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FULL METAL BACKING: The youngest bitcoin millionaire, Erik Finman, has made an undisclosed angel investment in Metallicus, the startup behind the peer-to-peer payments platform Metal Pay. In partnership with Metal Pay CEO Marshall Hayner, Finman is looking to develop the first “all-in-one” cryptocurrency banking platform, which includes a digital asset exchange, a digital bank and a payments application with social features similar to Venmo. “We’re looking to beat bitcoin,” Finman said. Full story
CRYPTO IPO: INX Limited, a crypto exchange startup, plans to raise up to $129.5 million through an IPO, in the first security token sale registered with the U.S. Securities and Exchange Commission (SEC). INX, which is domiciled in Gibraltar, filed a draft F-1 (the SEC’s prospectus form for foreign issuers) with the agency on Monday and will market the tokens to retail and institutional investors through the initial public offering. If approved, it’s a major milestone, as token sales to date have been unregistered. Further, INX’s sale would also be one of the very few full-fledged IPOs in the blockchain industry and almost certainly the largest. Full story
PAYBACK TIME: A California man has been sentenced to 70 months in jail for conspiring to sell drugs over dark web markets for cryptocurrencies and must now forfeit millions of dollars in illicit crypto income. Thirty-nine-year-old Sky Justin Gornik had pleaded guilty to using a number of marketplaces such as Alpha Bay to deal in fentanyl, carfentanil and other drugs under various pseudonyms, according to the Department of Justice. Full story
LIBRA INCUBATOR: A rag-tag team of Israeli entrepreneurs is looking to leverage Facebook’s cryptocurrency project for profits, even without the $10 million required to join the Libra Association. So far the newly established startup, Libracamp, has received more than 80 applications to participate in a virtual bootcamp for Libra developers starting in November. Libracamp’s five co-founders scraped together $125,000 to divide among five chosen teams for the first bootcamp cohort in the fall and are currently fundraising for a $1 million prize for the winning team. Full story
LEGAL BLOW: Bitfinex and Tether must continue turning over documents about an alleged $850 million cover-up to the New York Attorney General (NYAG), the state’s Supreme Court judge ruled Monday. As a result, the crypto exchange and stablecoin issuer will need to continue cooperating with courts to make public information about a loan the latter company made to Bitfinex. The firms appealed the ruling later the same day. Full story
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| NO SUBSTANCE? Bitcoin's rise from lows below $9,500 seems to have convinced many that a higher low is in place and the bull market is about to resume. However, the rising wedge seen on the intraday technical charts indicates the recent recovery could be short-lived. Lackluster volumes also favor a fall back below $10,000. A sustained break above $12,000 is needed for bull revival. Full story |
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| | The CEO of Booking Holdings and Booking.com , Glenn Fogel – whose company has become a backer of Facebook’s Libra – sees “the potential for a new form of global currency that is protected and secure,” he told travel industry news site Skift. He argued that the future of bitcoin is uncertain, but currencies “with a blockchain base” will continue to appear and may “become more widely accepted across the globe.” That’s most likely outside the U.S., where credit cards are widely accepted, he said. |
WHO WON #CRYPTOTWITTER
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