The trade spat between the U.S. and China has spilled over into the crypto industry that could have lasting affects
Combined, Goldman Sachs and Novogratz’s Galaxy Digital Ventures contributed about $15 million to BitGo’s Series B fundraising, which brought in a total of $57.5 million, the startup said Thursday. The endorsement from two firms with strong Wall Street roots may help BitGo attract more institutions and wealthy investors as customers. U.S. regulators require large money managers to entrust client assets to a so-called qualified custodian -- often industry pillars such as State Street Corp. and Bank of New York Mellon Corp. But the initial unwillingness of many traditional firms to hold digital currencies, which are notoriously vulnerable to hackers, has kept a lot of major investors out of the market.
Bitcoin remains motionless as the price enter yet another day of anxious stability. The Bitcoin-to-dollar exchange rate is extending its sideways consolidation trend. The spike seen at the beginning of this week – mostly because of the Tether crash – is fading aptly in the absence of adequate bullish sentiment, halted near circa 6550-fiat. The
The U.S. Marshals agency has announced plans to auction $4.3 million worth of bitcoin (BTC) in November 2018. The sealed bid auction is for nearly 660 bitcoins which were seized in a series of federal criminal, administrative and civil cases over the years.The haul comes from cases against convicts like Thomas Mario Costanzo and Theresa Tetley, both sentenced to jail in 2018 on money-laundering charges. At the time, the agency seized 80 BTC from Costanzo and 40 BTC from Tetley. The U.S. Marshals, however, didn't reveal how much of the forfeited assets from the two would be sold next month.Founded in 1789, the U.S. Marshals Service is a federal law-enforcement agency within the U.S. Department of Justice and the enforcement arm of federal courts.Starting next month, bidders will be able to participate in the auction, which consists of two series: Series A and Series B, according to the agency. Series A consists of six blocks of 100 bitcoins each, while Series B has just one block with 60 bitcoins. Participating bidders will not be able to view other bids or modify their bid, once submitted, the agency warned.To be part of the auction, a potential bidder needs to register with the agency on or before October 31, 2018. The registration process includes a signed copy of the Bidder Registration Form, copy of government-issued photo ID of the bidder, a $200,000 deposit (about 30 BTC) sent by Electronic Funds Transfer (EFT) from a bank within the U.S. and a copy of the EFT receipt.This is the third major Bitcoin auction by the U.S. Marshals this year, and it might not be the last. In January 2018, the agency sold 3,600 BTC, and it followed it up with the sale of 2,170 BTC in March. Its biggest bitcoin sale to date was in 2013, when Silk Road was shut down and Ross Ulbricht was sentenced to life imprisonment. The agency seized 144,341 BTC from Ulbricht and 29,656 BTC from Silk Road's servers, which it sold for around $48 million in the following years. This article originally appeared on Bitcoin Magazine.
BitGo, the market leader in institutional-grade cryptocurrency security, today announced the second close of its Series B funding round. New investors, Goldman Sachs’ Principal Strategic Investments group and Galaxy Digital Ventures LLC, a venture investment firm founded by Michael Novogratz, join Valor Equity Partners, Craft Ventures, DRW, and Redpoint Ventures. The funding will support BitGo’s development of its $1 trillion crypto wallet.
“It’s only a matter of time now,” said Mati Greenspan, senior market analyst at eToro, speaking about a potential breakout for bitcoin. Transactions per second is a barometer for the scalability of blockchain technology, which has been a roadblock to adoption of the distributed-ledger technology. Echoing the sentiment that the market is on the precipice of a move is Rob Sluymer, technical strategist at Fundstrat Global Advisors.
As institutional investors wade increasingly further into the cryptocurrency ecosystem, they are contributing to a significant bump in demand for cryptocurrency lending services. Institutional Crypto Lending Tops $550 Million That’s according to the Q3 Digital Asset Lending Snapshot from Genesis Capital, who in March launched the cryptocurrency industry’s first institutional lending business. Since the service’s
Wall Street banking giant Goldman Sachs has put another stake in the ground of the burgeoning cryptocurrency industry, headlining a $58.5 million Series B funding round in digital asset custodian BitGo. Goldman, Novogratz Invest $15 Million in BitGo Announced on Thursday, the Series B round raises the Silicon Valley-based bitcoin startup’s total fundraising to approximately
Merger and acquisition activity for cryptocurrency companies has more than doubled in the past year amid a 54 percent slump in bitcoin prices, according to JMP Securities and data from PitchBook. The value of tokens associated with start-ups remains correlated to bitcoin instead of the value of the actual company, which creates an "ideal opportunity for strategic acquirers," JMP Securities' Satya Bajpai says. The industry is in a "land grab" for innovative technology, access to new markets, intellectual property, and talented employees through M&A.