Bitcoin price plunges after SEC rejection
Regulator says no to first ETF to track the digital currency. The US Securities and Exchange Commission has denied a request to list what would have been the first US exchange-traded fund built to track Bitcoin, sending the price of the digital currency plunging. Investors Cameron and Tyler Winklevoss have been trying for more than three years to convince the SEC to let them bring the Bitcoin ETF to market. CBOE’s Bats exchange had applied to list the ETF. In response to the rejection, the digital currency’s price fell as much as 18 percent in trading before rebounding slightly. It last traded down 7.8 percent to US$1098. Bitcoin had scaled […]
Bitcoin is now more valuable than gold
The currency’s success is in part due to its popularity in Asia. The Bitcoin digital currency has exceeded the value of gold for the first time in history, hitting a high of $US1,278.21 while the price of an ounce of gold was worth $US1,236.10 at the time of writing. The value of Bitcoin has been steadily increasing over the last three months, rising 30%, while the value of gold has decreased, suggesting people are starting to accept the digital currency as a serious way to pay for goods. Bitcoin’s value has risen as a result of increased demand in China, despite a crackdown by the government, which claimed the currency […]
Ignition Wealth survey offers advisers chance to win sold out Adele tickets
Ignition Wealth Head of Sales and Marketing, Richard Liverpool initiated a series of Ignition Wealth Surveys in 2016, seeking to delve deeper into the financial technology needs of Australian financial professionals. “We were delighted by the quality of the data we were able to collect through the first survey we conducted in 2016. This second survey focusses particularly on the detail of day to day operations in a financial planning practice. The more we know about the challenges our customers face, the better equipped we are to solve them.”. Richard Liverpool, Head of Sales and Marketing, Ignition Wealth. The second survey in the series is currently underway and offers […]
Bitcoin worth more than gold as price reaches all-time high
The crypto currency known for its anonymity and decentralised nature reached an all-time high on Friday afternoon, making it more valuable than gold in Australia. Bitcoin was trading above $1634 on bitcoin.com.au, as gold hovered around $1620 an ounce. The currency has been surprisingly steady this year, remaining above the arbitrary $US1000 mark ($1297) for its longest ever stretch, according to researcher CoinDesk. Industry heads point to the nearing deadline of a decision by Securities Exchange Commission in the US to introduce the first of three bitcoin exchange-traded funds (ETF). “There is a lot of excitement that the Winklevoss twins’ ETF is coming close to approval,” says Asher Tan, CEO […]
Aussie fintech funding triples: KPMG
While global fintech investment almost halved last year, the budding Australian sector finally bloomed, according to KPMG International’s latest report. Heedless of the 47.2 per cent evaporation in total global investment in fintech companies (which dropped from US$46.7 billion in 2015, to just US$24.7 billion last year), Australian fintech funding in 2016 was in full flood, more than tripling over 12 months, after a string of deals and funding rounds. According to KPMG, Australia’s total fintech investment last year topped US$626 million across 25 deals, a major increase on 2015 – which saw $185M across 23 deals – and a figure contrary to the receding global trend. Ian Pollari, global […]
Touchcorp, Afterpay merger worth $500m
Melbourne-based fintech start-up Afterpay has announced a proposed merger with Touchcorp, in a deal set to create a new ASX-listed software and payments firm valued at $500 million. Afterpay MD Nick Molnar said the two companies had been working together, and the proposed merger would help the combined entity rapidly scale into new markets and grow faster than otherwise possible. Founded in 2014, Afterpay is a retail payments outfit that facilitates commerce between retail merchants and end customers, offering a “buy now, receive now, pay later” service that does not require end customers to enter into traditional loan arrangements or pay upfront fees to the group. It landed on the […]
Private equity rises to IBM’s blockchain cloud
Global fund administrator Northern Trust plans to seek approval from the Australian Securities and Investments Commission for a blockchain that promises to reduce administration costs for private equity funds and their investors. Chicago-based Northern Trust said on Wednesday it and technology giant IBM had created the first blockchain for the private equity market. The synchronised database will overhaul traditionally spreadsheet-based processes used by PE investors, managers, administrators, regulators, advisors and auditors that require extensive reconciliation. While various pilots and proofs of concept of blockchain are being tested across the global financial system, this project is significant because the distributed ledger, hosted in the IBM Cloud, is already live. It is […]
Monash teams with Cambridge and Tsinghua universities to study Asia’s alternative finance sector
Monash University is collaborating with Cambridge University and China’s Tsinghua University to track the extraordinary growth of the Asia-Pacific’s booming alternative finance sector, valued at more than US$100 billion. The collaboration will see Monash Business School’s Australian Centre for Financial Studies partner with the Cambridge Centre for Alternative Finance at University of Cambridge Judge Business School, and Tsinghua University Graduate School at Shenzhen to undertake an international benchmarking survey with the support of more than 20 major industry organisations across the region. This is the largest regional study to date focused on crowdfunding, peer-to-peer lending and other forms of alternative finance. The benchmarking survey aims to capture the key trends, […]
