“I continue to believe that for investors, the best bets right now are infrastructure bets. It remains too hard, too expensive, and too frustrating, to build decentralized apps and the big value unlock will come when that changes.” Fred Wilson, Partner Union Square Ventures
The Big Block
In recent days reports have emerged about Noble International, the Puerto Rico-based financial-services firm, and its search for a buyer. The Block has reached out to our industry sources, including potential buyers of the firm and its clients, and can corroborate reports that the firm has been shopping around for months after losing a number of big ticket clients.
The firm, which provides technology to over-the-counter traders in cryptocurrency markets, has been desperately searching for a buyer, according to multiple people familiar with the firm's operations. One source, who told The Block he considered buying the firm, said Noble has been operating with a skeleton crew since Monday.
Read More on The Block (2 Minutes)
Around The Block
Coinbase has poached Instinet CEO to lead institutional sales
Instinet CEO Jonathan Kellner is set to join cryptocurrency exchange Coinbase next year, according to people familiar with the situation.
Kellner, whose career at Instinet, the institutional brokerage firm, began in 2007, took on the CEO position in 2014. As Business Insider earlier reported in August, Instinet has been preparing for Kellner’s exit and potential replacement by former Goldman Sachs trader Robert Ralston.
Now, The Block can report that Kellner is going to Coinbase to lead institutional sales, covering the firm’s new over-the-counter trading business. He will start in January 2019. — More
With new fundraise, Coinbase will be worth $8 billion
A report from Recode says crypto-exchange Coinbase is closing in on a $500 million funding round that would value the company at $8 billion when it closes. The round is to be led by Tiger Global and would include new funds for the company, while also allowing existing shareholders a shot at pre-IPO liquidity. — More
South Korean policy committee chairman advocates for ICOs — More
Bloomberg: Institutional investors are avoiding exchanges — More
WSJ suggest bots are manipulating price of Bitcoin — More
Where are Tether and Bitfinex banking today? — More
The Block Events
It’s official! The Block has moved into our events and co-working space and is happy to call 11 Park Place home! We are kicking off our first event in the new space with HoneyComb Health. Send all hosting inquiries to email@example.com.
October 3-4 – CryptoSprings (Palm Springs, CA) Say hi if you’re attending!
October 4 – Blockchain in Healthcare presented by HoneyComb Health (New York)
October 4 – Global Blockchain Forum (San Francisco); The Block community receives 50% off tickets through the link
October 4-5 – FinnoSummit Miami; Kelcey Gosserand, GM, and Head of Community is delivering a keynote and leading a fireside chat with Manuel Beaudroit, Chief Marketing Officer at Bitex.la
October 9 – Blockchain Back to School Special, Ep 2: The History of Money (New York)
October 10 – Digital Assets for Family Offices & Fund Managers (New York); The Block community receives 30% off using the promo code THEBLOCK
October 25 – Bringing Cities on to the Blockchain presented by Blockfinity (New York)
October 26 – What is Real? Authenticity, Transparency, and Trust in the Digital Age of Fashion (New York); Kelcey Gosserand, GM, and Head of Community is participating in the Tech Talk panel: Blockchain and the Future of Fashion with Cathy Yoon, General Counsel at Genesis Block and Samantha Radocchia, C0-founder at Chronicled
October 26 – Argentina’s Crypto Scene presented by Bitex (New York)
November 14 – The Future of Logistics Technology Summit (Miami); The Block community receives 20% off using the promo code BLOCK20