Day: June 6, 2019

A $100 Million Crypto Hedge Fund Makes Long-Term Bet on Ethereum

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By CCN: Bloomberg’s Matthew Leising profiled  Darma Capital. It’s a $100 million crypto fund with a bullish view on Ethereum and a visionary approach to the future of the internet. You might say they’re long Ethereum above all. The hedge fund is helping high-net-worth accredited investors to position themselves for a decade long ether bull run. A key figure in Darma’s rise is Andrew Keys. He announced in a press release Thursday that he’s joining Darma Capital as a managing partner. Keys was a co-founder of ConsenSys Capital, a Brooklyn-based…

A $100 Million CFTC-Registered Fund Makes Long-Term Bet on Ethereum

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By CCN: Bloomberg’s Matthew Leising profiled  Darma Capital. It’s a $100 million crypto fund with a bullish view on Ethereum and a visionary approach to the future of the internet. You might say they’re long Ethereum above all. The hedge fund is helping high-net-worth accredited investors to position themselves for a decade long ether bull run. A key figure in Darma’s rise is Andrew Keys. He announced in a press release Thursday that he’s joining Darma Capital as a managing partner. Keys was a co-founder of ConsenSys Capital, a Brooklyn-based…

Over 100 Staff Now Reportedly Working On Facebook’s Crypto Project

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More details are now emerging regarding high-level executives for social media giant Facebook’s crypto project, according to a report by CNBC on June 6. According to the report, there are now 100 people known to be working on the crypto project via profiles on professional networking platform LinkedIn. Facebook is also reportedly not done hiring, with over 40 openings still available in the team’s business unit, as per its website listing. The aim of Facebook’s new crypto project, according to advertising on its career descriptions, is to provide a public…

Margin Lenders on Poloniex Lost $13.5 Million Due to Flash Crash

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Margin lenders on American cryptocurrency exchange Poloniex have lost around $13.5 million due to a flash crash. Poloniex announced about the incident in a blog post published on June 6. Poloniex revealed that on May 26 a severe price crash in the clams (CLAM) market led to margin loans losses amounting to roughly 1,800 bitcoin (BTC), or approximately $13.5 million at the time. The incident affected 0.4% of all users and resulted in the reduction of all active BTC loans by 16.202%. The exchange subsequently froze all of the defaulted…

SL Benfica Offers Cryptocurrency Payment Option for Online Store

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Major Portuguese sports club SL Benfica now accepts cryptocurrency for merchandise and tickets, Verdict reports on June 6. According to the report, SL Benfica partnered with cryptocurrency service Utrust to provide the new payments option. Fans and customers can now buy tickets any products on the club’s website with Utrust’s native token (UTK), or with top cryptocurrencies bitcoin (BTC) and ether (ETH). Utrust purportedly supports instant crypto-to-fiat conversions, allowing SL Benfica to essentially pocket its revenue directly in cash. The press release explains that this allows the club to avoid…

Global Pharma Giant Develops DLT-Based Care Network for Diabetes Patients

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А leading pharmaceutical firm Boehringer Ingelheim has teamed up with blockchain-based healthcare platform Solve.Care, according to a press release shared with Cointelegraph on June 6. Germany-based Boehringer, one of the world’s 20 largest pharma companies, and Solve.Care are planning to build a blockchain and digital asset-powered network for trusted sharing of data about patients with diabetes. Based on Solve.Care’s blockchain platform, the new healthcare system is known as the Diabetes Care Administration Network. The network intends to provide assistance in coordinating care for patients, as well as to share information…

Medici Ventures Leads Funding Round for Blockchain-Based E-Voting Platform

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Medici Ventures, the blockchain-based subsidiary of Overstock.com, has led a $7 million funding round for a blockchain-based voting platform, according to a press release on June 6. The blockchain-based voting platform, Voatz, is reportedly designed to allow citizens to participate in official elections and similar events via mobile devices, such as smartphones or tablet computers. The platform is reportedly based on blockchain tech, encryption, and biometrics, and purports to provide better convenience, security, and auditability for voters and vote collectors. Voatz says that the proceeds of their $7 million Series…

Nearly $10 Million in XRP Stolen in GateHub Hack

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Hackers have reportedly compromised nearly 100 XRP Ledger wallets on cryptocurrency wallet service GateHub. The incident was announced by GateHub in a preliminary statement on June 6. In the statement, GateHub reveals that it was notified by some of its customers and community members that funds on their wallets had been stolen. The company estimates that hackers managed to compromise around 100 XRP Ledger wallets. Although the company did not initially identify any nefarious activities on its platform, it began an investigation on the matter, wherein it discovered increased application…

Margin Lenders Lost $13.5 Million in May to Poloniex Crypto Crash

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Crypto exchange Poloniex revealed in a post Thursday that lenders in its bitcoin margin lending pool suffered a loss of 1800 BTC — roughly $13.5 million at current market prices — due to a flash crash in the Clams (CLAM) market on May 26. Poloniex’s peer-to-peer margin system includes both lenders and borrowers, the lenders of which are pooled together and rewarded in interest for lending out their funds. In order for a user to borrow the margin funds being lent, he or she must hold a certain amount of…

US Congressman Seeks Tax Clarity for Cryptocurrencies

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United States Congressman (R-N.C.) Ted Budd testified to the House of Representatives Ways and Means Committee on purported issues with current tax laws on cryptocurrencies, as per a video of the testimony released on June 4. Congressman Budd argued that cryptocurrencies should have a de minimis tax exemption like foreign currencies. Budd commented that he cosponsored bill H.R.3708, or the “Cryptocurrency Tax Fairness Act,” which would extend the Internal Revenue Code of 1986 to treat personal cryptocurrency purchases like personal transactions in foreign currency, which are not taxed. Budd highlighted…