Brazilian Soccer Club Seeks $20 Million In Upcoming ICO

Brazilian Soccer Club Seeks $20 Million In Upcoming ICO

A Brazilian soccer team is looking to raise $20 million by launching its own initial coin offering (ICO). The Avaí Futebol Clube, a Series B soccer team, announced Wednesday that it was generating its own cryptocurrency as part of an effort to develop a digital ecosystem for its fans, help it qualify for the top tier (Series A) of Brazilian soccer and the prestigious Copa Libertadores competition and to build up the team’s physical infrastructure. Inside World Football reported that the club will sell 20.46 million tokens at $1 each. The club will hold onto another 1.54 million tokens, or roughly 7 percent of the total tokens being generated. The team is working with SportyCo and Blackbridge Sports to develop and launch the token sale, which will begin on October 3. Avaí president Francisco José Battistotti said in a statement that the ICO is targeting a “global football fan base,” adding: “With our ICO, we are actively … engaging all Avaí FC in Florianópolis and Brazil, working together towards our goal – to become a stable member of Brazil’s Série A and qualify for the Copa Libertadores. We are delighted to do so in partnership with SportyCo and be the first sports company to do an initial coin offering, paving the way for other clubs all over the world to approach financing their sporting activities in this novel way.” Investors who purchase the token will be able to trade on exchanges or purchase tickets, merchandise or other “unique experiences,” SportyCo co-founder Marko Filej said. Avaí plans to raise $8 million at a minimum. If the club does not meet this threshold, all funds will be returned. If it raises between $8 million and $20 million, but falls shy of its upper goal, the unsold tokens will be burned, according to the report. The team joins French club Paris Saint-Germain, which announced Tuesday that it was also planning to issue a cryptocurrency as an incentive mechanism for its fans. However, the PSG token will not have a monetary role. Instead, the token will help fans vote on team decisions such as jerseys, as previously reported. Soccer ball image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards…

Public Anger Forces Bank CFO to Quit Over Huge Money Laundering Affair

Public Anger Forces Bank CFO to Quit Over Huge Money Laundering Affair

Finance Bank executives rarely get punished for their misdeeds, leading to many people distrusting the entire banking system as plagued with widespread corruption. But once in a while someone has to bite the bullet. Recently, public anger has forced a CFO of a major bank to quit after a huge money laundering affair came to light. Also Read: Denmark’s Largest Bank May Have Facilitated up to $150 Billion in Money Laundering CFO Leaves ING ING Group (EPA:INGA), the Dutch multinational banking corporation, has announced on Tuesday that Koos Timmermans will step down from his position as chief financial officer and member of the executive board and will leave the company. The bank admitted that his resignation follows the announcement on September 4 about a settlement regarding shortcomings to prevent financial economic crime at ING Netherlands. During the investigated period (2010-2016) Timmermans was a member of the management board and for several years responsible for ING Netherlands. “We deeply regret the shortcomings found and take this matter very seriously,” said Hans Wijers, chairman of the Supervisory Board of ING. “Given the seriousness of the matter and the many reactions among stakeholders since the announcement and in the interest of the bank, we came to the conclusion it is appropriate that responsibility is taken at Executive Board level. We have a serious task ahead of us and the Executive Board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.” €775 Million Fine Last week ING agreed to pay a fine of €675 million and €100 million for disgorgement as part of a settlement agreement with the Dutch Public Prosecution Service, following investigations regarding money laundering and corrupt practices. However, the bank claimed at the time that, the “identified shortcomings that occurred in the period investigated are not attributable to some individual persons but rather collective shortcomings at all responsible management levels.” This position was only reversed after public anger swelled in the Netherlands, resulting in CFO Timmermans losing his position. Prime Minister Mark Rutte was the most senior figure to voice his displeasure and the Dutch Finance Minister, Wopke Hoekstra, summoned Wijers to The Hague, reportedly stating the affair had “shaken public faith in…

Two US-Audited Stablecoins Debut, Experts See Massive Impact on Crypto Market

Two US-Audited Stablecoins Debut, Experts See Massive Impact on Crypto Market

As Cointelegraph reported on Sept. 10, with the approval of the New York Department of Financial Services (NYDFS), Paxos and Gemini officially announced the introduction of two stablecoins called the “Gemini dollar (GUSD)” and the “Paxos Standard (PAX).” Both stablecoins are backed by the U.S. dollar on a 1:1 basis, with every unit of GUST and PAX representing the value of one U.S. dollar. Experts believe that the emergence of fully audited, legitimate and licensed stablecoins will have a profound impact on the crypto market, especially in the long-term, as it provides investors a way to retain value without being exposed to the volatility of the market. Significance of GUSD and PAX deploying on Ethereum Cameron Winklevoss, the co-founder and president of United States-based regulated cryptocurrency exchange Gemini, said in an official statement that it has launched GUSD on the Ethereum blockchain network utilizing the ERC-20 token standard. Prior to the launch of GUSD and PAX, only two stablecoins — Tether (USDT) and TrueUSD (TUSD) — existed in the market, both of which have been integrated by major cryptocurrency exchanges like Binance, Bitfinex, OKEx, Huobi and HitBTC. Tether and TrueUSD deployed USDT and TUSD on the Omni and TrustToken blockchain networks rather than relying on the reputable ERC-20 token contract of Ethereum. Brandon Arvanaghi, the core developer of GUSD, stated that the Gemini dollar is the first stablecoin, alongside PAX, to be deployed on Ethereum as an ERC-20 token, with the entire system being integrated into the smart contracts of Ethereum. The compatibility of GUSD and PAX with the Ethereum blockchain allows for the transfer of the two stablecoins through the Ethereum network with the existing infrastructure designed for tokens. For instance, the Gemini dollar can be transferred on the Ethereum network through wallets like MetaMask and systems such as MyCrypto and MyEtherWallet, without relying on third-party service providers and exchanges. Tether and TrueUSD have their own wallets on their respective blockchain networks. But, for usability and accessibility, it is advantageous to have stablecoins that can be seamlessly sent and received on an infrastructure that the vast majority of cryptocurrency users are already familiar with. The white paper of GUSD reads: “Gemini dollars are created at the time of withdrawal from the Gemini platform. Gemini…

Binance Partners With Malta to Launch Security Token Trading Platform

Binance Partners With Malta to Launch Security Token Trading Platform

Binance, the world’s largest crypto exchange by volume, is teaming up with the Malta Stock Exchange (MSX) to enable security token trading on the “blockchain island,” a local news site reported Tuesday. The exchange’s chief financial officer, Wei Zhou, signed a memorandum of understanding with MSX chairman Joe Portelli to launch a security token trading platform, Malta Today reported. Malta’s finance minister, Edward Scicluna, praised the crypto industry during a press conference, saying the nation will not miss an opportunity to take advantage of new innovations. Although blockchain and cryptocurrencies have their risks, “this is not an excuse to let it go by and be taken up by others,” he said. Portelli agreed, saying at the press conference that “whether you like it or not, the technology is here to stay.” Scicluna also noted that the country committed its best legal minds to creating an appropriate regulatory framework for the crypto industry. MSX in particular had established a new entity, the MSX PLC, specifically to explore financial technology and digital assets. Binance has been working with Malta’s authorities for a while: in March, the company announced plans to set up an office and fiat-to-cryptocurrency exchange in Malta, and in June, it said it would support fintech startups and entrepreneurs together with the Malta Stock Exchange. In July, MSX teamed up with Neufund, a platform for securities tokenization, to build a “regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets.” At the same time, Binance acquired a 5 percent stake in the Founders Bank in Malta, aiming to build a “decentralized bank” with a system based on blockchain. The bank was planning to partner with Neufund to issue its own “legally-binding” equity tokens. Malta flag image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Indian Government Approves Bank’s Blockchain Research

Indian Government Approves Bank’s Blockchain Research

The Republic of India may be taking a deeper look at how it can use blockchain technology. India’s Union Cabinet – an executive decision-making body composed of senior government officials and led by Prime Minister Narendra Modi – said it would allow the nation’s Export-Import Bank (Exim Bank) to conduct research on distributed ledger and blockchain technology in partnership with banks in the BRICS economic bloc, of which India is a member, alongside Brazil, Russia, China and South Africa. The approval is ex-post facto, meaning that Exim Bank has already signed a Memorandum of Understanding under the BRICS Interbank Cooperation Mechanism, the Business Standard reported. As such, the research has already begun, and is being conducted with the Banco Nacional de Desenvolvimento Economico e Social from Brazil, the China Development Bank, Vnesheconombank from Russia and the Development Bank of South Africa, according to a statement. Specifically, the banks “intend to enhance understanding of distributed ledger/blockchain technology, through the joint research efforts to identify areas within respective business operations where it may have the potential for applications aimed at enhancing the operational efficiencies,” the Financial Express reported. Making operations in the financial sector more efficient is one hoped-for outcome of the research, according to the Express. The move will also help further India’s goal of developing a digital economy, according to the report. India flag image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Markets Update: ETH Hits 14-Month Low Amid Heavy Altcoin Losses

Markets Update: ETH Hits 14-Month Low Amid Heavy Altcoin Losses

Markets and Prices Many altcoins have posted significant losses in recent days, with ETH currently testing price levels not seen in over 12 months after losing 40% in roughly one week. The declining value of altcoins has also driven BTC to continue to establish new highs for market dominance during 2018. Also Read: Chinese Report Finds 9 in 10 Altcoins to Have Stolen 80% of Their Code BTC Gains Dominance The heavy losses sustained by many leading altcoin markets have led BTC to continue to further its market dominance over other cryptocurrencies. As of this writing, BTC has a market dominance of 57.6% and is trading for roughly $6,300 USD. Despite stable price action over recent days, BTC has shed approximately 16% in the last 8 days. BTC currently has a market capitalization of nearly $109 billion. The number of BTC short positions is testing the all-time high level of roughly 38,000 for the second time in roughly one month. BCH Hits New Low for 2018 Bitcoin Cash has experienced a bearish week or so of price action, losing approximately 30% in the last 8 days when measuring against the dollar. With prices currently hovering at the $420 area, BCH has established a new low for 2018 and is currently testing price areas not witnessed since late October 2017. When measuring against BTC, BCH is trading for approximately, 0.067 BTC – a key support area dating back to the market’s inception a year ago.   BCH is currently the 4th ranked cryptocurrency market by capitalization with roughly $7.35 billion. ETH Breaks Below $200 In the last 8 days, ETH has lost roughly 41% when measuring against the dollar. The drop plunged the price of ETH down to the $170 area – prices not seen since mid-July 2017. Ethereum’s market dominance has dropped below 10% for the first time since December 8th, 2017, and March 2017 before then – with ETH currently comprising 9.6% of the total cryptocurrency market cap, according to Coinmarketcap. When measuring against BTC, ETH is testing the support area of approximately 0.0275 BTC for the first time since December 2017. Both ETH/USD Shorts and Longs Test All-Time Highs As of this writing, the number of both ETH/USD shorts and longs are testing record…

Mt. Gox Opens Online Rehabilitation Claim Filing System for Corporate Users

Mt. Gox Opens Online Rehabilitation Claim Filing System for Corporate Users

Now-defunct Japanese Bitcoin (BTC) exchange Mt. Gox has extended its online rehabilitation claim filing system to corporate users, according to an official announcement posted on the exchange’s site today, September 12. Today’s announcement follows upon an online system for individual (non-corporate) users that was released August 23, allowing them to file proofs of bankruptcy claims. The deadline for filing the rehabilitation claims is October 22, 2018, and the claims can also alternatively be filed offline. The announcement has been signed by Tokyo attorney Nobuaki Kobayashi, who has been appointed to act as civil rehabilitation trustee to manage Mt. Gox’s bankruptcy estate funds. Beginning Q4 last year, Kobayashi’s oversight of the selling off of vast reserves of BTC in order to reimburse affected Mt. Gox users had earned him the moniker of Tokyo’s Bitcoin Whale amid allegations the sell-offs had a conspicuously adverse effect on markets. As previously reported, Kobayashi has since pledged to cease the sell-offs as the proceedings for civil rehabilitation began, with users now set to receive compensation in crypto instead of fiat currency. In early August, lawyers representing a group of Mt Gox creditors issued an update confirming that repayments would be made in Bitcoin and Bitcoin Cash (BCH). As a Cointelegraph analysis has outlined, roughly 24,000 creditors are thought to have been affected by Mt. Gox’s hack and subsequent collapse in early 2014, which resulted in the loss of 850,00 BTC valued at roughly $460 million at the time. The incident remained the most infamous and titanic scandal in industry history until this year’s $534 million Coincheck hack.

Crypto Hedge Fund Managers Aren’t as Smart as You Think

Crypto Hedge Fund Managers Aren’t as Smart as You Think

Finance There’s a tendency, societally, to place self-appointed experts on a pedestal. If a professional’s job title is impressive enough, and their resumé suitably polished, they are liable to be lauded, with their every sound bite liable to be quoted and turned into an opinion piece. In the world of cryptocurrency, this phenomenon can be observed with the deference given to hedge fund managers. As the events of this year have shown, however, crypto fund managers are as fallible as the rest of us. Also read: SEC Takes Action Against ‘First US Regulated Crypto Asset Fund’ Beware the Silver-Tongued Hedge Fund Manager As the saying goes, anyone can make money in a bull market, and in 2017, crypto hedge funds produced triple-digit percentage profits for fun. The best of these ventures granted investors returns in excess of those they could have made simply for holding BTC, and in doing so, turned their fresh-faced founders into revered oracles who could do no wrong. Then came 2018. Polychain Capital, led by the fantastically named Olaf Carlson-Wee, made 2,303% last year. This year, it has lost 40% of the $800 million it made its investors due to a combination of losses and early investors pulling out. More controversially, the fund’s 30-year-old founder chose to cash out a significant portion of his holdings several months ago, and is now largely in fiat, reports the WSJ. It quotes early Polychain investor Fred Ehrsam as pondering the genius of the once-lauded Olaf Carlson-Wee. “How much of it is luck, how much of it is skill and how much of it is luck disguised?” he wonders. Crypto Fund Managers Are Faring No Better Than Retail Investors Crypto hedge funds are naturally constrained by market forces. In a year in which BTC is down 55%, even the astutest of managers would have struggled to produce a profit. What these bearish conditions have illustrated, however, is that crypto funds are often no smarter than the “dumb” decisions made by retail investors. It was only a few months ago that Pantera Capital was maintaining an EOY prediction of $21,000 for BTC, a scenario which now looks unlikely. Crypto hedge funds have been losing money for months The Eurekahedge Crypto-Currency Hedge Fund Index tracks the performance of…

Ether Shorts Hit Another Record High as Price Sinks

Ether Shorts Hit Another Record High as Price Sinks

There seems to be no end in sight for the sell-off in ether markets, as the number of short orders placed on the second-largest cryptocurrency by market capitalization hit a fresh record high on Wednesday. The ETH/USD shorts on Bitfinex exchange clocked a new high of 248,247, beating the previous record high of 247,611 set last Friday. Looking at the data from a different angle, these bearish bets have risen by more than 200 percent in the past four weeks. ETH/USD shorts The extreme negative positioning – as seen in the chart above – usually results in a sharp move on the opposite side, popularly known as “short squeeze”. Further, the stage looks set for profit taking (unwinding of shorts) as the cryptocurrency is looking extremely oversold as per the relative strength index (RSI). However, the ether market is showing no signs of bearish exhaustion. This is evident from the fact that ETH found acceptance below $200 after shorts rose to lifetime highs on Friday. Further, prices hit a 13-month low of $167 today in accordance with the rise in the bearish bets to new highs. So, it seems safe to say that the bearish sentiment is quite strong and the unwinding of shorts will likely gather pace only if bitcoin, the world’s largest cryptocurrency by market capitalization, picks up a bid as anticipated by technical charts. However, if BTC dips below $6,000, then the ETH bears could continue to boost short positions to fresh record highs, accentuating the rout. At press time, ETH is trading above $171 on Bifinex. Disclosure: The author holds no cryptocurrency assets at the time of writing. Ethereum image via Shutterstock; Charts by Trading View Join 10,000+ traders who come to us to be their eyes on the charts and sign up for Markets Daily, sent Monday-Friday. By signing up, you agree to our terms & conditions and privacy policy The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Crypto Exchange Seed CX Raises $15 Million in Series B Round

Crypto Exchange Seed CX Raises $15 Million in Series B Round

Crypto exchange company Seed CX has raised $15 million in a Series B funding round. Bain Capital Ventures led the exchange’s $15 million Series B fundraise, according to statements, bringing the company’s total fundraise to $25 million. The exchange offers trading and settlement services for spot markets and other derivatives regulated by the Commodity Futures Trading Commission. Additionally, the exchange has applied for a BitLicense through the New York Department of Financial Services and a broker-dealer registration through the Financial Industry Regulatory Authority. The exchange hopes to offer trading services for digital assets that are similar to other existing commodities and equities, co-founder and CEO Edward Woodford said in a statement. Woodford added: “As a licensed exchange for both spot and derivatives trading, we deliver the operational risk safeguards, strong institutional technology, operational support and regulatory compliance that institutions demand. What is particularly exciting is that our unique offering brings large institutional traders, who have so far sat on the sidelines, into the crypto space for the first time.” Seed CX intends to draw both institutional investors and other professional traders, he said. Its new funds – which come on top of $10 million the exchange had previously raised – will go toward building up its physical trading infrastructure, growing its network of trading groups and hiring more employees, the release stated. In particular, the exchange is looking to hire individuals for its operations, market surveillance and technology wings, and aims to grow its team to 40 people. Dollars image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.