Crypto Reckoning? Industry Vets Strike Humble Tone in San Francisco

Many at San Francisco Blockchain Week 2018 are warily reflecting on the lessons of the 2017 token sale boom, the pride that came before this current bear market fall. Veteran investor and AngelList co-founder Naval Ravikant told conference goers on Monday the last “hype cycle” was a “coming of age” for many cryptocurrencies such as ethereum, the second largest crypto by market cap. “We almost got Wall Street completely involved, but we didn’t quite get there,” Ravikant said, adding that although some of the world’s leading financial institutions are tiptoeing…

North Dakota Securities Regulator Issues Cease and Desists Against 3 ICOs

North Dakota’s securities watchdog is again taking action against ICO projects it alleges are operating illegally in the state. On Thursday, Karen Tyler, commissioner of the North Dakota Securities Department, issued cease and desist orders against three companies for offering “unregistered and potentially fraudulent securities in the form of ICOs.” The regulator alleged in a news release that the companies – Crystal Token, Life Cross Coin and Advertiza Holdings – had placed fraudulent statements on their websites with claims of excessively high returns, insufficient disclosures and misrepresentation of facts. The agency said…

United Arab Emirates to Allow ICOs as Corporate Funding Option

The United Arab Emirates (U.A.E.) has announced plans to introduce new rules that would permit initial coin offerings (ICOs) as a fundraising method for domestic companies. Intended for introduction in 2019, the new rules would allow firms to raise capital via crypto token sales as an alternative to traditional methods such as IPOs, according to a Reuters report published Monday. The news was revealed by the head of the U.A.E.’s securities watchdog, Obaid Saif al-Zaabi, who said at a seminar today: “The board of the Emirates Securities & Commodities Authority has approved…

VOIP Pioneer Says New Startup Is Paying Users Interest on Millions in Crypto

Celsius, a cryptocurrency lending startup, says it’s paying thousands of users interest for depositing bitcoin and ether with its wallet app. Revealed exclusively to CoinDesk, Celsius claims to have garnered more than 10,000 users since the soft launch of its mobile app on June 29, with an average deposit of 0.5 bitcoin or 5.5 ether earning up to 6.7 percent on an annualized basis. The interest comes from income Celsius makes lending fiat and crypto, much of the latter to hedge funds that want to short, or bet against, the…

Multicoin Leads $10 Million SAFT Sale for Ethereum Scaling Startup Skale

Blockchain startup Skale Labs raised nearly $10 million in an effort to develop a blockchain scalability infrastructure for ethereum, the company announced Thursday. The startup says in a press statement that it raised $8.86 million in a Simple Agreement for Future Tokens (SAFT) sale led by Multicoin Capital, on top of $785,000 raised earlier this year. Galaxy Digital, Aspect Ventures, Blockchange Ventures, Boost.VC, Canaan Venture Partners, Floodgate Fund, Hack.VC, Neo Global Capital and Signia Venture Partners also participated in the sale. The company intends to launch an open-source permissionless blockchain…

South Korea’s Policy Chief Calls for Legalization of ICOs

The chairman of Korea’s National Policy Committee has called for the legalization of initial coin offerings (ICOs), provided that a regulatory framework is put in place. According to a report from CoinDesk Korea on Tuesday, Min Byung-Doo, who is a member of the country’s governing Democratic party, said that, with token sales becoming a global trend, “I do not want the ICO door closed completely … The state should not ignore [the issue].” The policy chief spoke earlier Tuesday during 8th plenary session of the National Assembly, at which lawmakers posed…

VC Investment in Blockchain Startups Is Up 280% So Far This Year

As the crypto industry sees a decline in initial coin offerings (ICOs) amid regulatory concerns and major losses across token markets, traditional VC investment is once more on the rise. In its latest report, blockchain research group Diar reports that blockchain and cryptocurrency-focused startups have raised nearly $3.9 billion through VC investments in the first three quarters of the year – that up 280 percent when compared to the whole of 2017, it says. Based on data from Pitchbook, the report indicates that number of deals also nearly doubled this year. VC investment in blockchain/crypto (Source:…

Most ICOs Didn’t Take Funding Hit Despite Ether Price Decline: Research

Despite the big drops in cryptocurrency prices since late last year, ICO projects haven’t lost money on average, according to new research from BitMEX. The research team from the cryptocurrency trading platform published the new work Monday, having teamed up with crypto data cruncher TokenAnalyst to track the ethereum (ETH) balances of 222 ICOs over time. Specifically, the researchers looked at the amount of ETH raised by the projects and the U.S. dollar value of the gains and losses that arose from the cryptocurrency’s price shifts. The researchers say that the fall in the…

This Meme Marketplace Uses Dummy Tokens to Draw Users in a Bear Market

Memes are a pretty important part of the crypto ecosystem – how else would crypto visionaries display their wit and sometimes passive aggressivity? It’s no wonder then that District0x’s Meme Factory is seeing quite the buzz. Not only did District0x raise $9 million in an initial coin offering last year, backed by Boost VC and CoinFund, to name a few, but holders of the ERC-20-based native token, DNT, are already making decisions about the project’s future. And that’s perhaps surprising since the application isn’t exactly live yet. Instead, holders of DNT…

ASX-Listed DigitalX Hit With Legal Action Over ICO Involvement

Shares in the publicly listed blockchain tech and consultancy firm DigitalX have slumped after it revealed it is facing a legal claim in an Australian court In an announcement to the Australian Securities Exchange (ASX) Friday, the firm says it has been served with an Originating Application and Statement of Claim in the Australia’s Federal Court, which has been brought by a group of investors in an initial coin offering (ICO) to which it was an advisor. The parties are claiming roughly US$1,833,077 plus damages, the company indicates. DigitalX says…