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Chinese Mining Giant Canaan to Go Public in US in November:...

One of China’s BTC mining giants, Canaan Creative will reportedly be listed as a publicly traded firm in the U.S. in November 2019. Chinese crypto mining giant Canaan Creative plans to list as a publicly traded company in the United States in November 2019, according to an unconfirmed report. Canaan to issue 1.26 billion sharesCanaan Creative, which reportedly filed a $200 million initial public offering (IPO) request with the U.S. regulators in July, will issue 1.26 billion shares which will be closed on Oct. 20, Chinese crypto outlet 8BTC reported Oct. 10, citing “people with knowledge of the matter.” The firm reportedly declined to comment on the news to 8BTC at the time of publication. Additionally, the company has allegedly completed all preliminary procedures for its IPO and is planning to reach a valuation from $2 billion to $3 billion, the report notes. One of three Chinese mining giantsAs reported, Canaan is one of the three major Chinese crypto mining companies alongside Bit..

E-commerce Giant Overstock Opens Blockchain R&D Center in Ireland

E-commerce giant Overstock’s new blockchain R&D center opens in Ireland and is expected to make its 100th local hire before the end of 2019. E-commerce giant Overstock has opened a blockchain Research and Development (R&D) center in Ireland. According to a press release published on Oct. 9, the firm’s new R&D center is located in “IDA’s flagship North West business park in Sligo” and is expected to make its 100th Irish hire before the end of 2019. Currently it employs 80 technologists. Over $1 million investedPer the release, the move has cost the company over €1 million ($1.1 million). Overstock vice-president and site lead David Kenny added: “We’re absolutely delighted with our new home and getting all our teams back under one roof. It further validates Overstock’s choice of the North West as a great place to do business and build high performance software development teams. The combination of a diverse career path, a cutting edge tech environment and a great work life balance has r..

Korean Internet Giant Kakao Teases Its Crypto Wallet for 50M Users

South Korean internet giant Kakao Corp has launched a teaser page for its forthcoming cryptocurrency wallet, Klip. South Korean internet giant Kakao Corp has launched a teaser page for its forthcoming cryptocurrency wallet, Klip. According to a report from News1 Korea on Aug. 12, Kakao has made the wallet teaser page available as part of the “More” tab on its messaging app KakaoTalk — the platform into which the real wallet will eventually be integrated. 50 million active users will have access to the walletThe Klip wallet — developed by Kakao’s blockchain subsidiary, GroundX, will allow users to store the Klaytn they earn online. With a focus on supporting applications such as finance, content creation and blockchain-powered games, the wallet will also reportedly support non-fungible tokens. Alongside Klaytn, Klip is also expected to support tokens that are partner to the company’s proprietary Klaytn mainnet, which went live in June of this year. The teasing page currently displays t..

Retail Giant Overstock Reports Losses, Says Blockchain Business Strong

Pro-crypto retail giant Overstock has released its Q2 2019 financial results, revealing a 23% decrease in revenue and a 19% loss in gross profit. Retail giant Overstock has released its Q2 2019 financial results, revealing a 23% decrease in revenue and a 19% loss in gross profit. In a shareholder announcement published on Aug. 8, Overstock stated that its blockchain subsidiary firm, tZERO, is progressing as planned, with a focus on six key areas — notably security tokens. No pain no gainWhile the fresh results point to a decrease by most metrics, Overstock has returned to a positive adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the first time since Q2 2017. Moreover, gross margin has seen a 79 basis point increase over the preceding quarter, with sales and marketing expenses down 63% over the same time frame. The results reveal that tZero posted an almost $10 million pre-tax loss and also impacted its parent firm’s general and administrative (G&A..

Insurance Giant Allianz Is Working on a Token-Based Blockchain Ecosystem

Allianz Global Corporate & Specialty SE is developing a blockchain-based ecosystem to facilitate cross-border insurance payments for its corporate customers. German financial services giant Allianz Global Corporate & Specialty SE (AGCS) is developing a blockchain-based ecosystem to facilitate cross-border insurance payments for its corporate customers. Experimentations with blockchain technologyAllianz is working on a token-based blockchain system, expecting it to streamline international insurance payments for its corporate customers, Forbes reported on Aug. 8. An Allianz spokesperson told Forbes that the company is still in the experimentation phase, although the basic core infrastructure of the ecosystem has already been built and tested. The spokesperson further explained that Allianz will next examine money transfers with a limited scope and for a short period of time in order to prove hypothesis. The spokesperson said: "AGCS is further exploring blockchain technology to simplify..

Mining ASIC Giant Bitmain Lost $625 Million, Expects Profits in April

Chinese mining and mining Application Specific Integrated Circuit manufacturer Bitmain lost $625 million in the first two months of this year. Chinese mining and mining Application Specific Integrated Circuit (ASIC) manufacturer Bitmain lost $625 million in the first two months of this year, local media QQ reports on Aug. 2. Hundreds of millions lostPer the report, the firm sustained losses of $625 million by March, $345 during January, and $280 million during February. Those results were reportedly driven by the sales of outdated 16 nanometer ASICs at low prices, and once the inventory is cleared of those machines, new profits are expected from the sale of new, 7 nanometer mining rigs. The gross profit margin of the company is expected to reach 30% in April thanks to sales of the aforementioned device. At the end of March, the firm announced that its 7 nanometer Antminer S17 series miners are expected to launch on April 9. As Cointelegraph reported in June, Bitmain is revisiting plan..

Chinese Mining Giant Becomes ‘First’ To File US IPO: Unconfirmed Report

An article on Chinese social media claims Canaan Creative has beaten the likes of Bitmain to filing an IPO in the US. Chinese Bitcoin mining giant Canaan Creative has allegedly filed a $200 million initial public offering (IPO) request with United States regulators. Report: Canaan ‘beats Bitmain’ to IPO filingThat was according to a report which appeared on local social media platform WeChat on July 31, which claimed the application was already sitting before the U.S. Securities and Exchange Commission (SEC). Despite being less known in the West than its competitors such as Bitmain, Canaan is one of the three main Chinese Bitcoin mining players, the third being Yibang International. While Bitmain was reportedly planning to file an IPO with the US SEC as of the end of June, this report — if accurate — would mean that Canaan Creative has beat them to the punch. In March, Canaan Creative raised additional capital in its latest funding round, with the exact amount remaining uncertain. N..

Bitcoin Price Retakes $10K as Fresh Data Supports Giant $300K+ Bull...

Fresh support at five figures comes as predictions suggest six figures could be a likely mid-term price trajectory for Bitcoin. Bitcoin (BTC) price gained over $300 in just ten minutes on July 27 as markets rallied to take the largest cryptocurrency back above $10,000. Market visualization. Source: Coin360 Bitcoin network holds clues to price futureData from Coin360 shows BTC/USD trending towards the psychologically important barrier after hitting local highs of $10,179 early Saturday. The sudden uptick ended a period of losses for Bitcoin holders, who watched as the pair descended to lows around $9,580 this week. Bitcoin 7-day price chart. Courtesy of Coin360 Bitcoin price remains around 4.7% down versus the start of last weekend, something which at least one major analyst now thinks could flip to the upside. Writing on Twitter, Tom Lee, senior market analyst at Fundstrat Global Advisors, highlighted next week’s presumed interest rate cut in the United States as a motivating fac..

Japanese Financial Services Giant Monex Wants to Join Facebook’s Libra

Online brokerage Monex Group Inc., owner of the hacked Japanese crypto exchange Coincheck, plans to join the Facebook Libra cryptocurrency project. Online brokerage Monex Group Inc., owner of the hacked Japanese crypto exchange Coincheck, plans to join the Facebook Libra cryptocurrency project. A report from Cointelegraph Japan today, July 26, reveals that Monex Group's CEO Oki Matsumoto announced the company had filed an application to join the Libra Association during a press conference on Monex's Q2 2019 financial results earlier this week. The Libra Association is the newly-established, independent governance consortium for Facebook’s planned stablecoin, dubbed Libra, and is currently negotiating with a host of other potential members — including Visa, Uber, Mastercard and eBay. Entrance feesAs Cointelegraph previously reported, prospective Libra Association members must pay $10 million for the privilege. Matsumoto reportedly stated that he is deliberating hard, but that..

Telecoms Giant Verizon Seeks Talent for Blockchain-Related Positions

Verizon is looking to hire blockchain developers and other professionals with blockchain fluency according to recent job listings. A search for “blockchain” on the career page for telecoms giant Verizon reveals that the company is actively looking to hire new recruits for blockchain-related jobs, including five blockchain developers. The Block highlighted the vacancies in a report on July 24. Verizon is apparently interested in creating a distributed network, as per the report. Additionally, the report specifies that a leading engineer at Verizon believes that hiring options are thin right now: “Google, Facebook, Microsoft, those guys are just taking the cream of the crop. [...] I have interviewed over 100 candidates in the last couple of years and it’s getting harder to find good calibre candidates in blockchain.” At press time, there are over three dozen blockchain-related positions open at Verizon. Out of these positions, there appear to be results for technology, marketing and str..
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