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Proof of Capital

Proof of Capital | A New Blockchain Venture Fund Worth $50 Million

A new blockchain-focused venture capital fund called Proof of Capital has been established by a group of investors. The aim of the $50 million USD fund is to encourage further adoption of blockchain technology.

Blockchain Venture Fund: Proof of Capital

The new fund has been founded by three partners: Phil Chen, Chris McCann, and Edith Yeung.

It will invest in early-stage startups that are involved in blockchain technology. The group has highlighted various areas of the blockchain ecosystem that it is looking to back, including remittances, custody, wallets, security, and identity.

All three founders are seasoned professionals coming from other venture funds. Chen was formerly with Horizons Ventures, McCann with Greylock Partners, and Yeung an adviser to venture capital firm 500 Startups.

Data Protection

A major impetus for this venture comes from the greater need for blockchain technology with regards to data protection. The public is aware, now more than ever, that their private data is being used and sold by major tech companies. In response to this, Chen said the following:

“We want to help proliferate blockchain technology by funding global founders who are building the hardware and software of Web 3.0 – the decentralized web, which will protect users and allow them take back control of their data.”

>> India’s Unocoin Left with 14 Employees, Struggling to Stay Afloat

Proof of Capital

Proof of Capital is already busy with its first investment, Argentina-based blockchain startup Ubanx. This startup provides a platform that connects customers to the blockchain ecosystem of products and services.

Further, the fund is partnering with major tech giant HTC on its EXODUS blockchain phone. According to Chen, Proof of Capital will “work closely with HTC to define the standards and interactions for this new internet and bring mobile and hardware know-how for our portfolio companies.”

Do you think blockchain technology can help to stop the misuse of private data? Let us know your thoughts on Proof of Capital!

Featured Image: DepositPhotos © Syda_Productions

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Unocoin

India’s Unocoin Left with 14 Employees, Struggling to Stay Afloat

Unocoin, a leading crypto exchange in India, is struggling to stay afloat. Why? Because India has promulgated a law banning cryptocurrency-related trading in the country. So why is Unocoin sticking around?

There are 14 employees left at Unocoin, after the exchange shaved off 86% of its workforce. The exchange is trying to recover its huge losses and compete in the commercial market again.

Legal Action

The famous Unocoin suffered this setback due to legal action taken against one of its daring moves. In the year 2018, the founder members of the firm, Harsh B, Abhinand Kaseto, Sathvik Viswanath, and Sunny Ray, decided to install a Bitcoin ATM at a public mall in Bengaluru. But the plea for this cause was declined. It led to their legal arrest by a central crime branch team of India. The company had until this point accumulated a huge investment of $1.5 million from its investors, including Blume Ventures and Bitcoin Capital, to name a few.

The failure to install the Bitcoin ATM, along with the legal proceedings that followed, caused the firm to go into a tailspin. On being questioned, founder Sathvik Viswanath defended the use of Bitcoin in the country by trying to put the earlier quoted statement of India’s Finance Minister, Arun Jaitley, in context. He defended their stance on the fact that the minister had not called it “illegal tender” but had said that “it was not legal.” It surmounted to the fact that investments could still happen.

>> France’s Crypto Regulations: Finance Minister Wants Whole EU Adoption

Unfavorable Crypto Laws

The story of banning cryptocurrency trade in India did not end with Unocoin, nor did it start. Another popular firm engaged in trading, Coindelta, has also been flushed down. Its failure was due to the unfavorable crypto laws in the country and its staunch implementation in the country.

Featured image: DepositPhotos © urfingus

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FBCoin

Facebook Set to Launch Its Own Cryptocurrency Coin

In 2018, and early this year, Bitcoin experienced a bearish market that riled the interest of several parties and social media companies such as Facebook. As a result, Facebook has since entered the blockchain space with its own cryptocurrency known as FBCoin.

FBCoin and WhatsApp Users

“FBCoin” is an unofficial name for the crypto asset that the social media giant has designed for its users. Facebook intends to unveil the technology to billions of its users, along with the real name.

Besides Facebook, several technology companies have acknowledged the potential and power of crypto technology to revolutionize economic and financial systems. Cryptocurrencies are decentralized in nature, and as a result, Bitcoin has become vital to fintech in recent years. Facebook’s token is looking to compete with the best, including Bitcoin.

According to reports, FBCoin has been slated to appeal first to WhatsApp users in India for purposes of satisfying the domestic need for digital payments that has grown to prominence in places like China. The FBCoin will be developed on the stablecoin-esque model, backed to the cryptocurrency industry through external assets. It is not yet known whether the FBCoin will operate on a blockchain but on a number of occasions Facebook CEO Mark Zuckerberg has alluded to distributed ledger technologies.

>> Bitcoin SV Delisted from Binance Amid Craig Wright Controversy

Facebook Could Reach $19 Billion Windfall

Most cryptocurrency analysts believe that the FBCoin could garner massive traction in the coming years. In a note, Barclays’ Ross Sandler indicated that the coin could reach $19 billion in revenue windfall by 2021. The decentralized nature of Facebook and the coin’s status has left many crypto enthusiasts with questions regarding its potential.

Interoperability of FBCoin with other crypto assets is vital for its success, but the coin is seen as an intranet of money while other assets use the internet of money system. FBCoin will soon be launched as the company has been in discussions with other cryptocurrency exchanges.

Featured image: DepositPhotos © BrianAJackson

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SBI Delists Bitcoin Cash

SBI Delists Bitcoin Cash | Keeps Support for Bitcoin SV

In a potentially rebellious move, major Japanese financial services company, SBI Holdings, announced it is delisting Bitcoin Cash (BCH) from its digital currency exchange. Let’s check this out.

SBI Delists Bitcoin Cash (BCH)

Yesterday, we covered the controversy surrounding the delisting of Bitcoin SV (BSV). Specifically, the world’s largest cryptocurrency exchange, Binance, announced yesterday that it will delist this crypto effective April 22nd.

The move comes as a retaliation against the actions of BSV creator Craig Wright (more on that to follow).

But today, tables are turning somewhat as major Japanese financial services company, SBI Holdings, is holding onto Bitcoin SV, but is delisting Bitcoin Cash (BCH). BCH’s departure from the exchange will happen in June, and the exchange will keep support for BSV.

So What is Going On?

As with all things cryptocurrency, there are complications. Bitcoin Cash is the first hard-fork of the leading and original cryptocurrency Bitcoin (BTC) and was created in August 2017. Bitcoin SV, then, is a hard fork of Bitcoin Cash and was created by Craig Wright—who controversially claims that he is the creator of the original Bitcoin.

Wright’s proclamation that he is the person behind the pseudonym Satoshi Nakamoto has disrupted the cryptosphere. So much so, that several major crypto trading platforms have followed in Binance’s footsteps and chosen to also delist BSV. A #DelistBSV hashtag has even begun trending throughout social media.

SBI Holdings to the Rescue

Now, SBI Holdings has come to BSV’s defense in a move that is bound to divide the cryptocurrency universe further. Reports from Cointelegraph suggest that the CEO of the financial giant, Yoshitaka Kitao, has a personal connection with Wright. A past Tweet of Wright’s stated that Kitao is “a friend and man I respect a lot.”

>> FBCoin: Facebook Set to Launch Its Own Cryptocurrency Coin

A Split Market?

With SBI ousting Bitcoin Cash, it’s hard to know where the market will go next. Will we start to see an exchange split across the globe? Team BSV vs team BCH?

Despite the news, Bitcoin Cash is climbing in value—up nearly 6% in the past 24-hours, trading at approximately $314 USD.

BSV has crashed this week on the back of the delisting controversy. While SBI’s move may help to rescue Wright’s pride, it hasn’t been able to rescue the coin’s value. BSV is currently down more than 21% on the day, trading for $55 USD according to CoinMarketCap.

What team are you on?

Featured Image: DepositPhotos © sirichaiDeposit

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crypto regulations

France’s Crypto Regulations | Finance Minister Wants Whole EU Adoption

This week, some are focusing on the recent fire that broke out in Notre-Dame cathedral, while others are looking at Bruno Le Maire, the French Finance Minister. According to Le Maire, EU member states should implement the same crypto regulations the French parliament approved last week.

Here’s what we know.

French Crypto Regulations are Key, According to Le Maire

Last week, France’s parliament approved a law called the Pacte (Action Plan for Business Change) law, which pertains to cryptocurrencies. The law also deals with other business plans. According to Reuters, the new law will attract crypto traders to the Western European country. It will do so by giving these traders recognition and taxing their profits in return. The goal of this new law is to create a market in Paris, says Reuters.

Other sources say that at a blockchain event in Paris, Le Maire told those who attended that he plans to “propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience.” He also reportedly said that the French model “is the right one.”

Will EU Member States Bite?

It will be interesting to see if EU member states decide to listen to Le Maire and adopt French crypto regulations. After all, cryptocurrencies are either banned or unregulated in most parts of the world.

>> SBI Delists Bitcoin Cash: Keeps Support for Bitcoin Sv

If Le Maire were to propose this (like he said he would), the relationship countries have with cryptocurrencies may change.

Takeaway

While there are places in the world that are regulating digital currencies in their own ways—Malaysia just regulated them back in January—it will be interesting to see if the European Union develops one stance on cryptocurrencies, based on French crypto regulations.

As we approach the month of May, be sure to keep updated with this story, as it will likely impact a handful of crypto traders.

Featured image: DepositPhotos © PromesaStudio

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