Binance Leads $30 Million Funding Round in Signal Founder’s Crypto MobileCoin

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Cryptocurrency exchange giant Binance has led a $30 million funding round for MobileCoin, a cryptocurrency whose development team includes Signal creator Moxie Marlinspike.

MobileCoin announced the conclusion of the funding round on Tuesday, adding that Binance had made its investment in the project through Binance Labs, its blockchain incubator.

The cryptocurrency, which will utilize the Stellar Consensus Protocol (SCP), aims to make privacy a central focus while also creating a seamless user experience that lends itself well to integration with mobile messaging apps such as WhatsApp and Signal — each of which relies on end-to-end encryption technology created by Marlinspike.

“A mobile-first, user-friendly cryptocurrency, like MobileCoin, plays a critical role in driving mainstream cryptocurrency adoption,” Binance Labs said in a statement.

By investing in other industry projects, Binance seems to be charting a similar course to Coinbase, who recently launched its first venture fund. However, Coinbase has said that it will not invest in cryptoassets, as this would present the firm with a conflict of interest and could raise regulatory issues.

Indeed, the mere fact that Binance has said that it will give MobileCoin “priority consideration” for listing — which will undoubtedly improve the fledgling coin’s price outlook — would seemingly enhance regulatory problems if the coin is later deemed to be a security.

Notably, rumors have circulated in industry circles that Marlinspike is less-involved in the project than his role as technical advisor would suggest.

“Take it with a grain of salt, but word on the street is that @moxie is barely involved with the actual development on this thing,” Dogecoin creator Jackson Palmer wrote on Twitter. “The lack of a Github repo / any open source code doesn’t seem like his style.”

To Palmer’s point, MobileCoin does not appear to currently have an open-source code repository, though the rumors about Marlinspike’s involvement — or lack thereof — are currently just that: rumors.

Once MobileCoin releases the project’s open source code, the true level of Marlinspike’s involvement in the project’s development should become more clear.

Featured image from Shutterstock.

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Hybrid Crypto, Real Estate Fund Granted Gov’t Permission In Germany

Munich-based BITREAL Capital GmbH has been granted marketing authorization and registration by the German Federal Financial Supervisory Authority (BaFin) for a cryptocurrency and real estate hybrid fund, Finance Magnates reported April 24.

According to the company’s LinkedIn profile, BITREAL Capital GmbH was founded in 2017 and is a “fund initiator and innovator” in the area of special alternative investment funds (AIFs). The BITREAL Real Estate Blockchain Opportunities Fund 1 (BREBCO 1) will reportedly be the first such fund in Germany to combine cryptocurrencies and real estate.

The strategy of BREBCO 1 is to invest in Blockchain technology through established tokens and coins as well as core commercial real estate, partly financed by bank loans, in the leading 10 economic regions in Germany. The fund says it expects to generate a 15 percent return annually over a seven-year lifetime, and is reportedly aiming for an equity volume of €40 mln (almost $49 mln).

In order to attract cryptocurrency holders to invest, the fund offers the possibility for investors to deposit Bitcoin and Ethereum in addition to Euro. Investors will also be given the option to withdraw their money in fiat or in listed digital currencies. Boris Hardi, Managing Partner of BITREAL Capital GmbH, said:

“Since summer of last year, questions [were raised] [from] family offices and high net worth individuals as to how or in which virtual currencies, coins, and tokens [one] can [sensibly be] invested, or how to take part in the Blockchain technology market potential without the high volatility and risk of total loss. Our answer is the BREBCO 1 fund, which is now officially registered in Germany by the BaFin.”

In February of this year, BaFin clarified the obligations of ICOs after receiving an increasing number of inquiries regarding their legal status. ICO operators in Germany “are required to check exactly whether a regulated instrument, [such as] a financial instrument… or a security, is being dealt with, in order to fulfil potential legal requirements without any gaps.”

Govermedia, the Alibaba of Russia, to Use Blockchain and Cryptocurrencies in Multiple Products

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This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.

There has been an explosion of blockchain startups the past few years. Blockchain and related technologies are being tested out in multiple industries, including with banks, who have started using or piloting blockchain in their systems. Technologists see blockchain as being vastly superior to the way we currently store and retrieve data, which is a primary driver of the widespread technological excitement around blockchain.

Govermedia, the Alibaba of Russia, is releasing multiple Blockchain products that can Improve the way users do their shopping and business online. Govermedia has been around since 2014  and is a publicly traded company in Germany.

According to Roland J. Bopp, the CEO and Director of Govermedia in an interview with InvestorIdeas, he believes they are well positioned to dominate the c-commerce market in Russian speaking countries because they are  the first company to offer a unique set of solutions on the blockchain. They have built a robust platform, assembled a team of experts and have a solid business strategy to get this done. Roland J. Bopp was the former CEO of Deutsche Telekom North America (The parent company of T-Mobile in the United States) before joining Govermedia.

Govermedia’s goal is to offer multiple products and services to Russian speaking customers. The number of people buying online in Russia has been rapidly expanding, going from 39 million in 2015 to 46 million in 2017. Some of the services include online advertisements, e-commerce, crowdfunding, messaging platform, corporate auctions and social media. These products will make use of blockchain to further enhance security, transparency, and accountability.

One such product is MFLY+, a messaging platform inside Govermedia’s ecosystem. MFLY+ will be used for both B2B and B2C by businesses. All communications are end-to-end encrypted, and users can sign documents with an electronic digital signature.

Additionally, users are able to send, split and transact using Bitcoins in the MFLY+ Messaging Platform, which makes it easy for businesses to pay and get paid. The app creates a Bitcoin wallet for the user to store and send Bitcoins. Users will also be able to send Bitcoins to wallets outside the messenger.

There is a pending update for users to execute blockchain based smart contracts right within the messenger. MFLY+ is currently available on both Apple App Store and Google Play Store.

Govermedia is one of the very few publicly traded companies that are deeply invested into blockchain and cryptocurrencies. While analysts are not so sure about cryptocurrencies, almost everyone agrees on the potential and advantages of blockchain. With a deep commitment to the technology, Govermedia is set to lead the industry with a wide variety of blockchain products, starting with MFLY+ Messenger.

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Binance Labs Leads $30 Mln Fundraising Round For New Privacy-Centered Cryptocurrency

MobileCoin, a new privacy-centered cryptocurrency, announced that Binance Labs will lead a $30 mln round of fundraising for the project, according to a Medium post April 24.

The blog post stated that the Blockchain technology incubator associated with the Binance cryptocurrency exchange is leading a $30 mln round of investment denominated in Bitcoin (BTC) and Ethereum (ETH). According to TechCrunch, the new cryptocurrency could “enjoy ‘priority consideration’ for being listed on Binance as part of the relationship.”

In addition to working with Binance Labs, MobileCoin has on-boarded talent like Moxie Marlinspike, founder of encrypted messaging app Signal, as a technical advisor. Shane Glynn, who has served as product counsel at Google since 2010, work as legal counsel, ensuring MobileCoin is compliant with crypto regulations.

In the MobileCoin whitepaper published in December 2017, the project’s creators described their intention to develop a “fast, private, and easy-to-use cryptocurrency that can be deployed in resource constrained environments to users who aren’t equipped to reliably maintain secret keys over a long period of time, all without giving up control of funds to a payment processing service.”

MobileCoin will reportedly use the Stellar Consensus Protocol in order to synchronize to the coin’s network and assure scalability and speed, while the end product will be integrated into mobile messaging apps:

“MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal could integrate with a MobileCoin wallet.”

Binance Labs commented on the funding:

“A mobile-first, user-friendly cryptocurrency, like MobileCoin, plays a critical role in driving mainstream cryptocurrency adoption. The MobileCoin team and Binance Labs share a common vision and we are proud to be a supporter of what they are doing.”

Recently, Binance partnered with Ugandan Blockchain organization Crypto Savannah. The collaboration intends to support economic development of the East African country by generating employment and attracting investment to the country.

Sorry MIT, But You’re Not Taking Down Bitcoin

Bitcoin
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“Let’s destroy Bitcoin.”

Thus the MIT Technology Review purports to present a guide to taking down the flagship cryptocurrency, whose network has achieved 99.99 percent uptime since its launch in January 2009. Unsurprisingly, the publication’s plans — which you can read about in more detail here — fall short of the mark.

Author Morgan Peck presents three scenarios that could supposedly lead to Bitcoin’s demise.

In the first, central banks use distributed ledger technology (DLT) to issue their own digital currencies, shrinking the market for Bitcoin and other decentralized cryptocurrencies.

But while many central banks are exploring how to digitize their national currencies, it is not outside the realm of possibility that the promulgation of state-backed digital currencies could increase demand for Bitcoin, which — unlike Fedcoin — is uncensorable, shows no respect for national borders, and has its monetary policy hardcoded into its software.

At the very least, Bitcoin will likely continue to exist alongside Fedcoin, particularly once more privacy-centric features get added through sidechains, the Lightning Network, or other future software upgrades.

In a second instance, the digital economy evolves into a mass-barter system in which nearly every company issues its own cryptocurrency and a blockchain-based system trades them automatically when users need to make a purchase at a specific business whose tokens they do not own.

What this scenario ignores, however, is that these company-specific tokens will require an underlying blockchain to secure them and facilitate bartering, and this blockchain would likely require its own native currency.

Additionally, If the economy did evolve in this manner, it still seems likely that maintaining a reserve asset — whether Bitcoin or otherwise — would be more efficient for trading purposes, not to mention the fact that individual company tokens would become worthless if businesses shut down.

Finally, MIT’s guide to taking down Bitcoin argues that Facebook or another social media conglomerate could wield its size and resources to co-opt Bitcoin and force users to adopt a forked version of the software — let’s call it Facebitcoin.

However, it’s unclear what incentive Facebook would have to take this insidious route, as it would be much more expensive than creating its own token and distributing it through a multi-billion dollar initial coin offering (ICO), as Telegram is currently doing.

Moreover, this sequence of events appears to make the faulty assumption that Facebook — one of the world’s largest businesses — would add full support for Bitcoin but that this decision would not lead other companies to follow suit, reducing Facebook’s ability to exert outsized control over the coin.

Mass adoption would ensure, and the Bitcoin price would skyrocket. In response, new miners would flock to the market, preventing Facebook — which would be at a significant economic disadvantage unless it begins manufacturing its own miners — from acquiring a large enough percentage of the Bitcoin hashrate to launch a meaningful assault on the network.

Now, perhaps a corporate cabal could have more success, but even this is not certain. Though not an entirely analogous situation, the Bitcoin community only recently successfully resisted a hard fork — SegWit2x — which had broad support among large industry businesses and miners (SegWit2x’s chief proponents ultimately called off the fork to avoid plunging the network into a civil war).

Indeed, even in the unlikely scenario that this did occur, it’s difficult to imagine this cartel maintaining control over Bitcoin indefinitely, and the threat of a network split would provide a strong financial disincentive to wage such a corporate takeover.

All things considered, it’s not outside the realm of possibility that malicious actors could attempt to take down Bitcoin, but previous attempts have failed to amount to much. In short, users probably have nothing to worry about.

Featured image from Shutterstock.

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Weekly Price Overview: Cardano, April 24

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Cardano is the seventh largest cryptocurrency in terms of market capitalization. It has made a stellar comeback in the past few days on the back of its listing on the Huobi exchange and introduction of additional trading pairs on Binance exchange.

Traders also seem to be bullish on the fundamental front as many believe that it can become a major competitor to Ethereum.

So, what does the future look like?

Weekly chart

ADA/BTC

The ADA/BTC pair has a short but volatile history. From the lows of 0.00000254 on November 02 of last year, it skyrocketed to an intraday high of 0.00009180 on January 04 of this year. That’s a staggering return of 3514 percent within a span of about two months.

Thereafter, from there, it entered into a downtrend, which saw it plunge 81 percent from the highs to 0.00001673 on March 18.

What can the investors expect from here on?

For the past five weeks, the digital currency is in a pullback, which has reached close to 23.6 percent retracement of the fall from 0.00009180 to 0.00001673.

After such a sharp decline, a ‘V’ shaped recovery is unlikely because traders who had purchased at higher levels and were watching their portfolio sink to a huge loss would bail out once their buy levels are reached.

Similarly, short-term traders, who have purchased near the lows will also book profits on rallies.

The important levels to watch out on the upside are 38.2 percent Fibonacci retracement level of 0.00004541 and the 50 percent retracement levels of 0.00005427.

The start of a new uptrend can be confirmed only after the next decline towards the recent lows. A range bound action for a few weeks is also possible, which will be a positive sign. Longer the time spent in forming a base, larger will be the ensuing rally.

Let’s see how to use the levels above for trading.  

Daily chart

ADA/BTC

The daily chart shows how the current pullback has stalled right at the 23.6 percent retracement levels. For the past seven days, Cardano has been consolidating near the overhead resistance without giving up much ground. This is a positive sign. We also like the bullish crossover of the moving averages.

We should see another attempt by the bulls to break out of the overhead resistance within the next few days. If they succeed, a rally to 0.00004541 will be on the cards.

If the break out fails, then most of the traders who have purchased at lower levels will book out of their positions resulting in a dip.

The 20-day EMA will be the first support. If this breaks, a decline to the 50-day SMA is also possible.

So, how should one trade it?

How to trade the ADA/BTC pair now?

Long-term traders should accumulate positions on dips towards the 50-day SMA and keep a stop loss at 0.00001600. If prices sustain below the March 18 lows of 0.00001673, the targets on the downside are 0.00000965 and 0.00000560. The target of this trade is 0.000054 and higher.

Short-term traders, who have purchased at lower levels can hold their positions with a stop loss at 0.00003 levels.

Fresh positions by short-term traders should be only considered on a breakout and close (UTC) above 0.000035 levels with a close stop loss. Their first target is 0.000045.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Globatalent Open up a Waiting List for Their Crowdsale Due to Presale Success

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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Globatalent who announced their ICO on several news platforms in March have revealed that due to the processes regarding accredited investors (such as KYC and AML) they will now have to delay the date for their public crowd sale. The processes take time and due to the over demand of the private pre-sale, the blockchain platform have decided to wait until all investors from the pre-sale have passed their checks and then they will be able to clarify if there will be any tokens available for the crowdsale.

Globatalent CEO, Sunil Bhardwaj has revealed “The Globatalent pre-sale has been incredibly successful and there has been an enormous demand. This was beyond our own high expectations and as a result, we want to be sure that everything we do goes through the right processes and accreditations. We have had investors from all over the world, which is exactly what we were hoping for and we want to thank each and every one of them as it is fantastic to see that people from all over the world genuinely believe in our project.”

“We want to apologise in advance if we do not have tokens available for the public crowdsale or as much as we originally wanted but we will endeavor to make sure that we communicate and announce to everyone our plans as soon as we know internally. We appreciate the patience of our network and community and we will set up a waiting list via our website for anybody who wants to apply for a potential public sale. As many people as possible will have the ability to purchase tokens and therefore we encourage everyone to join our waiting list as soon as possible as it will be done on a first come first serve basis.” Sunil added.

Their success in recent months has increased at a rapid pace and since the ICO was announced, they have been able to unveil official supporters which include FC Barcelona striker Luis Suarez, multiple World Chess champion and women’s rights activist Anna Muzychuk, South Korean footballing prospect Seung Woo-Lee and Karate world champion Dani Redondo to name a few on a long list of famous sporting names. A comprehensive list of their official supporters is named on their website.

Globatalent have also revealed recently that they will be sponsoring the Mediterranean Ladies Golf Open and are the official sponsors of five sporting teams from across the globes in different sports after coming to an agreement with the Baskonia-Alaves group.

After attending and speaking at incredibly successful worldwide blockchain events, Globatalent has gained exposure and interest globally and as a result the demand in the private pre-sale has reached beyond their own high expectations. As a result, they have postponed their date for a public crowd sale but commented that there will be another announcement in due course.

For more information, please see www.globatalent.com

Press Contact: Rob Spitz ([email protected])

Globatalent Community Channels:

Globatalent Social Media:

Capital Group Prohibits Associates, Family Members From Investing In ICOs

Capital Group, an American financial services company and one of the world’s oldest investment management organizations, has prohibited its associates and their immediate family members from investing in Initial Coin Offerings (ICOs), according to an upgraded Code of Ethics filed with the Securities and Exchange Commission (SEC) April 19.

The updated Code of Ethics emphasized the new guidelines and policies towards Initial Public Offerings (IPOs) and ICOs, saying:

“All associates and immediate family members residing in the same household may not participate in IPOs or ICOs.”

The document further explains that Capital Group may make rare exceptions for IPOs, but they will be considered “on a case-by-case basis”. Regarding ICOs, the document offers no exceptions, stating that the prohibition of ICO investments “applies to all Capital associates.” The code of ethics update does not mention whether the ban extends to investments made on behalf of clients.

In March, the SEC announced its plans to examine up to 100 hedge funds that deal with cryptocurrencies. While the examiners will inspect whether the assets purchased by fund managers match those advertised to investors in offering statements, the key purpose of the initiative is to inform the SEC as to how their policies should address cryptocurrencies.

Last month, the South Korean government banned its officials from holding and trading cryptocurrency, stating that employees involved in digital currency trading are “in violation of the prohibition of forbearance obligations under the civil servants’ law” and are subject to disciplinary actions.

Goldman Sachs Makes First Official Hire to Its Cryptocurrency Department

Multinational investment bank and financial services company Goldman Sachs has hired the first official employee for its cryptocurrency markets unit. Justin Schmidt, a former trader, has been serving as the enterprise’s first head of digital asset markets in the securities division since April 16, 2018.

Holding a computer science degree from the Massachusetts Institute of Technology, Schmidt previously served as the vice-president of quantitative trading firm Seven Eight Capital, LLC, which trades strategies based on mathematical computations and numbers crunching to identify trading opportunities. While his addition to the Goldman Sachs team marks an important step, the company is remaining relatively silent about its future in the crypto arena.

“In response to client interest in various digital products, we are exploring how best to serve them in the space, but at this point, we have not reached a conclusion on the scope of our digital asset offering,” explained spokeswoman Tiffany Galvin-Cohen.

Rumors have swelled regarding Goldman’s alleged crypto program since December 2017, after it was reported that the bank was launching a crypto trading desk. Goldman executives have dismissed the rumors, even though in 2015, the company was part of a $50 million funding round with digital payment platform Circle. At the time, Circle was built specifically to allow bitcoin trading, but the company has since become a payments enterprise; it later produced a secondary item designed for trading in the form of a mobile text app.

Though its desk may be non-existent, Goldman seems eager to explore its “range of options” for assisting clients who seek to dabble in cryptocurrencies.

“The job of a bank’s trading desks is to help clients trade the financial stuff that they want to trade,” explained Matt Levine, managing director and the global head of Technology Risk Advisory. “If the sorts of customers who are banks’ customers want to trade a thing, then that thing becomes a financial thing, and so the banks had better start helping them trade it.”

At press time, Goldman is working primarily as a facilitator for its “crypto-curious customers” rather than a market maker. The company is offering clients exposure to bitcoin through its bitcoin futures contracts on the Cboe Global Markets and CME Group exchanges, though it’s merely serving in a “middleman capacity,” ensuring that anyone who places an order can get their hands on crypto.

The company is not presently active on any digital currency exchanges, though it will be interesting to see if this changes as its digital asset department grows.

Ethereum Price Roars Past $700 as Crypto Market Value Rivals That of Facebook

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The Ethereum price crossed a major milestone on Tuesday, surpassing the $700 mark for the first time in more than a month.

The rally was far from an isolated occurrence, as the cryptocurrency market cap achieved an eight percent advance, adding nearly $33 billion to its rapidly expanding waistline. In the past week, the market has added almost $100 billion.

ethereum priceSource: CoinMarketCap

At present, the combined value of all cryptocurrencies is $430 billion, which puts the nascent asset class within striking distance of Facebook, who incidentally, a recent MIT Technology Review article suggested could take down Bitcoin if it made a coordinated effort.

Bitcoin Price Continues Push Toward $10,000

The Bitcoin price continued to lose market share to its peers, and the flagship cryptocurrency now accounts for just 37.1 percent of the index’s total valuation. Nevertheless, Bitcoin continued to post a steady advance, rising approximately six percent to $9,367 on cryptocurrency exchange Bitfinex. Bitcoin now has a $159.5 billion market cap, and many analysts predict that it will continue to grow throughout the year.

bitcoin priceBitcoin Price Chart

Ethereum Price Leaps Past $700

The Ethereum price, meanwhile, beat the index by nearly two percentage points en route to a 10 percent surge that carried the coin above $700 for the first time since mid-March. The Ethereum price is now trading at $704, which translates into a $69.7 billion market cap and a 16.3 percent share of the index.

ethereum priceEthereum Price Chart

EOS Price Continues to Lead Large-Cap Index as Market Swells

The bullish wave continued throughout the wider cryptocurrency markets, and the majority of top-tier altcoins outpaced Bitcoin’s single-day performance.

bitcoin priceSource: CoinMarketCap

The Ripple price swelled by seven percent, brushing off accusations from a former Commodity Futures Trading Commission (CFTC) chairman that XRP is likely a security under US law. If the rally continues much longer, Ripple will likely reach dollar parity.

Fourth-ranked Bitcoin Cash matched the index with an eight percent climb, and the BCH price is currently valued at a global average of $1,488.

The EOS price, meanwhile, continued to post the large-cap tier’s most impressive single-day performance, exploding by 26 percent and racing to a nearly $12 billion market cap.

The Litecoin price increased by nine percent to just under $164, while Cardano’s similar advance carried its price to $0.31.

Stellar rose by seven percent to $0.39 and now boasts a $7.4 billion market cap.

IOTA returned the top-tier’s worst performance, increasing just four percent to $2.19, while NEO rounded out the top 10 with a 10 percent rally to $83.40.

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