TechCrunch Founder To Raise $100 Mln For Cryptocurrency Hedge Fund

TechCrunch founder moves to the next step in his career as he is looking for crypto deals.

Media company TechCrunch founder Michael Arrington has announced that he is raising $100 mln for a hedge fund called Arrington XRP Capital. The fund will be mainly involved in the buying and holding of cryptocurrency assets, as well as in investing in token sales and some equities and debt.

According to Arrington, his entry to the virtual currency market marks the next stage of his professional career and he thinks that he will be involved in the sector until his retirement.

"In the last several months, I've gone from crypto enthusiast to 100 percent crypto. I've only been looking at crypto deals. This is what I think I'll be doing the rest of my career."

Brief details of the fund

According to Arrington, the fund is the first of its kind that will compel all limited partners (LP) to invest in Ripple (XRP). The cryptocurrency is being used to power the RippleNet software of San Francisco-based startup Ripple. The token will also be utilized by Arrington XRP Capital for all distribution transactions, as well as fees.

Arrington further added that their use of Ripple’s XRP token will improve on the current digital currency hedge fund model by resolving some major issues seen in the present model. One issue is the practice by the hedge funds to take investments from fiat currencies with the purpose of investing in cryptocurrencies like Bitcoin and Ethereum to support the launching of new virtual currencies.

"We think XRP is a particularly useful currency because of the transaction times. I think it makes a lot of sense to denominate a hedge fund in a cryptocurrency, the only downside is [potential] volatility against fiat."

Arrington’s partners in the fund are former TechCrunch Chief Executive Officer (CEO), Heather Harde, and two other unidentified individuals. Arrington and his partners have already raised $50 mln for the fund and are eyeing to conclude their fundraising before the end of 2017.

Source: Coin Telegraph




My current recommendations:

HashFlare for automated Bitcoin cloud mining - Currently ROI in around 60 days only

Bitclub Network allows you to buy mining shares with daily payouts

CCG Mining now offers open end contracts. Bitcoin, Ethereum, Zcash, Litecoin and others

Cointracking keeps track of all your coins automatically. Many exchanges and wallets supported

 

Ethereum Classic ‘Changes’ Boost Price to New All-Time Highs Over $30

Ethereum Classic has passed $30 as new momentum gives traders a reason to celebrate after months of non-growth.

Ethereum Classic (ETC) has rocketed in price to new all-time highs as the altcoin’s hard fork deadline next month nears.

Following increased enthusiasm at a recent developer conference in Hong Kong, ETC hit $34 in trading Tuesday after news of “significant changes” became mainstream.

The move represents near-50 percent growth in 24 hours, ETC’s best performance to date and a signal to traders that momentum is building to ‘copy’ Ethereum’s (ETH) own push past all-time highs.

Previous ETC highs had faltered at around $23 and a period of reduced public activity from major proponent Barry Silbert had led to several months of flat growth activity.

Silbert has since returned to modest updates on Twitter, confirming a new price record as the $24 levels came and went earlier today.

In addition to the technical improvements planned for ETC, developers also announced the departure of Bitnovosti from the project as they now consider it “self-sustaining.”

“Bitnovosti has decided to leave Ethereum Classic, this was always a part of their plan, get us setup, be our lightening rod, and then step back once we were self sustaining,” a Reddit post reads.

“With three development teams, a passionate community, the ETC Cooperative, our first summit, and wide exchange adoption I’d say we’re there.”

The hard fork meanwhile will deliver a “stable coin supply” and stealth addresses to ensure transaction privacy, an announcement states this week. The event is due to take place Dec. 12.

Secret symbol № 12: v What is this?

Source: Coin Telegraph




My current recommendations:

HashFlare for automated Bitcoin cloud mining - Currently ROI in around 60 days only

Bitclub Network allows you to buy mining shares with daily payouts

CCG Mining now offers open end contracts. Bitcoin, Ethereum, Zcash, Litecoin and others

Cointracking keeps track of all your coins automatically. Many exchanges and wallets supported

 

Cryptocurrency Exchange Reimburses Victims of Apparent ICO Scam, Confido

Cryptocurrency exchange KuCoin will reimburse investors in Confido following the exchange’s inability to contact the project’s leadership team.

Cryptocurrency exchange KuCoin has announced that it will reimburse investors who used its platform to invest in the Confido initial coin offering (ICO). The Confido development team announced that the project has been shelved after raising $347,000 in an ICO, leading many to call the ICO a scam.

KuCoin’s announcement is excerpted below:

“So far, after making our best attempts, KuCoin team is still not able to have an effective communication with CFD team and comprehend their updates. To ensure users’ interests and minimize the loss in CFD asset investment, KuCoin provides users an emergency solution … for all the KuCoin users who had made CFD trades … KuCoin is going to trade users’ purchase net value at the rate of 0.0000038 BTC (approximately $0.03)/CFD and directly deposit into users’ accounts.”

The exchange plans to have all users’ accounts credited on or before November 30.

Issues in the ICO industry

The Confido scam is just one of the examples of the various issues confronted in the ICO market due to the lack of regulations covering the sector. Many ICOs most likely fall under existing securities regulations, but a great number have tried to disclaim their way out of any responsibility.

The lack of effective oversight and the incredible popularity of cryptocurrencies and ICOs will likely lead to even more fraudulent activities in the space. However, regulators are taking notice, with the European Securities & Markets Authority (ESMA) strongly indicating their concern that ICOs may be skirting the law. Furthermore, the US Securities and Exchange Commission (SEC) announced the creation of a new “Cyber Unit” in September. This group would have broad powers, including oversight over ICO-related activities.

Rumors and letters

Rumors have been circulating that Confido themselves may issue a full refund to investors following the circulation of a dubious letter purporting to be issued by the company’s law firm. It remains to be seen if this will come to pass, but without confirmation of the letter’s authenticity, investors aren’t exactly holding their breath.

Source: Coin Telegraph




My current recommendations:

HashFlare for automated Bitcoin cloud mining - Currently ROI in around 60 days only

Bitclub Network allows you to buy mining shares with daily payouts

CCG Mining now offers open end contracts. Bitcoin, Ethereum, Zcash, Litecoin and others

Cointracking keeps track of all your coins automatically. Many exchanges and wallets supported