Week Ending 10.12.18

 

“MACHINE INTELLIGENCE ENABLED BY AI LEADS US INTO THE FOURTH INDUSTRIAL REVOLUTION CHARACTERIZED BY CYBER PHYSICAL SYSTEMS”

CHRYSALIX RAISES USD 120M FOR NEW FUND BACKED BY PETROBRAS AND MITSUBISHI AND MORE ↓

 
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MERGERS AND ACQUISITIONS 

Atlas Blockchain, the Vancouver, Canada-based cryptocurrency mining company, said it is acquiring Israeli cannabis company Irascann Biosciences in an all share transaction. Atlas is raising up to USD 15m in equity at the same time and providing Itasacnn with a USD 3m bridge loan.

Global Blockchain Technologies, the Vancouver, Canada-based investment fund, is acquiring X2 Games, which uses blockchain and cryptocurrencies in the games it develops, for USD 50m in shares.

Blox Labs, the Vancouver, Canada-based blockchain firm, said it signed a non-binding letter of intent to acquire Best Cannabis Products. The company said later the deal would be an all share transaction.

Other deals include Wuhan General


FILINGS

BTCS, the Silver Spring, Maryland-based blockchain investment firm, said shareholders, including Alpha Capital Anstalt, the Vadux, Lichtenstein-based investment fund, are selling down stakes they hold in the company.


FUNDING

CoinJax, the Singapore-based cryptocurrency exchange, said it raised an unspecified amount in a seed funding led by Asia Fund Group.

Chrysalix Venture Capital, the Vancouver, Canada-based investment firm, said it raised USD 120m for a new fund focused on companies using AI and blockchain in the energy, mining, power, chemicals and manufacturing industries.

Investors in the new fund include Brazilian state owned oil producer Petrobras, Japan’s Mitsubishi and Canada-based Teck Resources.

RISE, the Munich, Germany-based securities trading firm using AI, said it plans to raise USD 150m in a security token offering in November. Details on its website are here.

Dragonfly Capital Partners, the San Francisco, California-based venture capital fund, said it raised USD 100m for a cryptocurrency fund.

Bitmain, the Beijing, China-based cryptocurrency mining equipment maker, is one of the company’s backers.

In August Bitmain invested an unspecified amount in Lambda, the Singapore-based blockchain data storage company, and it also invested USD 3m in tribeOS, the Hamilton, Bermuda-based blockchain company focused on advertising.

Bitmain is reportedly planning to soon file for an initial public offering. The company raised USD 400m in a pre-IPO financing led by Sequoia Capital, according to earlier reports.

BroadVision, the Redwood City, California-based business services firm using blockchain, said it is selling a 20% stake in its Vmoso unit for USD 3m in a private placement to company shareholders, which may include its CEO Pehong Chen. Vmoso holds intellectual property and other assets.

MediaRich.io, the Cayman Islands-based business services firm using blockchain, said it has begun an up to EUR 50m (USD 57.8m) private token sale before the launch of an initial coin offering. The private sale will continue through the end of the month.

And Sharing Economy International risks Nasdaq delisting


LEGAL & REGULATORY

Blockvest and its founder Reginald Buddy Ringgold were accused of fraud by the US Securities and Exchange Commission over an initial coin offering.

The cryptocurrency industry needs vigilant monitoring, according to a recent report from the UK’s Financial Stability Board.

The United Arab Emirates plans to have regulations for initial coin offerings in place in the first half of 2019, according to a Reuters report.


PEOPLE

Malta Digital Exchange, the Valletta, Malta-based cryptocurrency exchange, said it hired Denmark’s Johan Ditz Lemche as CEO. Lemche is the head of risk management at Hogg Capital Investments, the Malta-based brokerage.

BitFinance, the Miami, Florida-based robo-advisor firm, said it hired Michael Conn as president and chief investment officer. Orion Agarwal was hired as vice president of capital markets and Eli Broverman was appointed to the board.

Conn was founder and CEO of Ether Capital and was an executive at AllianceBernstein. Agarwal was a cryptocurrency analyst at Standpoint Research and Broverman was the co-founder of robo-advisory firm Betterment.

Gemini Trust, the New York City-based cryptocurrency exchange run by the Winklevoss twins, said it hired Jeanine Hightower-Sellitto as managing director of operations. She was the COO at the International Stock Exchange, which was acquired by Nasdaq.

In September Gemini hired Sydney Schaub as general counsel. Schaub has held positions at ecommerce company Rent the Runway, Google and payments company Square. In July, the company hired former New York Stock Exchange CIO Robert Cornish as chief technology officer.

Spring Labs, the Los Angeles, California-based identity and credit blockchain firm, said former chief economic advisor to US President Donald Trump and former Goldman Sachs executive COO Gary Cohen is joining its advisory board.

Goodwin, the San Francisco, California-based law firm, said it hired Josh Cook as a partner in its technology companies practice. One industry focus of Cook’s is blockchain.

DigitalTown, the Seattle, Washington-based business services firm using blockchain, said it hired Ferry Chahaya as product manager. Chahaya is a former executive at Dell, the computer maker. DigitalTown hired George Nagy as CEO in September.

Broadridge Financial Solutions, the New York City-based financial technology firm building out an AI business, said Tom Carey is becoming the company’s president of global technology and operations. Carey was previously president of Broadridge International.

Other hiring included ROKK3R, Kadena, AQUA Intelligence, BLOK Technologies, Victory Square Technologies and Muirfield


DATA

Cryptocurrency theft hit USD 927m in the first three quarters of this year, with a total of USD 166m stolen in the third quarter, according to a CryptoTrace report. About 97% of all stolen bitcoin transits through unregulated exchanges into fiat currencies.


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