Blockchain

Overstock’s Blockchain Arm Receives $5 Mln From Chinese Firm Following Delays

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Overstock’s blockchain subsidiary tZero has finally secured a $5 million investment from Chinese investment firm GSR Capital, Overstock announced on its latest earnings conference call on May  9.

Following an investment in cash and marketable securities, Overstock evaluated tZero’s worth at $1 billion, which is $500 million less than the company initially projected in August 2018.

The new funds represent around 2% of the originally projected investment of $404 million from GSR Capital and Singaporean private equity firm Makara Capital. The initial sum included $270 million for up to 18% of tZero’s equity, $30 million in tZero security tokens from the parent company Overstock, and up to $104.55 million in shares of Overstock common stock.

According to the latest data, Overstock has annulled the $30 million tZero token purchase agreement, but that GSR and Makara are still considering additional investment. Overstock CEO Patrick Byrne wrote in the latest quarterly report:

“We have accepted a $5 million investment from GSR at a $1 billion valuation, and released them from all previous binding contracts. We are still working with Makara and feel optimistic (but not certain) that something can be consummated with them (and GSR may join in again at that point).”

In March, Byrne revealed that GSR and Makara reduced their investment amount to $100 million, following a Memorandum of Understanding signed in April. The reduction followed a prolonged period of no deal between the parties. Subsequently, Byrne claimed that tZero missed its mid-April goal for a $100 million raise.

Earlier this week, United States-based blockchain and software firm Orchid Labs secured another $7 million within its latest private offering, having totally secured $43 million out of targeted funding of around $125 million.




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Altcoin

Winklevoss: Buying Bitcoin isn’t “as crazy as sitting on the sidelines”

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While it could be argued that investing in Bitcoin is certainly a risk, Cameron Winklevoss, – one-half of the famous Winklevoss twins – believes that it’s not as risky, or as he puts it “crazy” as waiting on the sidelines.

The Winklevoss brothers are known for their bullish ways, especially when it comes to Bitcoin (BTC); and today is no exception with Cameron offering his famous rhetoric on the #1, encouraging speculators to jump in and invest.

According to Cameron while some think you would be mad to invest in BTC, he states that you would be crazy not too, equating the rise of cryptocurrencies to the “future of money”



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Blockchain

Update From New York City’s Blockchain Week

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PHOTO:
Kai Pilger

For the last five years, every spring CoinDesk has been hosting its blockchain technology conference Consensus in New York City. The idea is to bring together the top brands and developers in the cryptocurrency and blockchain spaces to learn what’s new and what’s next. The event has grown to include the surrounding Blockchain Week, which includes both official and unofficial events thanks to the volume of attendees.

Related Article: Blockchain Will Stall Until it Finds Its Killer App

What’s New in Blockchain?

Cryptocurrency is moving past the toddler stage and people are starting to pay more attention to the underlying blockchain technology. The CryptoNouveau event was a great place to meet the top thinkers in the blockchain space and learn where they think the technology is going next.

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Regulation

Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019

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The central bank of Russia believes that the draft bill on crypto regulation is prepared enough to be adopted in the spring of 2019, local news agency TASS reports on May 22.

Olga Skorobogatova, first deputy governor of the Russian central bank, has stated that the bank expects the crypto bill, “On Digital Financial Assets” (DFA), to be adopted during the spring session in 2019 in accordance with the order of the country’s president, Vladimir Putin.

Speaking at a recent meeting of the Parliament, Skorobogatova argued that the DFA, as well as a draft law on crowdfunding and other crypto-related bills, are at a “sufficiently high degree of preparedness” to be adopted during the session.

The official has also emphasized that all those draft laws are “crucial for the country and will allow for the implementation of new projects.” Conversely, Russian prime minister and former president Dmitry Medvedev had…



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Bitcoin

Goldman-Sachs Backed Circle Blames ‘Restrictive’ US Laws for Layoffs

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Bitcoin and crypto are rising, but Goldman Sachs-backed Circle laid off 10 percent of its workforce blaming a ‘restrictive’ regulatory climate. But is that just a smokescreen to mask Circle’s dwindling user base?


SEC Bullish on Bitcoin, Bearish on Alts

OK, so we may not call the SEC exactly ‘bullish’ on Bitcoin. In fact, quietly cautious at best, downright suspicious at worst.

But at least the regulatory body has it clear that Bitcoin is not a security. It’s even considering Bitcoin ETF proposals, albeit at a glacially slow pace.

The same cannot be said for the majority of ICOs. While there are rumors of change on the horizon, it appears that for now, they…



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Ethereum

Bitcoin Falls Under $7,900 as US Stock Market Sees Minor Uptrend

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Wednesday, May 22 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls under the $7,900 mark again.

Market visualization courtesy of Coin360

Bitcoin is down over .5% on the day, trading at $7,850 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 1.83%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

This week, Cointelegraph reported that CME Group, the second global exchange to list bitcoin (BTC) futures, is about to record the biggest trading month for BTC futures trading.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.9 billion. The second-largest altcoin, XRP, has a market cap of $16.5 billion at press time.

CoinMarketCap data shows that ETH is up over .5% over…



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