Virtual-Currency Craze Spawns Bitcoin Wannabes - WSJ

The Future Of Blockchain: Fintech 50 2019

The Future Of Blockchain: Fintech 50 2019
As the price of bitcoin collapsed last year from a high of $19,000 to less than $4,000, skepticism fell over many other applications of blockchain, the technology that powers most cryptocurrencies by recording transactions without a central authority.
Much of the hype surrounding promises that sounded too good to be true is dissipating as reality and regulations set in. What remains however, are proven teams, flush with cash from mainstream investors, and increasingly, actual revenue.
Going forward, the blockchain selections from this year’s Forbes Fintech 50 2019 picks will undoubtedly form some unusual alliances as they evolve past competing against other blockchain startups, to competing in mainstream finance against long-established players.
Axoni co-fonders Greg and Jeff Schvey.AXONI
New York City
Using blockchain-based smart contracts to overhaul the back office of the world’s biggest derivative markets. Its distributed ledger will allow counterparties to see payments, calculations and other vital trade information in real time, improving efficiency and lowering risk. Already partnering with world’s biggest banks and financial intermediaries.
Funding: $59 million from Goldman Sachs, JPMorgan and others
Bona fides: It is currently putting the $10 trillion credit derivative market onto smart contracts working with DTCC and a steering committee of 15 of world’s biggest banks. It’s already settling foreign exchange trades using the blockchain.
Cofounders: CEO Greg Schvey, 32 and CTO Jeff Schvey, 33. The brothers also cofounded TradeBlock, which provides institutional trading tools for cryptocurrency

Bitfury CEO Valery VavilovBITFURY
This full-service blockchain firm expanded from its roots providing bitcoin mining hardware to launch its own blockchain, plus software designed to help U.S. law-enforcement and others investigate illicit activity using bitcoin.
Funding: More than $150 million from Korelya Capital, Macquarie Capital, Dentsu & others.
Latest valuation: $1 billion plus
Bona fides: $500 million in revenue in 2018
Cofounder & CEO: Valery Vavilov, 39, a Latvian-trained computer scientist.

Circle co-founders Sean Neville and Jeremy AllaireCIRCLE INTERNET FINANCIAL
Crypto finance giant Circle last year entered the exchange business with the purchase of Poloniex and now offers services for cryptocurrency trading, investing and payments. Last October partnered with Coinbase to launch USDC stablecoin — a crypto asset using the Ethereum blockchain and backed by U.S. dollars.
Funding: $246 million from IDG Capital, Bitmain, Breyer Capital, Goldman Sachs and others.
Latest valuation: $3 billion
Bona fides: 8 million customers from more than 100 countries; USDC has a $335 million in recent market value, making it recently among the 20 most valuable cryptos..
Cofounder & CEO: Jeremy Allaire, 47, previously founded publicly traded Brightcove online video platform

Coinbase CEO Brian ArmstrongCOINBASE
San Francisco
Expanding beyond its roots as a bitcoin wallet and retail exchange, Coinbase now offers cryptocurrency custody, professional and institutional trading platforms, and an institutional trading platform. Last year bought, a service where users pay in bitcoin to contact experts via email, for a reported $100 million.
Funding: $525 million from Tiger Global Management, Andreessen Horowitz, YC Continuity & others. Latest valuation: $8 billion
Bona fides: The most heavily funded startup in crypto; has opened 25 million wallets for customers.
Cofounder & CEO: Brian Armstrong, 36, whose Coinbase holdings make him a billionaire.

Tyler Winklevoss, chief financial officer and co-founder of Gemini Trust Company LLC, right, and Cameron Winklevoss, chief executive officer and co-founder.© 2016 BLOOMBERG FINANCE LP
New York City
Founded by twin brothers Tyler and Cameron Winklevoss, the Gemini cryptocurrency exchange is licensed as a New York trust company, making it a qualified custodian and a fiduciary under New York Law. Now licensed to do business in 49 states, Gemini is leading the fight for an SEC approved bitcoin ETF, and launched the Virtual Commodities Association to promote cryptocurrency industry self-regulation.
Funding: Winklevoss Capital Management, wholly owned by Tyler and Cameron
Bona fides: Employs 200 people and just moved to a new 50,000 square foot office
Cofounder & CEO: Tyler Winklevoss, 37, a former Olympic rower

Brad Garlinghouse, chief executive officer of Ripple Labs Inc.© 2018 BLOOMBERG FINANCE LP
San Francisco
Its blockchain based global settlements network aims to replace SWIFT, the interbank messaging platform that has long connected nearly every bank in the world. Ripple has also launched a service that lets companies make cross-border payments in XRP, the cryptocurrency created by its founders, which was recently second to Bitcoin in value.
Funding: $94 million from IDG Capital, SBI Investment, Santander InnoVentures & others.
Latest valuation: $5 billion
Bona fides: 200 RippleNet customers, including Bank of America and American Express
Cofounders: Jed McCaleb, Chris Larsen and Arthur Britto
CEO: Brad Garlinghouse, 48, former president of AOL
For full Forbes Fintech 50 2019 coverage, see:
Full list of the Fintech 50 2019
The Future Of Personal Finance: Fintech 50 2019
The Future Of Lending: Fintech 50 2019
The Future Of Real Estate: Fintech 50 2019
The Future Of Investing: Fintech 50 2019
The Future Of Payments: Fintech 50 2019
The Future Of Wall Street: Fintech 50 2019
Fintech 50 2019: The Newcomers
The 10 Biggest Fintech Companies In America 2019
Ryan Williams, 30, Started A Revolutionary $800M Fintech. But Can He Escape His Kushner-Trump Connection?
A 29-Year-Old Dominican Immigrant Is Teaching Fintech Startups How Real People Relate To Money
This Startup Is Creating A Real-Time Data Map Of The Global Economy. BlackRock And PayPal Are Buying It
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Eight Financial Services Test Blockchain-Powered Equity Swaps

Companies led by JPMorgan Chase & Co and Barclays Bank have achieved the test of an equity swaps post-trade transaction using blockchain technology and smart contracts. The blockchain-powered post-trade prototype was built by Financial Technology Firm Axoni. The other participating institutions are Credit Suisse, Citigroup Inc, financial data and technology provides Thomson Reuters Corp and IHS Markit, as well as business consulting firm Capco. Blockchain technology powers the cryptocurrency bitcoin and enables data-sharing across a network of individual computers. It has gained worldwide popularity because of its usefulness in recording and keeping track of assets across practically all businesses. Smart contracts, on the other hand, are self-executing transaction agreements.
Greg Schvey, Axoni chief executive, said the blockchain-enabled post-trade processing system could translate into substantial cost savings for the financial companies involved in the transaction. The parties run a node that connects them with others on the network. The modern processing of equity swaps could be inconvenient and time-consuming, with each individual dealer having its own internal systems and a single trade going through several such systems. Given the complex nature of equity swaps, trades often break down because of the countless layers of processing a transaction goes through before it ended. What happens now is that with this technology, the parties to the transaction, by virtue of the way blockchains work, are both co-processing and simultaneously running the same code, updating the state of that contracts over time, such that it removes the room for misalignment.
The pilot project started in June. In early September, the members administered a various set of 133 structured test cases to assess the capabilities of blockchain technology.
More at
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INSIDE BITCOINS NYC - Wall Street's Fair Value of Bitcoin (Panel Talk)

Hey guys - I'm the host of the Coinsider This! podcast and I recorded the following panel at Inside Bitcoins NYC on April 8, 2014 with permission from MediaBistro.
An increasing number of Wall Street firms are beginning to make make forecasts about the price and impact of Bitcoin. From Merrill Lynch's 14 page research report that implied a fair value of $1,300 for Bitcoin, to Wedbush Securities prediction that Bitcoin represents a long term threat to Visa and MasterCard, Wall Street is taking notice. Thought leaders from Wall Street will discuss the new frameworks they're developing to understand Bitcoin, the potential value of the crypto currency, and the global impact they're telling clients that Bitcoin could have across the global financial, technological, and consumer landscape.
Lou Kerner (Moderator) - Founder and Analyst, The Social Internet Fund Gil Luria - Managing Director, Wedbush Securities George Samman - COO, Greg Schvey - Partner, TradeBlock Barry Silbert - Founder & CEO, SecondMarket
I hope you guys find it appropriate today!
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Bakkt Gearing Up - Raises $182.5 Million in Funding [Bitcoin and Cryptocurrency News] HUUGE WARNING!!!!!! THIS IS BAD FOR BITCOIN & ALTCOINS???? How To Earn Bitcoin 2019! ($BTC for FREE ) BITCOIN IS FALLING!!!! THE BREAKOUT CAME TODAY! $8,500?? $7,200 Target??! REALIST NEWS - Gold Silver and Crypto!

Funding:$59 million from Goldman Sachs, JPMorgan and others Bona fides:It’s miles for the time being placing the $10 trillion credit score spinoff market onto smooth contracts working with DTCC and a steering committee of 15 of world’s finest banks.It’s already settling international alternate trades utilizing the blockchain. Cofounders:CEO Greg Schvey, 32 and CTO Jeff Schvey, 33. Greg Schvey, the 33-year-old founder of Axoni – who’s technology is being utilized to ensure the swaps go well – commented in a statement: To Bitcoin. Bitcoin is poised to revolutionize Greg Schvey, a partner at cryptocurrency data firm TradeBlock, told the New York Times that the new precipitous decline showed signs of a “squeeze” on bitcoin. “People have these very real Company. Axoni was founded in 2013 with the goal of overhauling global capital markets infrastructure. That vision has become a reality through intensive technology development and deep collaboration with the world’s leading financial institutions. The company has earned between $8 million and $9 million in U.S. dollar trades, and another 250,000 bitcoins from digital currency transactions, says Greg Schvey, head of research with The Genesis

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Bakkt Gearing Up - Raises $182.5 Million in Funding [Bitcoin and Cryptocurrency News]

Great news from Bakkt as they raise a huge amount of capital to continue forward. Also other great news today about Bitcoin and Cryptocurrency. Tune into the live session and find out what they ... The BTC news & analysis can be inspiration for your own Bitcoin trading or investing, but is NOT financial advice. On this channel, The Moon, I make 1 video every single day about crypto news ... BITCOIN 💥Most BULLISH SIGN in 9 MONTHS? 💥 ️LIVE Crypto Analysis TA & BTC Cryptocurrency Price News - Duration: 25:13. Crypto Kirby Trading 17,537 views 25:13 Bitcoin/Stocks/Forex Trading Strategy - Find Best Settings For Wave Trend Oscillator LazyBear Indicator Strategy (Part 2) 🔴 Subscribe for more Cryptocurrency News, Tutorials & Strategies: https ... How to Buy Bitcoin Money Tokens. ... VeChain (VET) CEO Sunny Lu Interview: VeChain 2020 Project Update, VeChain News, Future of VET VeChain Foundation 41,895 ... Greg Gottfried Recommended for ...

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