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Blockchain News

Hong Kong Reluctant To Approve The IPO Application of Bitmain

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The largest Bitcoin mining equipment manufacturer Bitmain is in our blockchain news of the day after having trouble with the Hong Kong stock market since it will not approve the company’s initial public offering after stating concerns about the lack of proper regulatory framework.

According to a report from South China Morning Post, the Hong Kong Exchanges and Clearing Limited will unlikely give the permission to Bitmain to launch an IPO because of the blockchain industry being ‘’immature.’’

There will also be a closed-door hearing with the Listing Committee which will decide finally whether the filing for an IPO will be approved or rejected in the next six months.

Bitmain was established back in 2013 by Micree Zhang and Jihan Wu in China and it is now said to be the biggest manufacturer of crypto-mining chips. The manufacturer recorded more than $2 billion in revenue and $1.2 billion in profit in 2017.

The company managed to raise about $400 million earlier this year from pre-IPO funding in an effort to raise $1 billion before securing its IPO. According to the public filing, the company noted:

 “According to Frost & Sullivan, we are the largest global ASIC-based cryptocurrency mining hardware company in terms of sales revenue in 2017, accounting for a market share of 74.5%. We offer a variety of mining hardware equipped with proprietary ASIC chips under our Antminer brand.”

Bitmain has a 67 percent share in the market and the company is responsible for generating about 60 percent of the industry’s computing power. Bitmain’s IPO could set a record for a cryptocurrency IPO.

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Blockchain News

Deloitte Features Blockchain In Its Annual Tech Trends Report

The latest news around blockchain on our DC Forecasts crypto news site show that the technology is gaining a lot of attention from different angles. As of recently, blockchain has been featured as 'a disrupting technology' in the Tech Trends 2019 report that was published by Deloitte, one of the global leaders in consulting and auditing. As one article states, the Big Four audit and consulting firm has put blockchain as one of the technologies that is rapidly growing and is on a path towards mass adoption. The report also cites one International Data Cooperation (IDC) projection which states that worldwide spending on blockchain solutions will reach $9.7 billion in 2021, while another predicts the number to hit $11.7 billion by 2022.
“Today, blockchain is to trust what the web was to communication: a profoundly disruptive technology that transforms not only business but the way humans transact and engage," the report notes.
Deloitte also agrees that blockchain is viral, saying that the technology is “capturing both mindshare and investment is remarkable considering that a few years ago the word blockchain was known only through its relationship to cryptocurrencies. One of the areas where blockchain is likely to develop in the coming year, according to Deloitte, is the technology that includes "gateways, integration layers and common standards." However, Deloitte also shared the obstacles of implementing the technology, mainly related to the time-consuming operations, lack of standardization, high costs and complex applications.
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Altcoin News

Stellar’s XLM Token Added To Greyscale’s Crypto Investment Trust Fund

Greyscale, the digital currency investment group officially launched their latest fund that is solely dedicated to Stellar Lumen’s Token XLM according to their tweet reaching our crypto news today. Greyscale has now approximately nine crypto funds that it operates and the company renamed all of their single-currency products to trusts. The company works as a ‘’single-asset investment products with maximum exposure’’ to Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and Ethereum Classic. The managing director Michael Sonnenschein said on an occasion that this newest addition is happening because of the investors demand to try to get more exposure to XLM’s price movements:
 “I think the theory is a sound one,” he said about Stellar’s business proposition for bridging crypto to fiat currency conversions. An American bank may be keeping large amounts of currencies in foreign banks, and to be able to bring those balances of foreign currencies onto a balance sheet as working capital is valuable. Financial institutions won’t be required to hold balances all over the place. This will improve efficiency and shore up balance sheets for other uses.”
Stellar had amazing performance especially in Q4 after striking a deal with crypto wallet provider Blockchain.com in order to start distributing XLM that is worth $125 million in an airdrop, hoping to increase bigger awareness and adoption. In the meantime, Greyscale had a mixed year in 2018 after bitcoin dropped to its 15-month low at $3,130. The company’s Bitcoin Trust was worth less than $1 billion for the first time in 2018. According to the crypto industry newsletter Diar’s research, Greyscale in the same apparently had holdings just over one percent of the total BTC in circulation. After the announcement, Stellar increased up by 1.22 percent.
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Blockchain News

SEAT Car Manufacturer To Start Working On Blockchain-Based Products Development

SEAT, a well-known Spanish automobile manufacturer, joined the Alastria consortium in order to work on developing blockchain-based products according to the report from the company reaching our Blockchain news today. The car manufacturer was founded in 1950 as a state-owned industrial company and it is currently Spain’s largest car manufacturer with a turnover of more than 9.552 billion Euro in 2017. According to the announcement, SEAT joined Alastria which is a multi-industry consortium that is backed by a national network with more than 70 companies such as Telecommunications provider Telefonica, Energy Company Repsol, and Banco Santander bank. The goal of the partnership is to promote the development of blockchain technology. SEAT also plans to see what the benefits of blockchain are in the field of finance at first, hoping to improve the currency processes and to optimize them even further but also to facilitate supply chain management. Also, the president of SEAT Luca De Meo pointed out that the company is ‘’convinced of the relevance that blockchain technology will have in the near future.’’ Meanwhile, Telefonica and SEAT also started working together on the proof-of-concept for a blockchain product that will be able to track all of the vehicle parts that go through the supply chain of SEAT’s factory that is located in Spain. In December 2018, the American car manufacturer General Motors also filed for a blockchain patent in order to find a solution to manage data from autonomous vehicles. Other car manufacturers such as Porsche AG also announced to be investing in blockchain and artificial intelligence with more than $176 million in the next five years.
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Bitcoin News

Bitcoin ATM Operator Coinme To Start Selling BTC At Coinstar Counting Machines

The Bitcoin ATM operator Coinme based in the United States reaches our blockchain news today after partnering with Coinstar to be able to sell Bitcoin at coin-counting kiosks that are owned by Coinstar according to an official press release published on January 17. Coinme is actually the first bitcoin ATM operator to obtain a license in the US back in 2014 and was quickly able to add multiple locations around the US. The CEO of Coinme Neil Bergquist noted:
 “Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”
Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’
According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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