Mutual Fund Giant Bars Employees from Investing in ICOs

Capital Group, an 87-year-old financial services company with $1.7 trillion in assets under management, has barred its associates from investing in initial coin offerings (ICOs). The firm outlined the policy in an updated code of ethics that was filed with the Securities and Exchange Commission (SEC) on April 19. Capital Group’s website includes a previous version of the document, which is dated October 2016 and does not include any mention of ICOs. The updated code of ethics reads: “All associates and immediate family members residing in the same household may not…

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Down Not Out: Revived Tezos Team Predicts Mega-ICO Will Launch In 2018

Don’t call it a comeback. Tezos, the blockchain project backed by the largest ever initial coin offering (ICO) at the time of its 2017 launch, hasn’t exactly been able to translate its hype into success as yet. Hamstrung by series of legal woes, the open-source software, designed for blockchain governance, has spent months ironically held back by real-world challenges similar in spirit to those it was designed to overcome digitally. But after a whirlwind transition at the non-profit that oversees the software, the protocols creators and investors are moving swiftly toward…

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Why ICOs Could Eat Delaware’s Lunch

Andrea Tinianow, Esq. is chief innovation officer at Global Kompass Strategies and was, until January, head of the Delaware Blockchain Initiative. David Adlerstein is a corporate attorney at Wachtell, Lipton, Rosen & Katz.   The views expressed in this article are solely those of the authors. Over many decades, the State of Delaware has established a preeminent position as the jurisdiction of choice for businesses to organize, ranging from S&P 500 companies (a majority of which are incorporated in Delaware) to countless startups and LLCs.   This is not by…

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Rappers, Ravens and Lord of the Rings: In Crypto Coin Game, ‘Dope’ Names Pay

In the Lord of the Rings trilogy, “mithril” is a rare, indestructible metal whose beauty never tarnishes; in the real world, however, it’s the name of three different blockchain projects, all of which are trying to score pop culture points with investors. It’s of little surprise that the name has proven so hot in the crypto world – “Lord of the Rings” is, after all, the geek culture equivalent to Shakespeare, and there’s no lack of geeks in the cryptocurrency community. Indeed, cryptocurrency projects of all kinds are branding themselves…

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$6.3 Billion: 2018 ICO Funding Has Passed 2017’s Total

Initial coin offerings (ICOs) raised more money in the first three months of 2018 than the whole of 2017, according to data collected by CoinDesk. At $6.3 billion, ICO funding in the first quarter is now 118 percent of the total for 2017, a figure that might go a long way toward undermining a common perception that the controversial fundraising method will soon be extinct. Still, the data perhaps tells a more nuanced story of growth. For instance, both the size of the average funding round and the rate of…

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Sharing Economy Startup Origin Raises $28 Million in SAFT Sale

Origin, the startup behind a platform for peer-to-peer services, has raised $28.5 million through a Simple Agreement for Future Tokens (SAFT) sale. The funding was revealed in a Form D filing published Tuesday by the U.S. Securities and Exchange Commission. Per the document, 190 investors took part in the sale, which occurred between January and April of this year. All were accredited investors, according to the filing, and a spokesperson for the startup confirmed the funding amount when reached. As CoinDesk reported in December, the startup sold $3 million worth of…

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Bain, Lightspeed Back First ICO With $133 Million Basis Funding

It turns out investors are interested in central banking alternatives. Announced Wednesday, Basis (formerly known as Basecoin) has raised $133 million (most of which was reported last week in an SEC filing) in an initial coin offering (ICO), a round that featured an all-star cast of investors originally first revealed by CoinDesk back in October. But if that funding round sounds big, so too are the project’s ambitions with Basis seeking to offer a so-called “stablecoin,” or cryptocurrency that would maintain a stable price in what has proven to be one of the…

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Cambridge Analytica Planned ICO Before Facebook Controversy: Reports

Cambridge Analytica, the firm that faced much criticism over its misuse of Facebook user data, had reportedly planned to organize its own initial coin offering (ICO) before the news broke. According to a Reuters report citing anonymous sources on Thursday, Cambridge Analytica was originally expecting to raise around $30 million via the launch of its own cryptocurrency and had reached out to a firm that advises on how to structure such schemes. While it remains unclear at the moment whether the ICO will go ahead after the Facebook controversy, the…

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The Seven Pillars of ICO Investing

Tim Enneking is managing director at Crypto Asset Management. Robert Brauer and Andrew Kang are members of the Crypto Asset Management ICO Analysis team. The number of initial coin offerings (ICOs) is growing rapidly, having raised an astounding $5.6 billion in 2017 alone. More outrageous is that, by most estimates, over half of the ICOs launched in 2017 have already failed. In addition to the hundreds of ICOs being launched every month, our management company Crypto Asset Management (CAM), also receives around a dozen emails per day from new companies planning on…

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Mayor of Cash-Strapped Louisiana City Pitches ICO

Joel Robideaux, the mayor-president of the Louisiana city and parish of Lafayette, urged local residents on Thursday to consider launching an initial coin offering (ICO). Lafayette parish is in dire financial straits, officials say. A presentation given by the town in March stressed that property tax revenues are insufficient and that a fund used to finance operations is running dry. The measures put forward to address the situation included raising taxes, eliminating the parks department and annexing unincorporated land. According to local reports, Robideaux favors a less conventional solution: create a cryptocurrency…

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