ICE’s Financial Reports Hint Bakkt to Have Acquired DACC for $11 Million in April 2019

The Intercontinental Exchange (ICE)’s Bakkt might have acquired Digital Asset Custody Company (DACC) for a total of $11 million reports The Block. This was supposedly revealed upon investigating ICE’s financial reports for the second quarter of 2019.

Bakkt first revealed its acquisition of DACC on Monday, April 29, 2019. More specifically, it was the company’s COO, Adam White, who at the time shared the news, adding the reason to do so was merely because,

“DACC shares our security-first mindset and brings extensive experience offering secure, scalable custody solutions to institutional clients,” not to forget, “the team’s experience integrating multiple blockchains and operating cutting-edge consensus mechanisms.”

However, the firm failed to and continues to keep the costs as hidden as possible. That said, page 8 of the report listed all of its acquisitions as being $352 million. As per ICE, its June 12 acquisition of Simplifie LC amounted to $338 million minus the latter’s cash assets of $16 million, which equals $322 million.

Then, on page 12, the acquisition of companies, RCG and DACC were listed. The Block argues that Bakkt paid $19 million for RCG based on the company’s first quarter purchases (with no other purchases made in that quarter). This leaves with a balance of $11 million, which is assumed to be the price paid for DACC.

Besides the hints collected in the financial reports, ICE’s CEO, Jeff Sprecher’s comments on the purchase was considered yet another hint.

In particular, Sprecher was quoted saying during the first quarter’s released reports that the crypto winter allowed the firm to make a rather inexpensive and valuable investment. Here’s what was said:

“[We] acquired a company earlier this week that wouldn’t have been available to us had this market been really hot because valuations were really hot.”

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Author: Nirmala Velupillai

Billionaire Michael Novogratz’s Firm Galaxy Digital Gets Regulatary Nod To Launch Crypto IPOs

Billionaire-Michael-Novogratzs-Firm-Galaxy-Digital-Gets-Regulatary-Nod-To-Launch-Crypto-IPOs

Galaxy Digital has gained approval from the Financial Regulatory Authority (FINRA) to conduct initial public offerings (IPOs) for cryptocurrency companies.

The endorsement authorizes Galaxy Digital Advisors to act as an underwriter to certified public offerings of equity, debt or other corporate securities in the United States. This appends to its current capabilities to manage private placings of securities as an induction agent and to provide counsel on mergers and acquisitions.

Ian Taylor, Head of Advisory Services for Galaxy Digital says:

“This is an important step in the development of our advisory franchise. With this approval, we now have the ability to finance digital asset and blockchain technology companies through their entire life cycle – from founding, through private capital raisings, to their initial public offering and beyond.”

Galaxy Digital is a diversified, multi-service merchant bank dedicated to the digital assets and blockchain technology industry. Their team has extensive experience spanning investing, portfolio management, capital markets, operations, asset management, and blockchain technology.

On this announcement, Novogratz says:

“We are excited to add this capability to the suite of services we provide. No other firm combines our expertise in digital asset and blockchain technology companies with the ability to structure, distribute, and now underwrite, financings. This approval enables us to expand our ability to educate investors newly interested in this growing sector and further institutionalize the markets in which we operate.”

Novogratz is a major Bitcoin proponent who has recently predicted the price of Bitcoin to touch $20,000 by 2020. He also went on to claim that Bitcoin is finally reaching the end of the saturation point as a digital store of value.

ICO enterprise has decreased to a standstill. Still, every month schemes still get financed through ICOs. New instruments like IEOs (Initial Exchange Offerings) and STOs (Security Token Offerings) have shown that desire for lower friction financing persists despite regulatory challenges. Novogratz is certainly gunning to be the pioneer to fulfill this demand.

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Author: Sritanshu Sinha

Folgory Review: Making it Easier for Crypto Lovers to Instantly Accept and Convert Crypto

Folgory Review: Making it Easier for Crypto Lovers to Instantly Accept and Convert Crypto

Folgory is a digital merchant solution based on the crypto platform. Its design enables users to store and instantly accept different types of crypto.

With this solution, you get to sell from your merchant store directly and transmit payment requests to buyers through email. You can do all this via a single blockchain solution.

Why Use Folgory?

One of the hardest things that merchants operating today have had to deal with is the influx of cryptocurrencies. There are a dozen cryptocurrencies getting launched each day. As a savvy businessperson, you will want to make sure that you can address all the needs of your clients with ease.

Folgory is here to make this a possibility. With this solution, you get to do the following online:

Send Request Payments

How do you make sure that you get paid on time and without inconveniencing your personnel or your clients? By sending a payment request! The solution is designed in such a way that merchants can send invoices at any time without having to worry about the payments they are asking for.

Within the request, the customer will find information pertaining to how much they should pay, and how to go about it. They can then send the funds directly to your digital wallet.

In-Store Payment

With in-store payment, all a merchant needs to do is display their QR code to their clients. Ensure that the code you place in your shop, restaurant, or hotel is visible.

Clients can then make payments through the POS terminal, screen, or their Android/iOS mobile wallets. Payment is made securely and within seconds.

Wallet Euro Converter

Merchants can convert their digital assets into crypto or vice versa using Folgory. All this is done within a click of a button.

What happens is that clients receive the funds in a real-time and they get to make a decision whether to top up their Folgory cards, convert to euro, or top up their digital wallets.

Paying for online services is easier thanks to Folgory. You can also check the status of your online transactions using the onscreen dashboard.

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Author: Bitcoin Exchange Guide News Team

GOJOY Business Chain Review: Blockchain Shipping to Earn Rewards?

GOJOY Business Chain Review: Blockchain Shipping to Earn Rewards?

GOJOY Business Chain is a digital shopping mall where manufacturers sell directly to consumers and 50% of the income generated goes back every hour to the community of shoppers.

When a customer buys on GOJOY, he or she gets a percentage of the purchase in JOY coin. After every hour, the platform shares 50% of its income proportionately with JOY coin holders.

GOJOY was inspired by the challenges that Small and Medium Enterprises (SMEs) face while doing business in the internet age. Quite often, the SMEs never win in the traditional internet business model where a few groups or individuals dominate each industry. The advancement of technology and the instability of the global market economy have created a new kind of opportunity—the fractional asset ownership economy.

Fractional Asset Ownership

Fractional ownership implies that a company or an asset is broken into small parts, allowing large number of users to own them. The fractional economy was inspired by the shared economy such as used by companies like AirBnB or Uber. In such shared economies, users generate income from the services they provide, but they end up with no benefits from the growth of the tech giants. This kind of business model is unfair to the service providers who make it all happen.

Any traditional SME with more than one million dollars in revenue can adopt GOJOY’s business model and transform itself into a Fractional Business. Once a business joins the bandwagon of the Fractional Economy, it would start realizing more customers and higher profit margins. Besides, it would improve in brand loyalty.

GOJOY believes that eventually thousands of businesses will adopt its business model. When several companies come together under the fractional ownership initiative, they will share their traffic and form an ecosystem where fractional companies grow at zero costs in fiat. The Fractional Revolution is set to help alleviate poverty, generate jobs, and transform how people see companies.

Pain Points Identified and GOJOY Solutions

GOJOY underscores the fact that the internet age is definitely good for business. Technology speeds up some processes and eliminates others. Money moves fast, people work around the clock worldwide, and they can even enter new markets remotely.

Eventually, consumers are the ones to pay for all the extra cost paid to traffic landlords. Here are some of the problems that any SME faces while doing business in the internet era.

  • Funding: it’s becoming harder for SMEs to acquire funding without sacrificing a bigger margin of their business shares. To solve this problem, GOJOY aims to provide a suitable solution for SMEs to get funding without sacrificing a bigger portion of their business shares.
  • User acquisition and retention: User acquisition is a major challenge for any company on the internet. No matter what services or products they sell, if no one clicks on their link, no one will ever get to know about the products or the services they deliver. This problem blocks many businesses from achieving success. GOJOY aims to provide brands with a zero-cost alternative to acquire a user community.
  • Brand recognition: Any online company would like to launch their business on the Chinese, African, and Indian markets where they target about 50% of the world’s population. However, due to language, political, currency, and cultural issues, it’s very hard to launch a brand on a new market. GOJOY seeks to ignite a brand in these markets through the power of word of mouth. The best part is that it will be at zero cost.

In the end, SMEs that adopt the fractional ownership business model will be able to grow significantly.

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Author: Bitcoin Exchange Guide News Team

Ex-Digital Marketing Company Executive at StyleHaul Charged With Spending $22 Million Wrongfully

Former-StyleHaul-Exec-Charged-With-Spending-22-Million-Of-Companys-Funds

Dennis Blieden, a former executive who worked at StyleHaul, a company focused on digital marketing, has been charged with embezzlement. According to the prosecution, he was guilty of embezzling around $22 million USD when he worked on the company. He allegedly spent all the money gambling on poker competitions and buying crypto.

Blieden was recently arrested by the police of Las Vegas. The man is being accused of using over $8 million USD from the company in order to buy crypto and to use $1,2 million USD to pay for his poker losses, which is kind of impressive. He also used around $1.2 million USD more to pay off his credit cards.

The executive was obviously living a pretty unrestrained life with the money he stole from the company. He allegedly transferred all the funds form the company’s account to his own and covered the tracks by creating a fake lease. This lease was related to a condominium in Rosarito Beach, Mexico.

In order to “pay the rent” of the condo, he transferred all the cash to his account. The company found out, the police investigated and now he is being charged with 11 counts of wire fraud, one of aggravated identity theft and two forfeiture counts.

At the moment, the police nor the justice talked about how much time he will spend in prison in case he is convicted for these crimes.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

TrueDigital Wants To Offer Bitcoin Derivatives In The US by Acquiring DCM and SEF Registrations

TrueDigital-Wants-To-Offer-Bitcoin-Derivatives-In-The-US-by-Acquiring-DCM-and-SEF-Registrations

A company focused on institutional digital investment, trueDigital Holdings, has recently announced to the media that it wants to offer Bitcoin (BTC) derivatives for investors based in the United States.

According to its press release, the firm has decided that the best way to do it was to acquire the swaps execution facility and the designated contracts market from another company called trueEX. At the moment, the company is waiting for the approval of the U. S. Commodity Futures Trading Commission (CFTC) in order to do it.

If the idea is successful, the company would be able to launch a new crypto derivative soon that could be fully regulated. After the launch of the first derivative products, others would follow in order to provide more options to the company’s clients.

Thomas Kim, the CEO of the company, affirmed that trueDigital owning and operating an exchange is basically the most natural step to the company. This will be very good for the ecosystem because it will help the company to deliver end-to-end services to the customers.

They will not only have the current services, which include tokenization, crypto payments and data but they will also be able to invest in crypto derivatives, a market that is bound to grow.

The current goal of the company is to have physically deliverable BTC swaps that can be sold to institutional investors. Kim also affirmed that this acquisition will reflect the fact that the company is creating a market that can be trusted by the investors.

In fact, the derivatives market has so many growth opportunities exactly because it is not very explored so far. TrueDigital would be one of the first companies to be able to do it. Only LedgerX is working in this area so far when it launched its own BTC derivatives back in 2017.

ErisX is the other company that is currently going for the derivatives market. As it is the case with trueDigital, the company is not currently

In related news, the company has also started a new partnership with the Signature Bank recently in order to start a digital payments platform.

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Author: Gabriel Machado

Fidelity Digital Assets Readies to Onboard 10 More Trading and Blockchain Professionals

Fidelity-Digital-Assets-Is-Ready-To-Hire-10-More-Professionals

The crypto branch of Fidelity Investments, Fidelity Digital Assets, is ready to grow. The company has been reported to be wanting to hire 10 people to its team of blockchain pros. A new job posting indicates that these positions include leadership roles such as vice president, leading software engineer and director.

In case you are not so experienced, don’t give up now, as the company is also hiring software engineers, product designers and people for other technical positions.

It should be noted that the job posting for vice president, for instance, is not really new. It was originally posted back in May but reposted now. The more technical positions, however, are new job posts.

The Jobs

The most high-profile job is “leading solution architect”, which will basically have the rank of vice president and act as the Chief Technology Officer (CTO) of the company, a very important position. The person will need to create the design, architecture and do the maintenance of the new platform. The service has to be done, of course, following Fidelity’s parameters for security, which are high.

According to the job posting, the most ideal candidate for the role is someone who already has experience in developing for public blockchains (especially either BTC or ETH) and that has experience with private platforms as well.

The director of product management is set to be another senior officer. His job will be to create new crypto offerings as well as to work on maintaining the relationship between the company and its partners. Experience with institutional investors, custody and securities trading will be necessary. Another important experience is to have worked with the regulation before or to know it very well.

There is also the job of product designer, which is set to help in the creation of strategies for the business and usability of the platform, as well as design and research.

Developers can apply to be the software engineering lead of the new company. In order to do it, they need to be experts in these three platforms: Ethereum, Corda and Hyperledger Fabric. This is a management position, so the person will be overseeing other developers.

Someone less experienced can apply to be the new blockchain software engineer of the company. Experience working with both BTC and ETH is needed and this person will evaluate projects and determine the ones that will be used for the company, as well as to develop technology focused on the blockchain.

Finally, there are also jobs which are not necessarily directly related to the blockchain technology: associate analyst, senior analyst for trade support, senior software quality engineer, customer service representative and others.

Fidelity Digital Assets was launched this year and it seems that the company has seen plenty of growth so far, as the need to hire more people have presented itself to the company.

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Author: Gabriel Machado

Adopting Cryptocurrency Would Come with Many Compromises for Japan, But Regulation is Necessary

Adopting Cryptocurrency Would Come with Many Compromises for Japan, But Regulation is Necessary
  • Central banks in Japan do not want to issue digital currencies.
  • The deputy governor of the Bank of Japan states that adopting digital currency would force banks to get rid of cash.

The debate on allowing cryptocurrency to be used within Japan has been interesting, to say the least. While the nation has been capitalizing on the benefits that blockchain technology can offer, cryptocurrency has been a vastly different story.

According to news reports with the Bank of Japan (BoJ), central bank digital currencies will not be used, due to the potential requirement for the country to eliminate cash.

A report from Reuters shared that deputy governor Masayoshi Amamiya of the Japanese central bank stated that any digital platform operator would ultimately need to follow the regulations on money laundering and risk management. When the conversation turned to Facebook’s new digital asset, the deputy governor stated:

“As for Libra, we must bear in mind that the potential global user-base could be enormous.”

Ultimately, the bigger concern for the country is the way that central bank digital currencies could ultimately “erode commercial banks’ credit channels,” creating an unnecessary negative impact on the rest of the economy.

During the discussion with Reuters, Amamiya brushed off the concept of issuing digital currencies as a way of increasing the efficacy of negative interest rate policies.

By imposing negative interest rates on central bank digital currencies, the deputy governor believes that households and even companies would end up siding with cash instead, avoiding the risk of being charged. Amamiya explained:

“To overcome the nominal zero lower bound, central banks would need to eliminate cash. Eliminating cash would make settlement infrastructure inconvenient for the public, so no central bank would do this.”

Last year in April, Amamiya commented that there were no plans of the central bank to issue digital currencies for their customers, based on the potential financial instability it could create. He added that the existing two-tiered system would also be undermined.

Presently, only limited entities have access to central banks, like private banks, which then deal with customers directly. With the launch of a digital currency, the system would be completely changed, without evidence that it could remain stable.

Clearly, Japan would rather remain on the safe side for now, even if it means that they are not a part of the innovation that is cryptocurrency.

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Author: Krystle M

Philippines’ Central Bank Abandons Plans of Launching Own Cryptocurrency

Philippines’ Central Bank Abandons Plans of Launching Own Cryptocurrency

Philippines’ Central Bank is reportedly ready to halt its planned launch of a digital currency and wait for at least five years. The Bangko Sentral ng Pilipinas, according to Phillstar Global, a local news outlet, is rethinking issuing its own digital currency as it monitors the global crypto space.

Benjamin Diokno, the bank’s governor, spoke about it, saying they chose to halt it after a meeting with experts from Switzerland’s Bank for International Settlements (BIS) last month. The outlet reported that he revealed the unexpected turn of events after consulting his Swiss counterparts.

The bank is reported to have shelved the decision even as it keeps its eyes on Bitcoin as well as the other Altcoins’ susceptibility to promoting illicit activities, including terrorism. Diokno, aware of the rampant volatility of these coins, seemingly knows that it could seriously hamper the bank’s native coin’s value once it’s launched.

According to him, even though the bank is open to innovations, it must remain responsible for the sake of the Filipinos. He, however, said they would wait for five years.

Spoke about Libra

The governor, however, gave his thoughts on the Facebook-backed cryptocurrency, Libra, and the divided opinion it has initiated across the world. Libra, although it is yet to be released, has created jitters among mainstream financial institutions, with its proponents backing it as an agent of revolution in the lucrative remittance market.

The Bangko Sentral ng Pilipinas’ department tasked with technology risk and innovation supervision has been closely monitoring the latest happenings in the crypto industry. It has in the past reported a more than double growth in the volume of transactions, rising from 2017’s $189.18 million to hit $390.37 million in 2018.

But it’s still interested in establishing a crypto economy

But even as the bank won’t be launching a native cryptocurrency, its participation in activities related to digital currencies in Philippines is still evident. It is only recently that the bank released a regulatory framework intended to manage all crypto-related activities in the country.

The circular stated that all ICOs would need to first seek permissions from the institution before operating.

A week ago, the bank also gave 11 crypto assets a go-ahead to operate in Philippines after Economic Zone Authority Cagayan had allowed 37 others to also operate. CEZA, as it is known, is a government-approved organization for tech-based organizations.

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Author: Lillian Peter

Cardano Allowed to Join CDF to Participate in Promoting Regulatory Guidelines

Cardano-Allowed-to-Join-CDF-to-Participate-in-Promoting-Regulatory-Guidelines

Cardano Foundation is the latest highly-ranking company to join the Global Digital Finance (GDF). By joining the famous industry membership body whose core mandate is to preach about the need to embrace the best practices on crypto assets, Cardano expects to be part of the push.

According to the official announcement, Cardano was reportedly granted membership on Thursday having gone through every single step companies go through to be admitted. In the end, the Global Digital Finance, through their Twitter outlet, welcomed Cardano.

CDF Works Hard to Promote Adherence to the Best Practices for Cryptoassets

Global Digital Finance, or simply GDF, as it is popularly called, is an industry membership body based in London. It mostly creates a full code of conduct and work principles that govern token sales, tokenization platforms, funds as well as fund managers. The body also reviews members’ websites to ensure that they are always complaint with a particular set of standards.

GDF, however, doesn’t operate like a dormant organization in the crypto industry. With Teana Baker-Taylor as its Executive Director, Global Digital Finance regularly participates in popular meetups and discussions in the industry.

In fact, Baker-Taylor is set to be a panelist at the Barcelona Trading Conference slated for later this year. Others on the panel will include Rivver’s Samuel Katz, Agada Nameri from 21M Capital and the founder and CEO of Cytexlabs, Tomar Weiss. One of the key points they’ll be discussing is the legal landscape in the industry.

Being Part of Those Setting the Rules in the Industry

For Cardano Foundation, however, GDF isn’t the only organization is has joined. It is firmly in a host of GDF-allied working groups, especially those that are involved in all-things KYC/AML, custody, Stablecoins and all issues relating to security tokens. Cardano is also keen on being part of organizations working hard to promote integrity in the market and tax treatment.

Speaking after getting admitted to GDF, Cardano’s director of global PR, communications, and marketing, Bakyt Azimkanov said they would use the newfound collaboration to help further the body’s quest to create the best practices. He said Cardano Foundation would help strengthen the group’s ongoing push to initiate robust governance policies and improve the crypto asset market develop.

Cardano Foundation, alongside IOHK and EMURGO, is working hard to develop the Cardano blockchain further. The Foundation is also working hard to expand its reach and attract more crypto enthusiasts into its ecosystem.

Cardano’s founder, Charles Hoskinson, is optimistic that their project could even dwarf Facebook once they release their Blockchain products. At the moment, Cardano is banking on its partnership with AlgoZ to boost the liquidity of its native coin, ADA.

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Author: Lillian Peter