Brock Pierce news

American entrepreneur known for his work in the cryptocurrency, director of Bitcoin Foundation.

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Brock Pierce Buys Church With Crypto Mortgage

Just when you thought April Fools’ day was safely behind you, the blockchain space throws out another headline so wacky it seems to have been drafted on a Mad-Lib. According to a cryptocurrency lending company, former child actor Brock Pierce has acquired an old church in Amsterdam, by leveraging his holdings through a smart-contract mortgage. Nexo, a blockchain-startup offering crypto custody, interest and credit lines, issued Pierce the world’s first major collateralized digital asset mortgage last week. According to the announcement, the $1.2M loan will facilitate Pierce’s purchase of an eighteenth-century church in Amsterdam. The formerly-forbidden chapel features an image of a spirit handing a coin down to a man, apparently commemorating the first Dutch royal mint. According to a report by Fox Business, Pierce secured the loan with $3M in Bitcoin, stored in a trustless smart contract. “A quadrillion dollar market” Part of the obstacles to crypto adoption is that investors want to hold their crypto value, rather than liquidate their tokens on usable goods. Nexo and similar lending platforms solve that problem by offering instant lines of credit, which collateralize a user’s crypto holdings. “Nexo appears to have the capability of being the bridge between the old world of traditional finance and the brave new frontier that blockchain now enables” said Pierce in a statement. “Being able to borrow against one’s crypto assets gives one options, when wanting to purchase a property, and aligns with my philosophy that real estate and tokenization will be a quadrillion dollar market.” According to Nexo’s announcement, the new crypto mortgages feature will offer loans of up to $2 million USD, borrowed against the value of a user’s holdings. Nexo believes this feature will add to the company’s already high demand for crypto credit, reaching up to $300 million in the past 7 months. Furthermore, the startup will offer up to 6.5% interest on all stablecoins. Nexo’s platform adds to the growing list of cryptocurrency products which can replace or substitute for traditional finance. The post Brock Pierce Buys Church With Crypto Mortgage appeared first on Crypto Briefing.
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Brock Pierce Buys Church With Crypto Mortgage

Just when you thought April Fools’ day was safely behind you, the blockchain space throws out another headline so wacky it seems to have been drafted on a Mad-Lib. According to a cryptocurrency lending company, former child actor Brock Pierce has acquired an old church in Amsterdam, by leveraging his holdings through a smart-contract mortgage. Nexo, a blockchain-startup offering crypto custody, interest and credit lines, issued Pierce the world’s first major collateralized digital asset mortgage last week. According to the announcement, the $1.2M loan will facilitate Pierce’s purchase of an eighteenth century church in Amsterdam. The formerly-forbidden chapel features an image of a spirit handing a coin down to a man, apparently commemorating the first Dutch royal mint.  According to a report by Fox Business, Pierce secured the loan with $3M in Bitcoin, stored in a trustless smart contract. “A quadrillion dollar market” Part of the obstacles to crypto adoption is that investors want to hold their crypto value, rather than liquidate their tokens on usable goods. Nexo and similar lending platforms solve that problem by offering instant lines of credit, which collateralize a user’s crypto holdings. “Nexo appears to have the capability of being the bridge between the old world of traditional finance and the brave new frontier that blockchain now enables” said Pierce in a statement. “Being able to borrow against one’s crypto assets gives one options, when wanting to purchase a property, and aligns with my philosophy that real estate and tokenization will be a quadrillion dollar market.” According to Nexo’s announcement, the new crypto mortgages feature will offer loans of up to $2 million USD, borrowed against the value of a user’s holdings. Nexo believes this feature will add to the company’s already high demand for crypto credit, reaching up to $300 million in the past 7 months. Furthermore, the startup will offer up to 6.5% interest on all stablecoins. Nexo’s platform adds to the growing list of cryptocurrency products which can replace or substitute for traditional finance. The author is invested in digital assets, but none mentioned in this article. Join the conversation on Telegram and Twitter! The post Brock Pierce Buys Church With Crypto Mortgage appeared first on Crypto Briefing.
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Billionaire Brock Pierce Takes Out First-Ever Bitcoin-Backed Mortgage

Bitcoin billionaire Brock Pierce took out a crypto-backed mortgage to buy a $1.2 million home in Amsterdam. But why didn’t he just sell some bitcoin and buy it? Use Bitcoin as Collateral for a Mortgage Cryptocurrency companies that allow you to earn interest on your bitcoins or get dollar loans are springing up like weeds. But you naturally imagine their ideal target for loans as young crypto HODLers that need fiat for something pressing. Not ultra-wealthy Forbes top 20 richest cryptocurrency billionaires like Brock Pierce. The Controversy That Follows Brock Pierce To much of the American public, Brock Pierce will always be that child actor who starred in Disney’s The Mighty Ducks. Not many of them know how knee-deep Pierce is in the cryptocurrency industry, (and controversy as well). An early adopter in the space, in 2013, Pierce co-founded VC firm Blockchain Capital (BCC) which had already raised some $85 million in two venture funds by Oct 2017. He was also a large investor in Etherum and supported the early days of Coinbase. At the height of his success, Pierce was the co-founder of Block.one, the entity behind EOS. He was named by Forbes as one of crypto’s top 20 richest people in February 2018. Then he was called out one month later on live television on John Oliver’s show Last Week Tonight over the allegations of his involvement in an underage sex scandal in the 90s. Even though he had reached an out of court settlement over that scandal, the repercussions would linger on. Shortly after, Pierce announced his departure from EOS. Several board members of the Bitcoin Foundation also left when Pierce became Chairman. Has The Mighty Ducks Actor Fallen on Hard Times Again? Yesterday, the world’s biggest crypto lender Swiss-based NEXO announced that Pierce was their first borrower to back a mortgage using cryptocurrency as collateral last November. NEXO told FOX Business that Pierce was the first person in the world to use his crypto assets to buy real estate. Antoni Trenchev, co-founder and managing partner at NEXO continued to say: He backed the entire loan for the house with bitcoin… This was our first-ever crypto-backed mortgage. With 95% of his net worth in cryptocurrencies and a less-than-squeaky-clean reputation, has Brock Pierce fallen on hard times again, needing to borrow money to buy a $1.2 million home? If Pierce is worth billions (or, at least, hundreds of millions) it rather begs the question–why didn’t he just buy it? Die-Hard HODLers Don’t Want to Sell Their Bitcoin It appears that the reason Pierce sought a Bitcoin-backed mortgage for the home is more one of financial astuteness than need. Die-hard Bitcoin HODLers don’t want to sell their assets. They’re convinced that the bull run will come again–but they need to access fiat in the meantime. This is why companies like NEXO, BlockFi, Celsius, and countless others, are finding more customers. It’s not just the high interest that HODLers can earn on their accounts, but the low-interest loans that are really taking off. Celsius alone has already initiated over $1 billion worth of crypto loans since June of last year–and it’s an incredibly appealing option. Rather than get a mortgage from a bank, these companies charge as little as 8 or 9 percent interest. And whale-sized HODLers with dwindling crypto wealth are lapping it up… Pierce reportedly told FOX Business that these types of companies are a bridge between the: old world of traditional finance and the brand new frontier that blockchain now enables. He went on to say: Being able to borrow against one’s crypto assets gives one options… I was able to hold on to my crypto and settle the transaction in fiat. Will Bitcoin-backed loans become a popular way to make major purchases? Share your thoughts below! Images via Shutterstock, Bitcoinist archives The post Billionaire Brock Pierce Takes Out First-Ever Bitcoin-Backed Mortgage appeared first on Bitcoinist.com.
Bitcoinist

Actor-Turned-Crypto Whiz Brock Pierce Buys $1.3 Million Mansion with Bitcoin

Actor-turned-crypto entrepreneur Brock Pierce used bitcoin as collateral to purchase a $1.3 million mansion in Amsterdam. The real estate transaction represents the first-ever crypto-backed mortgage. Swiss cryptocurrency startup Nexo facilitated the purchase. Nexo is a crypto wallet that lets you borrow up to $2 million in 45 different fiat currencies within 24 hours. “He backed the entire loan for the house with bitcoin,” Nexo co-founder Antoni Trenchev told Fox Business. “This was our first-ever crypto-backed mortgage.” Brock Pierce Holds 95% of Net Worth in Crypto Brock Pierce is a former child actor who starred on the hit 1992 film “The The post Actor-Turned-Crypto Whiz Brock Pierce Buys $1.3 Million Mansion with Bitcoin appeared first on CCN
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Brock Pierce Becomes First Buyer of Real Estate to Use Bitcoin for Their Purchase

After months of seeing low prices, Bitcoin suddenly jumped over the last few days above the $5,000 price level. With this price hike, the whole industry has been talking about what this could mean for the future of the crypto assets. Now, the biggest crypto lender in the world has made history as they became […]
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Judge Dismisses Winklevoss Lawsuit Against Charlie Shrem

Judge Jed Rakoff of the US District Court for the Southern District of New York dismissed the Winklevoss case against Charlie Shrem in which the twins allege Shrem stole $26 million worth of cryptocurrency. The judge said a settlement was reached, though details of the settlement are confidential. Either party can reopen the case by May 5 if not completely satisfied.
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How Bullish Should Bitcoin Investors Be with Forbes Blockchain 50 List of Powerhouse Companies?

As per an all-new report released by Forbes earlier today, big-name players such as Amazon, Walmart, Ripple, have all developed a host of blockchain based tools to help the global dev community propagate the use of DLT (distributed ledger technology). While cryptocurrency is struggling to achieve mainstream adoption, these #Blockchain50 companies are committing manpower and […]
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