Venezuela launches its own cryptocurrency to escape hyperinflation
President Nicolas Maduro says Venezuela has received $US735 million in the first day of a pre-sale of the country’s “petro” cryptocurrency, aimed at pulling the country out of an economic tailspin. Maduro is hoping the petro will allow the ailing OPEC member to skirt US sanctions as the bolivar currency plunges to record lows and it struggles with hyperinflation and a collapsing socialist economy. Blockchain experts have warned the petro is unlikely to attract significant investment. Opposition leaders have said the sale constitutes an illegal debt issuance that circumvents Venezuela’s majority-opposition legislature, and the US Treasury Department has warned it may violate sanctions levied last year. Maduro did not give […]
India’s flourishing fintech sector is craving the finance minister’s attention
While most industries have long lists of demands from finance minister Arun Jaitley leading up to the budget on Feb. 01, India’s booming fintech sector primarily has just one wish—that its presence be acknowledged. While the Narendra Modi government and the Reserve Bank of India (RBI) have already laid down regulations for certain segments, such as peer-to-peer lending, others like cryptocurrencies and online lending startups are yet to be regulated. Such regulation may mean stricter compliance, but the management at these firms believe it will lend legitimacy to the industry, which is expected to be worth $2.4 billion by 2020. That, in turn, will help them grow faster. “Given the […]
Hong Kong–based investment firm acquires pioneering Bitcoin exchange BTCC
BTCC is exiting the Chinese market to focus on making digital currencies accessible to everyone globally. This acquisition by a Hong Kong–based blockchain investment fund is a milestone for BTCC and will allow BTCC to focus on global digital currency adoption. BTCC, located in China and founded in 2011, was the world’s oldest bitcoin exchange until it closed in September 2017 under pressure from the Chinese government. It changed business focus to its international pool, wallet and exchange markets. “Today’s acquisition is an incredible milestone for BTCC that validates all of our hard work over the past few years,” said Bobby Lee, CEO and co-founder of BTCC, in a statement. […]
Australia gets its first dedicated platform for fintech jobs
By Elizabeth Barry, Editor, finder.com.au The site has been launched to fill a gap in the fintech market. The Australian fintech sector now has a dedicated platform through which to source local talent as well as apply for fintech jobs. The team behind Australian FinTech have this week launched the employment platform, Australian FinTech Jobs, to better service the sector when it comes to finding talent. Founder and CEO Cameron Dart, who was recently named as one of finder.com.au’s Top 25 Fintech Influencers, said the platform seeks to service all areas of employment. “When people think of ‘fintech’ in relation to employment, they might initially think of just ‘finance’ or just ‘technology’ jobs,” Dart […]
A Bitcoin for your thoughts?
By Naomi Christopher, Midwinter Financial Services, Senior Manager – Brand Those of us in the tech world can all agree that Bitcoin is genuinely starting to take off or at least cause a stir…. If by take-off you mean clamber $672 bucks one day and slide down $384 the next. But while some of us look on with wide eyed enthusiasm as the price of it continues to climb and fall and then climb and fall (but mostly climb at the moment!), much of the rest of the world continues to scratch their heads as they grapple to understand “what’s it all about?” And of course, whether it is in […]
Hong Kong Stock Exchange to launch Blockchain-powered market in 2018
The Hong Kong Stock Exchange (HKEX) is planning to launch a blockchain-powered private market aimed at helping smaller firms obtain financing. HKEX chief executive Charles Li detailed the plan, which would play out through a separate venture dubbed HKEX Private Market, in an August 1 note. The disclosure came in response to a question about tapping local technology resources – and whether Hong Kong is positioned to do so. Though no firm launch date has been disclosed, Li said that the platform would kick off sometime in 2018. “The Private Market will serve as a ‘nursery’ for early stage companies before they are ready to enter public markets,” he explained. “They can […]
Bank of America files for 3 new Blockchain patents
Three new patent applications reveal that the Bank of America has been working on using distributed ledger technology (DLT) to validate the veracity of information – and those who handle it. First filed in February 2016, the details of the three applications were made available to the public last week by the U.S. Patent and Trademark Office. One case cites a process for using a blockchain to track and validate user identification. For example, the document details how a distributed database system would be able to update a new user’s identification information, and subsequently store and timestamp additional details as time progresses. Data such as “signatures, physical attributes, or locations of the user are identified,” the […]
Search for 2017 Fintech 100 innovators kicks off
Nominations are now open for the 2017 KPMG & H2 Ventures Fintech 100, the annual list designed to recognize leading fintech innovators. Visit www.fintechinnovators.com by Thursday, 31 August 2017 and nominate your company, or any fintech you think should be considered for the Fintech 100. The Fintech100, available at www.fintechinnovators.com, is compiled by fintech investment firm, H2 Ventures in collaboration with KPMG’s Global Fintech practice. The annual Fintech 100 includes both the leading 50 established fintechs, and the most intriguing 50 “emerging stars.” How to nominate and the judging process: Nominations for the Fintech 100 can be made at www.fintechinnovators.com website by Thursday, 31 August 2017. […]
