News Bytes for April 27, 2018
Bill Harris, the former Paypal CEO, believes Bitcoin is not an effective means of payment. “I absolutely believe that money should be digital, is becoming more digital, and will be completely digital but it doesn’t mean we need a new currency to record that,” said Harris.
Speaking on Thursday in a hearing before a House Appropriations subcommittee, Securities and ExchangeCommittee (SEC) Chairman Jay Clayton told lawmakers that cryptocurrencies which function exclusively as mediums of exchange are not securities, unlike initial coin offering (ICO) tokens, which are.
Initial Coin Offerings (ICOs) are of the past as Security Token Offerings (STO) becomes the new hot cryptocurrency fundraising buzzword. The rebranding, says the CEO of Overstock, “gives more clarity to regulators.”
As the UK-based Revolut closed their latest funding round, raising $250 million and bringing their total valuation to $1.7 billion, the fintech unicorn continued to move full steam ahead by announcing they will add support for bitcoin cash and ripple trading to their mobile app.
The company has developed a blockchain-based Food Trust Framework as a trusted market for food products distributed through its network. It will begin by shipping products from Australia and New Zealand to China. ZDNet reports, “Alibaba is hopeful that if the pilot taking place in Auckland is successful, the blockchain framework could form the basis of a global supply chain model applied across all of Alibaba Group’s ecommerce markets.”