Telegram calls off public ICO

Telegram calls off public ICO

The popular messaging app Telegram has decided against holding a public initial coin offering (ICO) after having raised a staggering $1.7 billion in a private pre-sale, reports have confirmed. The funding will be used to develop its third-generation blockchain as Telegram seeks to compete with WhatsApp and Messenger for the lucrative messaging market.

The revelation came from an article in the Wall Street Journal, which quoted sources familiar with the matter. According to report, Telegram founder Pavel Durov was pleased with the immense amount raised through the private offering that he was reluctant to go through the regulatory hassles that a public ICO would entail.

Telegram has been very secretive about its token offering,causing several prospective investors to complain that the details on the offering have been extremely sparse and without much clarification. Despite this, the private offering proved to be a success, with filings to the U.S. Securities and Exchange Commission revealing that the company held two funding rounds in which it raised around $850 million each between January and March 2018.

Less than 200 investors contributed to the pre-sale offering and this was, in fact, restricted to high net worth individuals and institutional investors who also had to undergo a rigorous accreditation process.

The sale was conducted under Rule 506 of the Securities Act Regulation D, which allows companies to sell unregistered securities as long as its restricted to accredited investors only. The company also needs to report the round of funding to the SEC with investors subjected to a vesting period that is predefined.

Reports had indicated that Telegram was hoping to raise around $5 billion from the private ICO and public token offering. However, it appears that due to increasingly onerous obligations on ICOs, the company decided not to go ahead with the public sale. In fact, the SEC has recently tightened its rules on ICOs and it has also been blatantly clear that most of the ICOs around are currently violating federal law with their owners liable to massive fines and even prison terms.

Telegram is currently in trouble in Iran, after the government banned its residents from using the messaging platform. This ban was probably in connection with the app being used to organize nationwide protests. However, Telegram’s plans to launch its own cryptocurrency could have played a part in that decision, too.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Goldman Sachs gearing up to launch Bitcoin futures

Goldman Sachs gearing up to launch Bitcoin futures

Investment banking giant Goldman Sachs is taking a step into the cryptocurrency space as it looks to launch its own Bitcoin (BTC) futures product soon, The New York Times reported.

The bank will reportedly use its own funds to trade the futures in the cryptocurrency, although these will be on behalf of its clients. It is intriguing that Goldman will be taking this step as it has pronounced itself rather against BTC and the larger cryptocurrency market in the past.

BTC futures are a slightly controversial product since they seem to centralize the movement of the cryptocurrency, which was founded on the very principle of decentralization. In fact, several cryptocurrency enthusiasts have blamed the introduction of BTC futures in December for the massive fall in the value of the cryptocurrency market in January, when prices dropped by as much as 70% in some cases. However, other analysts said the futures market has given some legitimacy to the whole cryptocurrency market as a whole, dismissing fears that it’s some kind of bubble.

According to the New York Times report, the launch date of the Goldman Sachs BTC futures is not yet known but the initiative has the approval of the board of directors who signed off on the proposal a few days ago. The news outlet indicated that Goldman Sachs is about to create its own more flexible version of a BTC future known as a non-deliverable forward, which will eventually be delivered to its clients.

Speaking to The Times, Goldman Sachs executive Rana Yared explained that the decision to introduce BTC futures was taken after a huge amount of interest from its clients who showed the wish of holding the cryptocurrency as an alternative asset in their portfolios.

Goldman Sachs appeared to be serious on this initiative since they hired digital asset trader Justin Schmidt. Schmidt, who will be handling the bank’s daily operation, has previous experience at hedge fund Seven Eight Capital before he entered the cryptocurrency trading market last year.

This development demonstrates the continued involvement of Goldman Sachs in the crypto market. CEO Lloyd Blankfein had already stated that the bank was clearing BTCn futures for its clients whilst any further action on the proposal would depend on clearance by U.S. regulators.

Yared also indicated that the decision was not taken lightly: “For almost every person involved, there has been personal scepticism brought to the table. It is not a new risk that we don’t understand. It is just a heightened risk that we need to be extra aware of here.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitcoin Cash jumps 10% as crypto market sees positive spike

Bitcoin Cash jumps 10% as crypto market sees positive spike

The cryptocurrency market had a generally positive Wednesday with most currencies in the green, but the biggest mover by far was Bitcoin Cash (BCH), which jumped considerably to almost $1,500 over the past 24 hours before settling at the $1,450-$1,470 mark.

As already indicated in previous news articles, BCH is fast becoming the currency of choice for fast transactions and more payment providers are taking on the cryptocurrency, thus increasing its popularity.

Another positive mover which saw a significant increase in price was Ethereum, which finally breached the $700 mark and sailed beyond that psychologically important level to trade at around $720 at press time. The news that Ethereum has finally deemed not to be a security has perhaps given the currency a boost, with trading volumes spiking sharply in the past few hours.

BTC saw a consolidation at around the $9,200 mark, but the price could start pushing upwards in the next 24-28 hours as more trading volume enters the market. Ripple also consolidated at the $0.83-0.85 level but there seemed to be little appetite for a push forward in that direction with the fabled $1 mark still far away. Litecoin saw a push beyond the $150 mark, but volumes were quite low and it appeared that it will take some time for the currency to start moving forward beyond the $160 mark and towards the $200 level. However as with Ripple and BCH, there is a constant stream of news regarding agreements signed for Litecoin, which can have a positive effect on the price on a long-term basis.

Of the currencies with smaller market cap, EOS continued losing most of the big gains which it had achieved last week and was trading at around $17 at press time—a loss of 8% although this appears to be a good entry position for new investors. Stellar seemed to be consolidating at the $0.45 mark with very little movement up or down, whilst Dash has also consolidated but at around the $480 mark with a push beyond the $500 level expected very soon as trading volumes and interest in the currency continue to increase. Ethereum Classic appeared to be preparing for a move towards the $30 level, although it’s still trading at the $22 mark but with quite strong volumes at that price. NEO recouped some of this week’s slump after Sunday’s bull run and was trading in the mid $80s at press time.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Iran presses for development of local cryptocurrency

Iran presses for development of local cryptocurrency

As darkness looms over the future of its nuclear deal with the United States, it appears that Iranian government is still going ahead with a major project that will pave for the country’s own cryptocurrency in the not too distant future.

This is despite the recent Central Bank of Iran ban on local banks from engaging in any cryptocurrency-related activities. The order stemmed from fears of money laundering possibilities due to the ongoing spectre of possible sanctions that might reappear if the nuclear deal falls through, according to the reports.

The measures, however, will not have any undue effect on the country’s cryptocurrency project. Speaking to the country’s state news agency IRNA, Iran’s Information and Communications Technology Minister Mohammad Javad Azari-Jahromi indicated that the central bank’s ban would not have any effect on the project.

“The central bank’s ban will not mean the prohibition or restriction of the use of the digital currency in domestic development. Last week, at a joint meeting to review the progress of the (local cryptocurrency) project, it was announced that the experimental model was ready,” said Azari-Jahromi, according to Reuters.

Azari-Jahromi is known for being very much an innovator and trailblazer in a very conservative country. He is by far the youngest minister in the cabinet and has pronounced himself in favour of cryptocurrencies and their possible use in Iran.

In February, Azari-Jahomi announced that his ministry’s Postal Bank had been collaborating with local experts to come up with an experimental cryptocurrency that would eventually be presented to banks for review and approval, if all goes well. This is quite forward looking for a nation that remains extremely conservative on financial matters. Islamic Finance does not preclude cryptocurrencies but actually encourages them, so that could be a positive aspect in the whole equation.

There is an ongoing debate on the regulation of crypto currencies with several countries’ central banks calling for tighter rules while others are actively pursuing their own crypto currency. A case in point is Venezuela which introduced the Petro recently but appears to be encountering stumbling blocks in its implementation.

Iran has formally unified its official and open market exchange rates apart from banning money changing outside of banks. This is due to the rial plunging to an all-time low with regard to possible returns of sanctions if the U.S. decides to leave the nuclear agreement. A decision is expected on May 12 by U.S. President Donald Trump on this issue.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Vertcoin joins growing list of hijacked Twitter crypto accounts

Vertcoin joins growing list of hijacked Twitter crypto accounts

It appears that the cryptocurrency market continues to be compromised by scammers and fraudsters at every turn with the latest victim being Vertcoin.

At around 20:00 UTC on Tuesday, the @Vertcoin account tweeted that its developers were “doing a 10 BTC giveaway” to its followers. The now deleted tweet asked users to send 0.005 BTC to a specific address to enter what was clearly a scam contest.

Hey, everyone! Vertcoin and staff are pleased to announce that we’re doing a 10 BTC giveaway to our followers to celebrate Vertcoin’s success. Send 0.005 to 3HU5sj7kB6wT9zRwpbhCRrR28vKWjfkMKf enter! Winner will be announced 5/3/18 at 8pm EST. — Vertcoin (@Vertcoin) May 1, 2018

The tweet immediately caused considerable consternation amongst community members who are known to be very loyal and were instantly suspicious. The tweet was very similar to several scams involving cryptocurrency giveaways that have invaded the Twitter space for the past several months. These are giving an extremely bad name to the cryptocurrency world, which is still seen as an unsafe haven for prospective investors who are looking to bite the bullet.

The tweet was confirmed as a scam when Vertcoin’s lead developer James Lovejoy tweeted from his personal account confirming the hack and that the company’s Twitter account had been compromised. Lovejoy called on all users not to accept any giveaways confirming that they were all fake.

The scammer’s operation was not much of a success, however. At the time of writing, the BTC address had received less than 0.007 BTC, which translates into a pathetically low $61. Only one transaction of 0.005 BTC went through with just one user falling victim to the scam. The tweet still remained online as at 21:54UTC however there were no more posts from the scammer. It is unknown whether any private messages were sent from the compromised account.

Unfortunately for Twitter and the cryptocurrency world in general, scams have run riot on the platform in recent months. This despite Twitter CEO Jack Dorsey’s pledges that the company is working assiduously to get them removed. It actually contributed to the problem some weeks back when it verified a scam Verge account which caused havoc on the platform. The scammers typically use false accounts to imitate well known industry figures and companies formulating replies to official account tweets, which, in turn, attempts to trick gullible users to send cryptocurrency.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Coinbase value more than quadruples to staggering $8B: report

Coinbase value more than quadruples to staggering $8B: report

As the cryptocurrency mania continues to take hold, it appears that the owners of the exchanges that carry out the daily trades are laughing all the way to the bank. Case in point is San Francisco-based exchange Coinbase, which is now reportedly valued at a staggering $8 billion. That’s a jump of over $6 billion from the $1.7 billion valuation it reported less than a year ago—an incredible increase that demonstrates the power of the crypto boom in late 2017.

The increase in Coinbase’s valuation was revealed during its bid to acquire cryptocurrency networking platform Earn.com. The Earn.com acquisition was worth more than $100 million, and according to a Recode report, the San Francisco startup valued itself at about $8 billion when it offered an equity package to the founders and shareholders of Earn.com. Since the company is not publicly traded, the estimation of $8 billion is a self-made one although it is certainly believable.

However, the valuation of Coinbase at these incredible levels is not only an internal assumption. According to Recode, brokers have been negotiating Coinbase stock at a price that should place the value of the exchange at between $4 and $6 billion. Although that’s a slightly more conservative estimate, it still represents a huge leap in Coinbase’s valuation from less than a year ago.

This increase in valuations has largely been down to the huge boom in cryptocurrency trading over the past few months, although prices are still way back from the all-time highs registered in December. Interestingly, the current value of NASDAQ, which operates the U.S. tech exchange as well as another eight European stock exchanges, has a value of around $15 billion.

This means that Coinbase alone is worth more than half of NASDAQ in just a few months and the numbers can only continue to grow as interest in crypto currencies and Bitcoin continues to increase exponentially. This valuation by VC investors is not new since Binance—the world’s largest cryptocurrency exchange—has also seen its valuation soar incredibly over the past months. Binance is not even a year old and has increased its turnover to around $1.7 billion a day by offering a huge slew of cryptocurrencies and trading pairs.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitcoin Cash recovers as crypto market trades sideways

Bitcoin Cash recovers as crypto market trades sideways

The cryptocurrency market continued to trade sideways on Wednesday after dropping slightly in the past 48 hours. After a day of trading below the $9,000 mark, BTC regained the $9,100 mark on Wednesday morning although trading volumes remained slightly low.

Bitcoin Cash retraced slightly from its intra week highs on Tuesday; however, it was recovering well on Wednesday to trade above the $1,300 mark and was well on course to reach the $1,400 mark if a sustained rally takes place over the next few days. There has been a consistent spread of good news for this currency as it continues to be involved in payment agreements and other news that is generally positive.

The third largest currency by market cap, Ripple, also had a generally positive 24 hours, regaining the $0.80 mark with ease to trade at around $0.84 on Wednesday morning. Ripple also continued to be in the news with more banks and companies adopting the technology, so it must only be a matter of time before a jump in price is seen. Another larger market cap currency, Litecoin, appeared to be on a slight recovery as it was once again flirting with the $150 mark on Wednesday morning after having dropped in the low $140’s over the past days.

Ethereum remained relatively stable and was once again close to the $680 mark in the past hours after having dropped as low as $650 on Tuesday, when the market correction took place. The currency’s founder Vitalik Buterin seems to be in the news constantly nowadays and that can only have an effect on the currency’s short- to medium-term prospects as it continues to garner exposure. Ethereum Classic held on to the small gains it registered on Wednesday and was looking to breach the $22 mark if a rally takes place.

Currencies with smaller market caps had a slightly mixed day overall. XLM was up by around 4%, only to fall back in the past hours but is holding well at the $0.43 mark. EOS seems to have stabilized at the $18-19 mark after the steep rises of last week, whilst Dash is also stable in the $450-480 range. Other currencies such as TRON and VERGE had a mixed day with the former losing some of its steep gains achieved last week and the latter shooting up on high turnover.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Mastercard looks to expand blockchain network of its own

Mastercard looks to expand blockchain network of its own

The payments conglomerate Mastercard is looking to enter the crypto space in a big way as it adds new nodes to its blockchain network. This was revealed in a patent application filed last Thursday with the U.S. Patent and Trademarks Office. Before long, cryptocurrencies could become a valid method of payment on Mastercard cards.

The application describes a method which nodes can use to connect with and validate the content of a particular blockchain. The goal, according to Mastercard, is to boost the speed at which the nodes can get up to date. These nodes can also store a copy of the blockchain network’s transaction history.

Mastercard initially filed the application way back in October 2016. The application further clarifies that a blockchain can store thousands, millions or billions of transactions over a period of time in a huge number of different blocks. Additionally, the blockchain can in itself contain thousands, millions or billions of blocks. Each of these must be verified by the new node before the generation and addition of new blocks to the blockchain. Complex perhaps, but this statement demonstrates the commitment of Mastercard to blockchain technology.

Mastercard goes on to describe the patent application in greater detail:

“The verification of such a large number of blocks may take a significant amount of time, during which new blocks may be added to the blockchain, further delaying the ability for the new node to participate … Thus, there is a need for a technical solution to increase the speed at which a blockchain may be navigated for verification thereof, which can thereby reduce the time required for a new node to begin participating in the blockchain.”

For this to happen, the proposed system should include what are termed as ‘fast track flags’ that are included in block headers. According to Mastercard, these nodes would be able to use those flags to scan the blockchain’s contents much faster. The filing also proposed the use of a specially configured blockchain that should act as a software counterpart to the aforementioned notes and help remove inefficiency.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Markets slump again as BTC drops below $9

Markets slump again as BTC drops below $9,000

After a relatively quiet morning in which only EOS experienced steep losses, the cryptocurrency markets experienced a considerable downturn on Monday evening and Tuesday morning. All major currencies were down with BTC experiencing another drop to below the $9,000 mark after having briefly flirted with $9,500 over the weekend. This had a corresponding negative effect on all major cryptocurrencies, which experienced drops in the values by around 5-10% in some cases.

Bitcoin Cash was down by around 6% after having superseded the $1,400 mark on Monday—it fell to below the $1,300 mark on Tuesday morning and was looking to drop deeper as selling pressure took hold. Ethereum also experienced a slight loss although this was not very marked and was trading at around $650 on Tuesday morning, with those levels appeared to be well supported. Its sister currency Ethereum Classic was also slightly down but had recovered considerably from its earlier lows in the past days, so was still well supported at the $21 mark.

Ripple had another disappointing day and lost the psychologically significant $0.80 level by dropping below that slightly to $0.79. The cryptocurrency had been playing around at the mid $0.85-0.90 levels, but Monday evening saw a steep drop of over 6% which was above the market movement. There appears to be good support in the $0.70-0.75 levels however, so there should not be cause for panic on investor’s part. Litecoin dipped well below the $150 mark on low volumes and there appears to be little appetite for a push in this currency at least for this week.

Of the currencies with smaller market caps, it was a mixed bag. EOS lost most of the gains it made over the weekend, dipping by around 16% as selling pressure took place although that was anticipated. NEO also lost some of the gains it made on Sunday and was down by about 10% overall at around $80. Stellar Lumens was perhaps the currency which held its own the best, with only a 3% drop and was trading at $0.42 at press time. Dash appeared to be losing support at the $480-490 level and was down by around 5% overall trading at $450 with a push towards the $50 mark appearing rather remote, at least for the next 24-48 hours.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
India’s Koinex rolls out zero-fee

India’s Koinex rolls out zero-fee, crypto-to-crypto trading pairs

As the cryptocurrency world continues to expand at a rapid pace, it is now the turn of Indian cryptocurrency exchange Koinex to introduce cryptocurrency trading pairs. Last week, Koinex announced that it would be introducing no less than 23 crypto-to-crypto trading pairs with no fees—an added incentive for new cryptocurrency investors who are hoping to enter the market in a big way.

Koinex was not the only exchange to introduce these pairs. Last week, another leading Indian cryptocurrency, Zebpay, also announced that it would be launching crypto-to-crypto trading pairs, but they only decided to launch one pair.

In its announcement, Koinex was quite bullish, boasting that it was the first exchange in India to launch such a large number of trading pairs.

“We are going live with not just one or two crypto-crypto pairs; we are launching a total of 15 token pairs, all at the same time. This is the largest crypto-crypto pair offering by any Indian exchange and to add to this, the trading fees will be zero,” Koinex wrote in a blog post.

Koinex added more cryptocurrency trading pairs on Saturday, and also confirmed the seller fee of 0.15% for the Indian rupee (INR) market as well as a flat buyer’s fee of 0.15%. Payments, however, are only accepted via the Netbanking gateway. According to Koinex, “all other payment methods are discontinued… All INR withdrawals are temporarily halted.”

Koinex currently trades 19 coins against the INR, with a market turnover of $5.5 million daily—far below the massive turnover of exchange giants such as Binance, which reportedly moves around $1.7 billion a day. The launch of the new crypto-to-crypto trading pairs is expected to raise domestic investor interest substantially. According to the announcement there will be nine bitcoin trading pairs, six Ethereum trading pairs and another eight Ripple trading pairs. Koinex is claiming that it is the first exchange to offer XRP-based trading pairs.

Trading pairs for the BTC market include Bitcoin Cash (BCH/BTC), Ethereum (ETH/BTC), Litecoin (LTC/BTC), TRON (TRX/BTC), Ripple (XRP/BTC), Omisego (OMG/BTC), EOS (EOS/BTC), Nucleus Vision (NCASH/BTC), and Request (REQ/BTC).”

For the Ethereum market, Koinex is offering trading pairs for BCH, TRX, XRP, OMG EOS, and NCASH, alongside BTC. For the XRP market, customers can trade BTC as well as LTC, TRX, EOS, OMG, REQ, NCASH, AE (aeternity), and GNT (golem). This is quite an interesting variety of pairs and should see a sharp uptake of interest in the Koinex exchange.

The launch of Koinex and Zebpay’s crypto-to-crypto trading pairs comes on the heels of the Reserve Bank of India’s announcement that local banks were forbidden from dealing with any entity that settles of exchanges cryptocurrency.

In response to the RBI order, Koinex said it has been looking for alternative solutions, like “introducing UPI payments or instant withdrawals or new tokens for trading.”

“As you know, the crypto-market has been in a disarray of sorts since the start of the year due to the ambiguous stand on crypto-assets by the government and situations further took a downward spiral with the RBI directive reprimanding banks from partnering with crypto-entities,” according to Koinex. “So the need of the hour in this uncertain market was a safer alternate trading format, like crypto-to-crypto.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Alcohol company Madison Group pours $60M into crypto miner Diginex

Alcohol company Madison Group pours $60M into crypto miner Diginex

The cryptocurrency and blockchain space appears to be getting crowded of late with several multinational companies and other large entities looking to pounce on what is proving to be a considerable investment opportunity, even amid the negative press that the market has had over the last few months.

The latest news in the acquisitions and sales market comes from Hong Kong. Diginex, a multinational crypto-asset investment services firm, announced that it has sold 51% of the company’s stake in the cryptocurrency and mining field to another Hong Kong-based firm, Madison Group Holdings.

Diginex is heavily invested in blockchain or distributed ledger technology (DLT), and it is slightly curious that they should sell their stake to a company who is better known for the retail of alcoholic beverages. The price for a 51% stake in the company was around $60 million. Undoubtedly Madison Group see a considerable potential in the cryptocurrency mining business, which has taken the world by storm of late. In fact only last week, multinational companies Samsung and AMD have reported record turnover and profits from their mining-related operations, largely through the sale of semiconductor chips.

The Memorandum of Agreement signed by the two companies listed other synergies, including the leverage of Diginex’s proprietary platform DigiAssets, which can also be used for cryptocurrency owners to purchase wines of high value as well as other assets. Madison’s investment will allow Diginex to continue rolling out their GPU mining operations in Western Europe in partnership with several hardware suppliers, as well as power and security providers—with a goal of building efficient mining and high-performance computing (HPC) data centers for cryptocurrencies.

In a statement, Diginex CEO Miles Pelham said Madison Group’s cash injection will allow the company “to expedite our steps towards becoming the global provider of Distributed Ledger Technologies. We will continue to build out our mining operations in Sweden and Switzerland, but also focus on helping corporates and governments across the world to implement transformative DLT applications.”

Privately-owned Diginex described itself as a full services provider for distributed ledger technologies, operating out of Hong Kong, Switzerland, Germany, and Japan. The company offers all DLT ecosystem services with mining and HPC operations in Asia, Switzerland and Sweden, as well as blockchain consulting, ICO advisory, smart contract design and provision together with cryptocurrency payments and crypto-asset investment services.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitcoin Cash holds on to gains

Bitcoin Cash holds on to gains, sets sights on $1,500

The cryptocurrency market had a rather muted performance over the weekend, with most of the major coins staying at their price levels achieved over last week although there were some notable exceptions. BTC has been stuck between the $9,100 and $9,400 levels with very little movement in this tight trading range. However, it appears that the coin is poised for some upward movement in the next few days as new money comes into the market.

Bitcoin Cash held on to its levels very well enough and was trading at around $1,400 at press time and was looking to soar to the $1,500 level again with some upward momentum. The currency has performed very well, holding on to its gains over the past week. Another currency that appeared to be consolidating is Ethereum, which reached the $680 mark on Monday morning and was looking to achieve the $700 barrier yet again with the possibility of posting strong gains thereafter. Ethereum Classic was also performing well at press time and was looking to breach the $22 mark soon.

However, the strongest gainers over the past 48 hours were the coins with the smaller market caps. EOS was undoubtedly the star performer with an incredible 50% gain over this period rising to $22 at some point—a 100% gain over the week although it was retracing slightly to around $19 on Monday morning. NEO also had a considerable bull run on Sunday, rising by about 25% to exceed the $90 region although it fell back slightly by around 5% on Monday morning. Still, this was a considerable improvement over the last weeks, when the currency appeared staid and did not move that much.

Ripple was slightly disappointing in that it remained stuck between the $0.84 and $0.86 level notwithstanding all the amount of good news that continued dominating the markets. The fact that XRP continues to be involved in new agreements between banks should undoubtedly have a positive effect on its price sooner or later. Dash also appeared slightly staid, but is well supported at the $480-490 level whilst Litecoin remains stuck at the $150 mark with not much sign of any real movement downwards or upwards. Stellar Lumens also consolidated its strong gains over the past week and remains at $0.45, although a push towards the $0.50 mark is not to be unexpected.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.