Startups

Bitcoin Conference Pitch Day Builds The Next Generation Of BTC Startups

21/09/2021 by Idelto Editor

Bitcoin 2021’s Pitch Day gave Bitcoin startups an unprecedented chance to drive their projects forward.

Bitcoin 2021’s Pitch Day was a platform for the next generation of Bitcoin startups to put its ideas and products to the test in a competitive format.

Taking place during Whale Day on the grounds in “The Deep,” the Pitch Day competition featured companies ranging from a weather-betting website to a derivatives exchange, pitching their ideas to a panel of venture capitalists representing some of the most active investors in the Bitcoin ecosystem. Each of the participating projects made its case to secure investment from the panel, with the optimism that their startups could, alongside Bitcoin, change the world and launch them to whale status themselves.

The 12 startups were chosen from a pool of over 140 applications from all over the world. Divided evenly into two divisions, “hyperbitconization” and “infrastructure,” each company had ten minutes to present their pitch and take questions from the panel. Following the conclusion of each segment, the panel of judges deliberated before deciding on first- and second-place winners. The two winners from each segment were presented with a trophy, as well as full tuition to attend “Draper University,” a 16-week entrepreneurship program started by venture capitalist and Pitch Day judge Tim Draper.

The first segment featured the companies Citizens of Bitcoin, 5 Day Forecast, Satoshi’s Games, DIBA Global Inc., Bitmatrix and Shock Network Inc. While the missions of each company varied, they were all united under the umbrella of advancing hyperbitcoinization. The panel of judges featured Draper (founder and managing partner of Draper Associates), Oleg Mikhalsky (partner at Fulgur Ventures), David Roebuck (venture principal at Wave Financial) and Paul Veradittakit (partner at Pantera Capital).

The judges came away with plenty of good things to say about Pitch Day 2021. Veradittakit said, “The startups at the pitch day competition were impressive and focused on some innovative use cases. Overall, the experience of judging with the other judges and interacting with the startups was very fruitful.”

The winner of the hyperbitconization competition was Satoshi’s Games, a gaming platform built on the Lightning Network. 5 Day Forecast, a betting website that allows users to place bets on the weather using Bitcoin, took second place. While Citizens of Bitcoin did not place in the top two of its respective competition, its founder and CEO, Rogelio Caceres, had positive things to say about the experience as well.

“We thoroughly enjoyed the Bitcoin 2021 conference and highly recommend it,” he said. “Both the experience of competing as a finalist at Pitch Day, as the only Miami-based startup selected, as well as sponsoring a booth, exceeded our expectations. In fact, we have generated nearly $500,000 in revenues from new clients we met at the conference to date.”

The second segment featured the companies D2X Group, Moon, Liquid Ventures, 24 Exchange Bermuda Ltd., Sazmining and Bitex. Each of these companies is focused on enhancing the existing infrastructure of Bitcoin. They were judged by Matt Roszak (founding partner at Tally Capital), Kevin O’Leary (chairman of O’Shares Investment Advisors and judge of ABC’s “Shark Tank”), Christopher Calicott (managing director at Trammell Venture Partners), David Lee (head of Samsung Next and EVP of Samsung) and Tyler Evans (cofounder of BTC Inc. and managing partner at UTXO Management). 24 Exchange, a bitcoin trading platform, won first place in the infrastructure competition. Moon, a virtual payment card that allows users to earn, save and spend bitcoin, finished as the runner up.

“The pitch competition was especially valuable to present our business to investors that deploy capital into Bitcoin startups,” Moon CEO and founder Ken Kruger said. “We secured funding from investors at the pitch competition.”

If you are interested in being considered for a slot on stage, we encourage you to apply here for Pitch Day at Bitcoin 2022! Parameters for participants are open and flexible, so feel free to apply whether you are an individual with an idea, a company raising a series B round or somewhere in between.

Bitcoin Magazine is operated by BTC Inc, which also hosts the Bitcoin Conference series.

Fintech Firm Revolut Pays for Dallas-Based Wework Workspace With Bitcoin

18/09/2021 by Idelto Editor

The cryptocurrency-infused financial tech company Revolut has announced it has purchased a Wework office with bitcoin. Revolut detailed that the office space in Dallas, Texas will house 300 employees to prepare for the company’s U.S. expansion.

Revolut Pays Bitcoin for Wework Property in Texas

On September 16, 2021, Revolut, the fintech firm that offers users cryptocurrency services and aims to provide the world with a “global financial superapp” announced a deal with Wework. According to the announcement, Revolut will be leveraging the Wework workspace at 6900 Dallas Parkway in Dallas, Texas. Revolut details that the payment for the workspace was settled in bitcoin (BTC). The company said on Thursday:

Revolut will also be Wework’s first enterprise member to sign new space using cryptocurrency, specifically bitcoin, as it establishes its largest office yet in the U.S.

While the move aims to bolster Revolut’s U.S. expansion, Revolut said it is also introducing a concept called “Revlabs real estate strategy.” The company details that the first Revlabs space is now open in Melbourne at the Wework center at 222 Exhibition Street.

“Revlabs will be designed to facilitate collaboration and teamwork, with around 70 percent of office space devoted to collaboration,” the company explained on Thursday. “The new format will cater to rapid headcount growth and provide spaces for creative thinking, brainstorming, training, and knowledge exchange – some of the face-to-face interactions that people have missed throughout the pandemic. There will also be quiet zones and space for meetings.”

Wework Executive: ‘Flexibility Is Essential for Growing Companies’

Wework also detailed that it looks forward to being a real estate partner with Revolut. Basically, Wework is an American commercial real estate firm that was created in 2010. It specializes in flexible shared workspaces and the service is used by tech startups and other types of companies in early developmental stages.

The company, however, is not without controversy, and in 2019 it had issues as the owner, Softbank Group, reported major losses that year. In November 2019, close to 20% of the employees at Wework were laid off.

We’re thrilled to be partnering with @RevolutApp to provide a new home for their employees in Dallas while utilizing cryptocurrency in the process to power their new flexible work strategy. #wework https://t.co/A6EJhmQXTq

— WeWork (@WeWork) September 16, 2021

That year, the company revealed it was changing the board and wanted to remove the CEO Adam Neumann to replace him with a new leader. Also, it aimed to remove Neumann’s family members from the board of directors. Neumann did eventually exit and left with a package estimated to be worth $1.7 billion, and the company followed up with lots of corporate changes.

During the Revolut announcement, the global head of financial services sales at Wework, Nick Giraudeau, stressed that flexible shared workspaces are great for growing startups.

“Wework is excited to be Revolut’s global real estate partner,” Giraudeau remarked. “We look forward to supporting their new standard for the future of work, with a progressive employee-led approach that prioritises flexibility, collaboration and choice. Flexibility is essential for growing companies, and by supporting transactions in cryptocurrency, we can offer choice and convenience while supporting Revolut’s innovative business.”

What do you think about Revolut becoming a real estate partner with Wework and paying for a workspace in Dallas with bitcoin? Let us know what you think about this subject in the comments section below.

Andreessen Horowitz Discusses Raising Third Crypto Fund to $2 Billion, Sources Say

31/05/2021 by Idelto Editor

In May 2020, back when the crypto economy was still tumultuous from the coronavirus outbreak fears and gloomy global financial outlook, in general, the private venture capital firm Andreessen Horowitz (a16z) revealed the 500 million-dollar “Crypto Fund II.” A report published on May 27 by the tech writer Eric Newcomer indicates that Andreessen Horowitz is contemplating $2 billion in financing for the next crypto fund.

Former Bloomberg Reporter Says ‘a16z in the Process of Tripling Down on Crypto’

The well known venture capital firm Andreessen Horowitz founded by Marc Andreessen and Ben Horowitz back in 2009 has been a driving force in the crypto industry in regard to financing projects and startups. Marc Andreessen has been a firm believer in bitcoin for quite some time now and a16z has funneled millions of dollars into the industry during the last eight years.

In recent times, Andreessen Horowitz launched two funds dedicated to the development of “crypto networks and businesses.” Bitcoin.com News reported on the last venture revealed by the a16z executives Katie Haun and Chris Dixon when the two revealed the Crypto Fund II.

That specific fund invested $515 million into networks, startups, and businesses dedicated to the blockchain and crypto asset industry. Now the former tech writer for Bloomberg, Eric Newcomer, details that a16z third crypto fund is “in talks to raise $2 billion.”

“Andreessen Horowitz is in the process of tripling down on crypto, raising its third crypto fund since 2018,” Newcomer said. “Sources tell me that Andreessen Horowitz is targeting $2 billion for its third crypto fund. That’s double the size of what many people are expecting,” he added.

Someone Familiar With the Matter Told Newcomer a16z Sold ‘at Least Some of Its Ethereum Holdings’ Before the Market Downturn

Newcomer’s source also disclosed that Andreessen Horowitz has “distributed at least some of the Coinbase shares soon after Coinbase went public.” Moreover, the firm had ethereum (ETH) holdings and a source familiar with a16z’s operations said “the firm sold at least some of its Ethereum holdings at around $3,800 before the price crashed.”

The report further added that there seems to be an “arms race” in cryptocurrency investments as Fred Ehrsam and Matt Huang’s Paradigm have been making waves. “The Andreessen fund and Paradigm have frenemy status. I hear that some Andreessen Horowitz partners are limited partners in Paradigm,” the author’s report details.

On the same day, a16z revealed an investment into the crypto firm Talos, Newcomer also said he hears “a lot of buzz about investment Uniswap.” Of course, similar to Bloomberg’s reporting, Newcomer’s source is someone familiar with the matter.

“It will be just as interesting to see who dives into crypto as it will be to see who decides to sit this goldrush out. But Andreessen Horowitz looks like it will be well positioned to fund the next Coinbase,” Newcomer concluded.

What do you think about Andreessen Horowitz tripling its crypto fund to $2 billion? Let us know what you think about this subject in the comments section below.

Restrictions on Crypto Trading to Deprive Nation of Opportunities, Iranian Fintechs Warn

18/05/2021 by Idelto Editor

Startups have spoken out against government attempts to curb the operations of crypto exchanges in Iran. Cryptocurrency trading is not illegal, Iranian fintechs insist, calling on lawmakers and regulators to develop rules that would allow the sanctioned country to continue to take advantage of decentralized money transfers.

Iranian Fintechs Insist There Is No Ban on Cryptocurrency Trade

Recent statements by various authorities in Teheran have prompted a response from the Iran Fintech Association (IFA) which represents companies working in the sector. In a letter to the speaker of parliament, Mohammad Baqer Qalibaf, and the head of the central bank, Abdolnasser Hemmati, the independent industry body stated:

Resorting to restrictive measures is the simplest, but not the best response to the issue. Doing so would deprive the nation of potential opportunities and create grounds for underground business.

Amid growing interest in cryptocurrencies, the Central Bank of Iran (CBI) issued a warning earlier this month against unrestrained crypto trading and reminded Iranians about the ban on transacting with coins minted outside the Islamic Republic. Then the Majlis leadership called on financial regulators to adopt a cautious approach to dealing with the controversial aspects of the matter.

“There are no regulations per se barring the work of crypto exchanges,” IFA now says, quoted by the Financial Tribune. “Government regulations only ban using cryptocurrencies for purchasing goods and services. It is explicit that trading cryptos is not illegal though traders are accountable for the ensuing risks,” the organization emphasizes in its address to government institutions.

Businesses Bypass Economic Blockade Using Cryptocurrencies

In March, the CBI ordered Iran’s domestic payment settlement network, Shaparak, to block online payment gateways owned by coin trading websites. Last week, Abdolnasser Hemmati said that crypto trade will be limited only to selected exchanges processing cryptocurrency transactions for commercial purposes. Iranian lawmakers, however, are not satisfied with merely a ban on crypto trading and have urged the central bank to develop precise rules.

The IFA agrees and says that “all the decision-making bodies need to pool minds to develop regulations that are comprehensive and efficient.” It proposes the establishment of special working groups including representatives of the industry that will be tasked to examine the complicated issue, in all its dimensions, in order to avoid repeating mistakes from the past.

IFA also points out that businesses have benefited from the use of cryptocurrency in their international transactions. Iranian companies have managed to bypass the economic blockade imposed by the U.S., circumventing restrictions on various industries, banking, shipping, and insurance services. “Several businesses have either used the technology for meeting their needs or have invested in cryptocurrencies without any particular risk,” emphasized the trade association.

Where do you stand on the debate over crypto regulations in Iran? Let us know in the comments section below.

Crypto-Centric VC Fund Lures in Billionaire Investor Paul Tudor Jones and Rapper LL Cool J

04/02/2021 by Idelto Editor

This week the former Digital Currency Group (DCG) Vice President of Investments, Travis Scher, announced a $72 million crypto-focused venture capital fund backed by the billionaire investor Paul Tudor Jones and hip-hop star LL Cool J. The crypto VC fund was invoked by Scher, the private equity veteran Glenn Hutchins, and his son James Hutchins as well.

On Thursday, February 4, 2021, a former DCG executive, Travis Scher tweeted about the new crypto-centric venture capital fund he started with two other partners. The crypto VC fund is managed by North Island Ventures partners Scher, Glenn Hutchins, and James Hutchins.

The fund announcement explains that the new venture capital crypto fund initiated by North Island Ventures is backed by well known individuals. Investors in the fund include the rapper and hip hop star LL Cool J and also billionaire investor Paul Tudor Jones. Additionally, the announcement also mentions Twitter COO Anthony Noto and Pepsico CEO Indra Nooyi as investors.

The press release also says that the crypto-focused VC fund has “raised some $72 million.” Moreover, Hutchins details that cryptocurrencies will be the next big trend.

“Crypto promises not just to revolutionize finance but also to invent a new computing paradigm that will be as transformational as the PC, the internet, mobility, and the cloud,” Hutchins said during the announcement. “It is the proverbial next big thing,” the private equity veteran added.

The three managers at North Island Ventures detail that the partners have been investing in crypto for years and Hutchins in particular, started investing in bitcoin (BTC) when it was around $400 in 2016.

So far the new crypto VC fund has already started to invest, as the announcement details that it has made seven investments to-date. Investments include startups like Axelar, Dapper Labs, Nori, and more.

“Crypto is no longer just a fringe technology movement,” Scher stressed. “There is extraordinary momentum behind decentralized solutions to some of society’s biggest problems, and our goal at North Island Ventures is to partner with the top entrepreneurs in the world bringing these solutions to life.”

On Twitter, the former DCG Vice President of Investments further said that year one has been a blast, and that the team is “just getting started.” “We believe that crypto offers solutions to some of the world’s most pressing problems, and our mission is to support the best entrepreneurs in the world bringing these solutions to life,” Scher concluded.

What do you think about North Island Ventures’ new crypto-focused VC fund? Let us know what you think about this subject in the comments section below.