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All posts tagged "Bitcoin"

  • Q&A: No plans for Bank Zero to use blockchain, bitcoin says Michael Jordaan

    Venture capitalist and former FNB CEO Michael Jordaan says his new app-based Bank Zero won't be accepting bitcoin or Ethereum when the bank launches later this year. It follows Jordaan's announcement yesterday that Bank Zero is expected to launch in the final quarter of this year. Read more: Michael Jordaan blown away by all the good wishes on app-based Bank Zero "Not at (the) launch but this could happen if there is customer demand," Jordaan told Ventureburn in an email today. When asked if the bank will make use of the blockhain, he said he and his six fellow founders were not considering this at this...

  • A look at 2017: the year that was for South Africa’s tech startup ecosystem

    This year saw one of the biggest acquisitions of a South African startup - with the over $100-million GetSmarter deal. A chance meeting with 2U CEO Chip Paucek in October last year set the Cape Town based edtech startup on the road to being acquired by the US firm in a $103-million deal signed in May, but only concluded in October. But 2017 was also a year in which two new major acceleration programmes launched on the continent. Global accelerator Startupbootcamp launched a three-month programme in Cape Town in September -- the organisation's first such initiative in Africa. The inaugural programme helped bridge the gap between corporates and startups, with the initiative's first...

  • Top startup events in South Africa, Africa you should know about this week [18/12/2017]

    Looking to get into the South African startup scene or catch up on some of your skills? Well, you’ve come to the right place. There are loads of competitions, networking sessions and workshops happening around South Africa and the rest of the continent (namely Kenya, Nigeria and Ghana) that we’ve rounded up to make your life a bit easier. This article is part of a weekly series that highlights all the top startup competitions, networking sessions, workshops and conferences around South Africa, and the greater region. If you have any event recommendations for us to add to the list, or...

  • 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...

  • 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...

  • Top startup events in South Africa, Africa you should know about this week [04/12/2017]

    Looking to get into the South African startup scene or catch up on some of your skills? Well, you’ve come to the right place. There are loads of competitions, networking sessions and workshops happening around South Africa and the rest of the continent (namely Kenya, Nigeria and Ghana) that we’ve rounded up to make your life a bit easier. This article is part of a weekly series that highlights all the top startup competitions, networking sessions, workshops and conferences around South Africa, and the greater region. If you have any event recommendations for us to add to the list, or...

  • 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...