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Ford Motor Co.’s head of North American operations is leaving the automaker immediately following an investigation into reports of “inappropriate behavior.”
An internal probe by the U.S. automaker found that Raj Nair, an executive vice president, engaged in behavior that “was inconsistent with…
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
aXpire is an ERP SaaS company offering a suite of products to increase efficiency of service spend and general profit margins. We recently underwent a token sale where we reached our $ 20m hardcap in only 89 hours. As we relaunch our website, we think now is an opportune time to outline the future of aXpire.
To give a high level background, we tend to think of our company as four quadrants, making up a greater whole. We are split between P2P vs. B2B and front end vs. back end. Right now, we have only one quadrant of the company fully built out and in use; Resolvr. This application represents our B2B back end product, responsible for spend management. We are building out a front end add-on, to handle RFPs, under the Resolvr name. Businesses will be able to put out RFPs in a standardized front end, with metric-driven filtering, and full back end spend management support. Our P2P products are built around the concept of a consumer version of our B2B software, a platform for exchange of services and a back end of spend analysis.
What follows is an overview of these products and an overview of recent announcements, with a final look at what the future holds for aXpire.
P2P Product: MatchBX
Our P2P marketplace, Matchbox Blockchain Exchange, MatchBX (pronounced “Matchbox”), is a relatively new concept in the life cycle of aXpire, incorporated in light of the strong demand for crypto-based services in the market. We saw a demand for handling RFPs in the B2B context, and have translated that into a higher volume consumer environment. We are allowing individuals to participate in the platform as part of the new economy, either as a freelancer or as a task creator. We will power this product, as with all of our products, with AXP – driving token value in (yet another) use case.
We will work to expand our Preferred Provider Network, right now featuring Devery among others, to offer customers access to trusted and preferred sources of high value services. This network will provide users access to a trusted product, sometimes at bonus or discount prices, through partnerships these companies have with aXpire.
In the background of this product we will run a different kind of spend analysis, demand prediction, which will drive additional preferred partners to our site. Think of it like surge demand on Uber, except without the associated price increases – we simply point partners towards early indicators of demand and the need for supply to fill any gaps.
We will implement a small fee on all transactions via an AXP burn.
B2B Product: Resolvr
With Resolvr, users are able to view, in real time, spend data across their company; providing live data for intelligence profit maximization. The AXP token serves to reduce the incentive for cyber security threats by securely decentralizing the distribution of our software. As a founding member of the International RegTech Association, aXpire’s blockchain technology leaves an immutable trail of transactions; providing value throughout the auditing, compliance and reporting process.
The methods in use at current businesses are demonstrably inefficient, which is improved with our software as it connects both fringe tasks and central tasks into one; effectively cutting costs by considerable amounts.
Businesses looking to utilize all Resolvr processes will need to use our native token, AXP, on a function by function basis, or in advance. Resolvr’s blockchain enhanced version will be as user friendly as possible, in terms of the AXP token not needing to be shown on our front end, but still serving as the underlying utility token; driving transactions and functions.
We continue to make exciting talent acquisitions, including Dom Wolf, as Product Lead. Dom is a Group Product Director at Virgin Mobile, a company associated with sleek design and user friendly products. He is experienced in the fintech sector, and has built his own successful startups, as well as mentored many others. Dom will be the Product Lead on our P2P marketplace, MatchBX, and will act as an active intermediary between management and the UI/UX team. We’ve also onboarded Gina Papush, as Data Analytics Advisor. Gina is the Global Chief Analytics & Data Officer for QBE, and is recognized for proven leadership and expertise in analytic innovation and data-driven strategies. During her 20-year career, she has successfully built leading decision analytic and information management capabilities across diverse industries and business models, delivering significant business results.
We are also excited to announce a fully in-house development team on a go forward basis. Namely, we are proud to announce a new UI/UX acquisition, Henry Doe, who is an award-winning London designer. Henry’s blockchain experience includes a role as UX Lead at Lloyd’s of London. Additional members of this development team include Sojan P S, Blockchain Lead, and Sankar Das G, Product Development Lead. Our other new acquisitions to the in-house blockchain development team will also be announced soon.
Expect more updates; our network will only keep growing as we move forward along our roadmap. We look forward to announcing a partnership with a number of significant players in the crypto space and continuing to add to our team. We will aim to share weekly/bi-weekly updates with the community going forward to keep those committed to our project as in the loop as we can, while allowing for time to work on the project. Expect product updates as well, with the potential for early feedback and MVP testing.
Moreover, we remain busy with product development, and will look to sharing our progress with the community as we go.
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
An Israeli company that was created in January has gotten its business rejected by all banks in the country, and is now suing them. Without a bank account, an Israeli exchange would not be able to legally receive fiat transfers from clients, effectively preventing it from starting operations.
Bitflash LTD, a new Israeli company which was established to provide digital currency trading services based in Acre, has asked the Tel Aviv District Court on Sunday to order all 11 banks in the country to open a current account without credit for it. The company claims that the banks’ refusal to open an account for it is in violation of the law and shows lack of good faith, as some of them manage similar accounts for competing companies.
The lawsuit states that there is a concern that the banks have illegally incorporated as a cartel and unjustifiably prevent the opening of the account to the plaintiff, thus thwarting its activity and causing it ever increasing damages on every passing day it is unable to operate. Unfortunately for Bitflash, the court ruled last year that a bank can refuse to work with a bitcoin exchange in the case of Bits of Gold vs. Leumi. However, by focusing on the banks as a cartel instead of each individually the company might persuade the court that they should not have the collective power to prevent the growth of a new industry.
Banks All Say No
According to Bitflash, since its establishment over a month ago, it approached a number of branches of each Israeli banking corporation for the purpose of opening an account, but was outright refused on the grounds that its business in digital currencies is not to the liking of branch managers. In some of the branches the company was told explicitly that “the bank’s policy is not to open accounts for those who deal with digital currencies, regardless of the nature of the business.”
According to the plaintiff, through its attorney Alon Huberman, the company emphasized to the representatives of the banks that it has no need for credit, its account will be in perpetual positive credit balance, and that it needs only a current account that will allow the transfer of money from its clients inside Israel to its account. According to company, some of the banks justified the refusal by claiming that they would not be able to trace the source of the funds deposited in the company’s account, but even after it was made clear to them that the account would only be used to transfer funds from individuals and entities with a bank account at the same bank, removing this fear completely, they still refused.
Should banks be allowed to refuse to open accounts for bitcoin companies? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
The post Israeli Bitcoin Company Sues Banks for Not Letting it Open Accounts appeared first on Bitcoin News.
Think of cryptocurrency developers and names like Satoshi Nakamoto, Gavin Andresen, and Nick Szabo spring to mind. Individuals who place principles ahead of profit and are more aligned with open source principles than filing patents and closely guarding their secrets. The only secret Satoshi guarded was his identity. It may come as a surprise then to learn that in the last decade, the company that has more cryptocurrency patents than any other is in many bitcoiners’ eyes the antithesis of everything decentralized currency stands for – Bank of America.
Bitcoin Patents Pile Up
Since Bitcoin’s genesis block was mined nine years ago, over 2,000 related patents have been filed, Bitcoin Patent Report reveals. In the cryptocurrency’s early years, the number of patents was low, averaging under 50 a year, but by 2015 that figure began to pick up and by 2016 was growing exponentially. Some of the companies whose names feature in the top ten are to be expected, such as Bitflyer and IBM, whose interest in blockchain is well documented. The computing giant has filed a total of 34 cryptocurrency related patents, but is outplaced by South Korean brokerage Coinplug, which is third on the list with 39.
Some entrants on the list are unexpected, either because they have publicly expressed little interest in cryptocurrency, or are not commonly associated with cutting edge technology. It makes sense that Mastercard would have an interest in digital payment systems, for example, but it is surprising to see them ranked ninth for cryptocurrency related patents, with 21 filings. The greatest surprise of all is reserved for top spot, which is claimed by Bank of America, with no less than 45 patents. Last year, a total of 1,250 cryptocurrency patents were filed, demonstrating the extent to which corporations have finally caught on to bitcoin’s huge potential.
Encouraging Innovation or Stifling Competition?
A patent grants its holder exclusive rights to an invention, such as a piece of technology, for a certain period of time. While designed as a means of protecting the intellectual property of inventors, the system is not without its critics who believe that patenting deters innovation and wastes resources. For example, companies may apply for overly broad patents and then use skilled lawyers to prevent anyone from encroaching on them. Certainly, patents weren’t the first thought of the cypherpunks who sought to make the internet a better and safer place through developing cryptographic tools and later cryptocurrency.
Any individual or organization can file a patent, and just because one is registered and approved doesn’t mean the technology has any merit. In other words, the number of patents an entity files is not evidence of their expertise in the field. Bitcoin’s earliest developers were more interested in creating revolutionary technology than applying to have their code protected by centralized databases. One later entrant to the scene who is synonymous with patents, however, is Craig Wright. He makes it to number two on the list by dint of EITC Holdings, which has filed 42 patents.
Bitcoin Patent Report also reveals that 50% of all crypto-related patents come from China (910) followed by the U.S. (676), U.K. (112), and South Korea (98). Regardless of the merits of each patent, and the moral case for their very existence, they indicate the unprecedented level of interest in bitcoin and the blockchain ecosystem. From insurrectionary cypherpunks to the largest corporations, everyone now has a stake in the game.
How do you feel about companies patenting cryptocurrency technology? Let us know in the comments section below.
Images courtesy of Shutterstock, and Bitcoin Patent Report.
Need to calculate your bitcoin holdings? Check our tools section.
The post Bank of America Has Filed More Cryptocurrency Patents Than Any Other Company appeared first on Bitcoin News.
Las Vegas business mogul and Wynn Resorts founder and CEO Steve Wynn resigned from his position Tuesday, according to a statement from the company.
This week one of Europe’s largest power companies, Enel, has announced the firm has absolutely “no interest whatsoever in selling power” to cryptocurrency miners.
One of Europe’s Largest Power Companies Allegedly Evaluated Cryptocurrency Mining Operations
The Italian multinational renewable-energy corporation located in Rome, Enel, made a statement on Thursday that explains it will not sell power to data centers who plan to mine cryptocurrencies. According to the financial publication Bloomberg the company was allegedly discussing a deal with a Switzerland-based cryptocurrency business called Envion AG. The news outlet stated that “according to people with direct knowledge of the matter” Enel was evaluating the market to sell power to bitcoin and other digital asset miners. Further, a company executive also commented on the mining evaluation story.
“Enel is particularly interested in understanding how the energy business can benefit from the blockchain technology,” the head of the firm’s front trading office, Leonardo Zannella said at the time.
Cryptocurrency miners who can move their facilities to places where electricity is cheap might have advantages.
Enel Changes Its Tune “No Interest Whatsoever In Selling Power” to Cryptocurrency Miners
However, subsequently after the alleged discussions, the power company changed its tune. Enel says it takes pride in providing “green power” deriving from biomass and incineration practices, geothermal resources, hydroelectricity, wind, and solar power. Moreover, the company believes that cryptocurrency mining cannot be maintained in an environmentally friendly way.
“Enel has undertaken a clear path toward decarbonization and sustainable development,” explains a spokesperson this past Thursday.
The intensive use of energy dedicated to cryptocurrency mining as an unsustainable practice that does not fit with the business model it is pursuing.
The news follows the swathes of Chinese miners looking for new residency in other areas around the world. Just recently Bitmain Technologies said it was looking for properties in Canada and also launched a subsidiary in Zug, Switzerland. Enel’s decision may be seen as a small obstacle as miners can utilize more friendlier power companies willing to sell cryptocurrency miners power. Although the firm has operations in sixteen countries across Europe, North America and South America. The company controls a majority of power operations in Spain as well.
What do you think about Enel saying they won’t sell power to cryptocurrency miners? Let us know in the comments below.
Images via Shutterstock, Enel Green Power, and Blockbase.
Not up to date on the news? Listen to This Week in Bitcoin, a podcast updated each Friday.
The post Large European Power Company Will Not Sell Electricity to Crypto-Miners appeared first on Bitcoin News.
This Wednesday Jack Dorsey, the CEO of the payment processing firm Square, revealed the company’s Cash App users can now purchase and sell bitcoin. Back in November the Square Cash App’s bitcoin functionality was only available to select individuals for experimentation. Now, most of the app’s users can access the ability to buy and sell the digital currency using the platform.
The Payment Company Square Says Satoshi’s Vision Is Having an Impact All Around the World
The merchant services aggregator and mobile payment company Square has announced its bitcoin feature is now available for most of its Cash App users. The news follows the company’s testing last November when it allowed select users to use the feature that enables individuals the ability to purchase BTC. Additionally, the firm’s CEO Jack Dorsey promoted the new app with a colorful blog post about bitcoin, and it’s creator Satoshi Nakamoto. The story that describes the innovative technology concludes by saying:
That’s a lot to imagine, isn’t it? One thing is clear though: Satoshi’s vision is having an impact all around the world.
Square says the Cash App offers users the ability to send and receive BTC between family and friends. The company also emphasizes that bitcoin’s prices can be “volatile and unpredictable” and it asks its users to make “wise financial decisions.”
“We’ve made it just as easy to buy and sell BTC straight from your Cash App balance — Unlike other apps, most of our buys and sells happen in seconds, and you can even spend your proceeds from a free Visa debit card,” explains Square’s announcement.
Greater Financial Access for All
Jack Dorsey who also runs the company Twitter explains to his followers on the social media platform that instant BTC buying is now available.
“And selling, if you don’t want to ‘hodl’ — Bitcoin is now available to most Cash App customers,” Dorsey explains.
We support bitcoin because we see it as a long-term path towards greater financial access for all — This is a small step.
Right now there are only four states that cannot access the bitcoin services on Square’s Cash App which include Hawaii, New York, Wyoming, and Georgia. Due to harsher cryptocurrency regulations, those states will not see the bitcoin feature available for the time being.
What do you think about Square’s Cash App and Jack Dorsey’s recent statements? Let us know what you think about this story in the comments below.
Images via Pixabay, Square, and AP/2015August
Need to calculate your bitcoin holdings? Check our tools section.
The post Mobile Payment Company Square Launches In-app Bitcoin Buy/Sell Option appeared first on Bitcoin News.
Amazon is diving into healthcare, teaming up with Warren Buffett’s Berkshire Hathaway and the New York bank JPMorgan Chase to create a company that helps their U.S. employees find quality care “at a reasonable cost.”
The business giants offered few details Tuesday and said that the project is in…
Dear Liz: I asked for a credit limit increase on my Visa card from $ 5,000 to $ 20,000. I was turned down because of not enough income. I was very disappointed and wonder what if anything I can do to reverse the situation.
I am a 77-year-old retired widow who owns my home with no mortgage. My annual…
This week the publicly traded firm Mogo Finance Technology Inc. (TSX: MOGO) announced the creation of a new subsidiary called Mogo Blockchain. The fintech company’s new endeavor is a partnership with the firm DMG Blockchain Solutions in order to launch a bitcoin mining facility in British Columbia.
Mogo Finance Is Building a B.C. Based Bitcoin Mine With DMG Blockchain Solutions
The fintech firm Mogo Finance Technology believes that cryptocurrencies are the future and the company’s latest venture will enter the world of bitcoin mining. Mogo Blockchain has created an alliance with the Vancouver-based company DMG, as the two firms have plans on opening a new mining operation in British Columbia. The facility will focus on bitcoin mining, hosting (mining as a service (MaaS), and blockchain platform development. Mogo says the firm will begin by leasing 1,000 bitcoin mining rigs and expects the facility to be fully operational by the end of this quarter.
“We’re excited to work with DMG given their extensive mining experience and attractive mining as a service model,” explains Greg Feller, CEO of Mogo Blockchain. “We believe that gaining exposure to mining cryptocurrency such as bitcoin is an important part of building our competency around blockchain.”
In addition, this mining venture will enable us to generate our own supply of ‘freshly minted’ bitcoin for our Mogo members once we introduce ‘Mogo Crypto’ later this quarter.
The Launch of the Mine and ‘Mogo Crypto’ Aims to Make Cryptocurrencies More Accessible to Canadian Citizens
Mining rigs will be maintained by DMG using the firm’s MaaS model. Mogo explains the new facility is just the beginning as the Mogo Crypto launch is expected to allow Canadians to easily buy and sell bitcoin through their Mogo account. DMG explains that its alliance with a well-established fintech company such as Mogo will create more cryptocurrency accessibility for Canadian citizens.
“Mogo is well positioned to make cryptocurrencies accessible to more Canadians,” Dan Reitzik, CEO of DMG emphasizes. Additionally, Reitzik spoke with news.Bitcoin.com about how the firm initiated its mining operations located in Canada.
“In early 2016, DMG decided to explore industrial scale bitcoin mining in Canada — As industrial-scale crypto-mining is a very complicated endeavor, DMG brought on Sheldon Bennett as a partner to provide his expertise,” Reitzik explains. “Previously, Sheldon had been in charge of developing industrial-scale mining for Bitfury, the world’s second-largest bitcoin mining company.”
Reitzik adds, “As a diversified blockchain and crypto-mining company, DMG then added a blockchain software team, currently working on various supply chain platforms for clients including Element Fleet Management, and a data analytics and forensics division, now working with accounting clients, helping them understand the financial aspects of this new crypto-environment.”
DMG has two bitcoin mining facilities currently operating in Canada, and a new facility expected to be operational in the first half of 2018. As far as I’m aware, this will be the largest crypto-mining facility in Canada.
Canada has become a favorable region for cryptocurrency entrepreneurs, businesses, and mining operations lately. Recently there’s been reports of Chinese miners looking to set up shop in Canada. Meanwhile, the government has been more friendly towards the cryptocurrency economy, and the firm Evolve Funds is hoping to get approved for a bitcoin-based ETF in the country. The latest venture from Mogo and DMG shows even more companies are flocking to this area in great number.
What do you think about Mogo and DMG building a bitcoin mining facility in British Columbia? Let us know in the comments below.
Images via Shutterstock, Mogo, and DMG.
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The post Fintech Company Mogo Plans to Launch Bitcoin Mine in British Columbia appeared first on Bitcoin News.