Top Headlines
- Neufund Crowdfunding Platform Rases €3M in First Half of Equity Token Offering
Neufund, a blockchain fueled equity crowdfunding platform based in the EU, raised €3M in the first half of its equity token offering. This amount is double the offering’s soft cap with the offering closing tomorrow (EU Startups)
- TokenSoft Invests in SEC-Compliant Broker-Dealer
TokenSoft, the security token platform that provides a wide range of services for the issuance and management of security tokens, invested in an SEC-compliant broker-dealer. TokenSoft Global Markets will now provide a host of security and compliance features to issuers wishing to launch a security token offering (Coin Telegraph)
- Gemini Launches Crypto Trading App
Gemini has launched a crypto trading app with future plans to expand to the Asian crypto market. The Winklevoss twins stated that they’re “totally home in [crypto] winter” and reiterated their goal of attracting a diverse customer base with this recent foray into the retail market (Coin Telegraph)
- New Growth Capital Fund to Encourage Adoption of Blockchain Applications
Speaking of “Crypto Winter”, David Johnston has launched the Yeoman’s Growth Capital fund to encourage the widespread adoption of blockchain applications created by startups. Despite the current market downtrend, Johnston believes “this is the perfect time to launch a growth capital firm that can take all of these great technologies…and help bring them into enterprise and mass adoption” (Coindesk)
- PayPal Launches Internal Blockchain Program
PayPal has launched an internal blockchain program for employees for person to person token payments and trading. The platform rewards users in crypto tokens that can be used inside PayPal and the new platform to be redeemed for rewards (CCN)
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Crypto News
- Can the No-Action Letter Revive the ICO Market?
SEC senior advisor for digital assets Valerie Szczepanik believes so, although these letters will be few and far between. Speaking at an event hosted by the Wall Street Blockchain Alliance, Szczepanik posited that the possibility for these to be granted still exists. She stated “The letters set forth exactly what the person plans to do or the entity plans to do and if it’s something that the SEC feels comfortable with we can release a no-action letter for exemptive relief saying ‘we can recommend no enforcement action.’”. (Coindesk)
- Teenage Crypto Millionaire Erik Finman Believes Bitcoin is Dead
But he also believes that project-based cryptocurrencies such as Ether and Zcash can sustain a long and successful run as their potential for a variety of uses is far greater than Bitcoin. (MarketWatch)
- Still Trying to Figure Out How a Blockchain-Based Fund Works?
Check out Michael Feng’s primer on the subject, with a thorough breakdown of how these projects work (and how to invest!). (Medium)
- Crypto Startup Seed CX Cracks Down on Employee Trading
Crypto startup Seed CX is cracking down on crypto trading by employees, acknowledging the potential bias that personal investment may cause for those working at the exchange. Employees are tasked with handing over all wallet addresses to the compliance team to monitor. (Coindesk)
- What’re the Chances Bitcoin ETFs Are Approved in February?
Attorney Jake Chervinsky, a government enforcement defense and securities litigator, posted a 20-tweet long missive citing evidence as to why he believes there is a less than 10% chance the Bitcoin ETFs will be approved on February 27. (Twitter)
International Spotlight
- UAE and Saudi Arabia Develop Cross-Border Cryptocurrency
The United Arab Emirates and Saudi Arabia are developing a cross-border cryptocurrency for use by the banking sectors in each country as a means for exchange between the national banks. (CCN)
- Germany’s Stuttgart Exchange Group Launches No-Fee Cryptocurrency Exchange
Germany’s Stuttgart Exchange Group, the second largest stock exchange in Germany, is launching a no-fee cryptocurrency exchange alongside banking institution SolarisBank. (CCN)
- Venezuela Converts All Pension Bonuses into Oil-Backed Cryptocurrency
Venezuela has converted all of their pension bonuses into the oil-backed Petro cryptocurrency, with the payouts originally deposited as fiat currency to pensioner’s web-based wallets. The funds were then immediately withdrawn and converted to Petro by the government and redeposited into the wallets. (Cointelegraph)
Security Token Corner
- Analysts: ‘Security Token Offerings Are The Future’
Security Token Offerings are the future, at least according to a vast number of securities attorneys and market analysts. Here’s an explainer that outlines a compliant STO and the future, featuring quotes from seasoned securities attorneys. (including me!). (Blockchain Asset Review)
- Tokenizing the World
Using the JOBS Act and cryptocurrencies to tokenize the the world one company at a time: A primer by the CEO of StartEngine Howard Marks. (Medium)
- OpenFinance Network’s Token Trading Platform Now Fully Operational
OpenFinance Network has moved to full trading functionality on its security token trading platform with availability for both accredited and non-accredited investors both in the United States and abroad. The platform is supported by Securities, Atomic Capital, Harbor, Polymath, TokenSoft, Securrency and has partnered with crowdfunding platform Republic to “support a broad ecosystem of high-quality service providers, working with the most innovative companies to issue security tokens” according to CEO Juan Hernandez. (Crowdfund Insider)
Equity Crowdfunding Spotlight
- Pending Legislation Revises JOBS Act Qualifiers for Accredited Investors
Pending legislation designed to revise the JOBS Act would allow for individuals with a financial services license, qualifying education or experience to become accredited investors. Read the text of the bill here. (TechCrunch, Congress.gov)
- California Attempts Intrastate Crowdfunding Rules
California is attempting to launch intrastate crowdfunding rules in attempts to “fill the gaps left by the JOBS Act”, with hopes of reducing the costs of launching a campaign, including those incurred when fulfilling the reviewed financials requirements. (Crowdfund Insider)