Ethereum-Powered Insurer Nexus Is Winning Over Blockchain Skeptics

“My premise is that you can use blockchain to essentially trust people you don’t know – you trust the code.” While that statement by Hugh Karp may sound like a standard line in crypto-land, his startup, Nexus Mutual, is actually building a product for those who don’t trust the code. Or, at least, don’t trust it completely. With Nexus, Karp is trying to revive mutual insurance, a model that dates back to the 17th century and, many argue, aligned the interests of participants better than today’s profit-maximizing insurance firms. Nexus…

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Wealth Manager Canaccord: Bitcoin ETF Approval More Likely in 2019

The latest crypto-market report from wealth managing firm Canaccord Genuity posits that a long-awaited approval on a bitcoin exchange-traded fund (ETF) likely won’t come until 2019. In their quarterly update on cryptocurrencies, Canaccord Genuity, Canada’s largest independent investment dealer in Canada, dives into a range of topics, including the topic of security tokens and recent developments in cryptocurrency spot prices. Yet it also hones in on the popular topic of the bitcoin ETF, which the crypto-community has viewed with renewed fervor following a proposed rule change by CBOE, which is…

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Tickets Now On Sale for San Francisco’s First ‘Blockchain Music Festival’

Tickets for the first music festival set to be powered by blockchain technology are now on sale. Scheduled for this fall, the Our Music Festival is launching its own virtual currency — the OMF token — at its inaugural event in San Francisco’s Civic Center Plaza. It will be the first musical entertainment experience to process booking fees on a live blockchain application. The festival plans to develop on the ethereum network and hopes the event will appeal to the city’s tech crowd. Pre-sale tickets start at $25 and can…

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‘Keep NEO One!’ Investors Protest a Proposal to Make Crypto Coins Divisible

Tokens on the blockchain protocol neo may be indivisible – but it’s becoming apparent that its community is not. Perhaps ironically, it’s the very notion of indivisibility that has proved contentious to the coin’s investors and users in recent weeks. More specifically, a Github proposal to change the structure of the NEO token – one of two tokens native to the network (GAS is the second) – has the project’s token holders up in arms. Authored by neo co-founder Erik Zhang, the post ideates a new economic model for the upcoming…

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Wikipedia Has ‘Zero Interest’ in ICO, Says Jimmy Wales

Wikipedia founder Jimmy Wales has said the not-for-profit online encyclopedia platform will “never” hold an ICO or issue its own cryptocurrency. Speaking to Business Insider after giving a speech at a recent blockchain event in Berlin, Wales told the news source: “We are absolutely never going to do that. Zero interest.” Wales who has been skeptical in the past about cryptocurrencies and blockchain, has notably said in the past that many ICOs are “absolute scams” and that they offer”nothing of value.” Wales was speaking at the Berlin event largely because “People pay me to give…

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Draper Dragon Backs $20 Million Raise for Alibaba Vets’ Blockchain Startup

A public blockchain project founded by the former head of Alibaba’s blockchain team has raised over $20 million from institutional investors in a combined token and equity sale. Called Ultrain, the startup announced Monday that leading investors in the round included token funds, such as Draper Dragon, FBG Capital, DanHua VC and Arrington XRP Capital, as well as blockchain industry startups, such as crypto wallet Bixin and exchange OKCoin. Traditional VC funds including Morningside Capital and Ceyuan Capital also participated. Launched in October 2017, Ultrain was created by a group of former…

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A Small Crypto Coin Is Making Big Claims About a Private Proof-of-Stake

If any coin is going to fly under the radar, it makes sense for a privacy coin to do so. Spectre (not be confused with a separate project called SPECTRE), created two crypto tokens – the aptly named spectre token and the xspec token – in 2016, but hasn’t received much notice from the crypto community so far. Sure enough, its tokens rank in the 500s according to data provider CoinMarketCap, with a total market capitalization of $5.7 million – paltry by many crypto standards. But that might soon change, as…

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US Chamber of Commerce Calls for SEC, CFTC Clarity on ICOs

The U.S. Chamber of Commerce is interested in initial coin offerings as a way for companies to tap capital – but only if they’re regulated, that is. The influential business lobbying group launched its FinTech Innovation Initiative last Wednesday, highlighting development in cryptocurrencies and token sales as one of its eight “FinTech principles” aimed at “bridging the gap between technology and [Washington] D.C.” The organization specifically called for increased guidance on token sales, including how to determine whether a token is a security “so companies can have more predictability and…

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Wanchain’s Bridge to the Ethereum Blockchain Is Now Open

Amber Baldet, former JPMorgan blockchain program lead (and current CEO of Clovyr), has expressed her doubts about the proliferation of blockchain protocols: “Each of these blockchains speaks a different language,” she said in April. Getting different blockchains to talk to one another has become a pressing issue, as more and more protocols pop up – eos, tezos, neo, cardano, not to mention the two incumbent giants, bitcoin and ethereum. The growing interoperability problem may be meeting its match, however. On Monday, the Beijing- and Austin-based startup Wanchain announced the live release…

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An $8 Million ICO Ran Out of Tokens. What’s Next Is Anyone’s Guess

“Scarcity” may be a crypto buzzword, but “shortage” has hardly made the footnotes – until now. In early July, the developers behind U Network, a blockchain publishing protocol valued at around $8 million, abruptly announced that it had run out of its reserve of UUU crypto tokens, and that it planned to buy back some of the supply it distributed to early investors through its airdrop in February. At the start of the project, U Network established a 10 billion UUU cap on its token supply (worth approximately $15.6 million), setting aside…

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