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| April 27, 2018

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Stocks veer down as tech shares slump

April 22, 2018 |

A steep slide in technology stocks weighed on U.S. stocks Friday, pulling the market lower for the second day in a row.

Losses by retailers and by makers of packaged food, beverages and other consumer goods also helped weigh down the market. Banks rose as bond yields continued to climb, reflecting…


L.A. Times – Business

Ether Capital Shares Commence Trading on Canadian Stock Exchange

April 21, 2018 |

Ether Capital Shares Commence Trading on Canadian Stock Exchange

The stock of cryptocurrency investment firm, Ether Capital, has commenced trading on Toronto-based NEO Exchange. The listing comes days after the company completed its previously announced “reverse takeover transaction” that saw the company rebrand from Ethereum Capital.

Also Read: Mt Gox CEO Mark Karpeles Lands New Job — CTO for Cryptocurrency Firm

Ether Capital Shares Commence Trading on Canadian Stock Exchange

Ether Capital Shares Commence Trading on Canadian Stock ExchangeEther Capital’s stock began trading on Toronto’s NEO Exchange on Thursday. As of this writing, the company’s ETHC shares are currently trading at approximately $ 2.45 USD.

The company’s chief information officer, Ben Roberts, has told reports that the company raised $ 45 million CAD – falling 10 percent short of the company’s expectations. Ether Capital had originally sought to issue 20 million shares priced at $ 2.50 each, however, was only able to sell 18 million shares. The private offer was co-directed by CIBC Capital Markets and Canaccord Genuity Corp.

Stock Listing Comprises “Critical Step” for Ether Capital

Ether Capital Shares Commence Trading on Canadian Stock ExchangeMr. Roberts indicated that Ether Capital plans to convert approximately 90 percent of the raised funds into ETH tokens. Mr. Roberts did not disclose how many tokens had already been purchased with the newly raised capital. According to a January press release, Ether Capital indicated that it also plans on using a portion of the funds to obtain “controlling stakes in Ethereum-based businesses.”

Som Seif, the executive chairman and co-chief investment officer of the company, has stated that “The completion of this transaction and commencement of public trading represents a critical step in Ether Capital’s mission.” Mr. Seif added that the company is “excited to provide investors with the opportunity to invest in the first publicly listed company focused solely on the Ethereum ecosystem and to help drive industry-shifting disruptive technologies.”

Ether Capital Not Obstructed by Regulatory Hurdles During Formation

Ether Capital Shares Commence Trading on Canadian Stock ExchangeIn contrast with the challenges encountered by many firms seeking to operate in the cryptocurrency industry, Mr. Roberts describes the process involved in setting up Ether Capital as having been relatively simple, stating “the first step was talking to the Ontario Securities Commission and getting their blessing, then talking to banks and getting them comfortable and setting up a custody solution to house the asset safely.”

Mr. Roberts indicated his expectation that it will ”take the market some time to really understand the value proposition” of Ether Capital. “The utility of that is two-fold, yes it gives people exposure in the marketplace and more importantly creating that pool of assets gives us space in the community and the ethereum platform. As we kind of scale that out we can have an opportunity to become something like ConsenSys, which is a large organized stakeholder in ethereum which can then use its platform to create value,” Mr. Roberts stated.

Do you think that the shares of other cryptocurrency investment firms that focus on markets other than BTC will also be traded on mainstream stock exchanges? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Ether Capital


Need to calculate your bitcoin holdings? Check our tools section.

The post Ether Capital Shares Commence Trading on Canadian Stock Exchange appeared first on Bitcoin News.

Bitcoin News

Monex Shares Jump Following News of Coincheck Acquisition

April 3, 2018 |

Monex Shares Jump Following News of Coincheck Acquisition

Monex Group, a Tokyo-based financial services group, is considering buying Coincheck. Shares in Monex jumped 23% off news that the retail investor was eyeing the Japanese exchange that was notoriously hacked this year. The move would benefit both parties, giving Monex an entry into the burgeoning crypto markets and granting Coincheck’s owners a way out.

Also read: Google Moves Against Cryptojacking, Bans Chrome Mining Extensions

Coincheck Floats Plans to Check Out

Following the loss of $ 500 million in NEM, which was hacked in January, Coincheck’s owners have looked increasingly uncomfortable. The exchange has since resumed trading and reimbursed NEM customers, but it was no secret that its owners were seeking a way out. It looks like they may have found one in Monex. The deal, if sealed, could be worth “several billion yen” [several million USD] according to the Nikkei stock exchange.

Monex Shares Jump Following News of Coincheck Acquisition

One of the biggest problems Coincheck has faced in the wake of the hack is restoring customer trust. A changing of the guard would go some way towards achieving that. Monex group is a trading firm specializing in brokerage, foreign exchange, insurance, and alternative investments, but has no exposure to cryptocurrency.

Cryptocurrency exchange acquisitions are extremely rare, although last month Circle concluded its takeover of Poloniex. A week ago, Japan’s Bitarg exchange denied reports that Yahoo was considering purchasing it, and the New York Times’ Nathaniel Popper has tweeted the rumor that South Korean investors are eyeing a $ 400m move for Bitstamp.

Monex Shares Jump Following News of Coincheck Acquisition

Monex Shares Leap 23%

Shares in Monex Group jumped 23% off news of the Coincheck buyout, hitting their daily limit of 424 yen, and coinciding with bitcoin climbing $ 400 as the cryptocurrency markets returned to green. The Monex-Coincheck deal looks likely to go through, with the Nikkei reporting that plans are in place for Coincheck’s Chief Executive Koichiro Wada to step down. Before the paperwork can be inked, Monex will seek reassurance from the Japanese Financial Services Agency regarding Coincheck’s registration, which had yet to be approved at the time of January’s $ 500 million hack.

Do you think the Monex-Coincheck deal will be good for the exchange’s customers? Let us know in the comments section below.


Images courtesy of Shutterstock, and Monex.


Need to calculate your bitcoin holdings? Check our tools section.

The post Monex Shares Jump Following News of Coincheck Acquisition appeared first on Bitcoin News.

Bitcoin News

Tesla Shares Sink as Musk Jokes About Bankruptcy

April 2, 2018 |

The electric-vehicle maker’s shares slid, suggesting investors were in no laughing mood over CEO Elon Musk’s bankruptcy tweets.
WSJ.com: US Business

China Unveils Plan for Overseas-Listed Tech Giants to Float Shares Back Home

March 31, 2018 |

China unveiled a pilot plan to encourage qualified companies in select industries to float shares on its domestic stock market, paving the way for the country’s technology giants to list at home.
WSJ.com: What’s News Asia

Tech Shares Tumble Again as Regulatory Risks Rattle Investors

March 29, 2018 |

Technology stocks are suffering one of their worst beatings in years, as investors reassess a sector that was once considered the growth engine of the global economy but now faces the prospect of greater regulatory scrutiny.
WSJ.com: What’s News Asia

Amazon shares tumble on report Trump wants to ‘go after’ the company

March 28, 2018 |

President Trump has made it clear since his election that he has gripes with Amazon.com over the e-commerce giant’s sales tax policies and its contract with the U.S. Postal Service for deliveries. And he hasn’t been shy about his disgust for the Washington Post, the newspaper owned separately by…


L.A. Times – Business

Corey Feldman says he was stabbed in attempted murder, shares photos from his hospital bed

March 28, 2018 |

Corey Feldman revealed on Twitter that he was attacked Tuesday night in what the actor called an attempted murder.
FOX News

Dropbox IPO: Shares soar in stock-market debut, pulling valuation above $10 billion

March 24, 2018 |

Dropbox Inc. exceeded its private valuation in its market debut, as its shares soared after pricing above their marketed range in the biggest technology initial public offering of the year.

Shares jumped as much as 50% to $ 31.60 apiece in mid-session trading, giving the San Francisco file-sharing…


L.A. Times – Business

Steve Wynn may sell all shares in Wynn Resorts following sexual-assault and harassment allegations

March 21, 2018 |

Former Wynn Resorts chief executive Steve Wynn may sell all his stock in the casino-operator a month after he resigned over sexual assault and harassment allegations.

Wynn could sell up to 12.1 million shares of stock, according to a securities filing Wednesday. He is the largest shareholder in…


L.A. Times – Business