OKCoin Founder Star Xu Seeks to Acquire Public Firm for $60 Million

Star Xu, the founder of cryptocurrency exchange OKCoin, may be seeking a possible backdoor IPO for his firm by buying a majority stake in a Hong Kong-listed company. On Jan. 10, Xu (under his real name Xu Mingxing) filed with the Hong Kong Stock Exchange (HKEX) for approval to buy a 60 percent stake in a construction engineering firm called LEAP Holdings Group Ltd. Through his company OKC Holdings Corp., Xu is aiming to purchase approximately 3.2 billion shares of the company for HK$0.15 (around $0.02) per share. In total, the acquisition,…

Canada’s First All-Crypto Legal Firm Opens Its Doors to Global Clientele

Technology lawyer Addison Cameron-Huff launched his new, Toronto-based, all-crypto legal firm on January 3, 2019, Bitcoin’s 10th anniversary, as a statement of his commitment to working for and promoting Bitcoin and cryptocurrency-based businesses. Cameron-Huff has worked as the lawyer for a Bitcoin core developer, several token-based companies, and dozens of crypto startups. As president of Decentral Inc., he managed a staff of 30 and helped to take the company to 750,000 monthly wallet users. As the first, all-crypto legal services firm in Canada, Cameron-Huff expects the ongoing uncertainty around Canada’s…

Research Firm Charts Unspent BTC and Calls a Market Bottom in Q1 2019

“How many unspent bitcoins exist?” “How many bitcoins have been lost?” “How many bitcoins are left sitting in wallets, and how does this affect price?” If any (or all) of these questions have ever popped into your head, you’re in good company: They’ve crossed the minds of analysts at Delphi Digital, the self-named “research & consulting boutique specializing in the digital asset market.” The firm just released research on the current state of the bitcoin market, and they believe they’ve forecasted a potential bottom for its declining prices (FYI, they…

Major Consulting Firm McKinsey Finds Little Evidence of Practical Blockchain Use Cases

Major financial consulting company McKinsey & Company believes that there is little evidence of practical use for blockchain, according to an official post published on Jan. 4. McKinsey was founded in 1926 and has a reported revenue for 2018 over over $10 billion, with over 27,000 employees globally. The article, written by three McKinsey partners, notes that the “evidence for a practical scalable use for blockchain is thin on the ground,” explaining: “Blockchain has yet to become the game-changer some expected […] given the amount of money and time spent,…

Single Global Currency Like BTC Faces Insurmountable Obstacles, Argues Payments Firm CEO

Scott Galit, CEO of New York-headquartered payments processing firm Payoneer, says a single global, non-fiat currency such as Bitcoin (BTC) is unrealistic. Galit made his remarks during an interview with CNBC published on Dec. 28. Payoneer is a financial services company that provides cross-border money digital payment support for businesses and professionals across 200 countries, and was named CNBC’s thirteenth most disruptive company of 2018. Galit built his argument against frictionless commerce, money and avoiding fiat currencies becoming a reality on two main points — the opposition of national governments…

BitMEX and Hong-Kong Listed Wine Firm Plan Joint Foray Into New Japanese Crypto Exchange

Crypto exchange BitMEX and a fine French wine retailer are reportedly partnering to acquire a majority stake of licensed — but as yet inactive — Japanese crypto exchange BitOcean. Cointelegraph Japan reported on the potential partnership on Dec. 21. Madison Holdings Group, which is currently listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange, reportedly plans to acquire a 62.7 percent stake of BitOcean for 1.68 billion yen ($15.12 million) — paid to existing third-party stakeholders — in addition to a further $15 million in extra…

British Regulators Ruminate on Crypto Rules While Standing Firm on Crypto Taxation

A significant crypto market slump has brought concern and alarm, but also some unexpected side benefits. One such benefit comes from how financial regulators in the United Kingdom now appear sufficiently relaxed about crypto and its growth that they can take their time to carefully consider fair regulation. Without the pressures of a rapidly climbing crypto market, statements from officials have suggested that they will now avoid hastily implementing legislation — and as a result, the cryptocurrency industry in Britain will ultimately benefit from rules that protect customers and innovation alike.…

Dutch Crypto Firm Libereum Acquires Spanish Soccer Club Elche CF

Dutch crypto firm Libereum has acquired Spanish soccer club Elche CF for $4.9 million, according to a press release published to the Libereum website Dec. 26. The acquisition marks the first step in the crypto company’s ambitions to purchase a set of international soccer clubs and make its ERC20 token, Liber, a mandatory form of payment in the stadiums of those clubs it owns. Libereum states it secured its purchase of the Segunda División (second division) A club with a bank guarantee of €4.3 million (about $4.9 million) as an…

Bitcoin-Supporting Payments Firm Square Named Yahoo Finance’s Company of the Year

United States-based Bitcoin (BTC)-supporting payments firm Square has been named Yahoo Finance company of the year, according to a report from the media outlet Dec. 18. As Yahoo Finance reports, $26 billion market cap payments company — founded by Jack Dorsey and Jim McKelvey in 2009 — has reportedly seen its stock go up 72 percent through Dec. 14; its shares were up 170 percent through the end of September, before the wider market downturn. As previously reported, Square first announced in November 2017 that it would release a BTC…

Fintech Firm Launches App For Crypto Owners to Trade All Markets Without Any Fees

A fintech company is taking on the retail trading industry and giving crypto owners the opportunity to use digital currencies as collateral and to trade across markets with fiat funds — avoiding any commissions or fees. Quantfury says its mission is to make the markets “absolutely transparent and fair” while giving crypto enthusiasts an opportunity to use their assets in a new way. The startup tackles the opacity seen in some financial institutions — places where “retail brokerages speculative crypto exchanges bet against clients with artificially adjusted prices, spreads and…