Archive | March, 2016

Needham & Company: Bitcoin undervalued by over $200

March 31st, 2016 by

Bitcoin is currently undervalued by as much as 58%, according to a new report by investment bank and asset managing firm Needham & Company. The digital currency should have a price of $655, rather than the current level of around $412 that the currency is trading at, Needham & Company argued. Spencer Bogart, author of […]

Two largest Swiss banks to launch a blockchain focused accelerator

March 30th, 2016 by

UBS and Credit Suisse, the two largest Swiss banks, are partnering with Swisscom, Swiss Life and Ernst & Young to launch a fintech accelerator with an international target audience. The announcement was made by the five companies last week during the worlds largest computer expo, CeBIT, in Hanover, Germany. The partner companies aim “to put […]

DTCC trials blockchain tech for repo market

March 30th, 2016 by

The Depository Trust and Clearing Corporation (DTCC) announced it is working with blockchain startup Digital Asset Holdings on a blockchain-based system for the clearing and settlement of US repurchase agreements. Under the agreement, the firms will develop and test a distributed ledger based solution to manage the clearing and settlement of U.S. Treasury, Agency, and […]

FSA official: Asia should emerge as a leader in blockchain tech

March 29th, 2016 by

Japan’s Financial Services Agency (FSA) vice minister for international affairs Masamichi Kono has indicated he believes Asia should emerge as a leader in blockchain technology. Kono made these comments as part of a keynote address at the OECD-ADBI Roundtable on Capital Markets and Financial Reform in Tokyo last week. “An area of strength for Asia […]

UniCredit announces €200 million investment for fintech groups

March 28th, 2016 by

UniCredit and London based Anthemis Group announced a new joint investment venture. UniCredit is pledging a €200 million fund that will aid mid-stage startups and established fintech businesses. Anthemis Group is a financial services technology venture and advisory firm which has worked with UniCredit in a bid to help identify and invest in up and coming fintech […]

Russian bitcoin ban law to enter Duma by August

March 28th, 2016 by

Russian Deputy Minister of Finance Alexey Moiseev confirms that the draft law criminalising circulation of bitcoin in Russia will be passed to the State Duma during the current session. “I hope we will manage to do this in a reasonably short period of time. I believe, we will be able to bring it in before […]

Russian government to officially ban bitcoin

March 24th, 2016 by

The Russian Finance Ministry is now developing a proposal to officially ban bitcoin in Russia. The amendments proposed by the Finance Ministry seeks to introduce an official ban on the production and circulation of bitcoin, the cryptocurrency, in Russia. The Finance Ministry will cite Article 75 of, covering the Constitution of the Russian Federation which […]

Australian government to remove double taxation of bitcoin

March 21st, 2016 by

The Australian Government Treasury has announced plans to remove the ‘double tax’ treatment from those dealing in digital currency such as bitcoin. In a policy statement released by the Australian Government today, new proposed measures to boost the Fintech sector and establish Australia as a Fintech destination will see the government reduce tax barriers for […]

Vietnam regulator issues warning against bitcoin use

March 21st, 2016 by

The Vietnam e-Commerce and Information Technology Agency has warned citizens against engaging in investments or the buying and selling of virtual currencies such as bitcoin. According to the press release, the agency has issued a warning to people to be careful while participating in purchasing and selling virtual currency and recommended organisations and individuals not […]

JPMorgan hires former Obama advisor to lead its Fintech initiatives

March 18th, 2016 by

JPMorgan Chase hired Seth Wheeler, a former economic advisor to President Obama, as a managing director in the FinTech and innovation strategy space. “I’m thrilled that I’ll get to work with a talented team in helping JP Morgan Chase refine its strategy in digital banking and consumer lending, digital wealth management, payments, and small business […]