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Binance Lists Privacy-Oriented Dapp Platform Dusk Network (DUSK)

Binance Lists Privacy-Oriented Dapp Platform Dusk Network (DUSK)

Binance, the world’s largest crypto exchange, has officially listed Dusk Network (DUSK), a privacy-oriented blockchain protocol that anyone can use to create zero-knowledge dapps, on its main exchange. New Binance listing! Read our in-depth @Binance Research report on @DuskFoundation $ DUSK here:https://t.co/BWguRf9AVG — Binance Research (@BinanceResearch) July 22, 2019 According to the announcement, Binance added the […]
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Tuesday Crypto Market Gainers: AGI, CRO, ARK, LBA, LSK

Tuesday Crypto Market Gainers: AGI, CRO, ARK, LBA, LSK

The mid-day cryptocurrency market update uses data from Messari’s OnChainFX — all market movers are based on the top small, mid and large-cap cryptocurrencies. More about the methodology can be found here. Crypto Market Update: Total Market Cap: $ 273.0 billion (-2.5%) Bitcoin Dominance: 65.4% (-0.4%) Top-20 Cryptocurrencies: Best Performers: Worst Performers:   Never miss our […]
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Chainalysis Becomes Newest Crypto Unicorn After $100M C Funding

Chainalysis Becomes Newest Crypto Unicorn After $100M C Funding

Cryptocurrency crimefighter Chainalysis is set to raise $100 million in a Series C round that values it at $1 billion, Forbes reports on Friday. The private valuation means the NY company finally attains the “unicorn” title nearly six years after the launch of its operations.

Behind the latest cash injection was Addition, a new venture capital firm led by Lee Fixel, a former top investor at Tiger Global Management. Addition, which raised $1.3 billion in June to invest in tech start-ups, was joined by previous investors Accel, Benchmark, and Ribbit.

The new funding comes barely four months after Chainalysis raised an additional $13 million to expand the company’s Series B round to $49 million. 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.

“We think that the timing, the market, and the maturity of the crypto space will offer some consolidation, where there might be some inorganic growth that might be on the table,” says Chainalysis CEO and co-founder Michael Gronager.

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.

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

The blockchain intelligence platform said last month it has grown the number of its customers by 65 percent over a yearly basis thanks to higher demand on its investigative technology from public sector agencies. Without revealing the exact figures, the crypto tracer also stated that it had doubled its quarterly revenues during the July-September period.

US authorities disclosed earlier this year that they leveraged Chainalysis investigative assistance to seize more than $1 billion worth of bitcoin associated with Silk Road, the shady dark web marketplace that it took offline in 2013.

The Department of Justice (DOJ) said it was assisted in seizing the Bitcoins by Chainalysis to identify and investigate the cryptocurrency wallets used in that case. The department estimates that Silk Road generated around 600,000 Bitcoins in commissions for facilitating narcotics sales of illegal drugs, weapons, and other nefarious goods.

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Avatar Social Network IMVU Gets SEC Nod for Token Sale

Avatar Social Network IMVU Gets SEC Nod for Token Sale

The US top regulator today issued a No Action Letter assuring operatives of a cryptocurrency-based startup called IMVU that it will not take an enforcement action against them for selling their digital tokens.

In a statement, the Securities and Exchange Commission (SEC) explained the rationale behind the decision. It basically means that the SEC has recognised that selling IMVU’s VCOIN tokens won’t be considered a security sale, and it therefore does not need to be registered as such.

The no-action letter states that the SEC’s Division of Markets and Trading will not recommend an enforcement action based on a number of assumptions that include, among other things, that the VCOIN tokens will not be traded on secondary markets. The sale also must be subject to know-your-customer and anti-money laundering requirements.

“Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel that VCOIN is not a security, IMVU offers and sells VCOIN, which is transferable both on and off of IMVU’s platform, without registration under Section 5 of the Securities Act and does not register VCOIN as a class of equity securities under Section 12(g) of the Exchange Act. Capitalized terms have the same meanings as defined in your letter,” the watchdog further explains.

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Based in Redwood City, California, IMVU is a 3D avatar-based social networking platform. It allows registered users to customize their characters, connect with friends in 3D chat rooms, and make new ones around the world through shared experiences.  IMVU also hosts a marketplace featuring a catalog of virtual goods made by over 50,000 creators.

Like other social networks, IMVU is aiming to create a crypto-centered media platform and a decentralized ecosystem whereby all participants hold a stake in its growth and thus earn money for their contributions to the network.

Interestingly, the clearance letter includes eight key restrictions related to IMVU offering. Notably, the company has promised not use any funds from token sales to develop its platform, network and applications, each of which will be fully developed and operational before the tokens are sold. Also, IMVU will impose limits on VCOIN purchases, conversions, and transfers and the token holders will be subject to KYC/AML checks.

The conditions, which were presented by IMVU and are not part of any official request by the SEC, also requires the company not to promote listing of tokens on third-party trading platforms.

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