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Cryptocurrency

  • 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...

  • SA’s Wealth Migrate to launch $30m ICO aimed at global property

    South African based global real estate platform Wealth Migrate plans to run an initial coin offering (ICO) early next year, to raise $30-million in an offering that will allow investors to invest in global property portfolios. Speaking to Ventureburn yesterday, the company's founder and CEO Scott Picken said the ICO will allow investors to build "real wealth". "People are getting tired of ICOs with wasteful dreams and want it (the tokens) to backed by something tangible," he said. Picken wasn't able to confirm a date when the ICO will open to investors, but was able to say that the ICO will be run through a...

  • SA entrepreneur Vinny Lingham joins US cryptofund Multicoin Capital as partner

    South African entrepreneur Vinny Lingham has joined US cryptofund Multicoin Capital as a general partner. The fund, which invests in blockchain tokens, made the announcement yesterday. The company said the announcement closely follows the official launch of a planned $100-million fund, and the addition of Brian Smith as Chief Financial Officer in September. "Vinny Lingham is a South African entrepreneur and the co-founder and CEO of Civic, a global decentralised identity platform that leverages blockchain technology and recently completed a $33-million token sale. "Lingham is also the co-founder of Silicon Cape, an NGO based in South Africa, and is a prominent investor. He is...

  • Q&A: So you want to run an ICO? Just make sure you have a cool R1m at hand

    Okay, so you want to raise millions of dollars through an initial coin offering (ICO)? It seems easy enough, with literally thousands of ICOs being run each month. Not quite, says Llew Morkel. His startup Prosperiprop may have raised "over $200 000" in an ICO which closed last week (30 November), but it didn't come easy. "An ICO can set you back R1-million before you have sold a single token. And there is no guarantee of success," says Morkel. In a wide ranging Q&A with Ventureburn, Morkel outlines what South African entrepreneurs specifically (but not exclusively) should know about in preparing to run an...

  • Is SA startup Nona Creative really first to conclude equity transaction in Bitcoin?

    Cape Town digital consultancy and product development firm Nona Creative has conducted an equity deal entirely in Bitcoin. But is it really the first such deal, as a press release by the company suggests? The startup, which was founded in 2012, announced today that it had bought out a significant shareholder. Nona Creative CEO and co-founder Mike Scott would not name the amount of the deal and the shareholder that the startup bought out, citing "privacy* concerns". He was however able to say that the shareholder the company bought out was one of the co-founders of the startup. Scott added that the company had five co-founders. In earlier press...

  • Fintech Prosperiprop nets over $200 000 in ICO to develop property software

    South African fintech startup Prosperiprop has been able to raise "just over $200 000" through an initial coin offering (ICO) which closed yesterday, the startup's founder Llew Morkel said today. Prosperiprop launched the ICO earlier this year to raise funds from investors to develop software that will help financial institutions to offer property investment products via the Blockchain. Read more: SA’s Prosperiprop responds to poorly performing ICO, adding PROPX NanoChain Responding in an email to Ventureburn, Morkel said the company was able to sell over 600 000 PROPX tokens through the ICO. The ICO, he said, had helped raise "more than enough" money to fund the development...

  • SA’s Ekasi Bucks ICO falls short of R50m target, nets just R500 000

    South African blockchain consultancy Ekasi Bucks has fallen far short of an ambitious target to raise R50-million in an initial coin offering (ICO) to fund a Blockchain-based rewards programme for township residents that buy from certain affiliated township businesses. Ekasi Bucks' ICO, which kicked off on 25 September, came to an end yesterday. The platform raised just R500 000, the site's co-founder Lucky Kgwadi said today. He however said most of the R500 000 -- which had come from US -- was returned to investors. The platform has retained only about R100 000, netted from non-US citizens -- including investors from India. The R100 000 has none the less allowed the...

  • Everything you need to know about the South African cryptocurrency ecosystem

    A day doesn’t pass without news on the price of Bitcoin, the latest initial coin offering (ICO) or the launch of a new cryptocurrency. With the increasing interest in cryptocurrencies Ventureburn brings you a listing on where to go to get help if you want to invest in, build or simply know more about cryptocurrency in South Africa. While South Africa does not currently regulate cryptocurrencies, the Reserve Bank’s position on virtual currencies is set out in the Position Paper on Virtual Currencies issued in 2014. The bank also recently established a dedicated fintech programme to increase focus and assist the existing working groups...

  • Nigerian fashion designer Minku to raise $200 000 in funding with bitcoin

    Nigerian fashion designer Minku has announced that it is seeking to raise $200 000 in bitcoin through a seed round. The round won't be an ICO at all, however, the startup's founder Kunmi Otitoju said. "We are planning a traditional seed round raise, where primarily bitcoin investment will be accepted. In exchange for bitcoin, an investor will receive company shares," Otitoju told Ventureburn yesterday in an email. In an earlier email Minku said the proceeds from the round will be used to develop a follow-up to Minku's first men's clothing collection, which was released in September. The company began as a leather goods maker in 2011. Minku...

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