On Hold, Global Edition: the Investor's Interest is Low (Investment and Partnership Digest, Nov 7—14)

eToro supports universal basic income ideas, Axoni raises additional $36M, Binance welcomes institutional investors when Bloomberg proves their interest in investing in crypto is low, hopes as for BTC ETFs, ConsenSys, Japan’s Shinsei Bank, Nippon Wealth, and Tribay Capital become partners, Alprockz and Geneva Swiss Bank collaborate to create a stablecoin

  • eToro makes $1 million investment for blockchain experiment. The experiment called ‘GoodDollar Experiment’ is a non-profit. It is a series of tests to diminish wealth inequality through blockchain technology. Tokens will be distributed to verified applicants for free. The goal is to generate an open and global universal basic income (UBI).
  • Axoni raised an additional capital of $36 million in their Series B funding round. The overall funds raised is $59 million. HSBC participated in the latest funding round. Axoni will use the Series B funds for the development of its data synchronization technology, widen the network of enterprises using distributed ledgers, and bolster its set of infrastructure products.
  • Binance is gearing up to welcome institutional investors. The exchange announced a list of preparation activities and future products specifically for the needs of big investors. The activities include a new division: Binance Research, and some future products include support for up to 200 sub-accounts per client, and zero fees for fund transfers between sub-accounts.
  • According to Bloomberg, there is low institutional investor interest in cryptocurrency. The news agency cited Morgan Stanley, Goldman Sachs and Citigroup as examples. The three major banks are prepared to offer cryptocurrency-related services but still has yet to do so because of straggling investor interest.
  • According to VanEck’s director of Digital Assets Strategy, Gabor Gurbacs, a BTC ETF holds the possibility to attract billions of new investments. He further implied that the SEC should handle proposals as prospects to regulate the cryptocurrency market. Gurbacs made the commentary in an interview with CNBC Africa’s Crypto Trader.
  • A Memorandum of Understanding (MOU) was signed by ConsenSys, Japan’s Shinsei Bank, Nippon Wealth, and Tribay Capital forming a new partnership. The purpose of the new partnership is to study blockchain applications for the fintech industry.
  • Alprockz and Geneva Swiss Bank collaborates to establish ROCKZ, a stablecoin pegged to the Swiss franc. Since the Swiss Franc is thought to be the most stable of all fiat, ROCKZ is said to be the most transparent and reliable of all stablecoins.

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Why Ethereum Co-Creator Isn’t Worried About ConsenSys Being Profitable for a While

Joseph Lubin is the co-creator of Ethereum and the CEO of ConsenSys, a blockchain venture studio. In a recent interview, Lubin explained what ConsenSys has been up to as of late, and why it doesn’t matter if the company isn’t as profitable as it once was. Ethereum Gets Its Grand Entrance Lubin first met Vitalik Buterin – the primary brains behind Ethereum – in 2013. He worked with Buterin and his team to build the Ethereum Network and establish its reputation as not just a cryptocurrency, but a platform that could pave the way for future cryptocurrency projects built on Ethereum’s now ever-popular blockchain. In 2014, he left and founded ConsenSys, which has worked to build startups from the ground up by helping them establish proper executive teams, build revenue and raise capital. Since its inception four years ago, ConsenSys has created developer tools, decentralized apps (dApps) and even its own education and training academy. Many of these projects have since gone on to raise their own capital. A Simple Project Goes “Boom” It’s safe to say that ConsenSys has become a solid ecosystem rather than a simple blockchain project. Lubin is said to be the world’s single largest holder of ether – the official cryptocurrency of the Ethereum network – though he’s been putting much of those funds towards keeping his business in operation. ConsenSys has taken some nasty hits this year with the extended price drops of cryptocurrencies like ether, but this isn’t necessarily getting under his skin. Always Seeing the Positive When asked if ConsenSys was still profitable, Lubin said: “We’re still in the burn. We’ll probably be that way for a long time, just because we’ll continually invest rather than try to extract profits. If you [were to] consider some of our token launches revenue, then we’d be profitable, but a lot of those tokens are things that we’re going to keep frozen for a long time. If we calculated everything, then yes, we’re above zero.” He also says that nothing could have prepared him for the growth rate of ConsenSys, and he admits that the company potentially “grew too fast.” So fast, in fact, that he had little to no time to induct every employee or new individual into the company culture appropriately, though in the long run, he comments that fast growth is always better than slow growth: “Tons of growing pains, sure. We’re trying to get better with our onboarding process. We’re growing too fast; we felt that was necessary because the alternative, growing too slow, would have been much more problematic for our product teams and consulting arm.” Let’s Keep Things Fair! In the end, he comments that ConsenSys isn’t trying to rule the world like Amazon or Apple. Rather, the goal is – and always has been – to keep the world from being ruled: “We’re trying to decentralize ourselves. Essentially, various technologies have enabled technologists to pile stacks of value higher than ever before. Those stacks of value [have been] contained within firms, but if we have these protocol-based open platforms, these network business models, then ownership will be much more decentralized. We’ll have companies [with] tokenized securities, and we’ll have these networks that offer products and services.” Do you consider Joseph Lubin to be one of the industry’s leading figures? Why or why not? Post your comments below. Image courtesy of Shuttershock The post Why Ethereum Co-Creator Isn’t Worried About ConsenSys Being Profitable for a While appeared first on Live Bitcoin News.
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Cryptocurrency User Base Swells Despite Market Meltdown: Cambridge University Research

Over the past few weeks, cryptocurrencies prices are in the different mood of their own. As one believes the prices have reached the floor, the price breaks the support levels and sink deeper. While bears seem to be in command of the market, there is some positive fundamental news for the cryptocurrencies. According to the latest report put forward by Cambridge University, the user base of cryptocurrencies has doubled even with markets melting. Research also shows a rise in the number of cryptocurrency accounts According to the latest research put forward by the Cambridge Centre for Alternative Finance. The number of verified users of cryptocurrencies almost doubled in the first three quarters of the year even as the market bellwether Bitcoin tumbled almost 80 percent, Users climbed from 18 million to 35 million this year.   These figures would definitely cheer the long-term Cryptocurrency Investors because this could mean that the cryptocurrencies are fundamentally getting stronger and the prices too would eventually show growth. This could also silence the critics who have made predictions that value of cryptocurrencies may go to zero. “Conforming with popular narratives, survey data indicates that the majority of users – both established as well as new entrants – are individuals and not business clients,” authors of the study said. “Individuals can be hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative.” The number of crypto accounts increased as well, the study found. The report also stated “Growth rates were at their highest in 2017, and the number of new user accounts, as well as ID-verified users, continued to rapidly grow in 2018 as well,” Although cryptocurrencies have slowly got, most users seem to be speculators and traders than actual users as cryptocurrencies are barely used in commerce due to its extreme volatility. The use case number also includes people who are hoarding cryptos in place of fiat currencies as their sovereign currencies are depreciating. The use case for cryptocurrencies is rising for sure as people are slowly understanding its advantages. Will it continue to grow now that’s the question which not many are able to answer. Will cryptos soon become part of the mainstream commerce? Do let us know your views on the same. The post Cryptocurrency User Base Swells Despite Market Meltdown: Cambridge University Research appeared first on Coingape.
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