News of the Week

Mike Novogratz: Visa and Mastercard Will Accept Bitcoin within 18 Months

Mike Novogratz, Galaxy Digital CEO, has provided several factors he believes is contributing to the Bitcoin rally. Novogratz suggests that Facebook’s recognition of cryptocurrencies has played a major part in the recent influx of investment. He thinks Facebook’s Libra pulled in MasterCard, Visa, Uber, PayPal to say ‘this is going to be part of the financial infrastructure of the world”. When asked why Facebook’s new partners hadn’t accepted Bitcoin yet, Novogratz suggested that they were biding their time: “First they’re going to accept Libra coin, I would bet you within 18 months, Visa, MasterCard, accept Bitcoin as payment”.

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A Wannabe Netflix Raised $575 Million on Ethereum and Ditched Crypto

TaTaTu’s ICO was among the biggest of 2018, with film producer Andrea Iervolino raising money. Before this raise, Iervolino was best known for films such as “Bernie The Dolphin” and “Finding Steve McQueen”. As some token sales start to slowly yield results, TaTaTu offers a prime example of a platform that used blockchain as a fundraising technique and then largely moved on. The TaTaTu project originally meant to offer a publicly traded cryptocurrency associated with a media streaming platform similar to Netflix, once attracted investment from Ari Paul’s BlockTower Capital and movie stars like Johnny Depp.

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The Rise of the New Crypto Mafias

In the early 2000s, journalists popularized the term PayPal Mafia to describe the PayPal founders and employees who left to start their own wildly successful tech companies, including Peter Thiel, Reid Hoffman, and Elon Musk. These new crypto startups have the potential either to be superstars within a portfolio company or to start the next Coinbase. Additionally, there are already impressive spin-outs from some of the more established crypto companies. These so-called Crypto Mafias could be separated into four categories: CryptoTechWall Street, and Academia. Since 2009, there have been 186 spinout companies originating from those four categories (33% from Academia, 28% from Crypto, 24% from Tech, and 15% from Wall Street).

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Ripple’s xCurrent-powered Money Tap Attracts Investments from Seven New Banks

Not long after Ripple announcing a $50 million investment in MoneyGram, SBI Holdings, a financial services company based in Tokyo, announced that it had on-boarded seven new banks as Money Tap’s equity holders. Notably, this news comes days after it was reported that the financial firm was considering accepting Ripple’s investment, with the agenda being “promotion of initiatives related to international remittances.”

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Binance’s CZ Announces ‘Anti-fraud System’ as Community Praises Bitrue’s Response to Hack

Singaporean cryptocurrency exchange, Bitrue, after being targeted by a hack that led to 9.3 million XRP and 2.5 million ADA being stolen from the exchange’s hot wallet, was back online within 24 hours. It even announced the compensation of stolen digital assets to all its affected customers. In an official statement released by Bitrue, the exchange stated that “a hacker exploited a vulnerability in the Risk Control team’s second review process,” which led to the hacker accessing the personal funds of about 90 users..

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Alts Will Soon Go Bankrupt, Claims Old School Trader

Bitcoin’s pump in 2017 was the best in its decade-long existence, in terms of price. This bull run caused the price of Bitcoin to hit ~$20,000, causing massive FOMO with people across the world. The ICO boom of 2017, coupled with Bitcoin’s rally, caused a lot of altcoins to pump massively. This contributed to a bull run euphoria, the byproduct of which was a number of overnight millionaires. Peter Brandt, an old school trader, is one among the people who believe that the alt season is not coming: “Many altcoins benefited from the last bull run in $BTC. Cryptomaniacs expect alts to do so again – they may be very disappointed”.

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