Gox Rising Offers USD 800 Per Bitcoin, Canaan Disappoints, Coldplay Player Goes Crypto + More News

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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.

Brock Pierce of Gox Rising. Source: a video screenshot, Youtube, IPSE

Exchanges News

  • Puerto Rico-based firm Gox Rising, led by crypto entrepreneur Brock Pierce, has offered to buy out creditor claims from the now-defunct Mt. Gox Exchange. According to the press release, each claim will need to be individually reviewed, but the company is looking to offer USD 800 per bitcoin (BTC) claim, paid in BTC, or in the fiat currency of the creditor’s choice. The payment would be put in escrow and made within 10 business days of the claim transfer confirmation.
  • BITPoint, the Japanese crypto exchange operated by loyalty point giant REMIXPoint, says that a USD 32 million hack on its platform in July last year “likely targeted its maintenance server.” In the company’s latest financial report, BITPoint stated that private keys were stolen as part of the attack, and added that it intended to prevent a repeat of the hack by ceasing to make use of potentially compromised servers and committing to handling 100% of its customers’ crypto assets in cold wallets.

Mining news

  • In 1Q20, compared with 1Q19, Nasdaq-listed major crypto mining hardware producer Canaan increased net revenues by 44.6%, to USD 9.6 million, narrowed net loss by 41%, to USD 5.6 million, while their loss from operations increased by 23%, to USD 10 million. The company said it won’t issue a business outlook for the second quarter of 2020 due to “the evolving nature of the COVID-19 pandemic and the uncertainties surrounding the Bitcoin halving event.” The company’s share price dropped by 4.5% today.

Investment news

  • Coldplay (a popular British rock band) bass player Guy Berryman is one of the investors behind the Zumo mobile wallet and payments app, an Edinburgh fintech which aims to help ordinary investors buy cryptocurrencies, reports insider.co.uk. Zumo allows customers to hold, trade, and exchange BTC and ethereum (ETH) on its platform.
  • The US-based private key security specialist Casa has announced Mantis, a new venture capital fund co-founded by The Chainsmokers, an American electronic DJ and production duo, as its newest investor, joining Casa’s group of existing investors, including StillMark, Castle Island Ventures, Lerer Hippeau, and Precursor Ventures. Per the announcement, the Mantis Team sees Casa as the company best positioned to bridge the gap between the everyday consumer and the technical concept of Bitcoin self-custody.

Stablecoins news

  • Neil Shen, the head of Sequoia Capital China, has proposed that Hong Kong launches a stablecoin that will allow Hong Kong-based companies to trade more effectively with Mainland China, Japan and South Korea – in a bid to boost trade in the wake of the coronavirus pandemic. Per media outlet Chainnews, the Sequoia head, who is also a member of the influential Chinese People’s Political Consultative Conference says the stablecoin should be pegged to a basket of East Asia currencies – namely the Hong Kong dollar, the Chinese renminbi, the Japanese yen and the South Korean won.

Blockchain news

  • One of Seoul’s biggest fish, fruit and grocery markets says it will use blockchain technology as part of a massive revamp. Nongchuk Yootong Shinmun reports that the Seoul Metropolitan Agricultural and Fishery Food Corporation, which runs Seoul’s busy Garark Market, has enlisted the help of a number of blockchain and other IT experts. The team of experts will help the corporation build what it calls a “smart market” with sustainable products and business practices.
  • South Korea’s Suseong University says it has finalized a deal that will see it create a new blockchain department. The university, one of the biggest in Daegu (population 2.5 million), says – per Money Today – that it has partnered with the Korea Artificial Intelligence Association (KORAIA). The parties say the new department will also provide education in AI and cloud-based technology and will begin accepting students from 2021. The university also adds that a number of Daegu-based blockchain enterprises have agreed to provide training and work experience programs.

Regulation news

  • Albania’s Parliament has passed a new comprehensive law introduced by Albania’s Minister of Finance and Economy, Anila Denaj, meant to regulate crypto activities and monitor all infrastructure where distributed ledger technology (DLT) operates. Denaj said that the draft aims to utilize the benefits offered by technology, address potential risks, regulate the conditions for licensing, exercising the activity of operators and stock exchanges and supervising them, and prevent abusive practices in the market, where severe fines are stipulated for anyone who violates the provisions of the law, reports ata.

Altcoins news

  • The Kin Foundation has published a transparency report, according to which there are 1.45 trillion KIN tokens in circulation, out of 10 trillion created in total, and the tokens are vested at a rate of 20% per year. The Board of Directors is appointed annually, and the budget is planned a year in advance, with funds going to app developers, node incentives, user grants, and marketing and operations. More than 28 million users acquired KIN in the last three years, while almost 300 million KIN were spent a day earlier in 2020. Kik is currently in a legal fight with the US Securities and Exchange Commission (SEC).