Connect with us

Blockchain

INX to Launch $117 Million Hybrid Token IPO Next Week

The tokens can be used to pay trading fees as well as provide a share in company profits.

Avatar

Published

on

INX Limited, a blockchain firm partly owned by the former Anyoption CEO Shy Datika, is set to launch its much-awaited initial public offering (IPO) as soon as Monday, an anticipated date confirmed by the company after a long journey of almost two years.

“It is anticipated that the Offering will begin on August 24, 2020, or shortly thereafter,” Thursday’s announcement noted.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

The Gibraltar-based company first revealed its intent to go public in January 2018, but took almost a year to file its F1 prospectus with the US Securities and Exchange Commission (SEC).

Launched in 2017, INX is developing a platform to provide a single entry-point for the investors to trade multiple blockchain assets including digital currencies, security tokens, and their derivatives.

Suggested articles

Stock Trading Whiz Timothy Sykes Commits $1.6m to Humanitarian ReliefGo to article >>

The press release detailed that the blockchain company is aiming to sell 130 million INX Security Tokens in the public offering at a price of $0.90 for each token, meaning it is eying to raise a total of $117 million. Investors need to make a minimum purchase of $1,000 worth tokens.

A hybrid token in offering

For the IPO too, INX will offer security tokens build on the Ethereum blockchain as ERC-20 tokens. The tokens will be a hybrid of both utility and security tokens, so the investors will not only be shareholders of the company, but can also utilize the tokens in paying trading fees in the platform.

The SEC filing also showed that the company would retain around $111 million from the sale after offering expenses and fees to advisory firm A-Labs.

The offering grabbed the attention of the entire financial industry as it is one of the few blockchain companies attempting to go public and certainly the largest among all yet.

A part of the proceeds from the IPO would be used in the development of the company’s flagship platform INX Trading Solutions, while the rest will be retained to strengthen the company’s cash reserve.

Blockchain

The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

Avatar

Published

on

  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

Continue Reading

Blockchain

Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

Avatar

Published

on

The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

Continue Reading

Blockchain

Hackers Using Monero Mining Malware as Decoy, Warns Microsoft

Avatar

Published

on

Crypto-jacking is giving nation-state hackers a decoy for their more malicious attacks, warned Microsoft in a Monday report.

The company’s intelligence team said a group called BISMUTH hit government targets in France and Vietnam with relatively conspicuous Monero mining trojans this summer. Mining the crypto generated side cash for the group, but it also distracted victims from BISMUTH’s true campaign: credential theft.

Crypto-jacking “allowed BISMUTH to hide its more nefarious activities behind threats that may be perceived to be less alarming because they’re “commodity” malware,” Microsoft concluded. It said the conspicuousness of Monero mining fits BISMUTH’s “hide in plain sight” MO.

Microsoft recommended organizations stay vigilant against crypto-jacking as a possible decoy tactic.

Source: https://www.coindesk.com/hackers-using-monero-mining-malware-as-decoy-warns-microsoft

Continue Reading
Blockchain4 days ago

South Korean crypto market records more trades in Altcoins

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

Latin American Bitcoin & Blockchain Conference Reveals Latest Speakers

Blockchain2 days ago

EOS Finds Support above $2.80, Resumes Upside Momentum

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain2 days ago

ECB Lays out ‘Reinvention of Money’ Strategy

Blockchain3 days ago

Litecoin Price Prediction: LTC/USD Ready to Revisit $80; Further Upside is Limited

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain3 days ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain3 days ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain4 days ago

Bitcoin Worth $3B from PlusToken Ponzi Scam Seized by Chinese Authorities

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Digital Euro: German finance minister urges ECB to accelerate its CBDC development

Blockchain3 days ago

Guggenheim opens door to bitcoin exposure for $5 billion macro fund via Grayscale GBTC product

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Ethereum Strengthens Polish City’s Emergency Services

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Guggenheim Partners may be the next big player to bet on Bitcoin

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain2 days ago

Trading 212, PayPal Crypto User Ban, BTC and ETH Tank: Editor’s Pick

Blockchain2 days ago

Coinbase unwilling to participate in Spark’s airdrop

Blockchain3 days ago

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Bitcoin (BTC) Surges 5% Above $18,000 As Guggenheim’s Entry Sparks Excitement

Blockchain4 days ago

Yearn. Finance Price Analysis: Spike in Buying Pressure Could See YFI Prices Soar To $25k

Blockchain2 days ago

Bitcoin Grows By 5%, $18K Level Holds The Key For More Upsides

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Trending