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Blockchain.com Raising USD 50M + More Crypto Briefs

Blockchain.com Raising USD 50M + More Crypto Briefs 101
Source: iStock/Aleksandr_Gromov

Crypto Briefs is your daily bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Investment news

  • Major crypto wallet Blockchain.com is in talks with investors about raising USD 50 million in order to invest in crypto startups, Yahoo! Finance reported, citing two undisclosed sources. Meanwhile, Sam Harrison, who is reportedly heading up the efforts, said in his LinkedIn page that he "co-founded Blockchain.com Ventures – $50m Venture Capital Fund” that has already invested in crypto startups like Origin Protocol, Coindirect, Sliver.tv, Nodle.
  • Elliptic, a provider of crypto-asset risk management solutions, said it has raised USD 23 million in a Series B round led by Tokyo-based SBI Group. The new investment will fuel Elliptic's continuing expansion into Asia, with new offices opening in Japan and Singapore. The funding will also be used to accelerate product development to support an emerging class of asset-backed crypto-assets such as Facebook's Libra, Line Corporation's LINK and central bank digital currencies, according to the company.

Cryptocurrency exchange news

  • In South Korea, Dunamu – the operator of the Upbit cryptocurrency exchange – has kicked off its Upbit Developer Conference in Seoul. Its CEO says the blockchain sector is “moving into the service sector,” per a ZDNet Korea report. He also adds that Upbit’s new anti-money laundering systems will make exchanges as “secure as banknotes.”
  • Mexican exchanges face a ‘fight against the clock’ to avoid being hit with fines from Bexico (the central bank) for non-compliance with new crypto laws, per a Criptonoticas report.
  • iFinex Inc., the owner of Bitfinex, has launched a new platform to expand its product capabilities. iFinex Financial Technologies Limited, registered in the Seychelles, will offer the new products to eligible Bitfinex account holders, the company said.
  • Cryptocurrency exchange OKCoin anounced a vote-driven initiative that pledges to donate up to BTC 1,000 (c. USD 10,5 million) to the developers of Bitcoin, Bitcoin Cash, and Bitcoin SV. Crypto enthusiasts can vote for which project they would like to receive a donation. For every vote received, OKCoin will send 0.02 BTC (or the BCH or BSV equivalent) on the voter’s behalf to the selected project. At the end of the campaign, the amount raised per project will be divided and evenly distributed among the developers and organizations, according to the company.

Stablecoins/digital fiat news

  • A spokesperson for the central bank of Ukraine has talked about the forthcoming e-hryvnia, saying the digital fiat will account for 20% of country’s assets by 2024, per an article on Cryptofeed.ru.

Blockchain news

  • Samsung files a patent for a “blockchain solid state drive (SSD).” The device appears to contain a switch that allows it to perform like an ASIC mining device, according to a report from Seoul Kyungjae.

Regulation news

  • The Dutch Central Bank said that cryptocurrency exchanges and wallets are expected to become subject to their integrity supervision as of 10 January 2020. "We are required to start supervising these businesses under the fifth European anti-money laundering directive (AMLD5) and its implementation in Dutch law," the bank said.
  • David Murray, vice president of Financial Integrity Network, a U.S.-based strategic advisory firm, recommends to "strengthen cryptocurrency regulations by creating a new class of financial institution: virtual asset transaction validators." "For these essential actors in cryptocurrency transactions, such a regulatory regime would emphasize counterparty financial institution due diligence," Murray said in a written testimony ahead of a hearing at a U.S. Senate subcommittee.
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