Hedge Funds to Financially Empower Blockchain Startups While Incubators Implement Subtle Refinements to Them

Hedge Funds to Financially Empower Blockchain Startups While Incubators Implement Subtle Refinements to Them

BlockSafe seeks $27M, Bitmain sponsors NBA team, Swiss Blockchain Incubator to raise $100M, $15M for MakerDAO, Travis Kling plans a $100M hedge fund

  • Cybersecurity solutions company, BlockSafe, initiated the presale of its token aiming to cobble together $27 million. BlockSafe aspires to use this fund to commercialize and market their blockchain security solutions, and reincarnate the trust and security in this technology.
  • AntPool, run by Bitmain, to sponsor the Houston Rockets, a Texan NBA team, and also invest $500 million in the state’s economy. The sponsor amount remains unspecified, however, the deal’s duration is set for the whole of 2018-2019 season.
  • Crypto Valley Venture Capital to launch the first blockchain incubator in Switzerland and aims to raise $100 million. They launched the initial 'Genesis Hub' incubator in Zug, the heart of Swiss crypto valley. There are also plans to replicate this incubator in different parts of the world to create a global network in the years to come.
  • The $300 million hedge fund, a16z, invested $15 million in MakerDAO hence buying 6% of the total MKR tokens. According to Katie Haun, general partner at Andreessen Horowitz, 'the future economy would belong to decentralized stablecoins'.
  • $100 million hedge fund in the mind of Travis Kling, a former executive at Steven Cohen’s Point72 Asset Management. As Bloomberg predicts, the fund may go live as soon as  2 weeks from now. Named ‘Ikigai’, the fund will be backed by capitals from anonymous partners.

Maker

MKR
Price
438.39 USD -0.16%
0.12309000 BTC -0.16%
Volume, 24h
6,943,937 USD
5852.54%
Marketcap
321,510,093 USD
0.27%
Emission

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New Bitmain Blog Post Suggests a Positive Outlook for the Crypto Mining Leader’s 2019

Bitmain, a cryptocurrency mining firm that is based in Beijing, has been majorly popular recently for its firings of about 50% of the staff. However, in a recent blog post, it does not look like they are allowing this to take down their year. As we move into 2019, we, at Bitmain, have been doing a bit of reflecting on what a year 2018 has been, as well as what we expect this coming year. Read on:https://t.co/BkIIWQuHBh — BITMAIN [Not giving away ETH] (@BITMAINtech) January 20, 2019 The blog shows a list of all of the accomplishments that 2018 brought, giving the public an idea of what they have in store for the year. To elaborate, Bitmain said, “Our wide portfolio and varied lines of work have expanded to a point where we have the problem of choice and this year was the time to choose.” Continuing, the post said, “ We started to optimize the business and streamline our flows to focus back on the core missions and activities that best rally behind our vision.” In a report by Finance Magnates, it is important to pay attention to the verbiage that Bitmain uses. The media website says, “Reading between the lines here, however, one realizes that the words ‘optimize’, and ‘streamline’ actually refer to the sacrifices that the company has made–presumably because of decreased mining profitability.” The layoffs that Bitmain imposed are hardly the only public sacrifice, but they have elicited the most attention in the industry. The rumors that these layoffs were imminent first came on China’s Maimai website, which is much like the United States’ LinkedIn website. On December 17th, one of the users on Maimai requested to learn more about Bitmain’s upcoming layoffs. Not long after, a member of the Bitmain staff, who had been verified, responded, “It’s affirmative. The layoff will start next week and involves more than 50 percent of the entire Bitmain’s headcount.” Another staff member commented that there were some complete departments planned as part of the layoffs. By December, reports showed that Bitmain had 2600 layoffs, suggesting that 1300 staff members would no longer work with the mining firm. December brought with it the first loss of whole departments, as the Israeli operations were ultimately stopped. The next to follow was the team who created the Copernicus system for Bitcoin Cash in December as well. By January 10th, news stations were reporting the shut down of their location in Rockdale, Texas, which was previously used for mining. At the point of closure, there were five staff members employed here. Bitmain’s loss of mining dominance for Bitcoin is likely to be the catalyst for the cuts and layoffs. When it was in its heyday, Bitmain had 51% control over transactions involving Bitcoin, which has dropped to 21%, based on AntPool and BTC.com as its subsidiary pools. BTC HODLers will see this change as something positive for Bitcoin network’s decentralization, it still shows that Bitmain has yet to gain its footing back. A Twitter post from BitAps.com says, “Last 24 hours distribution. The mining distribution is almost such that the miner's share is no more than 10%, and, accordingly, 6 network confirmations provide complete protection against a double spend attack.” Along with Bitmain, Huobi’s cryptocurrency exchange indicated that they would be performing layoffs as well recently. A spokeswoman for Huobi said that the platform planned to start “optimizing staffing by cutting its worst-performing employee,” which she stated on December 26th. However, at this point, there is no indication of how much staff will be lost. GMO, an IT firm in Japan, announced a much direr decision to end their mining efforts. DMM.com has also announced that their mining operation would cease to exist.
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Bitmain Outlines Its Plans For 2019 After A Forgetful 2018

While 2018 was a year to forget for crypto mining companies, Bitmain has taken to its blog and announced its plan for 2019. Calling 2018 a busy year, Bitmain expects 2019 to be stabilizing and maturing. Bitmain’s Positives from 2018 In the latest blog post, Bitmain, the crypto mining giant has given a complete roundup of 2018 which wasn’t the best for the company. With failed IPO attempt to closing offices and laying off people, Bitmain had seen it all. Although there were some negatives, 2018 also had some positives for the company. Bitmain highlights various achieves which included the launch of new exciting products by the company and its funding of promising open-source developers and projects. The company also pointed out its investment in Circle via a US $110 million Series E round. The tough year’s struggle did help Bitmain get a little stronger as it continued to stay committed to transparency. During the year the company also developed a transparency policy which started governing the way the company mine’s cryptocurrencies and how it communicates with the communities that it operates and functions in. 2018 also saw Bitmain taking a giant leap with its investments in the United States as it opened a  new blockchain datacenter in Rockdale, Texas and a new facility in Washington. With these investments in place, Bitmain also tried to stay connected with Americans and went on to sponsor an American Basketball team, the Houston Rockets. With 2018 already gone and expecting 2019 to be a better year, Bitmain announced in its post that it is preparing itself to take on new challenges in the new year. To move ahead in greater speed, Bitmain mentioned that it had to rationalize its business and had to choose businesses that would optimize and streamline its flows and bring back focus to core mission and activities that the company wants to achieve. Bitmain outlines 2019 as the year of development In 2019, the company expects the crypto industry to stabilize and mature and expects big institutional investors to enter the crypto markets. The company also sees ASICs playing a fundamental role in securing and transforming the complexity of cryptocurrency into useful and trusted assets for everyone. Bitmain also anticipates greater adoption of crypto finance, starting with regulators recognizing the major role cryptocurrencies can play in the current financial system and moving away from the sentiment that these coins and tokens are a threat to stability. Bitmain ends the post saying “Our mission is to produce hardware and software, as part of our commitment to contribute towards the security and stability of a multitude of cryptocurrencies. We look forward to continuing this effort this year, and contributing to a distributed, decentralized world that empowers everyone” With 2019 expected to better than 2018 for cryptos, Bitmain with this consolidated focus and renewed energy could scale back to its glory days. It only a matter of time for the sentiment to change and Bitmain would be scaling newer heights again Will Bitmain win back its lost ground in 2019? Do let us know your views on the same. The post Bitmain Outlines Its Plans For 2019 After A Forgetful 2018 appeared first on Coingape.
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The Daily: Bitmain Reflects on 2018, Memo Releases Mobile App

In today’s edition of The Daily, we cover a reflection on the passing year by the cryptocurrency mining technology giant Bitmain, a mobile app released by social network Memo and new turnover figures from a Bitcoin ATM network in Australia. Also Read: South Africa Wants to Mandate Registration of Crypto Services Bitmain Reflects on 2018 Bitmain, the Beijing-headquartered bitcoin mining technology giant, has been the topic of many discussions recently relating to its IPO application process, downsizing and more. A lengthy new blog post the company published today touches on these subjects and highlights some of the milestones the company has achieved in 2018. These achievements include the development of a 7nm ASIC chip for SHA-256 mining, launching hardware for powering artificial intelligence applications, investing in Circle and funding open-source projects. The Bitmain team explains that the consolidating actions they took recently were done to make the company leaner, more focused and to streamline the business in preparation for the challenges of the future. “Our wide portfolio and varied lines of work have expanded to a point where we have the problem of choice and this year was the time to choose. We started to optimize the business and streamline our flows to focus back on the core missions and activities that best rally behind our vision. We as a company will be lean and more focused towards our goals and we look forward to a 2019 where we can see what our collective efforts can achieve in this manner.” The company also made this comment about the contentious BSV fork: “It goes without saying that the BCH and BSV split was a significant topic within the global cryptocurrency space last year. It was exciting to see different passions clash for the future and betterment of cryptocurrencies without the purported ‘hash war’ being fought. Having ourselves been through a similar (but much longer!) conflict over the future of Bitcoin just about 18 months back, we understand the BSV community’s decision to split and freely pursue its own dream. Adoption will come through power, flexibility and sophistication of the ecosystem and we look forward to what 2019 has in store for cryptocurrencies.” Memo Releases Mobile App BCH-based social media network Memo.cash has released a mobile app on Sunday. The first app is designed for Android devices but the developers promise that an iOS version is coming soon too. Reactions to the announcement on the platform itself are positive and so are the few reviews already on the Google Play store. If you are not yet familiar with it, Memo.cash is a decentralized app powered by Bitcoin Cash blockchain technology. It gives users the ability to create a profile and post messages, images and videos using hashtags as well as to give tips instead of just likes. With Twitter being infected with scammers and bots, supporters hope that the growing platform will be able to provide an alternative and releasing a mobile app is a step forward in the long road that it will take. Australian ATM Network Sees ‘Insane’ Turnover According to a newspaper report from down under, a local Bitcoin ATM network with only about 30 machines is now handling volumes of $2 million a month. This is despite the fact that the company failed to raise a targeted $30 million in an initial coin offering (ICO) due to the market cool-down. “We raised just shy of $2 million, so just over 5 per cent of our initial goal – the rollout didn’t work out as we hoped,” Sam Karagiozis, the founder of Auscoin, told Daily Mail Australia. “But we currently have 31 Auscoin ATMs in Australia… and our turnover is $500,000 a week, which is just insane considering how much the price of Bitcoin has dropped. It just shows there really is a market for it and cryptocurrency is seen as a way of the future for many.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Daily: Bitmain Reflects on 2018, Memo Releases Mobile App appeared first on Bitcoin News.
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