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Blockstack Startup Gets Green Light From The SEC To Sell Stacks Tokens

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Blockstack Startup

Blockstack startup, the popular blockchain startup finally got the green light from the SEC to sell Stacks (STX) tokens. Blockchain startups finally got some dose of clarity regarding fundraising so now the utility token will be sold on offshoot via the IPO known as Regulation A+ which we are about to find out more in the coming altcoin news below.

Regulation A+ was created a couple of years ago so now Blockstack is targeting a $28 million token sale which will be opened to the public. This new token sale has the ability to become a game changer for other crypto startups that aim to sell tokens but not equity in their companies while they are still compliant with the SEC. The Regulation A+ is meant for smaller companies that don’t want to start an IPO though getting approval from the SEC was not quite easy for  Blockstack. The startup poured about $2 million in the process of getting a license.

The Blockstack startup which describes itself as a ‘’ decentralized computing network’’ paves the way for other startups. Rather than just ban investors from the US from its token sale, they fought to get the approval they needed from the SEC. Some of the crypto companies were very sad to learn that they could have done the same and fought for approval.

ICOs were very popular in 2017 but since then they have lost much of their appeal. They became the target of the SEC crackdown. Initial coin offerings were not completely wiped off the market but some other structures such as IEOs facilitated the likes of Binance and STOs to the likes of Patrick Byrne took shape. According to the data from the Wall Street Journal, ICOs attracted less than $120 million in the Q1 of 2019 vs. more than $7billion in 2017. According to the announcement which we have in our latest cryptocurrency news made by Blockstack, the deal is open to everybody.

“This means everyone from general enthusiasts, to longstanding Blockstack supporters, to accredited or non-accredited investors alike — in the U.S. and globally, can participate in the sale.

Blockstack got the congratulatory notes from major companies and the entire crypto twitter community including Coinbase’s former COO Asiff Hirji who tweeted:

“Congrats. Good to see your efforts coming through.”

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Blockchain News

Coinbase Closes Its Bundle Product After 8 Months On The Market

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Coinbase closes its Bundle project after being available for 8 months on the market after allegedly figuring out that it is the end of the altseason. More about their decision, we read in the coming altcoin news below. The altseason appears to be over and nobody is sure if it’s ever coming back. Coinbase reportedly got the message very fast and decided to bin its diversified crypto-bundle product. A FAQ from the company reads:
‘’Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Conibase Bundle have been redistributed to their respective individual asset wallets.’’
Coinbase Bundles were meant to provide the investors with a diversified digital asset portfolio which could be dollar-cost averaged by using the same tactic that the investors use in traditional asset classes. Investors could also spend up to $25 to purchase a bundle of five cryptocurrencies which were easily balanced in proportion to their own market cap. For example, Litecoin, Ethereum Classic, Ethereum, and Bitcoin comprised each bundle. In a combination with Coinbase Learn and Asset Pages, the bundles were meant to look good for crypto newbies that are aiming for the dollar cost average into some long positions without having to conduct a huge amount of technical analysis. When it was first introduced in 2018 in September, Coinbase noted:
‘’The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time.’’
Now, after 8 months, Coinbase closes the Bundle project and this decision is bound to draw some criticism but maybe pleasure as well from those who dislike the company. It could be a very smart move to bin the product since the altcoins have been crashing recently as bitcoin corrected and managed to get on the rallying track. As noted in the latest cryptocurrency news, the cancellation of the Coinbase Bundle product could add some credibility to the argument that the diversification does not always work for crypto despite the sector being too volatile or calm.
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Global Accounting Firm KPMG Partners With Microsoft To Develop Blockchain

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Global Accounting
The multinational and global accounting firm KPMG has recently partnered with the software firms TOMIA, Microsoft and R3 to develop a blockchain for telecom settlements. Known as one of the "big four" accounting firms in our altcoin news, KPMG has pursued the industry specific blockchain pilots in the past and has always had an eye for settling cross border or network complexities. The latest partnership of the global accounting firm with two distributed industry leaders, one of which is Microsoft and the other is R3 - is featured and continues to be the vein of resolving the issues that arise from multi-party connections. More specifically, KPMG is looking to address the hard data issues that will arise from the 5G connectivity. As many best cryptocurrency news sites noted, the global accounting firm said tha “international mobile data roaming revenues are expected to reach $31 billion in 2022, with an average annual growth rate of eight percent.” The Blockchain Leader at KMPG, Arun Ghosh, also addressed the following in a blog post:
“While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”
The blockchain being piloted by KMPG, Microsoft and R3 is definitely a hot topic and aims to reduce the future costs, number of disputes and time involved in telecom settlements caused by “billions of mobile interactions flow[ing] through hundreds of connected networks managed by dozens of customers and suppliers.” However, it is not just future costs that the business partnership wants to solve. On the table are also current inefficiencies in the markets such as settlements and reconciliations which are currently handled manually and can take a month to be completed, Ghosh said. Currently, he said, a huge amount of data is generated around mobile devices. However, it goes a long way to know the conditions of a user's contract and their billing information - which must be authenticated by at least two parties if cross-service operations occur. Before the blockchain initiative, the global accounting firm KMPG had advised telecom operators on capital-efficient deployment of 5G networks, cyber security, privacy and data protection - all of which was featured in our coming altcoin news.
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Japan Will Create International Crypto Infrastructure Better Than SWIFT

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Japan will create an international payment infrastructure for cryptocurrency transactions which will be similar to SWIFT and maybe even better. The project is a part of the massive push forward towards the crypto adoption and in the latest cryptocurrency news today we take a closer look at the project. While there are no many details about this project, there are some indications that the Financial Action Task Force is collaborating with the Japanese authorities on the project. The idea came into effect because of Facebook’s entry into the crypto scene with the Libra crypto project which could make a huge mess on a global scale. According to Reuters, an anonymous person stated that the Japanese authorities are trying to create a cross-border network for crypto transactions just as the SWIFT which is used by banks. Japan is one of the places in the world that it appears to be in front of everyone in technology development since the reports also show that the FATF is monitoring the development and plan to get other major economies involved. The FATF approved the plans for the new international crypto infrastructure network after the finance ministry proposed the idea. The source also revealed that the project could easily be up and running in the next couple of years. Japan is not the only country looking to develop blockchain-based infrastructure and Iran is also developing a new banking system that could run on the blockchain. The central bank of the country is working with a local tech startup on a project named Borna which will be built using the Hyperledger Fabric implementation created by the Linux Foundation. Japan will create a new system in order to combat money laundering and will use the anti-money laundering and know your customer protocols. The Financial Services Agency which is the regulatory watchdog of the country has taken many steps to sanitize the crypto scene and Japan quickly became the first nation in 2017 to create regulations for crypto exchanges. Some inside sources say that the FATF and FSA are working very closely on the project because they are concentrated to gain the approval of the intergovernmental FATF with regard to the AML procedure. The FATF is also aiming to regularize the AML laws in order to govern cryptocurrencies globally as noted in the coming altcoin news reports.
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Former CEO Of WEX Crypto Exchange Gets Arrested In Italy

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Former CEO Of WEX
Former CEO of WEX crypto exchange that is now defunct, was successfully arrested in Italy after he reopened the BTC-e exchange in 2017 as we reported in the altcoin news previously. Dmitry Vasilyev, who reopened the BTC-exchange and changed the name to WEX.nz in September 2017, was arrested and detained by Italian prosecutors. There was no official statement provided to date but BBC Russia reported on the arrest on July 19. According to the report, the publication cited a friend of Vasilev but also two other anonymous WEX investors. The reason for the detention is still unclear. Back in April 2019, Vasilyev became the prime suspect of a criminal investigation by the police department in Kazakh City Almaty as he was charged with defrauding a local investor in the amount of $20,000 through his WEX exchange as the reports from the crypto media outlet Forklog reported. According to the report, the 32-year-old suspect was announced wanted under an international arrest warrant in the territory of the Commonwealth of the Independent States. The now-defunct WEX exchange still remains a subject to a $4 billion fraud investigation which is led by Greece and the United States. The Greek police previously stated that they had detained the alleged founder of the exchange Alexander Vinnik. The Former CEO of WEX crypto exchange comes after the Vinnik’s arrest in 2017 when Vailyev relaunched the exchange under the WEX name that was soon reported as having suspicious tendencies including overpricing Bitcoin compared to the general norms. WEX halted all withdrawals in July 2018 which led to the claims from users that the platform was a scam. WEX’s fellow exchange and one of the largest crypto exchange out there-Binance froze funds that were sent from wallets associated with WEX users after the suspicions about the exchange being involved in money laundering emerged. As noted in the latest cryptocurrency news, the Russian authorities still fight to get Vinnik home and even the Russian Commissioner for Human Rights asked the United Nations High Commissioner for Human Rights to help get the exchange founder home. There is still no update on this news and there is almost no information available about Vinniks health and mental condition.
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