‘We’re getting between 100 and 200 new users every day’: Aussie money boosts Bitcoin’s $7000 surge
Australian money is pouring into Bitcoin, which hit another record high on Friday, swelling the market capitalisation to $US160 billion. The cryptocurrency was fetching $7044 ($US5452) on Friday afternoon, up 75 per cent in under 30 days. The extreme price recovery has emerged in the face of powerful headwinds; China recently banned Initial Coin Offerings [ICO] – a type of internet crowdfunding, Russia pledged to ban Bitcoin exchanges and there is another impending Bitcoin fork. But a key theme underpinning the extreme price action is the widespread adoption by mainstream investors, curious at the blockchain innovation and seduced by the recent price surge. Local exchanges are finding new customers are […]
Here’s fintech’s secret pitch to the RBA to create an Australian dollar cryptocurrency
A group of fintech startups have submitted cases to the Reserve Bank of Australia and the federal Treasury to demonstrate the need for a new government-endorsed Australian dollar cryptocurrency. Business Insider can reveal three fintechs, through industry body FinTech Australia and the government’s Fintech Advisory Group, presented use-cases for a new Digital Australian Dollar – the DAD – which would be pegged to the physical Australian dollar and compete against the likes of Bitcoin and Ethereum. “The Digital Australian Dollar would be a huge step to grow our vibrant blockchain and digital currencies industry,” said FinTech Australia chief executive Danielle Szetho. “Having key stakeholders like the RBA involved in further […]
Mortgage fintech looks to blockchain for home loans
The CEO and founder of an online mortgage platform has revealed that the fintech is looking into how it can utilise blockchain to make the home loan contract process more efficient. Speaking at the Informa Credit Law Conference, Mandeep Sodhi, the CEO of HashChing, revealed that the platform was looking into the distributed ledger technology for mortgages. When asked by The Adviser what HashChing was using blockchain for, Mr Sodhi said: “We have been exploring blockchain in the home loan contract, smart contract space and securitisation as well. “It’s more in the future roadmap but mostly around how quickly can we exchange a contract – through smart contracts. But also, […]
Banks want to charge for handing over customer data
Major banks want to charge fintech businesses in exchange for handing over data on the banks’ customers, a sign of the likely tensions to emerge as the government looks to break open the banks’ information vaults. In a move that could have far-reaching implications for banks and their customers alike, Treasurer Scott Morrison earlier this year ordered an investigation into “open banking”, a system that would allow customers to securely share their financial data with rivals. While the banks are supportive of the general move, submissions to a Treasury have highlighted the cost of making more transaction data available, with suggestions banks could face costs in the hundreds of millions […]
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 […]
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. […]
