QuadrigaCX Judge Approves $1.6 Million in Expenses for EY, Law Firms

A Canadian judge approved more than $1.6 million in fees for firms that are seeking to recover funds from the now-defunct Canadian crypto exchange QuadrigaCX. Nova Scotia Supreme Court Judge Darlene Jamieson ruled Wednesday that all activities undertaken and fees incurred by Ernst & Young (EY), Stikeman Elliot (EY’s legal counsel), Kirkland & Ellis (EY’s American legal counsel), Miller Thomson (representative counsel) and Cox & Palmer (representative counsel) under the ongoing Companies’ Creditors Arrangement Act (CCAA) proceeding on behalf of Quadriga would be approved. “There being no expressed opposition to the…

Chinese Miner Manufacturer Canaan Files IPO With $200 Million Goal

This article was originally published by 8btc and written by Lylian Teng. Canaan Creative, one of the world’s largest bitcoin mining machine manufacturers, has filed an application for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), people with knowledge of the matter disclosed. According to the source, the AvalonMiner manufacturer has secretly filed its application with the SEC and reportedly aims to raise $200 million. It makes Canaan the first of China’s “big three” mining machine giants to move forward with a U.S. IPO application.…

CFTC: LedgerX ‘Not Approved’ to Launch ‘Physical’ Bitcoin Futures

UPDATE 13:40 UTC: In a statement received by CoinDesk Thursday, the U.S. Commodity Futures Trading Commission (CFTC) says LedgerX has “not yet been approved by the Commission” to offer physically settled bitcoin futures, contradicting the company’s claims. Since the CFTC’s statement, LedgerX officials have acknowledged that the previously announced futures did not launch. More details can be found here. The Takeaway Bitcoin derivatives provider LedgerX announced it has launched the first physically-settled bitcoin futures contracts in the U.S. Wednesday. The contracts, which pay traders out in bitcoin, rather than U.S. dollars,…

Facebook Warns Libra Currency May Not Hit the Market

The month of July has been one of turmoil and chaos in the crypto sphere, and one of the big reasons behind such a state of affairs was the announcement of the Libra coin, the cryptocurrency that is to be introduced by Facebook (NASDAQ:FB) next year. As soon as it was announced, it sent alarm bell ringing among regulators all across the world. The head of the United States Federal Reserve, Jerome Powell, expressed his skepticism, while the President of the United States, Donald Trump, did the same in a…

OpenBazaar Developers Launch a Crypto Marketplace for Mobile

OB1, the developers behind the online decentralized marketplace and currency trading platform OpenBazaar announced a mobile counterpart called Haven. Haven allows users to buy and sell goods and services directly with each other, using cryptocurrencies, without relying on middlemen who take a cut of merchants’ transactions or gather shoppers’ data. The app is organized into four sections: shopping, social, chat, and a non-custodial multi-wallet. For all features of the peer-to-peer network, user information is stored locally and protected with end-to-end encryption, meaning only the parties involved in the sale or…

Square Crypto Lead: ‘The Product We’re Focusing on Is Bitcoin’

Square Crypto is focused on bitcoin, not the publicly traded company’s specific products. That was the message Monday during a Twitter ask-me-anything (AMA) with the head of Square’s crypto team, Steve Lee. The unit’s playful Twitter account fielded questions from its followers as well as crypto-community luminaries. With tweets signed simply “Steve,” it was Lee’s first set of public remarks on the team’s broad objectives since being hired in June. Probably the single most illuminating moment of the AMA was this exchange: The product we’re focusing on is Bitcoin. It…

Crypto Exchange Bitstamp Is Adding UK Pound to Funding Options

The longest standing cryptocurrency exchange BitStamp will soon offer funding denominated in British pounds. The exchange, which is also Europe’s largest, is partnering with crypto brokerage, BCB Group, to allow users to deposit and withdraw funds in GBP. The feature will be enabled by the end of the year, according to a statement. As a FCA-regulated payments institution, BCB was able to set up segregated client accounts for Bitstamp. This move follows Coinbase, Kraken, and the UK firm Coinfloor to offer GBP processing. A BCB Group representative said: “In my speculative…

Circle CEO Allaire to Congress: Treat Crypto as a New Asset Class

Crypto will take center stage on Capitol Hill for the second time in as many weeks when the U.S. Senate Banking Committee convenes Tuesday to discuss current and potential regulations. Jeremy Allaire, CEO of Circle, will testify as a representative of the Blockchain Association trade group. He will be joined by University of California at Irvine School of Law professor Mehrsa Baradaran and Congressional Research Service specialist Rebecca Nelson. The hearing is set to examine the regulatory questions around the industry and should be fairly broad, unlike the hearings on…

US Firm Launches Hedge Fund With Holdings in Coinbase, Bakkt

The investment firm US Capital Global announced it will add a tokenized venture fund with holdings in Coinbase, Bakkt, Nomics, and Tagomi in its portfolio. Accredited investors will be able to place a $10 million equity stakes in the NYCQ Fund, designed by the venture capital firm CityBlock Capital, to increase their crypto leverage, according to a statement. The fund does not hold investments in cryptocurrencies, but stakes equity investments in the crypto startups. It is overseen and developed by former SoftBank Capital, Goldman Sachs, Wells Fargo, and Google employees.…

Crypto Trader XBTOI Wins Bermuda License

Global crypto finance firm XBTO International (XBTOI) has gained legal status in Bermuda. XBTOI acquired a Bermuda Monetary Authority License under the island’s 2018 Digital Asset Business Act according to a statement. Moving to Bermuda in April 2018, XBTOI is the third firm to receive a license from the regulator to date. Per its domain, XBTOI operates on multiple finance fronts including over the counter desk trading, consulting, asset management, and VC work. The firm is looking to capitalize on the licensing with new product rollouts concerning digital asset solutions.…