Bitfury Looking Into Going Public

In a move that would be seen as Europe’s first major IPO listing from the nascent crypto industry, Bitfury is weighing in on the possibility of having their company going public through an initial public offering (IPO).

This was revealed by anonymous sources that are familiar with the matter.

The company is considering making its trading debut in Amsterdam, London or Hong Kong as early as next year.

If the management of Bitfury pushes with this option of going public within one to two years it could seek a valuation of $3 billion to $5 billion.

This is according to the sources that asked not to be identified as the matter has not been made public yet.

Bitfury is mainly a tech-hardware company that specializes in making crypto-mining gear.

It also makes computer chips for mining machines and software that serves large institutions, companies and governments.

It was founded in 2011 and is currently based in London and Amsterdam with its Chief Executive Officer Valery Vavilov and co-founder Valery Nebesny share a majority stake in the company.

It has reached revenue of about $450 million for the last 12 months of its operations.

Korean Won Backed Stable Coin

The founding team of BXB Capital has recently announced their plans of launching a Korean Won Backed Stable Coin (KRWb).

KRWb is designed to offer a transparent, fair and honest financial product to the broader market by building on the concepts of other reputable stable coins such as USDT, TUSD and many others.

The new stabecoin hopes to address the capital control-heavy Korean market and it will be fully capitalized and 1:1 backed with the Korean Won held in a Korean Bank Account.

To maintain transparency the team plans to work with 3rd party auditors that would audit account balances.

The project is being incubated in Korea by two of BXB Capital’s founders, Jiho Kang and Hwan Kim.

This subsidiary venture is being privately funded by BXB Capital and a sole strategic Korean investor.

It was revealed that the KRWb team has already signed MOUs with several Korean exchanges with a continuous effort of bringing the new Korean-backed stablecaoin to other top Korean and global exchanges.

The team wants to release its first issuance testing in the last quarter of 2018.

More details of the project’s developments will be forthcoming as the project moves forward.

Blockchain-Based Donation Project Of Binance

The largest cryptocurrency exchange in the world by transaction volume, Binance has recently announced the formation of the Blockchain Charity Foundation (BCF).

The project was announced last Wednesday October 24, 2018 during the World Investment Forum organized by the U.N. Conference on Trade and Development (UNCTAD) in Geneva, Switzerland.

Binance CEO Changpeng Zhao said during the Blockchain for Sustainable Development session that Binance will cover all operational fees on the new BCF blockchain charity website adding that all donations will go directly to its beneficiaries.

Zhao also said that the use of this emerging technology would help improve transparency in donations.

BCF will first use its donation platform to raise funds for the victims of the floods and landslides in Eastern Uganda.

Decentralized blockchain project TRON Foundation pledged an initial donation of $3 million to BCF.

Currently, BCF is accepting donations in Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).

The Blockchain executive turned philanthropist announced early October that all the Binance’s listing fees would be donated to charity and developers who wish their project to be listed in their exchange can determine by themselves how much they want to pay as listing fee without any minimum.

Crypto Legal Property Stated By Chinese Court

A recent court ruling declared that cryptocurrencies must be legally protected as property with economic value.

This was reported by a local news outlet in China stating that the Shenzhen Court of International Arbitration ruled it must be treated as legal property.

This is despite an infamous blanket ban on cryptocurrencies in the country instituted by its central bank.

The ruling comes after a recent business conflict over the possession and transfer of crypto-assets.

The complainant wants to get back investment of around $493,000 USD worth of cryptocurrencies (20.13 Bitcoin, 50 Bitcoin Cash and 12.66 bitcoin diamond) however the defendant insisted that cryptocurrency trading and ICO ban put into effect by China’s central bank makes the contract invalid adding that the lack of legal venues to exchange in the country makes it impossible to return the cryptocurrency.

The court disagreed with all points put forth by the defendant stating that the return of cryptocurrencies is a contractual obligation that does not fall purview to the Central Bank’s jurisdiction.

The court also states that there is no Chinese law that prohibits possession of bitcoin or its transaction between two parties.

The court concluded that Bitcoin should be legally protected by China’s Contract Law regardless of its status as illegal tender in the country.

Wirex Launches New Crypto Cards In The U.S.

The payments pioneer that aims to bring cryptocurrency payments solutions to the masses, Wirex has recently announced that they have partnered with payments processing technology provider i2c to bring United State’s First multiple cryptocurrency-backed prepaid card.

With this new initiative, Wirex will be able to extend its European Wirex Visa Card programme that allows carholders to use the card anywhere Visa is accepted.

This will enable American consumers to instantly convert their Bitcoin, XRP, Ethereum or Litecoin and spend them like they would using an ordinary Visa prepaid card.

According to Vroon Modgill, the CEO of Wirex North America, the company’s mission is to bridge the gap between traditional money and cryptocurrencies in order for their clients to use their digital money for everyday purchases.

Data has shown that cryptocurrency adoption is increasing in retail environment with McDonald’s taking the top spot when it comes to spending on the Wirex cards amongst European users, followed by grocery stores.

It remains to be seen if Americans will follow the same buying patterns as their European counterparts.

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