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Feb 23 2021

Bancor Lawsuit Tossed: “New York is not a reasonable and convenient place to conduct this litigation”

A New York judge has tossed a lawsuit filed against Bancor, or BProtocol Foundation, that claimed the sale of unregistered securities, according to an Order Granting Motion to Dismiss received by CI. Judge Alvin Hellerstein dismissed the case and the Plaintiff’s offer to re-plead was denied.

BProtocol Foundation (Bancor) is organized under the law of Switzerland, with offices in Zug, Switzerland, and Tel Aviv, Israel. In 2017, Bancor raised about $153 million in a token offering.

According to company representatives, the ruling is decisive as Judge Hellerstein canceled an oral argument that had been scheduled. The ruling may impact other cases that seek to apply US securities law to digital offerings that sold outside the US.

According to the document, the case was filed on behalf of Timothy C. Holsworth. Holsworth, who replaced the initial plaintiff William Zhang, alleged that he purchased 587 BNT digital coins on September 4, 2019, from Wisconsin, on COSS, a digital exchange in Singapore, for an aggregate cost of $212.50.

The lawsuit alleged that Bancor “made numerous false statements and omissions that led reasonable investors to conclude that the BNT tokens were not securities.” The Plaintiff argued that BNT is a security and thus falls under US securities law.

Filed yesterday, the Order said the Plaintiff has not shown that he was directly contacted by Defendants or that he purchased securities as a result of any active solicitations by Defendants. The Order adds:

“Wherever the current business location of Bancor, New York is not a reasonable and convenient place to conduct this litigation.”

Thus the motion to dismiss was granted in favor of the Defendants.

Bancor was represented by Alex Spiro of Quinn Emanuel, a law firm that specializes in litigation and is active in multiple high-profile crypto and Fintech cases.


Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2017, alex spiro, bancor, Blockchain & Digital Assets, bpprotocol foundation, business, company, crypto, digital, exchange, fintech, Israel, Law, lawsuit, legal, New York, Offerings, other, Politics, Legal & Regulation, quinn emanuel, said, securities, security, Singapore, Switzerland, token, tokens, us, Wisconsin

Jan 29 2021

Schroders Wealth Management to Use Banking Software from Temenos to Enhance its Financial Advisory Business

Temenos (SIX: TEMN), a banking software company, has revealed that Schroders Wealth Management in Switzerland has decided to use its solution in order to automate and improve its financial advisory business.

Schroders Wealth Management will reportedly launch the Temenos Wealth Front Office which is described as a portfolio or investment management system. The solution will be deployed on the Temenos Transact core banking platform in order to streamline the capabilities of relationship managers, financial advisers, and portfolio managers.

With Temenos Wealth Front Office, Schroders Wealth Management will be able to standardize its financial advisory services.

The solution will reportedly include various dashboards for relationship managers and portfolio managers, client and investment profiling, investment proposal process, advanced order generation, extensive pre- and post-trade compliance checks, flexible benchmarking and performance reporting.

The solution also offers a wide range of portfolio modeling and rebalancing tools, covering various asset types, in an intuitive or user-friendly manner.

Schroders Wealth Management stated that they have £65.7 billion of assets under management (AUM) from clients based in the UK, Channel Islands, Switzerland, Singapore and Hong Kong.

Giovanni Leonardo, Head of Investment, Schroders Wealth Management, Switzerland, remarked:

“We chose Temenos Wealth Front Office following a selection process to support our advisory business in Switzerland. The software handles all the complex processes and stringent regulations involved in advisory portfolio management, allowing our relationship managers to focus on the needs of our clients. It also provides the flexibility and efficiency we need in discretionary portfolio management.”

David Macdonald, President of Europe, Temenos, noted that they’re pleased to extend their long-term business relationship with Schroders Wealth Management. As the banking institution continues to grow and expand its line of products and services, the Temenos Wealth Front Office will help to “deliver an enhanced service, greater efficiency and consistent experience for its high and ultra-high net worth clients, leading to greater customer longevity and new business opportunities,” Macdonald added.

As reported recently, Temenos now supports 60 banking challenger clients. Temenos has confirmed that digital banks, such as Alba, Alpian, Banco del Sol, Flowe, FlowBank, Lunar, Next Commercial Bank, Pepper, Varo Bank, and WeLab Bank, have selected the company’s Cloud-native, Cloud-agnostic technology, joining more than 3,000 Temenos customers around the globe.

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: aum, Banking, banking challenger, banking software, Banks, business, challenger, cloud, commercial, company, compliance, david macdonald, digital, digital banks, Europe, fintech, giovanni leonardo, Global, Hong Kong, investment, Investment Management, LINE, more, portfolio, president, Products, schroders wealth manageent, Singapore, Software, Software Company, Switzerland, Technology, temenos, uk, Wealth, wealth management

Dec 31 2020

Bitcoin Analyst Argues that BTC Mining Is Not Wasteful, but Rather an Efficient Process to Secure a Highly Valuable Network

As Bitcoin (BTC) continues to set new highs, it became clear to many people that the digital asset could serve as a hedge against the traditional financial system. This year, many well-known investors, including Stanley Druckenmiller (a hedge fund manager with a net worth of $4.4 billion) have changed their mind about Bitcoin in the current macro-economic environment.

Druckenmiller thinks Bitcoin could serve as a hedge against US dollar depreciation and the ever-rising American stock market.

Sampo, a Bitcoin analyst, points out that stil, “not everyone has changed their mind, though, and the seemingly ever-present nay-sayers are also back.” They note that a popular or common argument against BTC is that it wastes too much energy. Although it’s true that mining BTC (or other proof of work cryptos) requires a very large amount of electricity, “the argument that it is a waste of energy has been debunked,” Sampo (a guest author/analyst) writes in a blog post published by LocalBitcoins.

According to Sampo, Bitcoin is “the ultimate cost-efficient way to spend electricity, and … [crypto] mining minimizes wasted energy and increases the use of sustainable energy solutions.”

At present, 900 new Bitcoins are created each day or every 24 hours. New Bitcoins are minted by using computing power to solve very complex mathematical problems. This requires large amounts of electricity. In fact, the total energy consumption of the BTC network is about 77 terawatt-hours (at the time of writing). This is even more than the total energy consumption of developed nations like Switzerland and the Czech Republic, Sampo confirms.

But since the total value of the BTC network has now surpassed the “total value of most major banks,” it’s clear that “a lot of energy is needed to secure the network,” Sampo claims.  They argue that “all this immense energy is used to secure the safest value network ever created [so] it’s not wasted.”

Sampo further noted that “in practice, what it means to secure the Bitcoin network [is that] new bitcoins are created by validating blocks, which also contain the transaction information of all transactions on the Bitcoin network.” At the beginning, when the genesis block was mined, this “could be done with computer processors, CPUs,” Sampo notes.

But GPUs (graphics processing units in PCs) were a lot more efficient in solving the mathematical equations. And after the BTC network gained a lot more recognition, and Bitcoin acquired more value, hardware companies began producing ASICs – which are “optimized to solve the equations involved in mining Bitcoin,” Sampo explained.

GPUs may still be used for mining purposes, however, it’s quite difficult or even impossible to do it “profitably as an individual,” Sampo notes. They confirm that the process was “commercialized and optimized years ago.”

They added that the total hash rate of the BTC network is around 131.791 TH/s – which is an “immense amount of computing power protecting the network from outside attacks since any significant threats would require 51%, the majority of the hashing power, to force changes into the network.”

Sampo compares this to the hash rate of a typical gaming PC. They point out that “this is all very hypothetical, but let’s say that the potential hash rate of a low to mid-tier PC is approximately 23 MH/s.” Then “dedicating the GPU of this PC to bitcoin mining would account for 0.000017% of the current total hash rate of the Bitcoin network.”

Using these numbers, of the 900 new Bitcoins, “the daily share of this setup would amount to 0.000153 bitcoin, or 15,300 satoshis, currently worth $3.60.” When we “reduce the mining pool fees and the price of the electricity needed for running the PC 24/7, [then we can see that] this operation would be unprofitable.” More than likely, this setup would never be able to recover the initial investment.

This suggests that mining might be possible for individuals, however, it may not be profitable. But we can also see that a massive amount of energy consumed “protects the network” and “profitable mining requires optimal hardware, and optimal mining conditions,” Sampo states.

They added:

“Optimized hardware equals optimized returns. Cheap electricity prices equal optimized returns. When these two conditions are met, an optimal environment for Bitcoin mining is created, and Bitcoin mining incentivizes electricity users to minimize wasted energy. In other words, the game theory of Bitcoin mining eliminates actors who waste energy….mining favors countries with cheap electricity which usually equates to countries that are struggling financially, such as Venezuela. Unfortunately for Venezuelans, the industry has recently been forced into the national pool and even the Venezuelan army has started mining bitcoin.”

Sampo argues that if it were a waste of energy, then “why would governments do it?”

They further noted:

“Mining bitcoin is not only for countries where cheap electricity is available everywhere. Cheap electricity sources exist all around the globe, and they are the future trend in bitcoin mining. …oil and gas fields are using their excess energy to mine Bitcoin. This way, they can reduce their carbon footprint by utilizing the previously wasted energy. The same is true for hydropower plants and since renewable energy is an inexhaustible source of energy, these solutions have huge potential in powering the Bitcoin network in the future.”

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: american, analyst, Banks, bitcoin, Bitcoin mining, bitcoins, Blockchain & Digital Assets, blog, btc, btc mining, carbon, Computing, crypto, crypto mining, digital, digital asset, Dollar, electricity, energy, Environment, fund, Fund Manager, Future, game, gaming, Global, hardware, information, investment, market, mining, more, note, opinion, other, Renewable Energy, republic, returns, stock, sustainable, Switzerland, transaction, us, Venezuela, work

Dec 07 2020

Bittrex Now Offers Trading in Tokenized Stocks: Trade Apple, Tesla, Facebook & More on a Digital Asset Exchange

Bittrex Global is now offering trading in tokenized equities on its digital asset exchange in cooperation with DigitalAssets.AG. Account-holders may now trade a shortlist of popular stocks like Apple, Tesla, Google, etc.

DigitalAssets.AG is based in Switzerland and facilitates the tokenization of traditional financial assets. Recently, it brought stocks trading to another digital asset exchange in cooperation with German-based CM-Equity AG.

Traders will not have to use an external broker or pay additional fees, according to Bittrex.  Shares can be purchased using either US dollars (USD), Tether (USDT) or Bitcoin (BTC), twenty-four hours a day, seven days a week.

As well, the tokenized stocks will be available as fractional shares making certain securities more approachable for a wider audience. Bittrex Global says it plans to quickly increase their offerings by giving its customers exposure to ETFs, indices, and additional asset classes.

“The traditional stock exchanges of the world’s financial capitals have for centuries set the terms for engagement and trading. Clearing systems are inefficient and complex and trading small volumes can be expensive and take days, all of which is totally unnecessary given the technological advances that have been made in the last decade,” said Bittrex Global’s CEO Tom Albright. “Blockchain technology has the potential to radically broaden access to financial services, and Bittrex Global is very proud to provide people with a portal to build their capital and private wealth in a way that was unimaginable a decade ago.”

Bittrex Global’s customers may now purchase and trade the following tokenized stocks:

  • Alibaba (BABA)
  • Amazon (AMZN)
  • Apple (AAPL)
  • Beyond Meat Inc (BYND)
  • BioNTech (BNTX)
  • Bilibili (BILI)
  • Facebook (FB)
  • Google (GOOGL)
  • Netflix (NFLX)
  • Pfizer (PFE)
  • Tesla (TSLA)
  • SPDR S&P 500 ETF (SPY)

Bittrex adds that these tokenized stocks are available even in countries where accessing US stocks through traditional financial instruments is not possible.

Tokenized stocks can be traded alongside over 250 digital assets listed on the Bittrex Global exchange.

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: apple, bermuda, bitcoin, bittrex, Blockchain & Digital Assets, btc, ceo, digital, digital asset, digital assets, digitalassets.ag, ETF, exchange, Exchanges, Facebook, financial services, Global, Google, Investment Platforms and Marketplaces, Meat, Offerings, S&P, securities, shares, stock, Stocks, Switzerland, Technology, tesla, tether, tokenization, trade, trading, us, Wealth

Dec 04 2020

Update: GuestReady’s Equity Crowdfunding Campaign Nears €1.75 Million During the Final Week on Crowdcube

GuestReady, a Switzerland-based short and mid-term rental management company, is set to close its equity crowdfunding campaign on Seedrs with nearly €1.75 million raised. The funding round was launched last month and has attracted more than 600 Seedrs investors. 

As previously reported, GuestReady states it provides services for homes on Airbnb across London, Paris, Dubai, Hong Kong, Kuala Lumpur, Porto, Manchester, Edinburgh, and Cannes.

“Our mission is to become the world’s largest short-term rental management company. We source our properties from property owners (hosts) and then rent these properties to guests. We coordinate all the required processes such as cleaning, linen services, or key-handover. We have developed a property management system, which allows us to automate many of the previously manual property management services or to deliver these services remotely from centralized support offices.”

GuestReady further explained in addition to the Software-only business model, it also offers Online Property Management services such as guest communications or revenue management to its clients, therewith increasing the attainable revenue share to around 6% in commission.

“Since 2019, we are offering a white-labelled version of our property management system (PMS) to vacation rental management companies and traditional property managers that intend to tap into the lucrative niche of short-term rental management. The software is offered at a commission of ca. 2% of the partner’s gross rental revenues.”

Funds from the Seedrs round will be used to continue the development of the GuestReady platform. The company is now offering 20% campaign, which is set to close at the beginning of December.

Have a crowdfunding offering you’d like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: airbnb, business, company, crowdcube, Crowdfunding, funding, guestready, Hong Kong, London, Model, Offerings, Paris, rental, revenue, seedrs, Software, Switzerland, us

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