Fintech Startup Aims to Create New Asset Class With ‘Continuous’ ICO Model

A newly launched fintech firm hopes to leverage the token sale model to back investments in real-world assets. But it’s taking a different approach than many previous projects. Hong Kong-based Two Prime – recently founded by open-source veteran Marc Fleury – calls the sale a Continuous Token Offering (CTO), as opposed to an initial coin offering (ICO) in which most tokens are sold early on. The goal is to use the funds raised to help make crypto a proper new asset class that appeals more to the financial world. The firm…

Russia’s New Prime Minister Sets Course for Digital Economy

The Prime Minister of the Russian Federation has called on the country to prioritize the development of the digital economy. As domestic news outlet RIA Novosti reported on Jan. 16, Mikhail Mishustin — who was confirmed in the position as the Prime Minister earlier today — noted some key priorities for his work and outlined the need for institutional reforms in Russia. Mishustin said that the country should implement modern information technologies, including the development of a national digital economy program, adding: “The state should become a digital platform that…

Attendees of North Korea’s Crypto Conference Might Violate Sanctions

It is no news that the Democratic People’s Republic of Korea (DPRK), or simply North Korea, has been on the wrong side of the United Nations (UN) and the free world at large. Stemming from that, some sanction experts with the UN have made it clear that attending any conference in North Korea, including the upcoming crypto conference, is considered criminal. Therefore, attendees will be penalized for it. All hell broke loose in August when reports went around, alleging that North Korea is defrauding banks and crypto exchanges to finance…

Binance Exchange to Restrict Access to Japan Residents

In a Jan. 15 announcement on Binance’s Japanese support website, the exchange revealed it would restrict access to residents of Japan at an unspecified later date. The restriction is said to be implemented gradually, with details to be revealed later, according to the announcement. Currently, there are no restrictions in place and Japanese users are able to operate the exchange normally.  Binance was previously headquartered in Japan after exiting China. As Cointelegraph reported in March 2018, the exchange moved its operations to Malta following an official warning by Japanese regulators…

Gemini Launches Firm to Insure Its Own Crypto Custody Branch for $200M

The Winklevoss’ Gemini Exchange has launched an insurance company to cover up to $200 million for Gemini Custody — reportedly the largest amount for any crypto custody service in the world. Head of risk at Gemini Yusuf Hussain shared the news with Cointelegraph on Jan. 16. The captive insurance company is called Nakamoto, Ltd. and will secure Gemini’s custody business for up to $200 million.  Aiding Nakamoto, Ltd.’s launch were major traditional insurance brokers Aon and Marsh. Gemini’s custodial clients will also reportedly be able to purchase additional insurance from…

Bitcoin and Ether Market Update: January 16, 2020

The total crypto market cap added $20 billion to its value since the morning of Monday, January 13 and now stands at $236.5 billion. Top ten coins showed mixed results for the last 24 hours with Bitcoin SV (BSV) losing 13.7 percent of its value while Cardano (ADA) moved up with 2.4 percent. At the time of writing bitcoin (BTC) is trading at $8,702 on the Bitstamp daily chart, while ether (ETH) stands at $161 and Ripple’s XRP hovers around $0.225. BTC/USD Bitcoin moved up to $8,185 on Sunday, January…

Winklevoss-Led Gemini Exchange Now Has Its Own Insurance Company

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has created its own insurance company to protect clients against the potential loss of coins from its offline vaults – with a possibly record-breaking $200 million coverage limit. Announced Thursday, the new “captive” will provide insurance for customers of Gemini Custody, the crypto cold storage service of Gemini Trust Company. Typically, cold storage policies cover losses due to insider thefts and collusion, as well as the destruction of private keys by natural disasters like floods, earthquakes and so on. Cold…

Liquid Cancels Sale of Telegram’s Gram Tokens, Returns Funds to Investors

Liquid Exchange has canceled the sale of Telegram Open Network’s (TON) Gram tokens, according to a Jan. 10 company post. The exchange returned the funds of all investors who participated in the unofficial sale. The exchange reportedly canceled the sale due to the delay in the launch of TON’s mainnet. At the time of the sale in July 2019, it was believed that the network would be live on Oct. 31. However, the launch was impeded by the SEC’s investigation into the original Gram offering, which it argues was an…

Liquid Cancels Sale of Telegram’s Gram Tokens, Returns Funds to Investors

Liquid Exchange has canceled the sale of Telegram Open Network’s (TON) Gram tokens, according to a Jan. 10 company post. The exchange returned the funds of all investors who participated in the unofficial sale. The exchange reportedly canceled the sale due to the delay in the launch of TON’s mainnet. At the time of the sale in July 2019, it was believed that the network would be live on Oct. 31. However, the launch was impeded by the SEC’s investigation into the original Gram offering, which it argues was an…

Silvergate Bank and Bitstamp Launch Bitcoin Collateralized Loans

U.S.-based Silvergate Bank has launched a bitcoin collateralized loan product with Bitstamp as its launch partner. The crypto exchange will act as the bank’s agent to manage and provide custody for bitcoin collateral. The product utilizes Silvergate Bank’s Exchange Network to fund loans and process repayments in real time. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia Silvergate Bank’s New Product Silvergate Bank announced on Wednesday that it has launched a new product called SEN Leverage, which uses the Silvergate Exchange Network (SEN) to fund…