Month: September 2018

News Pablo Escobar. Joaquín ‘El Chapo’ Guzmán. Rick Ross. Household names, each and every one of them; drug lords collectively responsible for punting billions of dollars’ worth of narcotics. Yet their crimes pale in comparison to those their prosecutors have been perpetrating for years. After decades of fueling proxy wars and trafficking, the US government has powder on its hands – a combination of gunshot residue, cocaine, and heroin. Those same agencies that would decree what the public can and Read more …

U.S.-based venture capital firm Ribbit Capital, the portfolio of which includes notable cryptocurrency and blockchain projects, is aiming to raise $420 million for its latest fund, according to an SEC filing dated September 12. The fund will reportedly be the fifth venture of Ribbit with limited partners, while the $420 million figure is a “nominal increase” from the $300 million the company attracted last year. Founded in 2012, Ribbit’s portfolio is marked by cooperation with such industry leaders as cryptocurrency Read more …

Rostec, the Russian state-owned manufacturing conglomerate, is entering the blockchain fray. The corporation, which holds stakes in 700 industrial entities in Russia, is working with the Waves platform to develop a blockchain system to manage data on its vast holdings, which include the carmakers Autovaz and Kamaz and the firearms manufacturer Kalashnikov. Announced Thursday, Rostec has signed an agreement with Vostok, a startup founded by the Waves platform team. The two partners will invest a combined $2 million to bootstrap Read more …

Taxes Over the last two years in the US, the federal government and states have been trying to grasp the concept of cryptocurrencies and apply them to traditional finance laws like taxes. The task has proven to be extremely difficult for federal agencies and officials however. One confusing issue is the application of state sales tax towards a purchase made with bitcoin. A great majority of states across the US have zero guidance on this issue and some states like Read more …

A week over week 20 percent drop of Bitcoin Cash (BCH) prices was enough to set the tone for week. From the chart, it’s obvious that the trend is bearish with prices trading within a bear break out strategy set in motion in early August. Going forward, we suggest selling on every high until after a firm bullish reversal pattern prints. From the News There are four main elements of a “proper” cryptocurrency. They include the ability to fix supply, Read more …

All crypto exchanges and banks providing crypto services in Mexico will now be obliged to receive a permit from the Bank of Mexico (Banxico), according to a September 10 circular published in the official daily of the Mexican government, the Diario Oficial de la Federacion. The letter called “General provisions on operations related to electronic payment funds” states that Banxico is responsible for issuing crypto-related permits. To get one, a company dealing in digital currencies must provide a detailed business Read more …

News of cryptocurrency investment fraud has hit the community again, as authorities of two U.S. states, Illinois and Arizona, have asked the Criminal Investigation Department (CID) in India to seize the property of several BitConnect promoters, per reports from the Times of India. BitConnect was an open-source cryptocurrency and an investment program accused of running a Ponzi scheme before ceasing operations in January of this year. The CID crime investigators assigned to the case reported that they have since learned Read more …

Hong Kong-based jewelry retailer Chow Tai Fook Jewellery Group will start to use a blockchain platform to track diamonds, the South China Morning Post reported September 12. Chow Tai Fook has reportedly put some of its diamonds on a blockchain platform developed by blockchain startup Everledger and secured by the IBM Blockchain Platform. This will reportedly enable the retailer’s customers to ascertain the origin and authenticity of stones sold in its T Mark-branded stores, using a T Mark app. The Read more …

Boston-based alternative investment firm Bain Capital Ventures has led a $15 million funding round for an institutional cryptocurrency exchange Seed CX, according to an official announcement published September 12. Seed CX is a Bain Capital Ventures backed, licensed digital asset exchange for both spot market and U.S. Commodities and Futures Trading Commission(CFTC)-regulated derivatives. Per the announcement, Seed CX’s total funding has reached more than $25 million following the latest $15 million Series B funding round. The exchange will use the Read more …

Exchanges Crypto exchange Huobi is entering the Japanese market by acquiring a majority stake in one of the 16 government-approved crypto exchanges in the country. The company says it plans to “aggressively scale this trading platform into the largest in Japan,” with an eye on global expansion in the future. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Huobi Entering Japanese Market Huobi is expanding into the Japanese market by acquiring a majority stake in Bittrade, a Read more …

Digital currency exchange OKCoin has announced its expansion of token-to-token trading into twenty new U.S. states, according to a statement published September 12. Per the announcement, OKCoin has extended trading services to the states of Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin. Jim Nguyen, Vice-President of Marketing at OKCoin, stated in the blog post that the exchange collaborated with regulators in each state in order Read more …