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Customer Bitcoin Stolen in Purse Email Breach

CoinDesk, 1/1/0001 12:00 AM PST

Bitcoin startup Purse.io has disclosed that 10.235 BTC in customer funds were stolen over the weekend during a security incident.

The Unknown Giant: A First Look Inside BW, One of China’s Oldest and Largest Miners

Bitcoin Magazine, 1/1/0001 12:00 AM PST

BW, a dominant Chinese bitcoin mining company with approximately 8 percent of global mining power, is positioning itself to step out of the shadows of relative obscurity and into the spotlight — a spotlight powered by efficient, clean and incredibly inexpensive hydroelectricity. Not only is it preparing to take a more active role on the Bitcoin world stage, but it is also planning to release a host of new products and services in the coming months, including the 14 nanometer chips and miners.

“We are very excited about the advances we’ve made,” Virgilio Lizardo Jr, Head of International at Bitbank told Bitcoin Magazine in an exclusive interview. “The chip promises to be the cutting edge technology that BW prides itself in producing. We will also be offering the 14nm chip in a miner for consumers. The power, efficiency and noise reduction benefits aims to introduce a new standard to the industry.”

More details about this new technology will be forthcoming the weeks ahead.


BW was co-founded by LK Group Limited and CHBTC on Aug. 10, 2014. BW stands for Bi Wang which in Chinese literally means “Coin website.” Wenjie Zhai, one of the very first Bitcoiners in China and the CEO and founder of LK Group, is the current CEO of BW. Songxiu Hua, the founder of Bitbank, CHBTC.com, and Jua.com, acts as the CTO of BW although he is not involved in the day-to-day operations of the company; his primary role is to offer technical advice and website consultation.

In 2015, BW joined the Bitbank family of Chinese Bitcoin companies with a focus on combining bitcoin mining resources in order to find greener and more efficient ways to mine. Over the years, Bitcoin has drawn criticism for its consumption of energy. The electricity required to run and cool mining equipment is costly, in terms of both economic and environmental resources.

BW points out that mining anything — metals or bitcoin — has an environmental impact. But by harnessing the plentiful hydroelectric power that is available in remote regions of China, BW’s bitcoin miners are able to put that green energy to use in a way that creates a far smaller footprint than any other form of mining. Furthermore, because of the power source’s rural locations, BW is able to get the electricity — much of which would otherwise go to waste — at a very low rate.


“Hydropower offers a long-term, low-cost and stable source of electricity with the potential to increase the amount of miners in the future,” says BW. “The mining farms are located in rural developing areas. By investing there, this contributes to the local economy by creating new jobs in the area….These areas are surrounded by natural beauty and an abundance of water and we work hard to keep it this way for future generations to enjoy.”

Besides taking a leadership role in preserving the natural environment, BW also wants to protect the Bitcoin environment. As it expands, and as more Chinese miners begin to take advantage of plentiful and cheap hydroelectricity, BW is mindful of the potential for centralization of Chinese mining.

In China, “most of the miners are Bitcoin enthusiasts who see the potential of Bitcoin and want to do their best to help the development of Bitcoin,” says BW. “This includes being aware of how much percentage of the network we are part of and being responsible stakeholders in the ecosystem.”


The company also credits the Chinese government with being a supportive partner. “The government has been encouraging of Bitcoin mining companies because Bitcoin is a technology that combines elements of hardware and software. They have observed the benefits and profits it has produced and have been supportive of this.” Recently, Bitbank received a grant of 50,000 Yuan and office space in a new innovation and high-tech zone built in the city of Zhongshan, Guangdong province. The city plans on investing 67 million Yuan over the next 5 years on the initiative.

At a time when the Bitcoin protocol is in a state of flux, as developers debate scalability options and the future of block sizes, BW is playing the part of the cautious observer; at the same time, as the fifth-largest mining pool in the world, it has also decided to take on more of a leadership role in the Bitcoin community.

“Though Chinese miners have greatly contributed to the development of Bitcoin, we feel that there is a wall between China and the rest of the community. Perhaps even a ‘Great Wall?’” says BW. “There are many factors that contribute to this: language, culture, distance, etc. At BW we would like to work towards helping to increase communication and cooperation in the community, especially when it comes to China.”

The post The Unknown Giant: A First Look Inside BW, One of China’s Oldest and Largest Miners appeared first on Bitcoin Magazine.

Purse.io Users Are Targeted by Hackers, 10.235 BTC Stolen

CryptoCoins News, 1/1/0001 12:00 AM PST

  Users of Bitcoin-pushing shopping marketplace Purse.io were the targets of a hack originating from unauthorized password reset emails that affected 11 users in total with 10.235 bitcoin withdrawn due to the compromise. Purse.io users were the target of hackers who may have gained access and compromised a third-party email service provider user by the company, by its own statement released on its blog. Purse.io has since confirmed the compromise of users’ wallets and has also stated that all affected user accounts have been reimbursed. The company has experience in successfully dealing with and avoiding scams that unsurprisingly target Amazon […]

The post Purse.io Users Are Targeted by Hackers, 10.235 BTC Stolen appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Billion Dollar Mexican Retail Company Famsa Accepts Bitcoin

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Grupo Famsa, one of the largest household appliance-, electronic products- and consumer products-focused retail company in Mexico has begun accepting bitcoin payments with a partnership with BitPay, a leading bitcoin payment processor.

Mexican bitcoin exchange Bitso shared the news on its Facebook page :

“Now, customers can buy directly in Famsa with bitcoin, Enabled by our friends BitPay”

Founded in 1970, Famsa has more than 420 stores across 78 Mexican cities and 37 cities in the United States. The company records around $1.1 billion in annual revenue, and more importantly, Famsa provides banking and credit services including personal car financing through its Banco Ahorro Famsa.

Famsa’s integration of bitcoin shows its strong interest in the digital currency and its advantages. As a retail company, Famsa recognizes the inefficiency of credit card and banking payments for costs and security. Bitcoin payments could eliminate a huge portion of their financial management costs.

However, the company hasn’t announced its intentions to integrate bitcoin onto its financial platforms and services at this point.

Famsa’s acceptance of bitcoin follows Mexico’s largest e-commerce platform Mercado Libre’s decision to accept bitcoin payments on behalf of its merchants.

Surprisingly, Mercado Libre has taken the initiative to accept bitcoin on its platform, then distribute the balances to the merchants’ accounts after the transactions have been confirmed by the corporation.

“In MercadoPago we continue improving so your customers can count with more ways to pay you, maintaining your business with a foot into the future. This new payment option is completely transparent to you and your customers. They can utilize bitcoin to pay you and you will receive the payment in an instant,” announced Mercado Libre.


The post Billion Dollar Mexican Retail Company Famsa Accepts Bitcoin appeared first on Bitcoin Magazine.

Developers Propose ‘Proof of Bitcoin Node’ To Reinvent Bitcoin Mining Into Big Data Mining

CryptoCoins News, 1/1/0001 12:00 AM PST

SpreadCoin, a cryptocurrency, has released a “Proof of Bitcoin Node” (PoBN) that proposes using the block chain to fund bitcoin miners and pay anyone wishing to operate a full bitcoin node by reinventing bitcoin mining into Big Data mining. According to a recently-released white paper, the PoBN will help create a block chain Big Data market that will generate billions of dollars and support a secure, decentralized payment system. The white paper is titled: “Proof of Bitcoin Node, A Mechanism for a Bitcoin Full Node Incentives & Bitcoin Mining Rewards Program.”    The developers are proposing a second layer on […]

The post Developers Propose ‘Proof of Bitcoin Node’ To Reinvent Bitcoin Mining Into Big Data Mining appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Chroma.Fund: Rebuilding Wall Street with Blockchain-Enabled IPO Platform

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Portland-based blockchain startup Chroma has launched Chroma.fund, the world’s first blockchain-enabled IPO platform to allow anyone to purchase shares of companies without brokers and intermediaries.

The Chroma.fund platform issues digital certificates for stocks on the blockchain network -- a transparent distributed ledger which allows both investors and companies to track the purchases of stocks on the platform.

The company is targeting companies that are not large enough to go through an IPO in major stock exchanges such as the Nasdaq.

“We're targeting a sector that has been locked out of investing in private companies since the 1930s: individual investors who earn less than $200,000 a year,” Chroma.fund CEO and co-founder Marcus Estes told Bitcoin Magazine.

“Large corporations have for years benefitted from their ability to raise money directly from the public. But smaller businesses are forced to rack up credit card bills and bank loans in order to get their dream off the ground. As of today, your local coffee roaster may use Chroma.fund to raise investment from their customers and community. This movement will reshape the entire American economy,” he said.

Each certificate or “bond” issued by the platform represents a pre-defined percentage of a company’s gross revenue. Payments to investors and owners of the bonds issued by the Chroma.fund platform will be received through the company’s payment utility in U.S. dollars. The investors can trade these certificates on a securities exchange that the company plans to launch as soon as they receive approval from authorities.

“The underlying crypto security will also make these bonds tradable, if and when we're approved to launch a securities exchange,” said Estes.

Rebuilding Wall Street from Scratch

The Chroma.fund platform has one main difference from other blockchain-based crypto security and asset settlement platforms such as Symbiont, T0 and Digital Asset Holdings. While these platforms work to optimize existing financial platforms and banking systems in the Wall Street, the Chroma team is trying to rebuild the Wall Street scratch, and replace traditional financial platforms and settlement systems like the Nasdaq.

“We're closely watching Symbiont, T0 and Digital Asset Holdings. Each of them could be considered a competitor, if not for one key distinction: They're selling technology to Wall Street -- we're using Bitcoin to rebuild the system from scratch. You don't need a broker to invest on Chroma.fund,” Estes told Bitcoin Magazine.

Estes further emphasized the importance of bitcoin and its underlying technology, the blockchain technology in the development of their platform, Chroma.fund. Over the past few months, many platforms seeking to issue crypto security on the blockchain network have emerged. However, the majority of them are still trying to create and develop their own blockchains and issue their own cryptocurrencies, instead of using an existing secure blockchain such as the bitcoin blockchain.

“Using a traditional web application to store investment certificates is a really bad idea. It would be as hard to do well as storing credit cards. The blockchain makes it possible for us to rebuild Wall Street's complex system of registering ownership of investment securities at a fraction of the institutional cost. Which means we can afford to take smaller companies public. Chroma.fund wouldn't be possible without Bitcoin,” Estes said.

The post Chroma.Fund: Rebuilding Wall Street with Blockchain-Enabled IPO Platform appeared first on Bitcoin Magazine.

Bitfilm Gears Up For Second Annual Global Bitcoin Film Festival

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Bitfilm Festival, the first global film festival dedicated entirely to Bitcoin, is getting ready for its second annual iteration. The festival will kick off on October 31 in its hometown of Berlin, after which local Bitcoin communities will individually organize editions in cities across the globe all month long, until the closing event in Buenos Aires on December 12.

The festival events will screen a number Bitcoin-related films and feature talks and panels on Bitcoin and blockchain technology. It will also serve as the kickoff for a Blockchain developers contest.

The exact schedule of the festival events is not worked out in detail yet, but will be released soon.

“We know most of the films we'll show, but we are still waiting for submissions before we make a final decision,” festival director and well-known Bitcoin advocate Aaron Koenig told Bitcoin Magazine. “We will definitely show Torsten Hoffmann's 'Bitcoin: The End of Money as we Know It' and Joseph Lebaron's 'Life on Bitcoin', and we will include one or two more long films, as well as short films to open for each of them.”

The Bitfilm Festival itself dates back to the year 2000, long before the invention of Bitcoin, and originated as a festival for digital films. Koenig, who runs the production company Bitfilm, flipped this concept last year, and decided to focus exclusively on Bitcoin. Apart from the main event in Berlin, editions were setup by local communities in Buenos Aires, Seoul, Amsterdam, Budapest and Ubud (Indonesia), establishing Bitfilm Festival as the first global Bitcoin filmfestival.

“We re-invented our festival last year,” Koenig said. “It was a great experience to focus on films about this new form of money that takes away power from banks and governments. So we will do it again and hope to show even better films and reach even more people.”

In addition to the 2014 edition, Bitfilm Festival 2015 will feature an award for the best Bitcoin-related film of the year. Nominations for this award can be submitted until October 21 on Bitfilm's website. Once the nominations are settled, a voting round will be held on Bitcoin's blockchain to determine the winner.

“Each film will have its own address on the Bitcoin blockchain. Votes are issued by sending bitcoin to the address associated with the film,” Koenig explained. “The film that receives most of the donations will be declared the winner. And since voting happens in public, the results are trackable by anyone.”

Furthermore, the bitcoin used to vote on the films will serve as prize money. All bitcoin received will be distributed among each film that receives donations, the winner and the Bitfilm organization.

“Forty percent stay with the film that gets the donation, 40 percent go to the winner of that category, and 20 percent is our cut,” Koenig said. “We used a similar mechanism in 2013, and it worked well.”

So far, Amsterdam, Budapest, Buenos Aires, Mexico City, Nairobi, Saigon and San Francisco have been confirmed to host an edition of this year's Bitfilm Festival, with more events to be announced soon. The winner of the film competition will be announced at the closing event in Buenos Aires.

The post Bitfilm Gears Up For Second Annual Global Bitcoin Film Festival appeared first on Bitcoin Magazine.

Bitcoin Price Bumps Up Against Resistance

CryptoCoins News, 1/1/0001 12:00 AM PST

Bitcoin price lurched to a nominal new high in some exchange charts and a lower high in most others. By the time of today's xbt.social morning analysis the signs were in the charts: the bulls had given it all they could but had depleted their resources and energy. Will they, after a price correction, regroup and stampede again, or can the bears come out of their six-week hibernation? This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis […]

The post Bitcoin Price Bumps Up Against Resistance appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Scorechain Raises $570k for European Bitcoin Compliance Solution

CoinDesk, 1/1/0001 12:00 AM PST

Bitcoin compliance solutions provider Scorechain has raised €500,000 ($570,000) in seed funding

This is how a new crop of companies are trying to reinvent banking

Business Insider, 1/1/0001 12:00 AM PST

Financial technology, better known as fintech, has exploded over the last 5 years.

The rate of investment is growing by 45% annually and $13.7 billion was ploughed into startups in the space in the last year alone, according to CB Insights.

As investment booms, finance and banking are being transformed by innovations like peer-to-peer models, crowdfunding, and contactless payments.

These changes have been driven not by established financial players, but by startups including now-huge players like LendingClub, Kickstarter, and Funding Circle.

Amy Nauiokas AnthemisAmy Nauiokas, founder and president of fintech investment firm Anthemis, says: "Big organisations can see where the markets have been, where they’re going, they can identify those trends. But I think the startups are always going to be able to move a little bit more nimbly."

Nauiokas worked in mainstream finance at places like Bear Sterns, Barclays, and Cantor Fitzgerald before setting up Anthemis in 2008.

"We spent quite a long time in this space trying to convince people of the future," she says. "You’d seem like a crazy person running around with a spreadsheet about how all the businesses were going to change on the back of technology and innovation. Some would listen and some wouldn’t."

Those who didn't are likely all ears now.

Loans: 'They're doing things that were impossible 5 years ago'

Perhaps the biggest area of upheaval has been in the way people and organisations lend and borrow money. 

Traditionally, banks had the monopoly on this. They took deposits, and extended credit. In the process, the banks make money by charging borrowers more interest than they offer savers.

But recently a crop of startups have found a way to squeeze these margins and offer a better deal to savers and, often borrowers, by adapting an online model first popularised by music piracy — peer-to-peer.

Platforms like LendingClub and Prosper in the US and Funding Circle and Zopa in the UK have exploded in popularity, doing hundreds of millions of dollars and pounds in loans and attracting huge valuations.

funding circle foundersPeer-to-peer as a model first rose to prominence with personal and business loans, but companies like SoFi and Earnest are applying the model to student finance and specialist lenders are also springing up doing everything from mortgages to invoice financing.

"One of the big things that P2P lending is doing is really making it easier for people to borrow money — that’s the big value proposition," says Peter Renton, the founder of global peer-to-peer conference LendIt.

Where banks can take weeks to approve a business loan, peer-to-peer lenders take as little as 24 hours. The platforms automate huge parts of the underwriting process and plug into a myriad of data sources.

Renton says: "It’s easier, it’s quicker, it’s more user-friendly. These companies are not steeped in finance, they don’t have necessarily this background thinking that things have to be done in a certain way. They’re reinventing the wheel in a much more efficient way.

"Kabbage is the most innovative small business lender on the planet. They deliver a loan to a small business lender in 7 minutes. The way they do it is they connect all the data and the more data you connect with them, the cheaper it’s going to be.

"It started off with eBay data. They pull in all your eBay data and see what’s your daily sales volume, ratings. Now they pull in dozens of sources — UPS data, Amazon, QuickBooks, Yodlee, Yelp, Facebook. They’re doing things that would have been impossible 10 years ago, that probably would have been impossible 5 years ago."

Renton says that "this is the true innovation in this industry — the ability to work with data, databanks won’t work with or can’t work with."

There are a crop of online-only loan companies who aren't following the peer-to-peer model but are still beating the banks at lending by simply using data in a smarter way, making them faster and easier for borrowers. 

Banks are starting to recognise the skill of many of these startups. SunTrust Bank acquired online lender FirstAgain in 2012, later re-branding it LightStream.

Christian Faes LendInvestChristian Faes, boss of UK peer-to-peer platform LendInvest, says many of his biggest customers are banks that lend over the platform. LendInvest specialises in peer-to-peer mortgages.

Faes says: "The short-term mortgage market is quite specialist. Banks see the short-term market as a good opportunity but they can’t really be bothered to go set up a desk, to hire business development people, to originate deal flow, to hire underwriters.

"It’s a lot easier to come along to a platform like LendInvest. That is really where peer-to-peer ends up. You get specialists in origination in particular asset classes and institutions come to them to get exposure of particular assets."

Payments: Blockchain is coming

Alongside the way people lend cash, the way we pay for things is also being overhauled.

"We’re just coming out of probably a good 3 years of being pitched any and all payments model," says Pascal Bouvier, a partner at fintech venture fund Route66 and a fintech blogger. "I’m personally suffering from payments indigestion."

On the business side, companies like Sweden's iZettle and Square in the US are making it easier for small businesses to accept card payments through cheap terminals. Companies like Sweden's Klarna and Stripe in the US also make it easy for small businesses to accept card payments online.

Meanwhile on the consumer side, services like Apple Pay and bitcoin are offering people new ways to pay for the good they buy.

stripe foundersInternational money transfers are also being disrupted. UK companies TransferWise and WorldRemit have both attracted big investments from Silicon Valley funds for their approach to international money transfer.

Like the lending startups, the key appeal of these money transfer businesses are they make sending money abroad easier, faster, and cheaper. TransferWise uses peer-to-peer to match people with others sending money in the opposite direction, saving fees.

WorldRemit specialises in sending money to mobile wallets in emerging markets, essentially digitising the Western Union network.

Bouvier says: "A lot of the investments to date were on the easy stuff — digitalisation of front-end distribution channel, personal payment solutions, some type of debit card coupled to an app."

But now there are signs of deeper changes in payments, within the so-called "rails" — the deep-rooted infrastructure used to actually process payments within and between banks.

22 banks from around the world, including JPMorgan, Credit Suisse, and Barclays, recently formed a coalition to develop common standards and use cases for the blockchain in banking.

The blockchain is the software that both powers and regulates cryptocurrency bitcoin. In its most basic form, it records ownership of bitcoin, as well as transactions.

Transactions are signed off by the parties involved using the software, then added to the blockchain, a long string of code that records all activity.

Once other transactions are added on in front of an exchange, the exchange is stuck there forever and can't be changed, in the same way you can't change a brick once it's been built into a wall.

David Rutter ICAP IEB[1].JPGThe software cuts out the need for a "trusted middleman" to sit in between parties in a transaction as it acts as that middleman. This makes transactions quicker, cheaper, and easier when compared to the current systems banks use. 

The coalition of banks looking to adapt blockchain to mainstream finance is headed by R3, a startup headed by 32-year Wall Street veteran David Rutter. 22 top investment banks are now signed up.

Rutter told Business Insider recently that while payments are one use for the blockchain in finance, his remit is to explore everything from issuing shares on blockchain to using it as a "smart contract", where the code generated is itself the contract.

Investment: 'Platforms like ours deal with thousands of investors'

The blockchain could have a big impact on investment then, as well as payments. And investment is another area of finance that has already undergone huge changes thanks to technology.

The most noticeable change in investment over the last few years has been the rise of crowdfunding. A model pioneered in the US by Kickstarter, crowdfunding lets ordinary people fund projects online, either by lending them money or buying equity in the project or company.

In the US, platforms like Kickstarter and Indiegogo are dominated by idea or cause based crowdfunding campaigns — people can fund cool ideas like the Pebble smartwatch before they're built, or even a new project from a big company like chip maker Marvell

Charles Adler, Perry Chen, and Yancey StricklerIn the UK, however, crowdfunding on platforms like Crowdcube and Seedrs generally takes a different form. Established, growing businesses such as BrewDog and JustPark are turning to crowdfunding platforms as a way to raise money.

The "crowd" buy in just like traditional investors would when buying shares, rather than fund a specific project. The big difference between buying shares on the open market is there's no way to trade once you own them.

But soon that could change too — Crowdcube, the UK's biggest crowdfunding platform, recently partnered with City of London stockbroker Numis and the pair plan to launch the world's first crowdfunded IPO next year.

At the time the partnership was announced Crowdcube CEO Darren Westlake told Business Insider: "IPOs are obviously public offerings, but if you look at what's happened over the last couple of decades it's been less and less possible for ordinary people to participate, as the majority of the listing have been filled out by institutions.

"The reason for that is because whoever's running the book, it's very difficult for them to deal with thousands of people rather than just one institution. However, platforms like ours have been set up to deal with thousands of investors — that's where our strength is."

Another big development in investment is the introduction of social and gaming elements. Israeli platform eToro lets investors "follow" other traders to see what they're buying and selling. There's even a feature that lets investors automatically copy the trades of people they follow.

And companies like Acuity Trading, Selerity, and iSentium are trying to harness data from platforms like Twitter to give an indication of investor "sentiment", which in turn gives them an idea of which way to trade.

A recent study from the European Central Bank found Twitter has a "statistically and economically significant predictive value" for stock markets in the US, UK and Canada.

Challenger banks: 'You don't go to the banking sector for tech'

There's plenty of competition in the US banking sector, but in Europe, and particularly the UK, the landscape is dominated by a few big players.

That's starting to change, thanks to the rise of so-called "challenger banks", such as Metro Bank in the UK and Fidor in Germany.

This new crop of lenders prioritises technology. Atom Bank, Mondo, and Starling are 3 pre-launch challenger banks in the UK that are planning to have no branch network and operate primarily through mobile phone apps.

Atom Bank CEO Mark Mullen told Business Insider in June: "Our inspiration is not coming from banks. You don't go to the banking sector for technological excellence. We're working with tech companies with credits in the motor industry, gaming."

Atom Bank CEO Mark MullenNot only are these new banks rethinking what a bank should look like, they're also re-imaging how it should work.

Germany's Fidor was one of the earliest to pioneer a banking model that works more like an app store than a traditional lender.

Fidor offers core services, but it also lets customers use third-party products like peer-to-peer loans or currency trading. The bank is more like a marketplace where people can shop around.

Fidor CEO Matthias Kröner told Business Insider he sees the role of a bank becoming the guardian of a customer's identity, acting as a trusted gateway in the same way Facebook does when you use it to log into other sites around the web.

Kröner said: "A bank's role in future will be protecting your identity. Identity will be the biggest asset."

The future: 'Things are barely beginning here'

Not all parts of finance are being turned upside down though. One big area that has yet to be revolutionised is insurance. 

Investors and companies want that to change — an accelerator programme to help insurance startups grow is launching in London next January, backed by big names like UK car insurer Admiral and German insurer Allianz.

Route66's Bouvier told Business Insider: "Insurance companies need to be way better at sifting through universes of structured and unstructured data. Things are barely beginning here — the network of data that’s going to be coming out of the internet of things is going to be massive."

Insurance has plenty of room for new business models like peer-to-peer and efficiencies like automation that have hit finance over the last few years.

More broadly, we're likely to see many of these innovations enter the mainstream. TransferWise CEO Kristo Kaarmann recently tweeted: "Hope we'll graduate from fintech to finance. We don't call uber cartech nor BI newstech."

Banks and established financial firms are increasingly looking to work with fintech startups to help them keep up with the pace of change.

UBS has launched a competition to find startups to work with; Barclays runs a fintech accelerator programme; and banks like Santander, Goldman Sachs, and JPMorgan are all investing in companies in doing everything from bitcoin to peer-to-peer loans.

Anthemis' Nauiokas told BI: "I think where you’ll see the success stories is with banks and financial institutions that recognise they can’t do it all, but instead identify the areas in technology reform where they do have an edge and partner with someone to do the rest.

"That’s going to be a model that will be very successful for some financial institutions."

Fintech is going mainstream.

Join the conversation about this story »

Polish Finance Ministry: EU Should Create Bitcoin Regulation

CoinDesk, 1/1/0001 12:00 AM PST

Poland’s Ministry of Finance has said regulating bitcoin should form "part of initiatives at the EU level".

Setl Claims a Blockchain Milestone with 1 Billion Transactions in a Day

CryptoCoins News, 1/1/0001 12:00 AM PST

London-based startup Setl has claimed a milestone by breaking through the 1 billion transactions-per-day barrier for blockchain movements during testing, reports the Financial Times. The breakthrough will inevitably lead to institutions in the financial services industry to further look at blockchain as a viable, large-scale model to process transactions every day. Blockchain platform and UK start-up Setl, founded by a group of executives and hedge fund investors this year had also previously announced plans to deploy a payment and settlements infrastructure with over 40 financial institutions including banks, based on blockchain technology. The infrastructure will cover multiple currencies and will […]

The post Setl Claims a Blockchain Milestone with 1 Billion Transactions in a Day appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

You can earn up to 85% even if the Bitcoin rate drops at Bitplutos

CryptoCoins News, 1/1/0001 12:00 AM PST

Bitcoin Press Release: London, October 12, 2015 — Binary options by Bitplutos are a new and anonymous alternative for Bitcoin investors. You can earn up to 85% profits on a correct prediction even when the exchange rate drops! As humans, we make binary decisions all the time as a matter of survival. Should you touch that hot stove or not? NO! Will Bitcoin continue to rise against the USD in the next day? YES or NO? If you think you have an answer, you should put your money where your mouth is with binary options. Binary options by Bitplutos are […]

The post You can earn up to 85% even if the Bitcoin rate drops at Bitplutos appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

LogMeIn Acquires Password Manager LastPass for $110 Million

CryptoCoins News, 1/1/0001 12:00 AM PST

Popular password manager LastPass is being acquired by remote-access management giant LogMeIn in a deal that’s reportedly worth between $110 million and $125 million.

The post LogMeIn Acquires Password Manager LastPass for $110 Million appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

200 Artists Participate in Bitcoin Photo Contest; Viewer Voting Ends Oct. 15

CryptoCoins News, 1/1/0001 12:00 AM PST

The Bitcoin Photo Contest, a bit4coin-sponsored initiative to improve bitcoin’s image and expand bitcoin’s graphic representation, moves into its next phase this week as the regular voting phase ends on Oct. 15 and 50 images go to a jury for the final vote. The 50 images selected will include the 25 that get the most viewer tips and 25 that get the most viewer votes by Oct. 15. Each jury member can vote on up to five images, independent of regular viewer votes.   Viewers can see the submissions here. Bit4coin is an Amsterdam, Netherlands-based bitcoin exchange. 200 Artists Win […]

The post 200 Artists Participate in Bitcoin Photo Contest; Viewer Voting Ends Oct. 15 appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

How Bitcoin Has Been Building Brand Equity As A Spectator Of Itself

TechCrunch, 1/1/0001 12:00 AM PST

branding-bitcoin From the Grexit crisis to the recent block size split debate, Bitcoin frequently finds itself at the center of regular news cycles. As the debates about its price performance, volatility and political implications continue to mount, beneath it all lurks the less obvious but fascinating undercurrent of Bitcoin’s brand equity — and how it continues to evolve under the auspices of… Read More

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