Overstock’s VC Arm Joins $31M Funding Round For Silicon Valley Fintech

Overstock’s venture capital arm Medici Ventures has invested in PeerNova, a startup that develops blockchain-based solutions for financial institutions to synchronize their data across multiple systems. In an Oct. 22 news release, PeerNova reported that it had raised $31 million in growth funding led by existing investor Mosaik Partners, with participation from Medici Ventures and Intuitive Venture Partners. This funding round brings the total raised funds to $74 million. PeerNova, a California-based software company in the financial industry, is planning to use this financing to increase its market penetration and further…

FATF’s Regulations to Push Criminals to Privacy Coins: CipherTrace CEO

The Financial Action Task Force’s (FATF) crypto regulations will trigger a shift of criminal activity from Bitcoin (BTC) to privacy coins, it has been claimed. Criminals mostly use BTC and ETH to date David Jevans, CEO of major crypto transaction tracking firm CipherTrace, shared his remarks about criminal use of cryptocurrencies at a panel held by blockchain advocacy group, the Chamber of Digital Commerce, on Oct. 21. During the panel, Jevans claimed that well-known cryptocurrencies such as Bitcoin and Ether (ETH) are currently the most popular among criminal actors to date…

New York’s Financial Regulator Is Reviewing the Controversial BitLicense

The New York Department of Financial Services (NYDFS) is revisiting its controversial virtual currency license, the regulator’s head said Tuesday. Speaking at Georgetown University’s Institute of International Economic Law during DC Fintech Week, NYDFS Superintendent Linda Lacewell said the agency was looking into the BitLicense, which requires any companies conducting cryptocurrency transactions with New York residents to be licensed to operate within the state – even if the companies are based elsewhere. The license, considered the toughest such state regulation in the country, has long been unpopular with blockchain startups, who complain…

US Lawmaker Introduces Bill Classifying Stablecoins as Securities

Congress may consider a bill to classify stablecoins – cryptocurrencies whose values are pegged to a fiat currency or other assets – as securities. In a draft bill published Tuesday, Rep. Sylvia Garcia (D-Texas) introduced legislation to the House Financial Services Committee to regulate stablecoins under the Securities Act of 1933, seeking to provide clarity in an area the bill suggests lacks regulatory guidance. The bill states: “The market value of such digital asset is determined, in whole or in significant part, directly or indirectly, by reference to the value of a…

Zuckerberg to Tell Congress: Libra Can Fix ‘Failing’ Financial System

Mark Zuckerberg will tell Congress that Libra can bring financial services to the world’s 1.7 billion unbanked. And if Libra doesn’t do it, he said, China’s new central-bank crypto will. Facebook’s CEO released his written testimony a day before his scheduled appearance before the U.S. House of Representatives Financial Services Committee, stating that Libra is envisioned as a global payments service that can help people send money more easily. “The current system is failing them,” Zuckerberg said. “The financial industry is stagnant and there is no digital financial architecture to support the innovation…

Facebook Will Not Launch Libra Without US Approval

Mark Zuckerberg, the founder of social media giant Facebook, plans to tell United States Congress that Libra will not launch anywhere in the world until U.S. regulators approve it. Libra won’t launch anywhere without Congressional approval Per Zuckerberg’s prepared remarks released on Oct. 22 in advance of planned hearings before the U.S. House Financial Services Committee, the Facebook CEO wants to assuage regulatory concerns over the launch of the coming stablecoin. He said: “Facebook will not be part of launching the Libra payments system anywhere in the world until US…

Ripple Adds Four Members to Regulatory Team, Joins Blockchain Association

San Francisco-based blockchain startup Ripple has announced three new appointments to its global regulatory team and that the company will be joining the Blockchain Association. Per an Oct. 22 blog post, Ripple has onboarded four new members — Craig Phillips, Michelle Bond, Ron Hammond and Susan Friedman — to its global regulatory team based in Washington D.C. Michelle Bond will also sit on the board of the Blockchain Association. Execs with financial sector regulation backgrounds Phillips joined Ripple from the United States Treasury Department, where he served as Counselor to…

Facebook’s Libra May Cause Banks to Cut Financing to the Company

Ever since the potential launch of Facebook’s Libra was announced by the social media behemoth, the company’s cryptocurrency project has lurched from one problem to the next. Regulators from different parts of the world had voiced their concerns about the Libra cryptocurrency, and even the President of the United States slammed Facebook in one of his famous tweets. New Trouble? In a new development, it has now emerged that if Facebook (NASDAQ:FB) does not take care of the regulatory issues with regards to Libra, then banks might refuse to provide…

Why Bitmain Is Building the World’s Largest Bitcoin Mine in Rural Texas

The Takeaway Bitmain, the world’s largest maker of bitcoin-mining computers, chose an old Alcoa aluminum-smelting plant in Rockdale, Texas, for a new bitcoin mine. The Beijing company says the plant has an initial power size of 25 megawatts but will be expanded to 50 megawatts and potentially 300 megawatts. Texas has an abundance of power resources, so the new plant is unlikely to affect local electricity prices, say officials. ROCKDALE, TEXAS – In the concrete-and-iron shell of a mostly-abandoned Alcoa aluminum smelter, Chinese and Canadian executives in business suits mingled…

WATCH: David Chaum Explains His New ‘Quantum-Resistant’ Crypto, Praxxis 

Digital money pioneer David Chaum is creating his second digital currency and we caught up with him at Devcon in Osaka, Japan. He created the first platform, Ecash, in 1983 and it was meant to be an electronic cash system, not unlike what bitcoin is today. Now, Chaum is developing a new so-called “quantum-resistant” digital currency called Praxxis that innovates on his original ideas for Ecash as well as on the technology advanced by Satoshi Nakamoto’s bitcoin. “Praxxis is delivering two things. One is a new consensus algorithm that is…