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High Times Becomes the First IPO to Accept Cryptocurrencies
August 3, 2018 | dailybusinessnews
On Thursday, the well-known cannabis culture brand and publication High Times announced it’s holding an initial public offering (IPO) and that it will be the first regulated A+ stock offering to accept cryptocurrencies.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
High Times Takes Another Step Into the Future by Accepting Cryptocurrencies for its IPO
The firm High Times is a popular cannabis-focused monthly magazine that was founded in 1974. The publication founded by Tom Forcade reports on the marijuana counterculture and the legalization of cannabis. On August 2, 2018, the legacy company announced it is holding an IPO so individuals can invest in the firm by buying shares. In an unusual twist, the firm has also revealed it is the first A+ stock offering to accept bitcoin core (BTC), and ethereum (ETH).
According to High Times, the firm filed its Reg. A report which detailed “$ 29 million in a reduction of negative equity, significant decreases in operating losses, and a debt reduction — with the U.S. Securities & Exchange Commission.” High Times CEO Adam Levin believes adding cryptocurrency acceptance will allow a bigger audience to participate in the IPO.
“High Times has been at the forefront of popular culture for more than four decades,” Levin explained during the announcement.
Now we’re taking another step into the future, not only as one of the first cannabis-related brands to go public on the Nasdaq but also as the first to allow bitcoin and ethereum as part of our public capital raise.
No Initial Coin Offering But Including Crypto Investors
Investors can purchase shares at $ 11 a piece at the website Hightimesinvestor.com, and the company says with the firm’s strong online presence many will be interested in doing so. Furthermore, High Times has been trending a lot higher these days, as the US and other countries worldwide have been more lenient and even legalizing marijuana use. High Times says the publication is an “important beacon in the legalization activism game.” Levin details that they didn’t believe in utilizing the new crowdfunding process called initial coin offerings (ICO), but felt they needed to tend to these types of investors.
“Cryptocurrencies have created a new investor base across the world—we’re just giving them more stable opportunities for investment,” Levin notes.
Beginning with our Reg. A+ crowdfunding, we’ve been focused on giving everyone from retail investors to long-time fans more ways to own a piece of High Times. While we didn’t believe that the ICO process was the right move for our brand, it would’ve been foolish to leave this emerging investor base out as we continue to transform into a diversified media, events and merchandise giant.
Many cryptocurrency proponents believe the cannabis and digital currencies economies are up and coming industries that will grow exponentially in the future. Crypto supporters are pleased with High Times accepting BTC and ETH for IPO shares as the two budding sectors are once again growing together hand in hand.
What do you think about High Times accepting ETH and BTC for its initial public offering (IPO)? Let us know what you think in the comment section below.
Images via Shutterstock, and High Times.
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The post High Times Becomes the First IPO to Accept Cryptocurrencies appeared first on Bitcoin News.
City commission will consider bid to declare Los Angeles Times buildings historic-cultural monuments
July 20, 2018 | dailybusinessnewsA bid to gain protected status for three Los Angeles Times buildings moved forward Thursday when the Cultural Heritage Commission agreed to consider an application to make them historic-cultural monuments.
Monument status could hinder a plan to redevelop the downtown L.A. block where they stand….
UK Mosque Collects Four Times More Donations in Crypto Than Fiat
July 16, 2018 | dailybusinessnews
A British Mosque has collected four times more donations in cryptocurrencies than fiat, showing another example of the growing importance of the innovative instruments in charity. People from all around the world donated to the mosque using cryptocurrency during Ramadan, including one transaction of over £5,200.
Also Read: The Daily: Poloniex Goes Mobile, Cobinhood Adds USD Fiat, Bitmain Expands
Crypto Mosque
The Shacklewell Lane Mosque, also known as Masjid Ramadan, in Dalston, East London, UK has decided to accept cryptocurrencies as charity, as we reported back in May. The move has paid off well for the house of prayer as it reportedly collected four time more donations in crypto than fiat during the month of Ramadan. It received £13,983 from cryptocurrency donations, compared with just £3,460 from fiat donations.
The Hackney mosque’s chairman, Erkin Guney, told local media inews: “Many people at the mosque were initially sceptical about us accepting this new money, but the fact we received four times more in cryptocurrency donations shows how important it is to be open to these new digital currencies.” He added: “When the donations started to flow in, we were blown away. We received four times more in cryptocurrency donations than in cash from our local worshippers during Ramadan, and we are still receiving cryptocurrency Sadaqah [donations]. It is amazing!”
Bitcoin Charity
24 people from around the world donated to the mosque using cryptocurrency, including one transaction of over £5,200. The funds are earmarked for repairs to the facility, offering food and shelters to needy locals, as well as supporting poor Muslim families with funeral costs. Gurmit Singh, founder of London-based Islamic finance startup Combo Innovation who advised the mosque on how to support cryptocurrency donations, commented: “I hope other mosques and charities will now follow Masjid Ramadan’s lead to take advantage of this important new revenue stream”.
This is just one example how the cryptocurrency community is supporting all kinds of charitable organizations. Other recent cases include Binance donating $ 1 million to Japanese flood victims, and Paxful granting academic scholarships to female Afghan refugees in the US. And this mosque is not the first religious establishment to turn to aid from crypto users. Back in January we reported about ICF Zurich, an evangelical church from the largest city in Switzerland, which begun accepting voluntary offerings from its parishioners using cryptocurrency.
What is stopping more religious organizations from accepting crypto donations? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The post UK Mosque Collects Four Times More Donations in Crypto Than Fiat appeared first on Bitcoin News.
Preservationists call for historic status for Los Angeles Times buildings, threatening redevelopment plans
July 4, 2018 | dailybusinessnewsPreservationists hope to secure city monument status for three historic Los Angeles Times buildings, which could hinder a plan to redevelop the downtown block where they stand.
City officials last week accepted an application to the Cultural Heritage Commission to officially recognize the buildings,…
Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate
June 23, 2018 | dailybusinessnews
The Canadian province of Quebec has reportedly decided to charge cryptocurrency miners up to roughly three times the current price after they flooded utility Hydro-Quebec with requests for mining operations. In addition, several crypto-related proposals have been submitted including one that requires crypto firms to bid for power.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Price Hike for Crypto Miners
Quebec, a province in eastern Canada, offers one of the lowest power rates in North America. Its electricity is generated, transmitted, and distributed by the country’s largest electric utility, Hydro-Quebec, which was formed by the government in 1944, and currently has over 4 million customers.
The utility has been courting cryptocurrency miners for months to use its surplus electricity. However, due to an overwhelming number of requests for crypto mining operations, the province has decided that it “will make electricity prohibitively expensive for cryptocurrency miners until it figures out how to deal with a surge in demand from the energy-hungry industry,” Bloomberg reported this week, adding:
Provincial regulator Regie de l’energie authorized utility Hydro-Quebec to charge 15 cents per kilowatt hour to blockchain companies, about three times the price they have enjoyed up to now. The temporary pricing doesn’t apply to existing clients and their operations, which total about 120 megawatts.
“Blockchain companies will be required to bid for power and spell out the jobs and investment per megawatt that they will generate,” the utility further proposed. “The starting bid is 1 Canadian cent ($ 0.0075) per kilowatt hour above the rate the industry had previously enjoyed — roughly a 20 percent increase.”
Furthermore, Hydro-Quebec unveiled a plan Thursday, which requires approval from the regulator, “to allocate as much as 550 megawatts” for crypto mining on top of the 120 megawatts that are already in operation or approved, the publication detailed. A selection process will also be proposed which “will enable Hydro-Quebec to survey the industry on what it considers a fair price and to gauge what investment and jobs the applicants will generate,” a spokesman for the utility, Jonathan Cote, explained.
Overwhelming Demand from Crypto Miners
According to the publication, crypto miners flooded Hydro-Quebec with “requests that it says exceed its short- and medium-term capacity.” Cote told the news outlet on Thursday:
We don’t want to send a message to the market that this is the price for cryptocurrencies in Quebec…It’s more that requests are suspended until we have the proper framework determining conditions for that market.
“The temporary price is expected to be in place for several weeks until the regulator sets a tariff that will then be applicable to all,” the news outlet explained.
Quebec has been trying to attract crypto miners with its inexpensive electricity and cold winters, as news.Bitcoin.com previously reported. However, Hydro-Quebec indicated in January that it will not be able to meet the scale of power demanded by crypto miners. Prior to the rate hike decision, it started turning down new applications for crypto mining operations and considered halting mining operations during winter.
What do you think of Quebec hiking the electricity price for crypto miners? Let us know in the comments section below.
Images courtesy of Shutterstock and Hydro-Quebec.
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The post Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate appeared first on Bitcoin News.
The New York Times wants to bury a reporting scandal — and other examples of media madness
June 10, 2018 | dailybusinessnews
Government documents were leaked to the press. A reporter’s communications were seized by the government without her knowing about it. And a former Senate aide was charged with “lying repeatedly to investigators about his contacts with three reporters.”
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McCormick Media’s deal to buy stake in Los Angeles Times owner falls through
June 6, 2018 | dailybusinessnewsAn investor group’s deal to buy former Tronc Chairman Michael Ferro’s entire stake in the newspaper chain has fallen through.
In April, Ferro struck the deal to sell his 25.6% stake in Tronc — which owns the Los Angeles Times, the Chicago Tribune and other newspapers — for $ 208.6 million to McCormick…
Drake Has Met Alleged Son Multiple Times, Including Christmas
June 2, 2018 | dailybusinessnewsDrake’s done more than just financially support his baby mama and her son … he’s pulled out all the stops to be with him almost since birth. Sources connected to Sophie Brussaux tell TMZ … Drizzy wasn’t present when she gave birth,…
In a Sign of the Times, Facebook Drops ‘Trending’ Box
June 2, 2018 | dailybusinessnews
Facebook has announced that it is dropping the “Trending” news section that sits to the right of the News Feed, reports theverge . Facebook introduced the section in 2014, but it never got on solid footing. It was only available in five countries and generated less than 1.5% of clicks…
Newser
NY Times columnist: North Korea has sold this carpet before
May 16, 2018 | dailybusinessnewsTom Friedman talks with CNN’s Anderson Cooper about North Korea’s warning over talks with President Donald Trump, claiming “one will be truly bowled over if they actually agree to a verifiable denuclearization plan.”
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