Cryptocurrency Midday Report
Jun 29, 2018
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- Overstock.com (OSTK) has signed a letting of intent (LOI) with GSR capital for a Security Token Investment of USD$160mm. GSR Capital, a private equity firm, purchased Overstock.com’s tZERO Security Token under the Simple Agreement for Future Equity (SAFE). The price per token is USD$10.00. Overstock.com has entered into over USD$320mm SAFEs – with over 1,000 people participating. The expiration date for the fundraising is August 6th.
- Alibaba is looking to use blockchain technology to speed up international payments according to a new patent filing. The patent is called “A System and Method That Adjusts Account Balance on a Blockchain” – which was filed with the China State Intellectual Property Office. The patent aims to use technology to adjust account balances on a blockchain which may facilitate cross-border transactions involving third-part. Interestingly, Ant Financial, Alibaba’s payment affiliate recently announced a blockchain-based remittance service this week.
- TMGcore, a company in eastern Texas, intends to lead the way in industrial cryptocurrency mining. They will be one of the first companies to use 3M’s Novec fluorochemical coolant in their mining system. Enterprise scaled cryptocurrency mining operations usually don’t do business in Texas because it is too hot, but this new coolant system fixes this issue. TMGcore’s mining system will also be able to decrease their cooling costs by up to 90%. Their mining system also uses intelligent software that will automatically analyze the real-time market value of certain coins and how difficult they are to mine, in order to mine profitability
- An Amsterdam-based cryptocurrency trading platform, Blockport, has just released the beta version of its platform in Europe, an dis planning to enter the US market. Blockport currenltly allows Europeans to buy, sell, and trade 5 different cryptocurrencies against the Euro. With time, they will enter the US, allow trading against the USD, and attempt to compete against cryptocurrency platform Coinbase.