Bitcoin tumbles as fears of cryptocurrency crackdown linger
January’s cryptocurrency selloff got fresh impetus on Tuesday when Bitcoin slumped as much as 20 percent, as the prospect of regulatory crackdowns appeared to spread. While the largest digital coin trimmed its loss and was down 18 per cent at $11,444 ($14,378) at 5am AEDT, it was still at the lowest level since late December, according to composite pricing on Bloomberg. As Bitcoin halted its two-day rally, rival cryptocurrencies also tumbled. Ripple sank as much as 33 percent and Ethereum dropped 24 percent, before both tokens pared some declines. Speculators across the globe are struggling to determine when or how market watchdogs may rein in an industry that’s decentralised and […]
AUSTRAC opens consultation on new rules for digital currency exchange providers
Australia’s financial intelligence agency AUSTRAC has earlier today provided another update to digital currency exchange providers. Somewhat later than initially planned, the agency published its draft AML/CFT Rules for consultation. The draft amendments result from the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017, which is also known as the “Bitcoin bill”. In December last year, the legislative piece passed both Houses and got Royal Assent. Today, AUSTRAC opened a public consultation into the draft AML/CFT Rules. The period of the consultation lasts until February 13, 2018. The rules, inter alia, provide detailed information on the Digital Currency Exchange Register, as well as requirements for information to be reported about […]
What a blockchain-powered ASX should mean
The ASX decision to replace CHESS with a blockchain solution will benefit investors as long as all parties are granted fair access, writes Sharesight’s Doug Morris. On 7 December 2017, the ASX announced it will be replacing its settlement system, known as CHESS, with a “blockchain-inspired technology.” Those of us investment nerds with an interest in financial plumbing have been keeping a close eye on this for years. I think this is a smart business move aimed at reducing operating costs and hopefully a step towards more efficient markets. In fact, CHESS was one of the world’s first electronic settlement systems, and the ASX has long been recognised as a […]
Bitcoin officially has 80 percent of its 21 million coins mined
Bitcoin has surpassed another momentous milestone, with 80 percent of all the available cryptocurrency having been mined so far. Around 16.8 million Bitcoin have been mined thus far, comprising 80 percent of the 21 million Bitcoin made available by the cryptocurrency’s creator Satoshi Nakamoto, according to Bitcoin tracker Blockchain.info. Bitcoin proponents argue that because Bitcoin’s supply is finite, its value will continue to increase as scarcity prompts investors to “hodl” (hold in crypto-speak) the cryptocurrency. Thanks to difficult mathematical algorithms, and dwindling financial returns, the remaining 4.2 million Bitcoin will become ever-increasingly tough for miners to harvest. To read more, please click on the link below…. Source: Bitcoin officially […]
Lendi taps investors in fresh capital raising call
Online mortgage broker Lendi, which is backed by investors including Macquarie Group, has completed its latest round of capital raising. Street Talk understands Lendi last month ruled off a $25 million capital raise which was oversubscribed and supported by some existing shareholders, sophisticated investors and a number of blue-chip Australian institutions. The company is seeking to take a bigger slice of the local mortgage market after accounting for about 1 per cent last year. Lendi is 40 per cent owned by founders and employees and its big name minority shareholders include Bailador, Macquarie Group and several sophisticated investors. Early investors included CrownBet boss Matthew Tripp. Although it is unclear if […]
DomaCom to integrate with major real estate platform
One of the major real estate platforms has entered an agreement with DomaCom which will see its property listings integrated into DomaCom’s crowdfunding platform. In an ASX announcement, DomaCom said it has entered an agreement with Domain which will connect Domain’s vast property listing data with DomaCom’s crowdfunding technology. The agreements will also see Domain’s market intelligence integrated into the DomaCom Crowdfunding platform in order to provide analytics to investors. DomaCom said the arrangement will help the platform target the consumer market directly, particularly the Generation Y market. Once a campaign starts, DomaCom said its crowdfunding platform facilitates external independent due diligence on the selected property bringing additional rigour to […]
Compare Your Life’s iFace Technology is embraced by users
Melbourne based firm Save U has partnered with Cloud technology provider iFace (Compare Your Life) to start consolidating the need for multiple software applications. Save U’s CEO, Stephen Clarkson is impressed with the efficiencies the software has brought to his business. ‘Our decision to purchase was made in the initial presentation, as the quality of the software and the utilisation of the most up to date technology made the choice incredibly easy to make. We had been searching for a solution for 3 years, and this ticked all the boxes that we were looking for. The migration from our legacy product was seamless and after 15 minutes of […]
Nucleus Wealth the latest kid in the superannuation block
The universe of new-broom superannuation funds is expected to expand further in 2018 with Melbourne-based Nucleus Wealth among those expected to enter the increasingly crowded sector. Nucleus launched a tailored separately managed account service last July and, with $14 million under management, 140 clients on board and 1500 individuals in the process of signing up, hopes to introduce a super iteration of the service by July this year. In so doing Nucleus will join a growing list of young funds, such as Grow Super, Spaceship, Zuper, Human Super and Tomorrow Super, hoping to grab market share off the long-standing incumbents, which collectively control about $1.6 billion of retirement savings. Head […]
