Crowdfunding reforms bolster investment pool for Aussie businesses
“It’s almost creating Shark Tank for the public, or be your own Shark Tank, which is phenomenal from an innovation perspective in Australia,” says Crowdfunding.com.au founder Chaz Prezident. Private Australian businesses will soon no longer need to become public companies if they want to access crowdfunding to raise equity, following reforms to the Corporations Act passed this week by the federal Parliament. Under the current law businesses can only raise money from retail investors through equity crowdfunding if they convert to an unlisted public company structure, but that will change as of 7 October. Crowdfunding.com.au founder and CEO Chaz Prezident says small and medium-sized businesses are already embracing the expansion of the crowdfunding […]
Equity crowdfunding extended to private companies
Businesses wishing to raise money from retail investors will no longer have to convert to an unlisted public company structure, after an amendment to 2017’s equity crowdfunding legislation passed federal Parliament. The legislation, which takes effect in 28 days from Wednesday, allows proprietary companies or unlisted public companies with annual turnover or gross assets of up to $25 million to advertise their business plans on ASIC-licensed crowdfunding portals, and raise up to $5 million a year to carry them out. Investors can put up to $10,000 a year each into an unlimited number of ideas. Australian private companies are typically limited to a maximum of 50 non-employee shareholders. However, under these […]
Thousands of self-managed super funds are now investing in cryptocurrencies
Cryptocurrencies have caught the eye of Australian self-managed super funds (SMSFs), according to staff from domestic crypto exchanges. So along with traditional holdings such as residential property or blue chip shares, a small portion of SMSF investors are looking for something a little more high-risk. Adrian Przelozny, CEO at crypto exchange Independent Reserve, told Business Insider there’s been “significant activity in the space” from SMSFs. He said the number of SMSF customers who are registered with the exchange now number “around six or seven thousand“. That’s still a relatively small percentage of the more than 590,000 SMSFs in Australia, which hold combined assets of almost $700 billion. But it’s a […]
Stone & Chalk startup Metamako is acquired by Arista Networks
Arista Networks, an industry leader in software driven cloud networking solutions for large datacenter and campus environments, today announced that it has acquired Metamako, a leader in low-latency, FPGA-enabled network solutions. Arista achieved early success in the financial services market with low-latency cloud networking. Arista’s ultra-low latency switching platforms combined with EOS® (Extensible Operating System) enables resilient cloud networks for transporting data, multi-media, storage and compute traffic. The acquisition of Metamako will play a key role in the delivery of next generation platforms for low-latency applications. “It’s with great pleasure that we bring Metamako’s award-winning, ultra-low latency technology to the Arista family of platforms,” said Anshul Sadana, Chief Customer Officer for Arista […]
Dogecoin: the best performing crypto started off as a joke
It’s been a brutal bear market for crypto. Since peaking in early January, the entire space has lost around $US640 billion ($901 billion). Every time there’s been a brief rally it’s been followed up by relentless selling. According to OnChainFX, a site that tracks cryptocurrencies, only one coin has seen major gains over the last 30 days, and it happens to be the one that’s the biggest joke of all: Dogecoin. The coin, which was introduced in 2013 as a play on the once popular Doge meme, has surged over 160 per cent in about a month. Its founder, Australian Jackson Palmer, told Fairfax Media earlier this year that he […]
Australian financial regulator to focus on ICOs and cryptocurrency exchanges
In its 2018-22 corporate plan report, the Australian Securities & Investments Commission (ASIC) revealed it would be focusing on cryptocurrencies with an emphasis on ICOs and exchanges. The Australian Securities and Investments Commission (ASIC) published a report this week that details its plans to tightly scrutinize the crypto industry in the country. The areas of great focus, according to the regulator, will be on crypto exchanges and Initial Coin Offerings (ICOs). The detailed report was part of the regulator’s ‘Corporate Plan 2018-2022′, which explained its plans for 2018 and 2019. ASIC’s mandate includes oversight over the country’s financial services, markets, corporate investments, and consumer credit. ASIC mitigating crypto risk for […]
MyPrivateBanking 2018 global report ranks Ignition Advice #1 innovation and flexibility
MyPrivateBanking, one of the world’s leading independent financial services research houses, has named Ignition Advice as the world’s most innovative and flexible robo-advice solution. Headquartered in Kreuzlingen, Switzerland, MyPrivateBanking Research is an independent firm specialising in research and analysis for wealth managers and financial services firms. With more than two decades of experience MyPrivateBanking boasts a team of highly experienced analysts and industry experts. “Ignition offers a strong product proposition and offers the entire spectrum of services demanded by this industry, making it a strong and dependable partner. The solution offers a wide range of customisation capabilities across the spectrum of business needs. In particular, the approach to content and […]
Arctic Intelligence reels in $2.8m to fuel global expansion
Arctic Intelligence, a provider of cloud-based audit, risk and compliance platforms, has raised $2.8m in fresh funding. The capital came from high-profile angel investors, comprising of experienced leaders in their field and includes entrepreneurs, career bankers, professional investors, venture capitalists and two ex-CEOs from publicly listed companies. It will allow the RegTech to fast-track its global expansion plans, starting with acquiring full control of AML Accelerate from its former joint venture partner, Initialism. Founder and CEO, Anthony Quinn, said, “Following our capital raise, it was a logical move to acquire Initialism’s stake in AML Accelerate to take full ownership and control, an important step in achieving our future growth plans. […]
