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Cryptocurrency

  • Ex-Visa man, Vio Digital founder plans US move if remittances app takes off

    Johanneburg-based Praga Govender, the man behind a new blockchain app aimed at lowering the cost of remittance payments to Africa, says he plans to relocate to the US should his fintech Vio Digital take off. Govender, a former Visa products manager, founded the startup in January. While the app is currently available for download on the Google Play Store, it is expected to launch first in four countries -- Nigeria, Ghana, Kenya and Cameroon -- in May, before further countries are added While he is currently working from his home in Bryanstan, Johannesburg, Govender says should the company take off he may consider moving to...

  • Krypteum ICO for ‘world’s first AI investment cryptocurrency’ nets just $1m

    SA startup Krypteum has raised $1-million in an initial coin offering (ICO) which ended last month and that aims to develop what it claims is the world’s first artificial intelligence (AI) powered investment cryptocurrency. However, the amount is far less than the $4-million Krypteum hoped to raise, its founder Priven Reddy said today. The month-long ICO for Durban-based Krypteum ended on 31 March and the startup made available 400 000 tokens -- which in its white paper is valued at $112 each. Reddy, who is also the CEO of SA mobile app development group Kagiso Interactive which owns Krypteum, told Ventureburn today in a call from Paris that...

  • Bitcoin, blockchain rules must evolve as sector matures – cryptocurrency expert

    Regulations around initial coin offerings (ICOs) and cryptocurrencies including Bitcoin should be flexible enough to enable them to be regularly updated as regulators gain a better understanding for the sector. So says cryptocurrency expert David Orban. Regulations on cryptocurrencies and ICOs differ from country to country, with some like Korea and China having banned ICOs and others such as Russia and France planning to bring out regulations on cryptocurrency (see this Bloomberg story published yesterday). Bitcoin and other tokens are not regulated in South Africa. Speaking by telephone from an event held today the Cape Town International Convention Centre (CTICC) by SA fintech startup...

  • Gron Digital raises $1.2m in pre-sale, launches first of four ICO rounds

    "Fantastic" -- that is how Gron Digital CEO Tebogo Makamo describes the performance of his startup's pre-initial coin offering (pre-ICO), in which the company was able to raise $1.2-million from 1768 contributors. The first round of the ICO kicked off yesterday (15 March). Gron Digital, through its blockchain platform, aims to become an industry standard in making the gambling sector more transparent. The startup launched its  pre-ICO in January and was able to reach its soft cap of 1200 Ethereum coins. The startup plans to run four ICO rounds, with the first to run from 15 to 29 March. The second round will kick off on 29...

  • Wealth Migrate delays real estate ICO ‘to ensure all ducks are in a row’

    Global real estate platform Wealth Migrate has opted to delay the launch of the company's first initial coin offering (ICO) by three weeks to ensure that the company abides by all the necessary financial regulations, says the company's CEO Scott Picken. Commenting via email to Ventureburn yesterday on why the South African company did not launch the ICO for its WealthE token yesterday (14 March) as expected, Picken (pictured above) said the crowd sale is now planned to kick off on 4 April. He added that the token’s presale is currently underway through a manual process and that so far $2.5-million has been raised...

  • Luno still working with Malaysian bank to get account open again, resume trading

    SA bitcoin exchange Luno is still working with bank authorities in Malaysia to get its bank account there up and running again, after the country's tax authority last month took the decision to unfreeze its account the company's bank account. The tax authority in January froze the startup's Malaysia bank account with Maybank, after it launched a probe into the cryptocurrency company's activities in Malaysia. The account has since been unfrozen, but Maybank has yet to reopen it, so that Luno can begin trading bitcoin again in Malaysia. Read more: SA startup Luno’s Malaysian bank account still frozen as tax probe continues Responding to Ventureburn...

  • Wealth Migrate set to launch public sale of WealthE coin on 14 March

    Global real estate platform Wealth Migrate is set to launch the public sale of its WealthE coin on 14 March. The South African company launched a token presale of WealthE in December 2017. Read more: Wealth Migrate launches pretoken sale to ‘democratise investing’ "We are in the process of finalising our presale in order to ensure that we have all the safety precautions in place in terms of security for contributors and plan to launch the public sale portion of the token sale on March 14th," Wealth Migrate CEO Scott Picken told Ventureburn in an email. "As you have published before, ensuring that...

  • Blockchain surveillance startup Faceter claims to raise $10m in 20 seconds

    In what could be South Africa's fastest and most successful token presale, Johannesburg-based blockchain surveillance startup Faceter claims it raised over US$10-million in 20 seconds during a sale held on Monday. Speaking in a video posted on the company's Twitter account yesterday, Faceter CEO and co-founder Robert Pothier announced the outcome of the presale and added that he "believed in the project being spread around the world". The token presale was conducted on a whitelist basis, after a process that saw over 8 000 applicants from 152 countries apply to take part in the presale, the company claimed. Faceter develops smart video surveillance solutions with...

  • SA bitcoin wallet provider Centbee announces funding from nChain Group

    SA bitcoin wallet provider Centbee has announced that it has received an equity investment from blockchain research and development firm nChain Group. The announcement was made by the nChain Group in a press release yesterday. Centbee makes it easy for a global consumers to acquire, hold and spend Bitcoin with retailers and other merchants. The funding deal was made through the nChain Group’s investment entity, nChain Reaction Ltd. When contacted via email Centbee co-founder Lorien Gamaroff  did not want to disclose details of the amount of funding or stake that nChain Reaction has taken in the startup. "I can't say much other than nChain is the only investor...

  • SA Reserve Bank expects clarity on sandboxes, taxing bitcoin by middle 2018

    The SA Reserve Bank says it is still reviewing its position on cryptocurrrency and sandboxes, and anticipates that it will be in a better place to comment on this by the middle of this year. While the Reserve Bank’s current position on virtual currencies is set out in the Position Paper on Virtual Currencies issued in 2014, Ventureburn this week asked the Reserve Bank whether it would be allowing sandboxes for testing of blockchain and bitcoin applications. While at present coin exchanges are required to report cryptocurrency transactions to the Reserve Bank, Ventureburn asked the Reserve Bank if it had taken a decision on implementing any further...

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