Week Ending 10.19.18
CRYPTO WAITS ON THE MAN - CONFERENCE COMMENTS
TICKETMASTER ACQUIRES UPGRADE
MASH RAISING EUR 50M
TRUE NATURES BRINGS IN NEW PRESIDENT AND MORE↓
LATEST EYE ON BLOCKCHAIN CONTENT
Lawyers weigh in on blockchain regulations and stable tokens at the recent Mars Blockchain Summit in New York.
“We’re not further along nor are we holding back the industry. Some of the non-movement, the non-progress that you see in the US is actually helping us in certain ways rather than hurting us.”
Read the full set of comments here.
MERGERS AND ACQUISITIONS
Ticketmaster, a subsidiary of Los Angeles, California-based Live Nation Entertainment, said it acquired UPGRADED, which uses blockchain to control ticket distribution. Terms were not disclosed.
Accenture, the New York City-based professional services firm, said it acquired TargetST8 Consulting, which specializes in commercial lending with AI. Terms weren’t disclosed. TargetST8 also provides blockchain consulting services.
In July Accenture acquired Kogentix, an AI and big data company, and Real Time Analytics Platform, a machine learning and neural networks firm.
Valtech, the London, UK-based business services firm using AI, said it is raising as much as USD 106.72m from an initial public offering of 6.67m shares at USD 14.00 to USD 16.00 each on the Nasdaq.
Mash, the Helsinki, Finland-based payments company, said it is kicking off a EUR 50m (USD 57.6m) funding round that includes a securitized token offering. The round is scheduled to close in December.
BitGo, the Palo Alto, California-based blockchain services firm, said a Goldman Sachs investment fund and venture capital firm Galaxy Digital Ventures were among the participants in a USD 57.5m Series B.
Cobo, the New York City-based cryptocurrency wallet developer, said it raised USD 13m in a Series A led by California venture capital fund Digital Horizon Capital and Wu Capital.
Atomic Capital, the New York City-based company developing technology for blockchain capital markets, said it raised USD 3.4m. In August the company hired Peter Lyons as chief innovation officer from the World Economic Forum.
FRST, the cryptocurrency trading data provider, raised USD 3.4m in a funding round led by CMT Digital and Vestigo Ventures.
Sterling Consolidated, the Neptune, New Jersey-based industrial seal maker with a blockchain token, said it is raising USD 2.5m in asset based financing from New York City’s Access Capital.
Mining Power, the Miami, Florida-based cryptomining company, said it is raising USD 1m through a share sale to Triton Funds, the Californian investment fund, at an 18% discount.
Fidelity Investments, the New York City-based financial services company, said it started providing trading and custodial services for cryptocurrencies.
LEGAL & REGULATORY
The US Securities and Exchange Commission said it is setting up an innovation and financial technology hub, led by Valerie Szczepanik, associate director, focused on AI, robo-advising and blockchain.
Celsius Network, the New York City-based lending platform using blockchain, said it hired Ann LaCarrubba as general counsel and chief compliance officer. La Carrubba has held roles at Blackstone and American Express.
BPM, the San Francisco, California-based consultancy, said Mark Li, who focuses on blockchain, was made a partner.
True Nature, the Atlanta, Georgia-based company developing healthcare software, said it brought James Crone in as president. He was a partner at Ames Scullin O’Haire, the advertising agency.
Earlier this month the company said it was acquiring Singularis Health, the healthcare app developer, for USD 80,000 in cash and 800,000 shares.
True Nature said in September it is acquiring ClariCare, a software developer for dental practices, for about USD 3m. In August, True Nature filed a shelf for a USD 6m equity financing with GHS Investments. The products the company develops may carry blockchain encryption.
Less than a third of the companies that raised funds through initial coin offerings last year have now actually developed prototypes or working products, according to an EY survey.
The volume of mergers and acquisitions in the cryptocurrency industry has more than doubled in value over the past year, according to a CNBC report citing a JP Morgan analyst report using PitchBook data.