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Cryptocurrency

  • Former gambling board man behind Gron Digital says ICO is backed by experts

    The man behind an initial coin offering (ICO) expected to launch next month has played down the negativity surrounding the use of ICOs and claims his ICO -- which aims to tackle legacy issues of trust and fair competition in the gambling sector -- will be backed by "trusted" experts. In a press release today announcing the launch of its pre-ICO to develop an open gaming platform, CEO of Gron Digital Tebogo Makamo said ICOs have recently seen plenty of negative press surrounding them as they’ve been "overdone, overworked and have often under-delivered”. “However, not all ICO’s are created equal and the one developed by...

  • SA startup Luno’s Malaysian bank account still frozen as tax probe continues

    Almost a week in SA bitcoin exchange Luno's bank account in Malaysia remains shut, after being frozen by the country's tax authority late last week. It follows a statement issued last Saturday (13 January) by the company that its account -- held under the name of its local entity BitX Malaysia – was frozen by the tax authority pending an investigation. In a report in Malaysian newspaper The Star today Inland Revenue Board’s (IRB) chief executive officer Datuk Seri Sabin Samitah said the tax authority is carrying out the audit to determine whether the cryptocurrency company has complied with the statutory requirement under the...

  • SA startup GoMetro to be part of ICO run by UK internet of mobility company

    Smart mobility startup GoMetro will be part of a UK initial coin offering (ICO) run by internet of mobility company Tsio Protocol, says the Cape Town based startup's founder Justin Coetzee. Coetzee told Ventureburn on Tuesday that GoMetro's new flex platform will form part of Tsio Protocol's minimum viable ecosystem and that the ICO will take place "towards the end of March". "They're raising it and we're part of their consortium," said Coetzee. "If they are successful in their fund raise, they will be integrating their token into our system," he said. It follows the announcement by Coetzee in November last year of plans to trial GoMetro's new...

  • Ripple’s Stefan Thomas to give keynote address at the Blockchain Africa 2018

    The producer of the well-known “What is Bitcoin?” video, Ripple chief technology office Stefan Thomas, will give the keynote address at this year's Blockchain Africa Conference, which takes place in Johannesburg on 8 and 9 March. The announcement was made in a press release today by the event's organiser Bitcoin Events. Ripple provides enterprise blockchain solutions for global payments. Thomas is also known for his open-source software projects, such as BitcoinJS, are widely used in the industry serving millions of cryptocurrency users. Since joining the San Francisco-based company in 2012, he co-created the Interledger protocol (ILP), an open protocol for moving value across  ledgers in the same way...

  • SA swimmer Natalie du Toit connected to new ICO to target amateur sports sector

    Paralympic SA swimming star Natalie du Toit is working with Pretoria-based startup Sports Podium to launch an initial coin offering (ICO) to fund the first "knowledge-based digital sports economy" for sportspeople. The ICO, which was to have taken place last year will instead take place in the next few months, says Sports Podium co-founder and COO Jaco Rossouw. He told Ventureburn today that the high number of ICOs held last year would have made it difficult for Sports Podium to stand out from the crowd. "There's no set date yet, but the envisaged date is quarter two of this year," he added. Rossouw said Du Toit -- who holds the role...

  • Wala ICO nets just 4% of $30m target, but Newtown Partners praises result

    SA fintech startup Wala may have been able to raise just four percent of the $30-million it aimed to net in an initial coin offering (ICO) that ended last week -- but the head of the firm behind the raise, SA venture capital (VC) firm Newtown Partners, says it's an "excellent result". Data provided by independent ICO database ICO Drops shows that the VC firm raised almost $1.2-million for a crowdfunding token sale of Dala, a new financial services utility token built on the Ethereum blockchain. The ICO ran between 1 December to 11 December and a total of 1 billion tokens were issued of which 30%...

  • SA’s Vinny Lingham joins investment platform’s token sale advisory board

    South African entrepreneur and Civic founder Vinny Lingham will join investment platform BnkToTheFuture's  token sale advisory board. In a press release yesterday, BnkToTheFuture said executives from Civic, Smith + Crown, Abra, BitAngels, and more signing on to help the platform to launch a tokenised secondary market and due diligence platform for equity tokens. BnkToTheFuture’s online investment platform already brings vetted deals to qualifying investors. The platform will now issue its own token, BFT, to support deal flow analysis, due diligence and investor relations on the platform. BFT will be available in a public token sale in February 2018. BnkToTheFuture provides this gap in service, and I’m excited...

  • Wealth Migrate launches pretoken sale to ‘democratise investing’

    South African based global real estate platform Wealth Migrate today launched a token presale for its WealthE coin, as part of its initial coin offering (ICO). Wealth Migrate made the announcement in a press release today. The company plans to launch its public crowdsale (ICO) on 1 February 2018, to raise $30-million in an offering that will allow investors to invest in global property portfolios. Read more: SA’s Wealth Migrate to launch $30m ICO aimed at global property Wealth Migrate claims the ICO will help democratise access to wealth through international commercial and residential real estate ownership -- with the presale launch taking place on the same day in 1791...

  • Slow Bitcoin transaction times mean it won’t replace cash – foundation head

    If you thought Bitcoin will rapidly replace cash, think again, says Bitcoin Foundation executive director Llew Claasen. High transaction fees and long confirmation times from the Blockchain will make it difficult to replace cash with the cryptocurrency, said Claasen, while speaking at a Startup Grind Cape Town event last Thursday. “So you’re kind of looking at between 10 and 30 minutes before the transaction cannot be cancelled or reversed," he pointed out. In addition the Bitcoin network can only handle four transactions per second, versus seven on the Ethereum network and 25 000 on the Visa network. There’s no way to stop Bitcoin and that’s not a bad...

  • Bitcoin price mania being driven by market manipulation – foundation head

    Bitcoin is heading towards a dot.com crash and is being driven by a "mania" and "market manipulation", says Bitcoin Foundation executive director Llew Claasen. "The fact that you have a 30% in value of Bitcoin in one day is dangerous," said Claasen yesterday, commenting on the rise of the price in Bitcoin yesterday (7 December). Speaking at Startup Grind event at Workshop 17 in Cape Town, he said there is strong evidence to suggest that some traders are using what he referred to as "tethers" -- a digital representation of the US dollar -- to push up the price of Bitcoin. Tethers were created by...