bailey who is on board either; an analyst for Wedbush Securities said Apple watching cryptocurrencies makes sense, “given its sights on further monetizing its consumers.” It would also make sense considering other big tech companies have jumped on the crypto train, with Facebook (NASDAQ:FB) being one of them after launching its global crypto project Libra. The project is scheduled for release next year.

>> LG Working on a Blockchain Phone to Compete with Samsung

Crypto aside, Apple seems to be working on improving its finance division as a whole. Bailey’s comments come only a couple weeks after the company released Apple Card, which is its first consumer finance product since the 2014 launch of Apple Pay.

Thoughts?

What do you think about Apple watching cryptocurrencies? Do you think a profitable company such as Apple should enter a sector that has restrictions and limitations? Let us know your thoughts in the comments below, and don’t forget to follow along with this story.

Featured image: PixaBay

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

Crypto Insurance Market to Get Boost in Coming Years

crypto insurancecrypto insurance

Around a decade ago, something called crypto insurance would have drawn puzzlement from everyone. The creation of crypto exchanges made it possible for millions of people all over the world to buy crypto tokens with ease.

Key Analysis

However, the creation of exchanges also drew the attention of hackers, who have, over the years, made away with billions of dollars worth of cryptocurrencies. It is something that has dogged crypto exchanges for many years, and it seems that some of the world’s biggest insurers have finally come up with a solution. It has emerged that Aon and the legendary insurance firm Lloyd’s of London are all set to enter the crypto insurance market.

The cryptocurrency market is currently valued at $300 billion, and its value is only expected to rise in the years to come. Hence, crypto insurance is an idea whose time has come. Lloyd’s of London is a company worth $45 billion and remains the biggest insurance broker in the world. It connects clients to insurers. In 2019 alone, Lloyd’s brokered the $255 million insurance value for crypto exchange giant Coinbase and also the $100 million policy that belonged to BitGo. Aon, the second-biggest insurance broker in the world and rival of Lloyd’s, was also part of the Coinbase deal.

>> Which Cryptocurrencies Will Survive the Next Decade?

Over the years, cryptocurrency exchanges have become increasingly vulnerable to attacks from hackers, and to date, as much as $460 million worth of crypto tokens have been stolen. Binance, the world’s biggest crypto exchange by trading volume, was a victim of a hacking attack earlier in 2019 and lost $40 million. It is important to note that Binance is well known for being one of the most secure platforms and the hack on the platform created a lot of panic in the crypto space. However, the insurance companies are raking it in as the crypto space keeps growing. An expert stated that crypto insurance pays out anything between $200 million and $500 million in premiums to the various insurance companies.

Featured image: DepositPhotos © tashatuvango

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

Crypto Phone to be Launched by Samsung: What You Need to Know

crypto phonecrypto phone

Around a year ago, the notion of a crypto phone would have seemed like something out of a futuristic blog post, but it seems that this is no longer the case. If there is one thing that cannot be denied with regards to cryptocurrencies is that they are here to stay, and the world is now sitting up and taking notice.

Last year, banking giant JP Morgan (NYSE:JPM) issued its own cryptocurrency, and more and more giant corporations are now getting into the market in a big way. In a new development, it has emerged that South Korean electronics behemoth Samsung (OTC:SSNLF) has decided to not only issue its own cryptocurrency but has also developed a phone that is going to support a crypto wallet.

Key Details About Samsung’s New Galaxy Note 10 Smartphone

The latest development from Samsung was reported by one of the leading financial papers in the world. According to sources inside the company, Samsung’s new Galaxy Note 10 smartphone is going to be equipped with a cryptocurrency wallet. However, that’s not all. The company is also going to give away its own cryptocurrency for free in those wallets. The name of the crypto phone is part of the Klaytn edition, and the blockchain network is known as Kakao.

>> Elliptic, A Crypto Forensic Startup, Raises $23 Million USD

This is a major step for Samsung, which has lagged behind the biggest smartphone brands in the world and could help the company in attracting millions of new customers who would want their cryptocurrencies in their phone wallet. That being said, it is important to note that the crypto phone is not going to go on sale worldwide straightaway. According to the company, the phone will be first sold in Samsung’s local market in South Korea. Samsung refused to comment on speculation but the news that the Korean electronics giant has been working on a crypto phone first surfaced back in March this year.

Featured image: DepositPhotos © Mactrunk

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

Elliptic, A Crypto Forensic Startup, Raises $23 Million USD

EllipticElliptic

Elliptic, a British startup firm aimed at tracing suspicious crypto activity, has raised $23 million USD in a funding round led by SBI Holdings.

Elliptic to Expand into Asian Markets

The Series B funding round was led by Japanese financial institution SBI Holdings and will enable Elliptic to continue expansion into Asian markets where it has recently opened an office in Singapore and will open another in Japan this week. Elliptic CEO and founder James Smith cited Asia as a highly attractive market for the company due to its prominent crypto community and the fact that Asian regulators tend to be more technologically advanced than elsewhere in the world.

“The Monetary Authority of Singapore and the Japanese Financial Services Agency are very well-versed in crypto. Japan has its own licensing scheme for exchanges; I think all that is really key to the growth of crypto because once you set the ground rules, then businesses can engage and innovate,” Smith told CoinDesk.

SBI to Incorporate Elliptic’s Technology into VC Trade

Elliptic has developed artificial intelligence and machine learning technologies that are capable of tracing and locating suspicious transactions on blockchains. The company was founded in 2013 in London and had previously raised $12 million USD in five funding rounds. SBI was keen to get involved with the company as it has a number of crypto assets under its portfolio, including an exchange called VC Trade, which will incorporate Elliptic’s technology.

>> Walmart Deploys Blockchain Technology: Things You Need to Know

Elliptic is also looking beyond expansion into Asia with this investment, as it also has plans to develop a monitoring service for Facebook’s under-fire Libra network. Libra has received heavy criticism and scrutiny from regulators who question how they are meant to trust Facebook given the social media giant’s recent history of data misuse. Elliptic hopes to give somewhat of a helping hand to Libra by providing added transparency and security to the network.

Featured Image: DepositPhotos © iqoncept

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

Liquid Reveals Blockchain Wallet Holding GRAM Tokens

GRAM TokensGRAM Tokens

Japanese cryptocurrency exchange Liquid has revealed that proceeds from its resale of GRAM tokens are being held in escrow in a digital wallet.

GRAM tokens, the eagerly awaited cryptocurrency by Telegram, were initially available through two highly secretive and selective ICOs carried out in February and March of 2018. A secondary market for these tokens sprung up and saw resale markups of up to 400%. Telegram is yet to officially confirm any details of the Telegram Open Network (TON), its proposed blockchain, but one of the clauses in the ICO was that GRAM tokens may not be resold to a third party.

However, Liquid revealed in an announcement on August 30 that it was holding $4,123,116.76 worth of USDC stablecoin in escrow in a blockchain wallet that it had raised through a secondary sale of GRAM tokens in July. Grams initially sold for $0.37 USD and $1.33 USD in the two original ICOs by Telegram; however, Liquid’s price in July was $4.00 per token.

“Following completion of the Gram Token Sale, we are pleased to announce that all participating customer funds from the sale on Liquid are stored in a publicly verifiable, segregated blockchain wallet, where funds will remain in cold storage until Gram tokens are released and delivered by the seller, Gram Asia,” an excerpt from Liquid’s statement read.

>> Tech Mahindra Introduces Blockchain Solution for Finance and Insurance

Gram Asia was reportedly a major investor in Telegram’s ICOs, which saw the messaging app company raise $1.7 billion USD to fund its blockchain project. While the resale of GRAM tokens was prohibited, Seth Melamed, global head of business development and sales at Liquid’s parent company Quoine, told CoinDesk that Liquid had an agreement in place with Gram Asia and an anonymous third party to guarantee the funds.

Meanwhile, it was reported last week that Telegram would release the code on which its TON blockchain will operate on September 1; however, this failed to materialize. It adds further pressure on Telegram, which must release the blockchain by October 31 or else refund all sales from last year’s ICOs.

Featured image: DepositPhotos © prykhodov

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

CME Group will launch options on Bitcoin futures (BTC) in Q1 2020

CME Group, the world’s leading and most diverse derivatives marketplace, today announced it will launch options on its Bitcoin futures contracts in Q1 2020, pending regulatory review.

“Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk,” said Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products. “These new products are designed to help institutions and professional traders to manage spot market bitcoin exposure, as well as hedge Bitcoin futures positions in a regulated exchange environment.”

Since their launch in December 2017, market users have rapidly adopted CME Bitcoin futures for their hedging and trading needs. There have been 20 successful futures expiration settlements and more than 3,300 individual accounts have traded the product since inception.

Year to date, nearly 7,000 CME Bitcoin futures contracts (equivalent to about 35,000 bitcoin) have traded on average each day. At the same time, institutional interest continues to build with the number of large open interest holders reaching a record 56 in July.

CME Group is the only derivatives marketplace where customers can hedge or trade benchmark options on futures across every investable asset class, with average daily volume of 4.3 million in 2019 to date.