‘Most Ambitious’ Blockchain Startup Since Ethereum Raises $15 Million

By CCN Markets: A blockchain project called Helium has raised $15 million in a round led by enthusiastic technology investors like Multicoin Capital and Google (via venture fund GV). Multicoin wrote a passionate blog post, praising the project as one of the most ambitious crypto ventures since Ethereum itself. Helium reportedly will bring reduced costs to deploying wireless networks, as Multicoin partner Tushar Jain explains:  “The Helium vision is the most ambitious we have seen in the blockchain space since the advent of smart contracts on Ethereum: Helium represents a…

Margin Lenders Lost $13.5 Million in May to Poloniex Crypto Crash

Crypto exchange Poloniex revealed in a post Thursday that lenders in its bitcoin margin lending pool suffered a loss of 1800 BTC — roughly $13.5 million at current market prices — due to a flash crash in the Clams (CLAM) market on May 26. Poloniex’s peer-to-peer margin system includes both lenders and borrowers, the lenders of which are pooled together and rewarded in interest for lending out their funds. In order for a user to borrow the margin funds being lent, he or she must hold a certain amount of…

World’s Biggest Banks Splash $63 million on a Blockchain Digital Currency

By CCN: Some of the world’s biggest banks are partnering with London-based Fnality International to create a blockchain digital currency for faster cross-border transfers. These banks from Japan, Europe, and the United States are hoping that issuing a utility settlement coin (USC) will lower transaction costs of cross-border payments by cutting out intermediaries. Fnality International has received $63.1 million in capital from the 14 participating banks. These banks include Barclays of Europe and the United States’ State Street; Japan’s MUFG Bank and Sumitomo Mitsui Banking Corp as well as UBS…

Collapsed Crypto Exchange Cryptopia Owes Creditors $2.7 Million: Liquidators

The liquidators of failed New Zealand crypto exchange Cryptopia have released their first report on the firm’s financial situation, revealing that it owes over US$2.738 million to creditors. The appointed liquidator Grant Thornton New Zealand published its report Friday, saying that 69 unsecured creditors are owed at least $1.37 million and secured creditors over $912,000, with an expected deficit of $1.63 million. Secured creditors include Dell NZ and Coca Cola Amatil (NZ). Staff at the firm are owed $207,000 for outstanding salaries and holiday pay, as well as $177,000 in unsecured debt. Grant Thornton…

QuadrigaCX Has $21 Million in Assets and Owes $160 Million: EY Report

QuadrigaCX, the Canadian crypto exchange that collapsed after the death of its CEO and founder late last year, has just $21 million in assets, but owes creditors $160 million, its court-appointed monitor and trustee said. The latest report by Ernst and Young (EY), which is dated May 1 but appears to have been published in the last few days, outlines three legal entities affiliated with the exchange – Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd., each of which is presented as its own bankrupt firm. As a…

Techstars-Backed Alkemi Enters DeFi Race With $16 Million Liquidity Pool

A new type of decentralized finance (DeFi) app wants to boost crypto-market liquidity by offering you interest on your coins. Today at the demo day for Techstars’ blockchain cohort, Alkemi CEO Ryan Breen will unveil a crypto liquidity pool deal worth $16 million from industry veterans like Joseph Weinberg, chairman of the data network Shyft, and Alex Friedberg of BXB Capital. Alkemi is looking to create a liquidity system for exchanges by making an accessible honeypot that service providers can dip into when demand increases faster than supply. “It’s solving…

ErisX Launches Crypto Spot Market on Heels of New $20 Million Raise

Aspiring crypto derivatives provider ErisX took one step closer to its ultimate goal Tuesday with the launch of a spot market. The exchange announced that it will immediately support dollar trading pairs with bitcoin, bitcoin cash, litecoin and ethereum, as well as bitcoin trading pairs with the other three cryptocurrencies at launch. While ErisX has a number of firms looking to trade on its platform at launch, it did not disclose any names. Chief strategy officer Matt Trudeau told CoinDesk that, at launch, ErisX’s platform will include both its exchange…

Bitcoin Cash (BCH) Meltdown, down 17.8% Losing $700 million in 3 Days

Bitcoin Cash free fall, down 17.8 percent Hash rate, median transactional value and public addresses dismal Roger Ver is of the view that BCH is a medium of exchange coin, and Bitcoin supporters are lost. However, other statistics reveal that Bitcoin Cash activity is low with a median transactional value of less than one cent. At the same time, the hash rate is flat with dwindling public addresses. Bitcoin Cash Price Analysis Fundamentals On one end, Roger Ver, the main protagonist behind Bitcoin Cash, maintains that BCH supporters never left…

Genesis Lends $425 Million of Crypto in Q1 – and Not Just to Short Sellers

Genesis Global Trading’s cryptocurrency lending arm continues to grow – and diversify beyond short sellers. Announced Thursday, Genesis Global Capital wrote $425 million of crypto loans in the first quarter, bringing its total originations since the business launched in March 2018 to $1.53 billion. Moreover, Genesis’ portfolio of outstanding loans grew 17 percent from the end of last year to $181 million as of March 30. (The average loan is paid off in six weeks, which explains why the amount outstanding at the end of the period is so much…

Bitcoin Bulls Drive $20 Million into New York-based Crypto Trust

The bitcoin price is down over 74 percent from its record peak near $20,000. But that has not deterred institutional investors from strengthening their bullish positions in the market. The sentiment has led the world’s largest crypto asset investment firm to notch a record capital inflow this week. New York-based Greyscale Investments, a division of Digital Currency Group, brought in over $20 million in total investments, according to a statement issued by CEO and Founder Barry Silbert. The said uptick marked Greyscale’s best week since 2017 and pushed the firm’s…