Category Archives: U.S. Securities and Exchange Commission

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Ethereum Co-Founder Joe Lubin: Blockchain and Crypto Can Transform Society

Ethereum co-founder Joseph Lubin believes blockchain will have the same kind of impact in the future as the internet had in the late nineties, writes Business Insider. The co-founder of ConsenSys was speaking at the MoneyConf in Dublin where the blockchain company has opened its new office.

Lubin made it clear that he was looking for blockchain to make a lasting impact: “This technology is so profound, it’s going to do so many amazing things for economic, social, and political systems worldwide… We’ve really no concern that the ecosystem or the technology is in real danger.”

He went on to compare current activity fintech space to the dot-com boom of the late 90s, a period of extreme growth and intense activity in the usage and adaptation of the internet. Lubin suggested there was clearly a parallel today, given the same degree of high investment coupled with high gains and losses in cryptocurrency activity, according to the success of company projects.

The entrepreneur argued that the growth of the internet was mirrored today by current developments in the space, as cryptocurrencies and their underlying technology were repeating history:

“There was a tremendous amount of creative destruction in the dotcom era that laid the foundation and taught all of us how to build an effective internet, an effective world wide web, and really transform society. I think that we will see dynamics like that in place in the blockchain space.”

He was clear in his views that although scams are clearly not welcome, they don’t impact of the overall image of the industry, and that the US Securities and Exchange Commission (SEC) was right in taking these issues on in order to clean up the space. He put the crypto “bad-actor syndrome” down to the failings of human nature and the fact that cryptocurrency investment was open for all.

Lubin pointed to the West in terms of where some of the most progressive movements in the industry were originating, citing the US and Europe as the major source of innovation.

 

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Estonian Startup Pops Up on SEC Notice Seeking $180 Million

A little-known company based in Estonia is looking to raise funds up to USD 180 million an obscure ‘GoWeb’ token sale, reports Coindesk.

The SAFT Project is a forum for the discussion of a compliant framework for token sales. Notice of the company using the fundraising sale was published through US Securities and Exchange Commission’s (SEC) EDGAR document system on 4 June.

The company, NewTech Myning OU, will become one of many blockchain startups and projects which have raised money using the SAFT model, by selling tokens with promises of the distribution at a future time. In this case, the offering is for the “sale and issuance of rights to receive GoWeb tokens in the future via a Simple Agreement for Future Tokens”.

The total of USD 180 million is significant as it would represent one of the larger recent token sales, but NewTech Myning is still a minnow in fundraising when compared to Telegram who raised USD 1.8 billion early this year, while EOS raised about USD 4 billion in a token sale over a one-year period starting in June 2017, according to MSN.

There is little information about the Estonia-based company which was only established in March, but startups are increasingly making a home in the country that has become a proactive space in the industry.

Estonia is becoming increasing crypto friendly, with its government previously linked to a national cryptocurrency project which has since been abandoned. The plan to introduce its own cryptocurrency was dumped, following the President of the European Central Bank Mario Draghi’s warning that no EU member can have its own currency apart from the Euro.

Many crypto companies are now doing business in Estonia with Lithuania, Latvia, and Estonia also experiencing an economic boom recently. Estonia’s widespread adoption of cryptocurrencies and fintech has become a breeding ground for new startups.

 

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