Investers can now bet on the price of Ethereum through Nasdaq

coinsharesJersey-based CoinShares announced today that two Exchange Traded Notes (ETNs) connected to the price of the Ethereum cryptocurrency can now be traded on Nasdaq.

Denominated in both Swedish Kronor and Euro, the ETNs are designed to track the price of Ethereum and are based on the average value of a select group of liquid Euro exchanges.

This comes as no surprise with other providers including XBT issuing similar ETNs for tracking Bitcoin last month and GABI, the first regulated BTC hedge fund combining the two entities to launch CoinShares who have crypto assets of around $300 million. These previous ETN’s were made available to investors through Hargreaves Lansdown.

Investing in cryptocurrencies have been notoriously difficult for everyday investors due to wallet, transaction and exchange complexities however with CoinShares historic NASDAQ announcement non tech-savvy investors will now have full access to the cryptocurrency market.

In the last 18 months at least fifteen cryptocurrency funds have launched and around five crypto-based investment products are currently pending review with regulators in the U.S. and elsewhere.

“Today is a historical moment for Ethereum and ether as an asset; and for the future of crypto-assets. It was a little over two years ago that the bitcoin ETNs began trading – offering investors exposure to bitcoin via an established exchange for the first time. Today, we are able to bring ether to the market and mark another major first. It is important to remember how far and how fast the space has matured in the less than 8 years since this revolution began,” says Ryan Radloff, Co-Principal at CoinShares.

We put some questions to CoinShares in a short interview:

What type of investors do you hope to attract with the ETH ETNs?

Product is for any investor who has qualified access to Nasdaq Stockholm.

Can you give us an estimated $ price of what you think Ethereum will trading at by 2018?

No price target right now – though we did a valuation model in our latest Ethereum research which may be helpful

Do you plan to trade on other exchanges such in currencies such as £ or $ ?

Cannot comment on future plans of that nature, apologies

What other cryptocurrencies do you have in mind? are you open to other ETNs with other currencies?

We delivered this product because the market had been requesting it since last year. We will follow market demand for future products as well.

John McAfee sits on advisory board of crypto exchange set to revolutionise India

Renowned businessman and security analyst John McAfee has partnered with and will sit on the advisory board of BitIndia, an open source blockchain wallet and exchange for the streets of India.

With less than 0.5% of indians currently utilising Bitcoin, the company aims to educate and promote cryptocurrencies to directly take on the very real and growing issue of high banking rates that currently plague over 1.2 billion of the country’s people.

This is to be achieved through an easy to use cryptocurrency platform that takes away the complexities of cryptocurrencies and replace them with an intuitive system which not only allows the average layman to store and use Bitcoin, Ethereum and Ripple currencies but to also trade them against the national currency, the Indian Rupee.

Plans also include for seamless integration on a local level allowing users to access terminals that allow for everyday and recurring purchases such as groceries, bills and dining out.

bitindia

Given the size of the Indian population and its urgent need for a decentralised and fairer economic system if executed properly BitIndia is in a prime position to spearhead and develop the Indian Cryptocurrency space into a major global player, one that will shortly rival China and South Korea.

John Mcafee’s no stranger to business, his role at Bitindia will bring a great deal of unparalleled expertise and guidance.

Bitindia is currently running an initial coin offering (ICO) which allows anyone to invest in the exchange and make a share of the profits, find out more here https://bitindia.co/ or read the whitepaper https://bitindia.co/whitepaper.pdf

Blockchain startup could revolutionise P2P file sharing

This year we’ve seen the launch of many ICO’s, with the majority just being blatant scams or just down right useless.

That said every so often a project comes along that not only only has a genuine purpose but also thrives in a blockchain environment. This week that project is Upfiring, a blockchain company aiming to revolutionise the P2P file sharing industry as we know it.

Utilising the Ethereum Blockchain, Upfiring has created a decentralised autonomous P2P network that allows anyone to easily share files regardless of if they are on a desktop computer or smartphone.

File-sharing is currently seen as an unrewarding process for both seeders (due to little to no return for sharing) and frustrating for downloaders (due to the lack of seeders and slow speeds).

Upfiring has a solution to address this. The company has developed technology which solves many of the current problems we see today with P2P file sharing such as seeding, searching, downloading, ratings, and peer evaluation.

In layman’s terms the Upfiring process is as follows:

  1. A seeder shares a file through the Upfiring network
  2. The file is encrypted by the platform
  3. A downloader requests access to the seeded file but can only download once they have paid using the currency of the network which is UFR tokens.
  4. Once downloaded and paid for in full the file can be decrypted.

The above is a seamless process that requires no technical; knowhow on the user’s part. Given that UFR is also a tradable currency allows both seeders and downloaders to utilise exchanges to buy and sell the tokens as and when required.

Despite file sharing existing since the early days of the internet recent statistics show that the industry has continually grown over fifty percent since 2008. With no sign of this slowing down the industry has long been overdue a technology overhaul to speed up and improve efficiency.

Some of the Issues with current file sharing platforms:

  • Lack of seeders
  • No benefit to seeders
  • Risk for seeders
  • Snooping/ privacy concerns
  • Massive disparity between file download and availability ratio.

Benefits of incentivised file sharing:

  • Seeders are compensated (resulting in more high quality seeds)
  • Larger variety of seeds
  • Seeds can be rated more effectively
  • Faster access and downloads
  • A self sufficient system that settles payment publicly

Upfiring is currently running an initial crowd offering where anyone can invest in the technology in exchange for Upfiring tokens. You can find out more about the project and support it at: https://upfiring.com/

Their whitepaper can be accessed here: https://upfiring.com/Upfiring_Whitepaper.pdf

UK regulatory body issues ICO warning

The UK’s financial regulatory body has issued a press release warning consumers about the risk of investing in Initial Coin Offerings (ICOs).

ICOs are very high-risk, speculative investments.

The Financial Conduct Authority (FCA) said ICOs are very high-risk and that anyone investing should be prepared to lose their entire stake.

The FCA does not have the power to regulate a high majority of ICO’s as they fall outside of their legal boundaries, but some may be conducting regulated activities including the exchanges selling the tokens.

If you are not aware of how ICO’s operate they work similar to normal crowd funding events but instead of investors paying in fiat they are paid for with a token or coin e.g Ethereum or Bitcoin in return for a project token.

It has been estimated that around £1bn in fiat has been invested into ICO’s so far and this number is growing exponentially.

The FCA’s warning issued today swiftly follows the People’s Bank of China who have allegedly issued similar warnings and have recently “banned” some ICO’s although experts say this ban was temporary.

You should be conscious of the risks involved and fully research the specific project if you are thinking about buying digital tokens.

As with any ICO’s we recommend carrying out your own independent research to ensure the legitimacy and that it’s worth risking your own money. Common red flags include no whitepaper, unverifiable team members (missing Linkedin profiles or social profiles), projects in the very early stages without any prototype. ALl in all the best policy is to just use common sense when assessing each project and remember if something sounds too good to be true then it probably is.

Could Uber be the first big company to accept Ethereum?

After a laborious nine-week search Uber’s management board has voted to appoint crypto-friendly Dara Khosrowshahi as their new chief executive – a potential win for Bitcoin Ethereum.

Under Dara’s 12 year run, Expedia was one of the first major organisations to accept Bitcoin as a form of payment (back in 2014) and subsequently legitimising it. So much so that both Microsoft and Dell followed suit shortly after. Dara is also a personal investor in Bitcoin startup 21 inc and has been an influential promoter of blockchain technology and its uses in real world projects.

With Bitcoin dominating the early days it made sense for Expedia to start accepting the cryptocurrency, however three years down the line it would seem Ethereum would be a better all round solution.

Bitcoin has also encountered a number of issues of late, many of which have stemmed from its slow confirmation times and increased transaction fee’s. With neither of these issues being appropriately addressed it is impossible to use this currency in any time critical use cases. Ethereum however with its lightening fast conformations (which are soon to get even faster) and low transaction fees would be a well equipped contender. It only takes around 15 seconds for a transaction to be confirmed on the Ethereum network making it easy to pay as you pop out of the cab, as opposed to Bitcoin which would require you to… well we’re not quite sure how that would work.

Rumours around Uber accepting cryptocurrencies have long circulated but until now they been nothing more than internet chatter, with Dara’s appointment however it may well become a reality. These are exciting times for the cryptosphere.

Will you be paying for your next uber with Ether?

Data scientists create Blockchain backed AI to predict sporting events

A team of data scientists have developed a complex forecasting system based on a collaborative model of neural networks that simulates a collection of biological brains.

The Magos AI is able to predict the outcome of any event whether it’s politics, sports, trading or any big data event with a very high degree of accuracy.

“MAGOS is based on a system of neural networks. Each network performs a specific task, but they work together in collaboration. The backbone of MAGOS is its modular architecture. It allows us to develop and implement individual forecasting modules, targeting different kinds of forecasting domains, from business and finance to sports and politics.” said – Andreas Theiss, Data scientist and CTO at Magos.

The company carried out a four month trial earlier this year going head to head with a crowdsourced sports betting platform beating the rival competition resulting in an overall return of investment of over 30%.

MAGOS AI

The AI will initially focus on sportsbook and conventional prediction markets but aims to expand to Ethereum-based prediction markets by integrating with projects such as Augur, Stox and Gnosis.

Artificial Intelligence is transforming the world we live in and has already managed to achieve some amazing breakthroughs including spotting cancer in tissue slides more accurately than humans, thwarting fraud, spotting errors in legal documents and even beating the world’s top gamers in Dota 2.

Magos is currently holding an initial coin offering (ICO) to crowdfund the future development and has already raised half a million dollars. https://magos.io/

WannaCry: Hackers start to move stolen Bitcoin

WannaCry Bitcoin on the move as hackers cash out

Bitcoin linked to the infamous WannaCry malware attack which held thousands of computers ransom around the world is now on the move according to security experts.

Since the attack three Bitcoin wallets have been sitting idle with roughly 52 Bitcoin, but as of today they have been split into multiple tiny amounts and distributed to various other wallets and exchanged for a more anonymous cryptocurrency, a common tactic used by hackers to disguise and obfuscate trail. At this stage it is not yet known if the coins movement is related to the perpetrators or a law enforcement agency.

wanancry

Victims were asked to pay between $300 and $600 to get their systems back.
According to various security firms the Bitcoin has been exchanged for Monero on a swiss-based cryptocurrency exchanged named ShapeShift which facilities such transactions with minimal if none AML or KYC checks for small amounts.

Monero is the choice cryptocurrency for anyone looking to remain completely anonymous as it offers superior privacy and tumbling features. The link between the two currencies will be almost completely untraceable allowing the perpetrator to use the laundered Monero without any red flags.

Many people are still blaming the NSA for the thousands of victims computers being held ransom due to the 0day exploit used in the WannaCry attack originating from leaked NSA skyware.

It’s safe to say that despite the best efforts of security experts and government agencies it is likely the trail will now go cold.

Global Advisors Launches Altcoin Investment Fund

Jersey-based Global Advisors has just closed a $5 million altcoin and ICO investment fund. The fund caters to investors by smoothing the complex methods and issues people encounter when investing in cryptocurrency, enabling access to a rapidly growing ICO market which has raised around $1 billion since May.

The firm was previously behind the world’s first officially regulated bitcoin investment strategy, GABI which became the first regulated bitcoin fund to be listed on any exchange worldwide when it was listed on The International Exchange (TISE) in December of 2016.

Global Advisors is now applying its success in the Bitcoin space to alternate cryptocurrencies.

Each funding proposal is expected to adhere to strict compliance with the team performing due diligence for each ICO offered to clients. The fund while structured to invest broadly, will focus first on ICOs where tokens are integral to powering the protocol and secondly as a vehicle to invest in other viable, alternative cryptocurrencies which are emerging, in addition to bitcoin.

Speaking to Coin Desk chairman Daniel Masters said an ICO “calls for a team of experienced, motivated and technically savvy founders”

Source: Pressat

Storj partners with FileZilla

Atlanta-based Storj Labs announced today it has partnered with popular open source FTP client FileZilla to bring drag and drop file uploading to the masses.

FileZilla is one of the most popular FTP clients rocking around 100 million downloads per year, lightyears away from its high school project foundations.

Over the last couple of months Storj’s future looked far from bright with a prominent member of the team leaving the company, but in a recent blog post the firm made changes to the executive team which settled investors. Amidst the internal storm, the firm have quietly been developing a highly requested feature to bring drag and drop uploads to users, the partnership with FileZilla opens the distributed cloud storage that to an additional 15 million monthly users.

The feature is currently still in BETA testing but interested users can join the Storj community chat https://community.storj.io/ for access to the group.

Bolenum Project ICO – BLN

It is always nice to see projects attempting to better the world they live in. This is especially nice to see in the blockchain arena given the current low adoption rate of cryptocurrencies and Blockchain technologies on a global scale.

A recent CryptoCoinNews interview explored the lack of Blockchain adoption in Africa, while pointing out the massive untapped opportunities that reside. One new project, Bolenum, is looking to change this.

BOLENUM IDENTIFIES ADOPTION ISSUES

Though Bolenum has sights on an intercontinental project, the majority of their initial efforts appear to be in Africa. Their Whitepaper outlines two main issues they feel have caused cryptocurrencies to see lower scale adoption than other parts of the world.

The first obstacle is one known all too well by all cryptocurrencies: lack of public awareness. Many just do not know about cryptocurrency, the Blockchain, or what it can provide. This could be because of a lack of cryptocurrency and blockchain evangelists, but also can be blamed on the lack of readily translated literature into local dialects.

The second problem is one that many in the western world have not really had to deal with: convertibility of funds. While every exchange takes Euros, United States Dollars, and Chinese Yuan, it is less likely that these exchanges will accept the Egyptian Pound, the Nigerian Naira, or the Moroccan Dirham etc. Without access to fiat exchanges to convert more readily to cryptocurrencies many individuals are struggling to participate in the cryptospace.

BOLENUM’S SOLUTION

The project hopes to provide a solution to these issues as the first Ethereum based token and exchange platform. It aims to garner and promote more participation in the cryptocurrency space on the African continent.

The project’s token, BLN, aims to serve as a secure payment method, and also be able to protect wealth. These are Ether based tokens and will benefit from the speed and security of the Ethereum Blockchain.

The main perk that may help the project accomplish its goal is the fact that they will also be opening an exchange that will allow for BLN tokens to be traded for local currencies. This means that users will be able to not only withdraw the value of their tokens into local currencies, but could give better access to the cryptosphere as a whole. If someone buys BLN with a local currency, they should in theory be able to trade those BLNs on a different exchange for any other digital asset they may be interested in. BLN is not only an asset but also a gateway that was previously denied by fiat binding.

They will be holding an ICO for this project starting July 15 spanning 30 days. 10,000,000 BLN tokens will be made, with 50% of those being open to the public in an ICO with the other 50% behind held by the Bolenum team as capital to support their future exchange.

Press contact:
Mani Robson
Press Contact Email Address: mani@bolenum.com
Supporting Link: www.bolenum.com