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Chainalysis Expands Series B Funding With a Further $13M Funding

Chainalysis Expands Series B Funding With a Further $13M Funding

Blockchain intelligence platform Chainalysis has raised an additional $13 million to expand the company’s Series B round to $49 million. Behind the latest cash injection were Ribbit Capital and Sound Ventures.

Chainalysis has initially nabbed a $30 million investment in February 2019, led by venture firm Accel, a growth-stage venture capital firm, then raised a further $6 million from two major Japanese investors in April.

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The 75-person startup, which has offices in New York, Washington DC, and Copenhagen, provides financial institutions, cryptocurrency exchanges and law enforcement with a platform to detect and investigate cryptocurrency money laundering, fraud, and compliance violations.

Chainalysis is also selling its bitcoin-tracing technology and compliance software to banks and brokers to monitor and link digital identities to cryptocurrencies.

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The fund injection will be used to expand the startup’s operations including doubling down on its head count with the addition of software engineers, government sales, and other business roles.

“Chainalysis has done terrific work providing blockchain analysis and tools to financial institutions, government agencies, and exchanges, while working to track, analyze, and disrupt illicit activity,” said Sigal Mandelker, General Partner at Ribbit Capita who alo joins Chainalysis as an advisor.

The New York-based firm is best known for its Chainalysis KYT solution for token issuers which helps them comply with regulatory requirements across different jurisdictions. Founded in 2014 by Jonathan Levin, Jan Moller, and Michael Gronager, Chainalysis invests across Bitcoin, Bitcoin Cash, Ether, Litecoin, and other top cryptocurrencies.

Chainalysis’ compliance software can help both crypto firms and law enforcement agencies detect suspicious activity in order to battle any related criminal activity. It uses pattern recognition, algorithms, and millions of open source references to “identify and categorize thousands of cryptocurrency services to raise live alerts on transactions involved in suspicious activity,” the company says.

“Chainalysis is founded on the belief that providing data insights into cryptocurrency activity will unite government agencies, exchanges, and financial institutions to fuel the industry’s growth. Ribbit Capital’s deep fintech, cryptocurrency, and government experience and Sound Venture’s commitment to creating safer digital environments through enterprise software make them natural partners as we continue our high-growth trajectory and global expansion,” said Michael Gronager, CEO and Co-Founder of Chainalysis.

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XRP Price Analysis for June 26th – XRP Keeps Looking For A Foothold

XRP Price Analysis for June 26th – XRP Keeps Looking For A Foothold

By Dmitriy Gurkovskiy, author at RoboForex Blog

On Friday, June 26th, the XRP positions remain weak. The cryptocurrency is generally trading at 0.1818 USD, and the attempts of bounces look too timid to turn out productive.

On D1, XRP/USD keeps forming a downtrend. After a bounce off 32.8% Fibo, the quotations are heading for 23.6%, which currently may indicate further declining. If this level is broken away, the pair has all chance to reach the next level of 0.0%. The only possible growth is a minor correction inside the descending channel. The MACD histogram is below zero, while the signal lines have formed a Golden Cross, giving an additional signal of a further decline. The aim of falling is 0.1455 USD.

XRP/USD chart D1

XRP/USD chart D1

On H4, the pair keeps declining inside the descending channel. It is currently testing 0.0% Fibo. If the quotations break this level away, this will mean a further decline. The Stochastic is forming a Golden Cross, which may predict a minor correction in the overall decline. The aim of the pullback will be 23.6% Fibo.

XRP/USD chart H4

XRP/USD chart H4

The USA desperately needs to sort out the regulations for cryptocurrencies and blockchain, as well as accompanying technology, otherwise, the States will face a disaster. At least, this is the opinion of Chris Larsen, the co-founder of Ripple. According to him, decentralization and the developments based on it are already becoming the locomotive of the world’s financial system, and in the future, the trend will become global. It would be unwise to stay away from such a massive process.

Several years have passed since the overall agitation and noise around cryptocurrencies, and the USA has already lost a lot of time. By Larsen, the country needs to create the infrastructure and the blockchain industry to be able to compete with China. We must give credit to the latter country as it has reached a lot in the sphere of blockchain.

Such commentaries are likely to have been caused by Jerome Powell’s presumption that the US dollar might lose its status of the global reserve currency. The connection might be as follows: the positions of the dollar as the global protective currency may be supported by developing blockchain and creating a virtual analog of the dollar, which will be then promoted globally. Such a plan might open a lot of doors, including for the XRP.

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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SEC Green Lights Arca’s Ethereum-Based Investment Fund

SEC Green Lights Arca’s Ethereum-Based Investment Fund

Arca, an institutional asset manager, has received the US Securities and Exchange Commission’s (SEC) approval for the launch of a blockchain transferred fund.

Announced on Monday, the fund called Arca US Treasury Fund is an SEC-registered closed-end in nature and is already open to investors. Its digital securities as ArCoin can be traded on the top of Ethereum blockchain.

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“Our announcement today is a ground-breaking and transformative step toward the unification of traditional finance with digital asset investing as this new category of regulated, digital investment products is made available to investors,” Rayne Steinberg, chief executive officer of Arca, said.

The fund is investing 80 percent of its portfolio assets in interest-bearing, short-duration, US treasury bonds and notes.

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The first registered investment fund based on blockchain

The fund manager also highlights that it is the first fund with a representation with cryptographic tokens approved under the Investment Company Act of 1940. This is the result of the effort of 20 months since when Arca was pushing some variation of the fund for approval.

Being a registered fund, it will offer daily net-asset-value reporting, bankruptcy protections, periodic audited financial statements, and assets held in a statutory trust overseen by an independent board of trustees.

The development of ArCoin was carried out by the Arca Labs. Built on the Ethereum blockchain, ArCoin follows ERC-1404 standard. The protocol might also helped Arca to gain approval as, unlike ERC-20, ERC-1404 restricts where holders can send a token to a collection of whitelisted addresses.

“The digital assets ecosystem is a rapidly growing and evolving industry. We are establishing Arca Labs at the forefront of this industry to innovate digital investment products that provide regulatory oversight and transparency, along with daily valuation, that investors look for in their traditional core investment holdings,” Jerald David, president of Arca Capital Management, added.

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Kraken Subsidiary Gets FCA Green Light for First Crypto-Focused MTF

Kraken Subsidiary Gets FCA Green Light for First Crypto-Focused MTF

Crypto Facilities, a British trading firm that specializes in derivatives, has received authorisation from the UK Financial Conduct Authority to operate a multilateral trading facility (MTF).

Obtaining an MTF license will allow the Kraken-owned firm to expand in ways that more closely resemble a traditional exchange, integrating multiple third-party buyers and sellers. Specifically, the FCA’s coveted approval allows Crypto Facilities to expand its product range and serve institutional clients who are mandated to trade on licensed platforms.

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This new offering will adhere to Crypto Facilities’ professional standards in terms of regulatory compliance, secure asset custody and counterparty credit risk management. Additionally, the MTF status means the company has the legal ability to perform such an offering and offers leveraged, cash-settled futures contracts or similar derivatives referencing cryptocurrencies.

“Crypto Facilities has pioneered cryptocurrency derivatives since 2015. We are proud to now become the first licensed cryptocurrency derivatives exchange outside of the US.” said Timo Schlaefer, CEO of Crypto Facilities.

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The new approval mirrors similar regulatory permissions in the Europe and allows the company to provide its services throughout the EU from London, operating under a MiFID II passport.

Crypto Facilities is a London-based financial services firm that provides FCA-regulated risk management and trading solutions for digital assets. It was acquired by Kraken last year in a deal that valued the company in the nine figure range. At the time, Kraken said the takeover enables its eligible clients to gain access to futures on six cryptocurrency pairs, providing a unique instrument to trade and hedge cryptocurrencies.

The UK registered startup is currently focused on providing its services in Europe, Latin America and Asia with U.S. availability on the roadmap after its buyout.

“This particular license means that a sophisticated class of investors, limited by their own requirements to interface with a regulated venue such as an MTF, will now have access to crypto derivatives in Europe for the first time. More participants means more liquidity and a better experience for everyone,” said Jesse Powell, CEO and Cofounder of Kraken.

Other crypto startups are also actively pursuing a Multilateral Trading Facility (MTF) license, including Smartlands Platform, which uses Stellar blockchain technology to digitize stocks and equities for participating projects. If approved, this will allow the company and a consortium of partners to safeguard customers securities, transaction settlements, distribute dividends and interest payments, and oversee foreign exchange operations.

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Expedia Taps Travala.com to Accept Crypto Payments

Expedia Taps Travala.com to Accept Crypto Payments

Travala.com, a Binance-backed online travel agency, has inked a deal with Expedia, allowing the travel giants customers to book over 700,000 listed accommodations using cryptocurrencies.

Announced on Monday, the collaboration between the two companies was made under Expedia Group Partner Services (EPS) that allows Travala.com to connect using a Rapid application program interface (API).

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This opened up a massive market for the cryptocurrency adoption as Expedia lists around 70,000 accommodations with over 2 million options available in 230 countries.

According to Expedia Group’s senior vice president Alfonso Paredes, this integration will help the Australian crypto startup to scale up its business faster than it did before. He also stressed that the partnership was the result of Expedia’s attempt to offer its customers more innovative payment options.

Notably, in 2018, Expedia decided to take Bitcoin payments for its bookings, but the plan was later shelved.

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Travala.com offers payment options with more than 30 digital currencies including Bitcoin.

Juan Otero, the CEO of Travala, also pointed out that it is difficult to integrate crypto payments option on Expedia, given the complexity of its existing infrastructure.

“Travala is one of the very few projects in the crypto space that is bridging the gap to traditional multinationals in a huge way,” Otero added.

The push to bring crypto in the mainstream

Founded in 2017, Travala also partnered with other travel portals to bring crypto payment options on them. Last November, the startup partnered with Booking.com, another big accommodations booking platform with over 90,000 listings, facilitating crypto payments. With that, the company saw a revenue rise of 33 percent.

Travala.com also merged its platform with TravelByBit, a crypto-based flight booking platform, offering a wider range of services to its customers.

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HashPort Taps Tokensoft to Expand into Japanese STO Market

HashPort Taps Tokensoft to Expand into Japanese STO Market

HashPort, a Japanese blockchain application company, has announced on Friday its strategic partnership with Tokensoft to expand into the security token market in Japan.

The US-based company provides services to issuers of private or public offerings seeking to issue and manage securities on the blockchain, and provide secondary liquidity options to the investors.

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The partnership will bring security token infrastructure in the Japanese market that services enterprises, asset managers, and financial institutions.

Commenting on the partnership, HashPort founder Seihaku Yoshida said: “In the Japanese security token market, which is expected to grow rapidly in the future, The Tokensoft-HashPort Alliance will provide highly secure security token solutions optimized to Japanese laws and regulations with world-class experiences and reliability. We will make every effort to develop security token market blooming in Japan with our Partnership.”

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STO – the new trend in blockchain?

Tokensoft is becoming a major player in the security token market. Earlier this year, the company joined Blockchain Association, the first US-based cryptocurrency lobbying group.

The platform also partnered with companies like SEBA to facilitate tokenization services to their clients. As mentioned in the announcement, Tokensoft processed investors in over 50 countries and Tokensoft customers have raised or managed over $1 billion.

Last year, many Japanese giants also formed a self-regulatory body to oversee the growing STO market.

“The Japanese market continues to hold a high bar with respect to regulatory compliance and cybersecurity,” Mason Borda, chief executive officer at Tokensoft, added. “Our technology has brought to market the first cold storage, multi-signature solution for the administration of security tokens and continues to serve the highest value assets in the security token market. This strategic partnership brings our commitment to cybersecurity and regulatory compliance in security tokens to the Japanese market.”

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