Tag Archives: Offer

NEW YORK (Reuters) – New York state on Monday authorized the Gemini Trust Co exchange founded by internet entrepreneurs Cameron and Tyler Winklevoss to offer trading of the privacy-focused cryptocurrency Zcash, making it the world’s first licensed Zcash exchange.

The state’s Department of Financial Services said it also approved Gemini to offer custody services and trading of Bitcoin Cash and Litecoin in the future.

Zcash’s market value was roughly $ 1.3 billion on Monday, according to CoinMarketCap.com, while Bitcoin Cash and Litecoin’s respective values were $ 25 billion and $ 8.3 billion. Bitcoin’s market value was about $ 150.1 billion.

“With smart and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving,” Financial Services Superintendent Maria Vullo said in a statement.

Cryptocurrencies are digital tokens that use encryption techniques to secure transactions. Industry critics say the market is opaque and vulnerable to risks such as money laundering.

Last month, then-New York Attorney General Eric Schneiderman asked Gemini and 12 other cryptocurrency trading platforms to provide details about their operations and safety measures.

Zcash incorporates the technology “zk-snark,” short for zero-knowledge succinct non-interactive argument of knowledge, which lets people trade with each other in anonymity.

Gemini said it expects to begin accepting Zcash deposits on Saturday, May 19, with trading to begin three days later.

“We are proud be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash,” Gemini Chief Executive Tyler Winklevoss said in a statement provided by Vullo’s office.

The Winklevosses, who are 36-year-old twins, in 2008 reached a $ 65 million settlement with Facebook Inc and founder Mark Zuckerberg over who had the idea for the social media website.

They also competed in the men’s rowing competition at the 2008 Summer Olympics in Beijing.

Tech

TEL AVIV (Reuters) – Swiss-Israeli technology firm Sirin Labs said on Thursday it had raised $ 118 million in an initial coin offering (ICO) to support the development of an open source blockchain smartphone.

ICOs allow startups founded on cryptocurrency technologies such as blockchain to quickly raise capital by issuing virtual tokens to investors.

Such offerings have become more common in the past year, but Europe’s top markets regulator warned last month they were “extremely risky and highly speculative investments.”

Sirin, which has recruited soccer superstar Lionel Messi to be its brand ambassador, said it had raised the money from 5,600 people globally within the first 24 hours and would continue the offering for another 12 days.

“These are our potential clients. We think they will be the first to buy the phones,” Moshe Hogeg, CEO and founder of Sirin, told reporters.

The ICO will help fund its secure blockchain phone, as well as a blockchain personal computer. The company said the phone, which should be on the market near the end of next year, benefits from enhanced security and the ability to carry out fee-less transactions.

Hogeg said his target had been to raise $ 75 million – the amount needed to develop the phone. The additional funds will enable the company to increase its production and invest more in sales and marketing.

Tech

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