Anonymous Bitcoin investor buys $400 million worth of crypto
An anonymous cryptocurrency trader has snapped up $400 million worth of Bitcoin as the digital currency continues to recover the heavy losses experienced in 2018. Recorded on the blockchain, the unknown investor snapped up the inordinate purchase sometime between February 9 and 12. Because every transaction made in Bitcoin is recorded on a digital ledger known as “the blockchain”, no movement of money is invisible – but the parties who make the transactions are still unknown. It’s presumed the mysterious buyer was “buying the dip” by purchasing when Bitcoin was at a two-month low of between $US 8,689 and $US 8,070. Since the purchase, Bitcoin has shot up to its […]
Local cryptocurrency exchange gets certified
As investors and regulators around the world attempt to peer into the deep, dark jungle that is digital currency, one Australian exchange operator hopes it has found a way to shine a bit of light by becoming the first business of its kind to get industry certification. BTC Markets is the first Australian exchange to be certified by the Australian Digital Commerce Association, the industry body for the digital currency sector. The Melbourne-based cryptocurrency exchange demonstrated that “rigorous” standards were achieved in meeting the expectations of multiple Australian regulators, most notably AUSTRAC. Operators of Australian exchanges for Bitcoin and other digital currencies need to register with the country’s anti-money laundering […]
You can now study Blockchain at university
An Australian university is banking on Blockchain, the technology behind the lucrative yet volatile cryptocurrency industry, by launching a nation-first course in the emerging sector. Australia’s first short course on Blockchain strategy, aiming to educate the nation’s next wave of tech start-up entrepreneurs, will take flight on Tuesday at Melbourne’s RMIT University. “Blockchain is now becoming a core part of contemporary digital literacy,” Vice Chancellor Martin Bean said. The online eight-week program is set to begin in mid-March with students given the chance to hear from global experts in the growing space. Blockchain is a decentralised, shared ledger that – with the help of complicated cryptography – records transactions in […]
Crowdfund laws frozen in time
Much-anticipated reforms extending equity crowdfunding to private companies have yet to move through the Parliament, nearly six months after the bills were first introduced. The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 would let private companies undertake an equity crowdfunding round without first converting into an unlisted public company. The bill was introduced to the House last September last year and the first and second readings were quickly completed. But it has not been raised again, with no debate or third reading in the six months since. Adding the six month assent period after the bill is passed, equity crowdfunding won’t be available to local startups until September […]
Banks tackle fintech challengers as they struggle to be preferable to a dentist visit
According to the Millennial Disruption Index, 71 per cent of young people would rather go to the dentist than listen to what their bank is saying, and new research from Viacom’s research arm, Scratch, finds a third of Millennials expect to be bank-free in the near future. Meanwhile 75 per cent say they would prefer financial services from start-ups and tech companies such as Apple or Google. US fintech phenomenon, SoFi, has been at the forefront of new customer acquisition and retention strategies, including career counselling and using data analytics to match-make their customers in “Singles Nights” cocktail functions. The Big Four Australian banks know the challenges that lie ahead […]
Top fintech predictions for 2018
Here’s some crystal ball gazing, courtesy of KPMG’s global fintech team. In its latest Pulse of fintech report, released last week, the firm sets out 10 factors it reckons will drive financial technology this year, after $US31 billion of deals were struck in 2017. There are now 25 fintech unicorns around the world, collectively valued at $US76 billion (none are from Australia). On the KPMG list is the acceleration of artificial intelligence technology and the growing number of devices connected to the internet of things. It expects AI and IoT enablement “to continue at a rapid pace” as financial services offerings are embedded into home automation systems. A couple of […]
Bitcoin: Westpac, NAB and ANZ hold off on CBA-style credit card ban
ANZ, Westpac and NAB have confirmed they do not currently plan to emulate the Commonwealth Bank’s ban on the use of its credit cards to purchase Bitcoin and similar cryptocurrencies. “Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies,” CBA announced earlier this week. Bitcoin’s value has swung wildly in recent months, dropping from US$19,000 in late 2017 to close to $6000 earlier this month. Coinmarketcap currently pegs it at just over $10,000. CBA said that customers could still purchase Bitcoin as well as other digital currencies by using their debit cards […]
Is it worth mining bitcoin in Australia?
The fluctuating market for bitcoin and cost of producing coins mean players in the market need to think about whether mining is worth the cost. With the price of bitcoin moving through peaks and troughs almost every week and energy costs on the rise, the question of whether it’s worth mining bitcoin needs to be addressed. It’s possible that trading coins that are already in the market is a better strategy that expending the energy to mine your own coins. Reporting on data collated by Elite Fixtures that was sourced from Blockchain.info and reported by CNBC, bitcoin mining is most expensive in South Korea with Venezuela being the least expensive […]
