Nasdaq gets into security tokens | Mapping out Ethereum's Open Finance | Coinbase's Adam White joins Bakkt
|Oct 12, 2018|
“We've still got a long way to go, there's a lot of issues in some of these spot exchanges, a lack of transparency, a lot of conflict of interest, a lack of systems and systems safeguards, and that's a concern. But you know, like all things, it takes time to mature, and with the movement of more institutional investors into the space, I think we'll see that [maturation]." — Christopher Giancarlo, Chairman CFTC
The Big Block
U.S. exchange operator Nasdaq could gatecrash the crypto market with a new platform, according to people familiar with the situation.
The firm, which is best-known for bringing technology companies such as Facebook and Tesla to market, is exploring a security token platform, the people said. Such platforms provide a way for firms to issue a token, which trades on a blockchain, as a way to raise funds. Security token offerings (STOs), unlike some initial coin offerings (ICOs), aim to fit into the parameters of existing U.S. securities law.
Since last year, the ICO market exploded in popularity with billions of dollars raised across hundreds of projects. The market, which is known for its fair share of fraud and big dreams, has helped some startups raise millions in seconds, drawing scrutiny from regulators such as the SEC.
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Around The Block
Mapping out Ethereum’s ‘Open Finance’
Human collaboration is built on narratives and stories. To quote Yuval Noah Harari in his book Sapiens, “Any large-scale human cooperation … is rooted in common myths that exist only in people’s collective imagination.” Crypto projects, goals, and ecosystems evolve based on the current narrative around a specific narrative. Ethereum’s narrative started as the “World Computer,” and then shifted to “unstoppable applications.” Now we are seeing a new narrative forming around Ethereum, one that people are labeling “Open Finance.” — More
Premiums on Bitfinex continue widening
According to The Block’s findings, Bitcoin premium on Bitfinex grew from 1.5% to 1.7% today. Tether-based exchanges are now trading Bitcoin for a 1.2% premium when compared to exchanges with fiat pairs. Concerns about Tether seemed to have calmed briefly but are starting to pick up again. Bitfinex continues to worry the market. — More
Coinbase’s Adam White is joining Bakkt as its COO — More
Gemini poaches a former Goldman Sachs, Citadel techie as its director of business development — More
Gemini announces support for litecoin and bitcoin cash — More
South Korean consortium buys a majority stake in Bithumb for ~$350M — More
SEC ramps up pressure on cryptocurrency startups — More
The Block Events
Fall is in the air! The Block is settling into our new events and co-working space at 11 Park Place! Please send all hosting inquiries to email@example.com.
October 16 – WISER, the women’s inclusion network of Shearman & Sterling, Blockchain Panel (New York)
October 17 – AdWeek: Elevate Blockchain (New York) (last chance tickets are available!)
October 19 – Startup Weekend NYC: Blockchain Edition (New York)
October 22-24 – Web3 Summit (Funkhaus, Berlin)
October 23 – Blockchain Back to School Special, Ep 3: The Basics of Digital Currency; Bitcoin in Practice(New York)
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)
October 30 – Do’s and Don’ts Breakfast Series by GB Capital Markets (New York)
November 7 – Unchained Ventures – Unchain Ventures Fall Cohort Demo Day (San Francisco) Featuring 10 Blockchain companies building products and services for the Financial Services Industry. Accredited investor request invitation here (Brnoyes@unbank.ventures.com)
November 14 – The Future of Logistics Technology Summit (Miami); The Block community receives 20% off using the promo code BLOCK20