Cryptocurrencies turn red as the US SEC announces a new division for consulting ICOs on legal standing
Oct 18, 2018
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- Elvira Nabiullina, the head of Russia’s central bank, said while speaking at finance innovation forum, Finnopolis, that he believes “crypto fever” has diminished. Nabiullina said, “Fortunately, crypto fever has begun to diminish. Technologies such as blockchain have inspired great enthusiasm, but now, as far as we can see, the approach to them is more sober.” Nabiullina went on to add that he believes initial coin offerings (ICOs) are, “perfect methods to raise funds,” but added that the fundraising method is poorly protected from fraud.
- G4S, a multinational security services firm based in the UK, has developed a new service for protecting cryptocurrency assets. Per a press release Thursday, G4S has unveiled an “innovative security solution” for storing cryptocurrency assets in the form of an offline, high-security storage system. According to Senior Risk Analyst at G4S, Dominic Maciver, the cryptocurrency storage solution is based on the foundation of “vault storage” that is inaccessible to cyber criminals, hackers, and armed robbers alike.
- Genesis Global Trading, an institutional cryptocurrency over-the-counter (OTC) broker, revealed that its loans spinoff has processed more than USD$500 million of loans in its first six months. Genesis went on to reveal that their current order book currently consists of USD$130 million in outstanding loans. Genesis also detailed that loans in Ethereum (ETH) have decreased in popularity while loans in altcoins increased and loans in Bitcoin (BTC) stayed consistent. In total, USD$553 million of cash flow has moved through Genesis.
- Large US bank, Goldman Sachs, and CEO of cryptocurrency investment firm Galaxy Digital, Mike Novogratz, have invested in BitGo, a US cryptocurrency custody service. According to a Bloomberg report Wednesday, BitGo raised approximately USD$58.5 million is their series B funding round, headlined by USD$15 million invested by Goldman Sachs and Novogratz, combined. In total, BitGo has raised USD$70 million from all of its funding rounds.
- Ticketmaster, a large global ticketing company, has acquired Upgraded, a firm focused on innovation in the traditional ticketing industry by leveraging blockchain technology. Detailed in an October 18th, 2018 press release, Ticketmaster hopes to implement blockchain technology into its services through the partnership in order to provide more transparency and create more control over ticket distribution. Sandy Khaund, founder and CEO of Upgraded, said in regards to the acquisition that Ticketmaster is a, “perfect platform,” for the company to promote blockchain to millions of people.
- The United States Securities and Exchange Commission (SEC) announced today that it is launching a new division to make it easier for fintech startups, including those launching initial coin offerings (ICOs), to understand legal standing and potential implications of their products. The Strategic Hub for Innovation and Financial Technology (FinHub) will become the central point for the SEC to interact with entrepreneurs and developers in the fintech industry. Associate Director of the SEC’s Division of Corporation Finance, Valerie Szczepanik, will head the new division and said, “SEC staff across the agency have been engaged for some time in efforts to understand emerging technologies, communicate the agency’s stance on new issues, and facilitate beneficial innovations in the securities industry.”
- Zebpay, once India’s largest Bitcoin payment processor, has announced that it would move to Malta after its business was hindered by unfavorable laws and regulation in the country. As per Quartz India, Zebpay has already set up operations in Malta. Last month, Zebpay ceased operations in India after the Reserve Bank of India instituted a cryptocurrency ban across the country. According to Zebpay’s website, the new Malta office will offer services to investors in 20 European countries, including Italy, France, and Germany.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio