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Fidelity-Backed Blockchain Accelerator Startup Studio Welcomes Over 50 Members

Startup Studio is a blockchain accelerator, which is primarily backed by Fidelity. The accelerator already has over 50 members, including major players like the Ethereum Foundation, Blockchain Capital, and Messari. Now, in a blog post, it appears that over 20 different organizations have joined. This announcement was released by IDEO CoLab Ventures, which supports the […]
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Fidelity-Backed Blockchain Accelerator Attracts Over 50 Mentors

Coinspeaker Fidelity-Backed Blockchain Accelerator Attracts Over 50 MentorsJust recently IDEO CoLab announced the launch of its new blockchain accelerator program called Startup Studio. It is backed by Fidelity Investments and 20 other organizations and protocols in the space such as Ethereum Foundation, Blockchain Capital, Messari, and others.Startup Studio is meant to help blockchain startups and entrepreneurs to grow by conducting workshops of product design, law and engineering, smart contract development, finance and hiring, and other important fields.“Last week you met our blockchain Startup Studio’s 20+ partner organizations, but today we’re excited to share the humans behind them—and many more—who deeply care about the blockchain community and helping entrepreneurs and developers in it succeed,” writes Ian Lee from IDEO CoLab Ventures.The new Startup Studio has attracted more than 50 industry professionals who are going to help advise, mentor, and coach startups in the blockchain space that are participating in the Startup Studio.These mentors include the CEO of Stellar Development Foundation, Denelle Dixon; ecosystem support from Ethereum Foundation, Robbie Bent; the CEO of Messari, Ryan Selkis, and many others.Fidelity Investments, not Fidelity InternationalMany confuse Fidelity as such thinking about Fidelity International, however, this is not the case. Fidelity International has a parent company in Boston called Fidelity Investments and these are separate companies, clarifies Craig Terrington, the corporate communications associate director at Fidelity International.“It’s been widely reported that Boston-based, Fidelity Investments, is active in this space. Fidelity Investments and Fidelity International are separate companies,” says Terrington.While Fidelity Investments has recently acknowledged Bitcoin and digital asset trading as such, Fidelity International is being more careful and admits that at the moment, they are only exploring the potential of blockchain technology.“Fidelity International, like many others in the industry, is actively assessing the wide-ranging potential for blockchain technology, but we do not have any current plans to launch any crypto initiatives,” explained Terrington.However, while it may seem that Fidelity International is refraining from engaging with blockchain and cryptocurrencies, they have an internal Bitcoin trading game within their employees called “Cryptoleague”. Basically, it is a trading simulator where each participant is given $10,000 in virtual money. Then players can trade with this initial amount and build their portfolios. Those who succeed in substantial profits, get to win cash prizes. Out of 8,000 Fidelity International’s employees, around 1,200 are already playing it.“We have a bitcoin trading game that we use internally, as a way of teaching people about distributed ledger technology and digital tokenization, which ultimately will be an important part of the whole financial system going forward,” explained the CEO of Fidelity, Anne Richards.As Forbes write, it is now harder to find a company which is not playing around in the blockchain space rather than the ones who remain distant about it. If such large enterprises as Fidelity is playing Bitcoin-related games internally, it is only a matter of time when Bitcoin and crypto become massively mainstream.Fidelity-Backed Blockchain Accelerator Attracts Over 50 Mentors
Coinspeaker

Bitcoin is a ‘Demographic Mega-Trend’ Survey Concludes

The Harris Poll survey results confirm that the younger generation is fuelling Bitcoin’s success. Additionally, despite the April 2019 bear market, Americans, especially young people, are more willing to buy the cryptocurrency in the next five years. Survey: Sentiment has Improved Dramatically Blockchain Capital asked The Harris Poll research firm to conduct a study comprising a sample of 2,209 American adults, in April 2019. The survey was an extension of a 2017 survey which measured Americans’ general sentiment toward Bitcoin. It inquired about a wide range of attributes: awareness, familiarity, perception, conviction, and propensity to buy the cryptocurrency.  Additionally, researchers studied Bitcoin preference rates and BTC ownership. All of the survey indicators showed that younger people are driving the #1 cryptocurrency’s trajectory. Specifically, the survey concludes, The results highlight that Bitcoin is a demographic mega-trend led by younger age groups. The only area where older demographics matched younger demographics was awareness: Regardless of age, the vast majority of the American population has heard of Bitcoin. bitcoin Younger demographics appear most inclined to purchase Bitcoin Spencer Bogart, a partner at Blockchain Capital, points out that the 2017 survey was conducted in a bullish market. And this survey was taken between 22 and 25 April 2019, in a bear market. Bogart writes, Despite the bear market, the data shows that Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership all increased/improved significantly — dramatically in many cases. bitcoin For example, Bitcoin’s familiarity rose to 43 percent in April 2019 from 30 percent in October 2017. Most notably, it rose to 60 percent from 42 percent among people between the ages of 18 to 34. Similarly, researchers concluded that younger people have a favorable view of the cryptocurrency. 59% of those aged 18–34 ‘strongly’ or ‘somewhat’ agree that ‘ Bitcoin is a positive innovation in financial technology — up 11 percentage points from October 2017. bitcoin Moreover, the propensity to buy BTC also increased in 2019. People willing to buy rose from 19% in October 2017 to 27% in April 2019. Indeed, among younger people, the propensity to buy the cryptocurrency increased by 10 percent. bitcoin Bitcoin most Popular Among Millennials Investors Separately, an SSRS survey recently confirmed The Harris Poll survey findings. Bitcoin and other crypto-assets are more popular among younger people. The SSRS conducted a study on behalf of Bankrate.com, on June 25 to 30 June 2019. The study included a sample of 1,015 respondents. Its purpose was to find out Americans’ most popular long-term investments. According to the survey, four percent of Americans consider cryptocurrencies as the best way to invest for the long-term. And, the study found, Millennials picked cryptocurrencies as their top long-term investment about 9 percent of the time – about triple the rate of Generation X. Earlier generations had negligible numbers of respondents selecting virtual currency as their top choice Why do you think younger people prefer to invest in Bitcoin? Let us know in the comments below Images via Blockhain Capital Blog, Shutterstock The post Bitcoin is a ‘Demographic Mega-Trend’ Survey Concludes appeared first on Bitcoinist.com.
Bitcoinist

Overstock.com Releases Letter to Shareholders from CEO Patrick M. Byrne

SALT LAKE CITY, July 15, 2019 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) releases the following letter to shareholders from CEO Patrick M. Byrne: Dear Shareholders, Recent announcements have been substantial. Rather than wait until our earnings release is published to discuss these events, I write now to give shareholders an explanation of the significance of these events within the context of a general SITREP on certain aspects of Overstock.com. Some of the materials that follow have been previously disclosed in our last earnings call and elsewhere, but much of what follows is new. Because security tokenization (which I believe is the killer app of the blockchain revolution) is studied globally, I am going to start by talking about tZERO, then two other firms in the Medici Ventures keiretsu, and then a general comment on the rest of the keiretsu.  I will then talk about Retail, which has rebounded more quickly than anticipated. I will finish by discussing strategic considerations. 1.  Medici Ventures Blockchain         a. tZERO – Blockchain Capital Markets                                                    i.  The Case for Security Tokens – I will lay out a case that represents the best possible outcome, for you to discount as you wish. At least shareholders will know why I have committed such a large portion of our firm's resources to pursue this idea.                         1.  Two recent articles with which to familiarize yourself with Security Tokens (we aren't endorsing these articles, but think they make for good background reading on the subject):                                 a.   Billions to Trillions: Crypto Assets and the Inevitability of Digitization                                       b.   Security Tokens and The Investment Stage                                   2. In 2018, retired NASDAQ Chairman/CEO Bob Greifeld said (and said I could quote him on it): "100% of the stock and bonds on Wall Street today could be tokenized, and in five years 100% of the stocks and bonds on Wall Street will be tokenized."                             3. Lemma #1: "What happens on Wall Street will happen globally."                             4. How big are the global asset classes that will be tokenized (if both Greifeld and Lemma #1 are correct)? All over the world there are firms working on tokenizing the following asset classes (N.B. they total ≈ $500 trillion). Valuation of Global Assets             5. So, if Greifeld is correct about Wall Street being tokenized, and if Lemma #1 is correct that what happens on Wall Street happens globally, then in time, ≈ $500 trillion of assets will be tokenized. Maybe Greifeld is optimistic: maybe only all new issues will be tokenized in five years (I think less, perhaps), but it may take another five for the roll-over from legacy to blockchain. But, in any case, it is a big number.                             6. How much will the exchanges upon which those tokens trade be worth? Below please see a list of some of the world's major exchanges, along with their recent value divided by the total market cap of all instruments traded thereon. For them, you can see that exchanges are worth 0.18% of the value of the instruments that trade on them (that is to say, just under 1/5 of 1%). Value of Exchanges              7.   If those $500 trillion in assets get tokenized, and if the exchanges that trade the tokens follow the 0.18% valuation rule, then the value of security exchanges globally will be $500 trillion x 0.18% = $ 900 billion.                                8.   Of course, lots of things could prevent that from happening. Maybe Bob Greifeld is wrong and not everything on Wall Street gets tokenized. Maybe what happens on Wall Street does not happen globally. Maybe the 0.18% relationship will not hold. Meaning: I do not know what the value of security token exchanges is going to be in five years. But the arithmetic looks pretty compelling. As the lawyers say, "California highway mileage will be lower," and "Don't run with that stick, you'll poke someone's eye out."                            ii. I believe tZERO has a compelling lead in this race.                         1.   In April 2015, Overstock filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC) to register digital securities, with the ownership and transfer of these securities recorded on a proprietary, blockchain-based ledger.                               2.   In October 2015, PRO Securities filed with the SEC an amendment to its Form ATS, which, among other things, described transactions in digital securities. PRO Securities subsequently filed additional amendments to its Form ATS.  In accordance with SEC rules, each amendment was filed at least 20 calendar days prior to implementing any material changes to the operation of PRO Securities ATS.                               3.   In December 2015, the SEC declared Overstock's shelf registration statement effective.                               4.   In December 2016, using tZERO-developed technologies, Overstock issued the first SEC-registered digital security in the world, the Blockchain Voting Series A Preferred Stock (OSTKP), and OSTKP began to trade on the PRO Securities ATS.                               5.   We then took two years building an update to the security token trading system. All of our work was done on top of existing businesses, SpeedRoute and PRO Securities, that operate a smart-order-routing firm with connections to approximately 150 broker dealers and all the lit exchanges in the USA and operate the PRO Securities ATS.                                6.   Theoretically, the technology we are building has the capacity to handle immense volumes. The process of moving people from legacy NMS into tZERO's blockchain capital market, however, is where we want to be slow, careful, and methodical. Thus, we took this plan of action:                                     a.   Our first step (two weeks ago) was converting OSTKP digital preferred shares to OSTKO, a Digital Preferred Series A-1 stock, trading on the PRO Securities ATS.                                         b.   In order to trade OSTKO digital securities on the PRO Securities ATS, investors need a brokerage account with Dinosaur Financial Group.                                        c.    Currently and for the time being, the tZERO preferred equity tokens that we issued in 2018 in a private placement may only be resold among accredited investors with Dinosaur Financial brokerage accounts on the PRO Securities ATS pursuant to Section 4(a)(7).  Come August 2019, however, they will be eligible for resales under Rule 144. At that point investors who are not accredited investors will be able to start trading tZERO tokens on the PRO Securities ATS (also subject to the Dinosaur Financial Group account opening process described above).                                        d.    A number of other Security Tokens are winding their way to potential trading on the PRO Securities ATS. They need a trading venue. The team at PRO Securities ATS has its pick of those tokens and is being selective and vetting those tokens thoroughly.                                         e. Full story available on Benzinga.com
Benzinga

Custodianship – A Look at Various Industry Solutions

Industry Hurdles – Custodianship In under two years, the state of custodianship within blockchain has grown by leaps and bounds. A mere eighteen months ago publications were posting about ‘The sad state of crypto custody’. Six months after that, custody solutions were noted as a rapidly developing innovation within the industry. A major driving factor behind the development seen, with regards to custodianship, is due to the narrative of ‘institutional capital’ entering the world of crypto. If this is to occur, they will require trusted companies to provide this service. Today, various companies which recognized the lack of solutions in the industry have launched, and established beginning levels of adoption. The following are a few of these companies, and what they are bringing to the table. Anchorage In a recent, and promising, bit of news, payment processing giant, VISA, Blockchain Capital, and others, invested $40 million USD into a blockchain based custodial solution – Anchorage. This raise represented a Series B, with the company previously raising $16 million in their Series A mere months ago. This young, promising, company has taken a different approach to providing a safe haven for digital assets. Rather than using passwords and usernames, the platform relies on a mix of human and artificial intelligence to verify transactions on whitelisted devices. Anchorage has stated that, in time, their platform will support all forms of digital assets. This versatility, and interest in the sector shown by companies like VISA, points to a bright future. Unbound Tech One of the most anticipated digital securities exchange launches of 2019, is the upcoming Archax Exchange. With a projected launch in Q4 of 2019, it is imperative for Archax to establish all of the necessary partnerships and services sooner than later. The latest puzzle piece to fall in to place would be the decision to utilize custodial services, offered by Unbound Tech. Unbound Tech, which operates out of New York, has developed a DLT based platform which breaks up and stores data among various parties. This is done with the intention of eliminating a single point of weakness within a storage network. No doubt, their innovative, and polished, platform led to this strategic partnership. Copper The rise of digital securities has also resulted in the rise of numerous issuance platforms. In order to remain appealing to their clients, each of these platforms must either offer their clients direct access to a custodial service, or redirect them to a third party. One of the most promising issuance platforms, SWARM, has experienced better adoption than most, to date. Not offering any ‘in-house’ custodial service, SWARM established a strategic partnership with U.K. based, Copper. Copper provides institutional grade custodianship through the use of a practice called ‘air-gapping’. This simply refers to the practice of ensuring their cold storage devices are, not only not connected to the internet, but not connected to any other device which maintains an internet connection. Upon establishing their alliance, SWARM Cofounder Philipp Pieper, had high praise for Copper. He stated, “The integration between Copper and SWARM is a great fit due to the compatibility of our technologies as well as our teams…Copper provides the level of institutional grade security and convenience that is absolutely essential for the adoption of digital securities by institutional investors and retail market,” Coinbase Love them or hate them, Coinbase remains at the forefront of the blockchain industry. This means that when their custodial solution, ‘Coinbase Custody’ announced support for their first digital security, it represented an important step. The reason this step is an important one can be broken down various ways, but is primarily positive, due to the increased exposure which Coinbase will afford the nascent digital securities sector. Most participants in the world of blockchain are well versed in ICOs, but have not necessarily been exposed to STOs and DSOs. Support of assets issued through these capital generation events, by an industry leader, is most definitely a step forward. Carlos Domingo, CEO of Securitize, tweeted at the time of this announcement. Great news for the ecosystem, @coinbase now supporting securities issued by @Securitize DS protocol starting with @blockchaincap BCAP token. https://t.co/AFeVNfypLk — Carlos Domingo (@carlosdomingo) June 5, 2019 TokenSoft Knox Wallet TokenSoft has been one of the busiest companies within the digital securities sector throughout 2019. One of their various steps forward, came through their various custodial solutions for clientele. While the company has formed an alliance with Coinbase Custody, TokenSoft has developed their own solution for those interested. ‘Knox Wallet’ is the name of this offering.  It is a mobile custody solution, which brings full support for various digital security protocols. ERC-1404 Harbor R-Token Polymath ST-20 Securitize DS-20 Knox provides its users with security through the use of various tactics. These include cold storage, role-based access control, and cryptographic authentications. While Knox remains in beta, it has the potential to become a key player in the digital securities sector.  It remains one of the only mobile based custody solution to support the asset class. Continued Growth An entire subset of the blockchain industry was essentially birthed from nothing, in less than two years.  It has since grown into a promising grouping of service providers. While time and development move slowly in the moment, reflecting on growth within blockchain shows fantastic speed of development, wherever you look. The companies discussed here today are essentially writing the custodial solution blueprint on the fly. As these industry trailblazers demonstrate what works, and what doesn’t, we should continue to see increasingly polished solutions presented. One such example may prove to be the upcoming Facebook project, Calibra. The post Custodianship – A Look at Various Industry Solutions appeared first on .
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Fan tokens draw new users to crypto with the latest club addition, AS Roma

Blockchain is stepping further into the sports arena, as cryptocurrency company Socios partners with soccer team AS Roma to offer a fan token, according to a statement from the club.  The token will find its way to fans through the Socios app. There, it'll be tradeable against the Socios native token, $CHZ, currently listed on BitMax and KuCoin, as well as Binance DEX - Binance's decentralized exchange. The tokens are accessed on Socios.com, but housed on a separate permissioned side chain, where each club becomes a Node with Proof Of Authority (POA) from $CHZ. In order to access the club token through a Fan Token Offering, fans must first hold $CHZ. The move could open crypto to a wider user base, since the tokens allow fans to have a voice in their club. The tokens five supporters the right to vote on certain club decisions. They'll be set at a price of two euros, but fans can also earn them by interacting with AS Roma on the Socios app. Fans can also "hunt" tokens for free through the app's augmented-reality geo-location feature Token Hunt. However, AS Roma isn't the only club interacting with fans through crypto. Indeed, clubs from different leagues including Paris Saint-Germain, Juventus and West Ham United have all created fan tokens for supporters. Alexandre Dreyfus, chief executive & founder of Socios.com, said AS Roma's fan base along with other participating clubs draw hundreds of millions of users.
The Block Crypto

What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers

As crypto ecosystem consistently redefines its new peak in terms of adoption, fiat investors and new players are seeking opportunities to be a part of the next wave of Bitcoin Billionaires. One of the early birds, Tim Draper leads this space in terms of making sizable investments and returns in Bitcoin. Having complete faith in Bitcoin’s […] The post What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers appeared first on AMBCrypto.
AMBCrypto

Bitcoin Law Review - Blockstack's Reg A+, CFTC vs Bitmex, Gov't vs Libra/Crypto

https://ToneVays.com by @ToneVays https://twitter.com/ToneVays Topic 1: Reg A+ & Blockstack https://www.sec.gov/Archives/edgar/data/1719379/000110465919020748/a18-15736_1ex1a15addexhbd6.htm https://www.theblockcrypto.com/2019/07/12/blockstack-garners-reg-a-approval-but-that-doesnt-mean-crypto-icos-will-boom/ Leads into Topic 1a on Broker-Dealers & Custody https://twitter.com/philipliu/status/1149907881061302272?s=12 https://www.sec.gov/news/public-statement/joint-staff-statement-broker-dealer-custody-digital-asset-securities https://bitcoinmagazine.com/articles/op-ed-latest-finra-sec-security-token-custody-rules Topic 2: Government vs Libra/Crypto https://twitter.com/realDonaldTrump/status/1149472282584072192?s=09 https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://www.cnbc.com/2019/07/18/mnuchin-says-us-will-ensure-bitcoin-doesnt-become-like-anonymous.html https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://brianoflondon.me/2019/07/facebook-lied-about-the-cryptocurrency-industry-to-destroy-it/ https://www.youtube.com/watch?v=9-ZTkCNW0w8 https://www.cnbc.com/2019/07/16/i-like-bitcoin-says-house-gop-leader-mccarthy-hits-facebook-libra.html Topic 3: Crypto Exchanges https://www.bloomberg.com/news/articles/2019-07-19/u-s-regulator-probing-crypto-exchange-bitmex-over-client-trades https://twitter.com/notsofast/status/1151864421414838274?s=21 https://www.coindesk.com/ex-ceo-of-crypto-exchange-wex-arrested-in-italy https://www.coindesk.com/mt-gox-founder-hit-with-lawsuit-over-alleged-fraudulent-misrepresentation https://www.scribd.com/document/414569311/Steinmetz-Jones-v-s-McCaleb#from_embed https://www.thedailybeast.com/behind-the-biggest-bitcoin-heist-in-history-inside-the-implosion-of-mt-gox?ref=scroll Topic 3a - Update on Bitfinex vs NYAG https://ambcrypto.com/new-york-ags-court-filings-written-in-bad-faith-and-riddled-with-false-assertions-says-bitfinexs-rebuttal/ https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod https://breakermag.com/crypto-capital-is-the-common-thread-between-bitfinex-quadrigacx-and-other-troubled-exchanges/ https://decrypt.co/6824/crypto-capital-follow-up-article Topic 4: Crypto & Taxes (Time Permitting) https://www.carltonfields.com/insights/publications/2019/how-state-remote-sales-and-use-tax-statutes-may-im https://twitter.com/cryptotaxgirl/status/1148370522775797760?s=21 Topic 5: Other - Time Permitting https://www.journalofaccountancy.com/news/2019/jun/virtual-currency-not-fbar-reportable-201921479.html https://www.justice.gov/usao-sdny/pr/us-attorney-announces-arrest-and-money-laundering-charges-against-dark-web-narcotics https://cryptoslate.com/chinese-court-upholds-legal-bitcoin-ownership-btc-protected-china-property-law/ Closing Moment of Zen: https://twitter.com/Horsebox_1/status/1117955111219867648 Honorable Mention: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets Please Support via Affiliate Codes: Unlimited Trading for $9 a Month at LVL: https://lvl.co/?r=kDpHhBmS Deribit to save 10% on Trading: https://www.deribit.com/reg-3221.4686 Buy/Sell Bitcoin at Paxful: https://paxful.com/?r=or4dNEDBBQX Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 Ugly's Lifetime Subscription: https://uglyoldgoat.com/?rid=4xyuzu Audio Podcast: https://itunes.apple.com/us/podcast/the-tone-vays-podcast/id1390209454?mt=2 See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email Tone@protonmail.ch for additional info.
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