Hong Kong-based TNG FinTech Group Raises a $115mn series A round; the round was led by New Margin Capital, with participation from Nogle Group and Infinity-KBR Group; the funds will be used to expand globally and invest in new technologies including blockchain. Source.
In the FT’s big read they take an in-depth look at the boom of initial coin offerings (ICOs) and the potential bubble they are causing; ICOs have thus far raised over $1.8bn worldwide and have shown no signs of slowing; the bigger question is will international financial regulators clamp down to kill the market or provide it more structure. Source
Compares blockchain to a library cataloging system; explains public and private blockchain and the centralized way information is stored creating a distributed ledger; also reports on the blockchain solutions offered by Othera which include loan tokenization for secondary trading. Source
The companies are grouped into 16 categories with total average fundraising from all 100 companies of $14 million; year to date ICO fundraising is at $1.5 billion with the top fundraisings from Filecoin and Tezos; in the US, most are falling within the SEC's definition of securities issuances, with the prevalent testing measure being the Howey Test. Source
Inter-bank payments platform Swift says it is a step closer to adopting blockchain; a project that could potentially move member bank accounts to the blockchain and provide for real time reconciliation is now ready for its next phase; the project is focused on dormant funds held in various currencies supporting transactions. Source
As consumers reel from yet another massive data hack, this time of Equifax, fintech leaders are looking to solve the problem to prevent future hacks from happening; Chris Skinner offers up a couple of solutions that corporates and financial services firms should implement; biometrics & touchID, though these are not hack proof, and blockchain technology; he points out the power and security of the blockchain in helping to keep personal data secure. Source.
The Raiden project has deployed a test network making it one step closer to implementation; the solution plans to allow for faster payments and lower fees by moving transactions off of the ethereum blockchain creating an alternate network channel; if successful the project could enable over a million transactions per second. Source
TechCrunch reports that OmiseGO (OMG) and Qtum both surpassed $1 billion in market cap; they became the first subtokens built on ethereum and subsequently sold to investors to pass the $1 billion mark; both companies have achieved this in staggeringly short amounts of time; OMG raised $25 million in July and now tokens are valued at over $11 compared to $0.27 at the time of the raise; Qtum raised $15.6 million in March with tokens now priced over $17; both companies do not have an actual product available in the market. Source
Credit Suisse is leading a blockchain project seeking to develop a blockchain-based platform for syndicated loans; Emmanuel Aidoo from Credit Suisse is leading the project which began last fall and is expected to launch in 2018; the platform would involve more efficient processing of syndicated loans which involve multiple lenders providing capital to a corporate borrower; the parties involved believe that a blockchain-based syndicated loan platform could increase deal flow by reducing costs and processing time, making syndicated loans a more attractive investment for lenders. Source
Decentraland is looking to create a virtual world where blockchain serves as a registry for digital plots of land; users who mine a block get ownership of the land which can eventually be traded; according to an article in March on the current version of the project, users can build structures using cubes, spheres and plains with more complex features being added in the future; the company hopes to bring support to VR headsets; the company raised 86,206 ether in a little over an hour. Source