Technology will shape financial services
Financial advisers must challenge themselves to see where technology can add value to their business models if they wish to remain relevant in the coming years. That was the key theme of a presentation delivered by futurist Chris Riddell at the 2017 Association of Financial Advisers National Adviser Conference which started on Wednesday at the Gold Coast. The rise of new technologies creating business efficiencies, particularly the significant potential offered by deploying blockchain, will be the biggest influencers on financial services over the next decade and those that don’t adopt will be left behind, Riddell said. While Riddell doesn’t think crypto-currencies will have any major impact on the financial services […]
From UNSW to Silicon Valley: young entrepreneur attracts major funding
One UNSW student’s experience with a startup company illustrates the unpredictable nature of entrepreneurship and the value of programs like UNSW Startup Launch. Last year, UNSW Sydney Computer Science and Engineering student Stefan Qin was accepted into the University’s Startup Launch pre-accelerator program for high-potential founders with innovative startup ideas. His start-up, Dime, went on to win first prize at a Startup Launch pitch night, with a concept that used blockchain technology to significantly reduce the cost and time delay of foreign exchange transactions. Now, the 20-year-old has closed a $US3.18 million funding round for his new business, Virgil Capital, a global venture in cryptocurrency trading and investment management in […]
Stone & Chalk leads FinTech Hub
FinTech Victoria’s former founding CEO, Alan Tsen, is spearheading the operations of the new hub, which will provide free office and in-kind support for start-ups in the finance and technology industries. Stone & Chalk says the first phase of the hub will link start-ups to the national and international marketplace, offer mentorship, talent and investment across Melbourne and Sydney. Stone & Chalk has corporate partners including ANZ, NAB, Findex, Genworth and Liberty Financial. Mr Tsen said the hub would be a helpful boost for start-ups to tap into the national and global FinTech space. “Melbourne FinTechs have found it hard to access affordable space, as well as mentorship, talent, business […]
So what is an initial coin offering (ICO)?
An initial coin offering (ICO) is a concept that has been getting increased airplay in recent times, with estimates that more than $1 billion has been raised globally via ICOs. With some key decisions being made by regulators globally (including the US and China) – and with guidance from ASIC released last week – we thought it timely to provide an overview on the concept. So what is an ICO? ICOs generally operate as a blockchain-based funding process, allowing investors to use cryptocurrency (such as bitcoin or ether) to purchase coins or tokens relating to a specific product or project via the internet for a set period of time. The […]
DigitalX advises Power Ledger on Australia’s first Initial Coin Offering (ICO)
DigitalX Ltd advises that it has been engaged as an advisor to Blockchain energy trading company Power Ledger for its Initial Coin Offering (ICO). Following a pre-ICO or “Token Generation Event”, in which Power Ledger raised the equivalent of AUD$17 million of digital currency, Power Ledger is offering 140 million POWR tokens as part of the main sale. POWR tokens will effectively be auctioned to the public, generating interest from solar developers, renewable energy projects, retail investors and speculators. “DigitalX is quickly becoming a market leader for ICO advisory services and we are pleased to be able to work in a strategic role to the Power Ledger project. “Power Ledger […]
What is Bitcoin, and how does it work?
If you find the concept of Bitcoin confusing, you are not alone. The virtual currency has been a constant source of controversy, but it is still not well understood. On Tuesday, one Bitcoin was worth USD$4,394. Are Bitcoins those coins I see in photographs? No. Those coins are novelty items that newspapers used in photographs because they couldn’t find anything else to illustrate their stories about Bitcoin. A Bitcoin is a digital token — with no physical backing — that can be sent electronically from one user to another, anywhere in the world. A Bitcoin can be divided out to eight decimal places, so you can send someone 0.00000001 Bitcoins. […]
Bitcoin ‘more than just a fad,’ Morgan Stanley CEO says
Not every Wall Street bank chief is bearish on bitcoin. Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs. Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “The concept of anonymous currency is a very interesting concept — interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.” The digital currency has […]
The world’s first blockchain smartphone is in development
Sirin Labs, the company behind the US$14,000 Solarin smartphone, is now developing an open-source model that runs on a fee-less blockchain. The Finney — named in honor of bitcoin pioneer Hal Finney — will be the only smartphone in the world that’s fully secure and safe enough to hold cryptographic coins. Or so says the company, which is launching a crowdsale event this October (date to be confirmed) to support the phone’s development. According to Sirin, all Finney devices (there’s an all-in-one PC coming, too) will form an independent blockchain network powered by IOTA’s Tangle technology. The network will operate without centralized backbones or mining centers cluttering up the transaction […]
