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Bitpanda Launches Their Global Exchange After Having Raised €43.6 Million in the Most Successful European IEO to Date

Bitpanda raised €43.6 million by selling out their IEO
BEST is the most successful European IEO to date
The Bitpanda Global Exchange is the first worldwide product and was made for professionals and institutions
It aims to become the largest Euro exchange with the lowest fees for fiat-to-crypto trading in the industry
Bitpanda will use the funds to drive the company’s expansion

Vienna, 7th of August 2019 – Bitpanda, the Viennese fintech with more than 1 million users, reached a significant milestone: the company sold out their first Initial Exchange Offering (IEO) for its own ecosystem token BEST, having successfully raised €43.6 million. This makes BEST Europe’s most successful IEO to date. Today, the fintech scaleup launches the Bitpanda Global Exchange (Bitpanda GE), a digital asset exchange for experienced traders, professionals and institutions. Bitpanda’s first worldwide product allows crypto-to-crypto trading around the world and fiat-to-crypto trading in more than 54 countries. It has been developed 100% in-house over the past two years. Bitpanda GE will also offer some of the lowest maker and taker fees in the industry.
“Our goal is to establish the Bitpanda Global Exchange as the largest Euro exchange with the lowest fees for fiat-to-crypto trading in the industry. Bitpanda has been around since 2014 and holds an excellent reputation. We can build on a lot of synergies and experience,” says Bitpanda CEO Eric Demuth.
The Bitpanda Ecosystem Token (BEST) is the Bitpanda coin that offers users a wide range of benefits and perks within the company’s ecosystem. For example, they will get a reduction of up to 25% on Bitpanda trading fees starting in Q4 2019 and will get priority access to the upcoming Bitpanda Launchpad.
The company will use the €43.6 million raised with BEST to drive expansion beyond Europe and cryptocurrencies. Bitpanda continues to work hard towards a fairer, more transparent and easily accessible world of personal finance.
About Bitpanda
Bitpanda is a fintech based in Vienna, Austria founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer. The company is a firm believer in the innovative power of cryptocurrencies, digitised assets and blockchain technology. Bitpanda’s mission is to tear down the barriers to investing and bring traditional financial products to the 21st century. Today, Bitpanda has more than 1 million users and 120 team members. With a PSD2 payment service provider license, state-of-the-art security and streamlined user experience, Bitpanda has grown into a popular trading platform for newbies and experts alike. Users can currently trade Bitcoin, Ethereum, gold and over 20 other digital assets.
 
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Total Computing Power Record Was Broken Earlier This Month

Another record has been set by the total computing power used to secure the bitcoin blockchain.
Statistics from mining services operator BTC.com reveal that a new feat has been achieved. The average mining hash rate over the last 14 days managed to reach 71.43 quintillion hashes/sec (EH/s), when compared to the 64.49EH/s registered back on July 23rd.
As the threshold was breached, bitcoin increased the mining difficulty at block height 586 672. The increase resulted in 6.94EH/s, or a 10.78% increase from a little over a month ago.
The mining difficulty is used to measure the difficulty of acquiring mining rewards. The difficulty of mining bitcoin is adjusted by the bitcoin software every 2016 blocks. Basically, every 2 weeks, the difficulty is adjusted accordingly.
Reasons behind the Total Computing Power record and the timing of it
So, how was the record broken and who broke it?
Let’s assume that this 10.78% increase from a little over than a month ago is due to many new miners.
 The additional computing power can’t come from just any miners, but only from state-of-the-art, powerful miners like the AntMiner S17 from Bitmain or the WhatsMiner M20S by MicroBT.
Both of these miners hold a reported mining rate of roughly 55 TH/sec and have recently been available for purchase. Basically, nearly 100K of these brand new, state-of-the-art miners must have been turned on within the past 2 weeks.
Each of the miners is worth about $2K so the mining manufacturers should have made roughly $200 million by the recent sales of the ASIC miners.
This is a huge signal to any potential investors now that bitcoin’s price is en route to new heights. Additionally, the rain season is now arriving in China, where the majority of the world’s crypto mining farms are located.
The rain season leads to cheaper hydropower electricity costs in the southwestern China provinces like Sichuan, known as the mining capital of the world.
Currently, the top miners in the world are the WhatsMiner M20 and Bitmain’s S17 series.
F2Pool’s mining tracker shows that the S17 Pro is currently ranked 3rd in terms of mining profitability.  WhatsMiner M20S costs nearly $3K while the AntMiner S17 Pro is currently worth $4K.
Judging from the increased demand for miners, the market is gearing up for new records and the sky seems to be the limit.
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Binance CEO Says Facebook’s Libra Will See Easy Adoption Regardless of Backlash

Coinspeaker Binance CEO Says Facebook’s Libra Will See Easy Adoption Regardless of BacklashChangpeng “CZ” Zhao, CEO of Binance, has confirmed that the firm is beginning specific efforts which will eventually see more emphasis placed on the European market and will possibly open an office in London. Binance is one of the largest crypto exchange firms in the world and has been operating out of its Malta base with its attention on Asia.He also mentioned that opening a London office seems a lot more attractive now when the Financial Conduct Authority in the U.K. has finalized and released supportive guidance on the regulation of crypto assets. He stated:“I hope we can open an office in London very soon. There is more regulatory certainty now which is good. I thought the U.K. regulation was very neutral and very positive; they were a little bit strict on the derivatives part which I hope they will be more flexible about.”CZ said this during a recent interview where he also gave his opinion on the Libra, touching on the possibility of Binance working with Facebook.CZ on Brexit and EuropeRegardless of the possible problems that could come with Brexit, CZ says Binance would be going forward with plans, adding that he believes the United Kingdom’s withdrawal might be good for crypto adoption if a by-result of Brexit means reduced access to foreign exchange.“I don’t think it will affect things here very much. The U.K. has a very old and very strong economy. And if anything, [Brexit] is likely to make people adopt crypto more, which is good for us,” noted he.Binance has been operating quite strongly in Europe and CZ’s latest pronouncement is by no way a pointer to reduced activity in the continent. Binance has been doing a lot for the blockchain community in Malta where it is based and also has activity on the Isle of Jersey.Nevertheless, CZ still believes that a London office would be very pivotal to the Europe-focused cause.“I think there’s a psychological factor; a psychological closeness factor in people’s heads. It still matters a little bit,” said he.Is Binance Joining the Libra Association?It has previously been reported that there are ongoing talks between Binance and Facebook on the possibility of the former being an official part of the Libra project. CZ has, however, downplayed the talks, stating that Binance has not joined the Libra Association and is primarily focused only on listing assets that are in wide circulation.Nevertheless, he added that if and when there’s an official launch for the Libra and it is tradeable with other coins, then there’s a good chance for listing since he believes the Libra would be widely accepted regardless of the current backlash. CZ explained: “As an exchange, we should stay neutral. So we don’t really comment on coins; we don’t like or dislike coins. We just provide liquidity. It’s most likely Libra will get a large number of users, no matter how much people hate it.”The CEO further suggested that even though there are no specific moves regarding Binance being an official part of the Libra Association, there’s a good enough chance. He said:“We are not against working together with them in deeper ways to promote collaborations. As far as I know, there are no concrete plans or agreements to do anything just yet. But we are not against it.”CZ then waved off the regulatory setbacks Libra is currently facing. According to him, the backlash simply shows that Libra is a serious threat to the status quo.This is a little different from comments made by Binance CSO, Gin Chao. Back in June, Chao suggested that there were ongoing discussions with Facebook, adding that Binance could very well act as a permissioned node for validating transactions on the Libra blockchain.Binance CEO Says Facebook’s Libra Will See Easy Adoption Regardless of Backlash

Binance Clears Up FUD Around Its KYC Breach

Coinspeaker Binance Clears Up FUD Around Its KYC BreachA Telegram channel dubbed “FIND YOUR BINANCE KYC” has allegedly been spreading know-you-customer (KYC) information including photos, passports, IDs, which it claims is of Binance‘ users.Thousands of people have already joined the channel today and it’s still not sure if these KYC documents are a result of an internal leak or the documents came from phishing attacks or a KYC account selling service.BREAKING; Thousands of #Binance users KYC data has been hacked and all ID's are posted in a telegram group chat…. @cz_binance needs to make binance more secure because this, along with the 7000 BTC “hack” a few months back, aren’t making binance look to trustworthy! pic.twitter.com/gh3Kjz8vTg— Kra₿₿y 🦀 (@BitKrabs) August 7, 2019Leah Li, global PR manager at Binance confirmed that there are irregularities in comparing this data to the data in their system.“At the present time, no evidence has been supplied that indicates any KYC images have been obtained from Binance, as these images do not contain the digital watermark imprinted by our system.”Be it as it may, a Telegram user by the name, “Guardian M”, started dumping the proof of the allegedly “breached” KYC data of Binance customers. There was a total of 851 photos of KYC data uploaded on this Telegram group and it contained the link that reported the hack.Binance’s CEO ChangPeng Zhao immediately tweeted:Don't fall into the "KYC leak" FUD. We are investigating, will update shortly.— CZ Binance (@cz_binance) August 7, 2019Also, the exchange has promised its users that they will try to maintain “the highest degree of transparency”.In their announcement, they said that most images that are made public seem to be dated from February of 2018, at which time Binance had contracted a third-party vendor for KYC verification in order to handle the high volume of requests at that time.“Currently, we are investigating with the third-party vendor for more information. We are continuing to investigate and will keep you informed.”The company added that it’s a great possibility that this could be the same data set that already leaked in January this year. Just for a reminder, a darknet hacker then revealed hundreds of images purporting to be stolen know-your-customer data from leading crypto exchanges.Binance KYC hack issue is old news. Becareful of any telegram groups / programs that help you "check" if you've been hacked – someone is up to no good @binance @cz_binance pic.twitter.com/22O47fDXOA— Boxmining (@boxmining) August 7, 2019Binance then said every image processed through Binance for KYC purposes is embedded with a hidden digital watermark. These are “only perceptible under specific conditions” and the data includes information on the person who initiated the movement of the images – which could be used to identify an inside job if one were to happen. Crucially, it stated that “these watermarks can be detected even if the images have been modified.”Let’s not forget that a few months ago, Binance suffered a major hack in which it lost 7000 BTC, worth around $40 million. The exchange assured its users that their funds would not be affected due to this incident and said that it will use the Secure Asset Fund for Users (SAFU fund) for fully covering the losses.Binance said that this time hacker claims he has KYC information from multiple exchanges.“When asked to prove the source of the data, the individual demanded 300 BTC and refused to supply irrefutable evidence of their findings. Later, they went to the press under false pretenses, posing as a white hat with good intentions. The relevant law enforcement agencies have been contacted and we will be working closely with them to pursue this person.”Also, from the company, they are offering a reward of up to 25 BTC to anyone able to provide any information to help identify this person.Binance Wants to Join LibraIn other news, Binance has allegedly been in talks to get involved in Facebook’s Libra project, by listing the coin when the time comes. However, CZ claims Binance still hasn’t joined and said that he prefers listing coins that already have lots of users. However, if it launches, probably it’ll gain a large number of users and be able to trade it for other coins.CZ commented:“As an exchange, we should stay neutral. So we don’t really comment on coins; we don’t like or dislike coins. We just provide liquidity. It’s most likely Libra will get a large number of users, no matter how much people hate it.”Binance Clears Up FUD Around Its KYC Breach

Cardano (ADA) Price Analysis: Primed For More Declines Below $0.0520

ADA price started a major declined from the $0.0620 resistance against the US Dollar.
The price is now trading well below the $0.0600 and $0.0580 support levels.
There was a break below a crucial contracting triangle with support near $0.0581 on the 4-hours chart (data feed via Kraken).
The price remains at a risk of more losses below the $0.0520 and $0.0510 support levels.

Cardano price is trading in a downtrend against the US Dollar and bitcoin. ADA price is facing a strong selling pressure and it may soon revisit the $0.0500 support.
Cardano Price Analysis
After struggling near $0.0650, cardano price started a slow and steady decline against the US Dollar. The ADA/USD pair broke many important supports near $0.0620 and $0.0600 to enter a bearish zone. Moreover, there was a close below the $0.0600 support and the 55 simple moving average (4-hours). Finally, there was a break below a crucial contracting triangle with support near $0.0581 on the 4-hours chart.
It opened the doors for more downside below the $0.0580 support. The price even traded below the $0.0550 support and a new weekly low was formed near $0.0526 recently. Currently, the price is consolidating losses above $0.0525. An immediate resistance is near the $0.0550 level. Moreover, the 23.6% Fibonacci retracement level of the recent decline from the $0.0623 high to $0.0526 low is also near the $0.0550 level.
Additionally, there is a connecting bearish trend line forming with resistance near $0.0565 on the same chart. If there is a successful break above the $0.0565 resistance, there could be a decent recovery. The next key resistance is near the $0.0580 level, the 55 simple moving average (4-hours), and the 50% Fibonacci retracement level of the recent decline from the $0.0623 high to $0.0526 low.
Conversely, if the price fails to recover, it could decline below the $0.0525 and $0.0520 support levels. In the mentioned bearish case, the price is likely to surpass the $0.0510 support as well. The main support is near the $0.0500 level, where the bulls may take a stand.

The chart indicates that ADA price is clearly trading in a strong downtrend below $0.0550 and $0.0580. As long as the price is below $0.0580, there is a risk of more losses in the near term. On the downside, the most important support is at $0.0500, below which the price could decline significantly.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is currently gaining momentum in the bearish zone.
4 hours RSI – The RSI for ADA/USD is currently well below the 30 level, with no major sign of a recovery.
Key Support Levels – $0.0520 and $0.0500.
Key Resistance Levels – $0.0550 and $0.0580.
The post Cardano (ADA) Price Analysis: Primed For More Declines Below $0.0520 appeared first on Live Bitcoin News.

Cryptocurrency Lender BlockFi Secures New $18.3 Million Funding

Coinspeaker Cryptocurrency Lender BlockFi Secures New $18.3 Million FundingNew York-based cryptocurrency lender, BlockFi, has successfully raised $18.3 million in a Series A funding round which was led by Valar Ventures. The funding round also saw contributions from other heavy names in the cryptocurrency sector including Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Ventures, Susquehanna, CMT Digital, Morgan Creek Digital and PJC.Valar Ventures is only one of three venture firms founded by Paypal Co-founder Peter Thiel. Thiel is not new in the crypto sector and last year, the Valar boss invested in Block.one and Layer1, two other cryptocurrency projects. Valar itself has also previously invested in other fintech firms including N26, Transferwise, Qonto and Petal.James Fitzgerald, a Valar general partner, has expressed enthusiasm about the project and its opportunities. According to him:“We are excited to help BlockFi build robust ‘picks and shovels’ for this emerging asset class.In 2018, BlockFi successfully raised seed funding to the tune of $1.5 million, from ConsenSys Ventures, SoFi, and Kenetic Capital. It then went on to become the first firm to get funding earmarked for cryptocurrency loans in the U.S., after it received $50 million from Galaxy Digital Ventures, a crypto and blockchain technology outfit led by a popular billionaire, Michael Novogratz. These funds were used to create a facility letting BlockFi customers borrow fiat cash using cryptocurrency (Bitcoin and Ethereum) as collateral.BlockFi founder, Zac Prince, recently told Bloomberg that the loan facility offered has gotten so many users that the company’s gross monthly revenue has surged 10 times since January. A parallel can be drawn between this much revenue and the fact that Bitcoin was trading at $3,000 at the beginning of 2019 and is now heading towards $12,000 at the moment. Prince has also mentioned that based on the current growth rate, BlockFi should be able to pull an eight-figure annual revenue before the year is over.A company statement has revealed that BlockFi will be using the raised funds to beef up its current products and services, an expected move, especially with the figures it’s pulling.The firm will be increasing its staff strength along with the new products and earlier in the year, the company already floated a new product for savings that allows investors pull in significant earnings on their holdings, promising 6.2% in annual returns. Its crypto-backed loans will still be run, allowing customers borrow fiat after making a minimum deposit of $20,000 in cryptocurrency.Valar co-founder, Andrew McCormack, has also spoken on BlockFi and its push for financial ease. According to him:“What’s very interesting about BlockFi is how they are bringing traditional financial services to this world. As the cryptocurrency markets evolve, you will start to see more and more companies that provide a lot of block-and-tackling that traditional banks or other market makers have provided in the fiat world for centuries.”Even though BlockFi is not insured by the Federal Deposit Insurance Corporation (FDIC), it has expressed a strong operational method with compliance at its base. Prince explained this saying“Because it’s a new market, there’s not going to be the same levels of protection or development that exists in markets that are backed by the federal government. Our job is to build these products, give individuals who want access to them an easy way to interact with them.”Cryptocurrency Lender BlockFi Secures New $18.3 Million Funding

Klarna Raises $460 Million Becoming Biggest European Fintech Company

Coinspeaker Klarna Raises $460 Million Becoming Biggest European Fintech CompanySwedish payments and credit business Klarna became Europe’s most valuable private financial technology business being valued at $5.5 billion in a funding round in which it raised $460 million.The biggest investors are Dragoneer Investment Group from San Francisco. This is a fund mainly oriented on growth funding. Just for comparison, European fintech business TransferWise and online-only bank N26 are both valued at $3.5 billion.As they said from the company, this money will help Klarna to continue its rally in the US market, that has been claiming growth of 6 million new US customers per year. Consumers nowadays are not thrilled with traditional revolving credit lines so they opt to choose some more alternative and flexible ways of financing. The company also recently launched a shopping application that allows its users to shop with it at any store or brand online. As for now, this company’s move has been received very promising, with now more than 50% of the app users shopping each week.The company uses smart technology to make sure it doesn’t lose out and wants to show as a smarter alternative to using a credit card. For retailers, Klarna can help boost sales and for now, it has been offered alongside credit, debit or PayPal options when shoppers reach the online checkout at more than 130,000 retailers including brand names as are JD Sports, Topshop, and Asos.Since its launch in 2005, Klarna has gained popularity among millennials and so-called Generation Z, both generations who aren’t really fond of cash and who want to shop before payday.It now has 60 million users worldwide, and with 1 million transactions processed per day, Klarna says it is on track to make $1 billion in annual revenue. The company charges fees to merchants and customers who fail to pay on time.Sales jumped by 36% to $26.31 billion last year, Klarna said, and it now works with 130,000 merchants globally. Over 1 million sales a day use Klarna globally.To date, Klarna has raised over $1 billion to fuel its growth, including a $100 millions they have raised in April. The business has attracted money retailers like H&M, fund manager BlackRock, and even famous rapper and investor Snoop Dogg, who has also advertised the business.Sebastian Siemiatkowski, co-founder and CEO of Klarna, called this a decisive time in the history of retail banking.“We, all 2,500 of us at Klarna, are humbled and honoured, and now also further empowered, to play a role in this improvement of an industry for the benefit of the consumer, worldwide and in the US in particular.”Richard Watts from Merian Chrysalis Investment Company said that Klarna has built a highly-impressive, digital payment ecosystem, trusted by both retailers and consumers. He claims that by simplifying and improving the flexibility of the payments process, retail partners working with Klarna have seen a considerable improvement in customer engagement and sales.“Klarna is one of Europe’s great fintech success stories and the company continues to develop truly innovative payment solutions. This latest funding round will enable the company to execute on its ambitious international growth plans.”Marc Stad, a founding partner at Dragoneer, said that their strategy is to partner with a small number of disruptive, growth companies that are highly differentiated and run by world-class management teams.“Sebastian and the Klarna team have built an exceptional payments business with a global footprint, operating in a huge addressable market with strong tailwinds.”Klarna Raises $460 Million Becoming Biggest European Fintech Company

Bitcoin Price Analysis: BTC Trading In Strong Uptrend Above $11K

Bitcoin price started a significant rise from the $9,134 swing low against the US Dollar.
The price surged above the $11,000 and $12,000 levels before starting a downside correction.
There is a crucial bullish trend line forming with support near $11,350 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
The pair could continue to climb high as long as it is trading above the $11,000 support area.

Bitcoin price is trading with a bullish bias above $11,000 against the US Dollar. BTC is likely accelerate further unless the bears push the price below $11,000.
Bitcoin Price Analysis
In the past few days, bitcoin price followed a bullish path above $11,000 against the US Dollar. The BTC/USD pair broke the key $11,200 and $11,500 resistance levels to move into a positive zone. Moreover, there was a break above the $12,000 level plus a close above the 55 simple moving average (4-hours). Finally, the price traded above the $12,300 level and a new monthly high was formed near $12,330.
Recently, the price started a downside correction below the $12,000 support level. Moreover, there was a break below the 23.6% Fib retracement level of the last major upward move from the $9,134 low to $12,331 high. However, the decline was protected by the $11,200 level. More importantly, there is a crucial bullish trend line forming with support near $11,350 on the 4-hours chart of the BTC/USD pair.
The pair stayed above the $11,000 support level and it is currently moving higher. An immediate resistance is near the $11,800 level, above which the price could retest $12,000. Additionally, if there is a fresh break above the $12,000 resistance, the price could even break the $12,331 high. The next key resistance is near the $12,800 level.
Conversely, if the price fails to climb above the $11,800 and $12,000 resistances, there could be a fresh decline. A clear break below the trend line might push the price below the $11,200 support. The main support is near the $11,000 level. Any further losses might push the price towards $10,730. It represents the 50% Fib retracement level of the last major upward move from the $9,134 low to $12,331 high.

Looking at the chart, bitcoin price is trading in a solid uptrend above $11,200 and $11,000. Therefore, it could continue to rise above $12,000. Only a daily close below $11,000 might negate the current uptrend.
Technical indicators
4 hour MACD – The MACD is slowly gaining pace in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently well above the 50 level, with a positive bias.
Key Support Levels – $11,200 and $11,000.
Key Resistance Levels – $11,800, $12,000 and $12,350.
The post Bitcoin Price Analysis: BTC Trading In Strong Uptrend Above $11K appeared first on Live Bitcoin News.

DAO.Casino Introduces its All New TestNet 2.0

Coinspeaker DAO.Casino Introduces its All New TestNet 2.0DAO.Casino Blockchain launches its latest TestNet 2.0 in the most exciting way.The TestNet 2.0 team were more than happy to announce the release of their latest TestNet 2.0. According to the team, the new update has an enhanced governance model along with other new features like the dynamic allocation of validator and the mechanism of vote staking.Now, virtually anyone can partake in the testing process as either a Delegator or Validator. Users have the capability of creating accounts, depositing test tokens, staking them against the Blockchain’s resources, and casting votes for the nodes of Validator.Users are also offered the opportunity by TestNet 2.0 being a Validator and also taking part in the operation of block production, along with obtaining different rewards of test token. These features will help the users understand the operations of Blockchain and also get them ready for the introduction of the MainNet.New Key FeaturesA significant number of optimizations have been included in the TestNet 2.0 compared to the old model. They are intended to optimize the capability of Blockchain while expanding its operations and functionality.The vote is the staking resource’s dedicated type utilized for voting of Validator together with typical bandwidth and CPU;A dynamic number of Validator nodes based on the amount staked and this could be from 21 up to 100;Sponsorship of transaction for providing a way to “sponsor” resource reservation needed for transactions made by other accounts. It will enable different organizations to obtain new users by conducting different operations on the Blockchain in the absence of initial deposits.To Get StartedConsidering the increased interest in this new release, some thorough guides are being released by the project regarding how to start with the process of testing.Lecture for validatorsLecture for delegatorsThe process associated with getting started with DAO.Casino Blockchain is quite simple.Here are the steps:Read their articles and blogpostsWith their articles/blogpost one will easily be enlightened on their vision and new innovative approach to gambling.Getting on their Telegram Chat RoomSince it is the most suitable place for asking questions and sharing feedbacks, all validators have been adviced to be a part of the telegram chat room.For further information regarding the benefits of a Validator:Check out the Presentation for Validators.Read the documentation about how to launch a node.To get started fill the dao.casino/2c or daovalidator.com form.For individuals with specific requirement or who seek unique information, the DAO.Casino Blockchain team can be contacted directly on telegram at @daosasha or @unlimion; email [email protected] in mind that in order to get started a user would need at least 0.2% BET from the available supply. Here are some available markets that can be utilized.Looking AheadWhile in the development process, DAO.Casino is consistent, and the team is working very hard on applying new features into the existing system. TestNet 2.0 in its developed form will be capable of paving the way for the predicted deployment of Blockchain and the Main Launch with optimized features which promises to transform the gambling industry.Users will be capable of utilizing the latest development for logging in and handling all their resources while being in the ecosystem.For information, inquiry or feedback, visit www.dao.casino.DAO.Casino Introduces its All New TestNet 2.0

Kik Claims ‘SEC Has Been Twisting Facts’ in Their Ongoing Legal Battle

Coinspeaker Kik Claims ‘SEC Has Been Twisting Facts’ in Their Ongoing Legal BattleThe U.S. Securities and Exchange Commission (SEC) sued Canadian software company Kik Interactive Inc. in June claiming a $100 million token sale was illegal. Based on document discovery and interviews conducted by the SEC over an 18-month investigation, this Complaint put Kik in an unenviable position.However, Kik promised they will fight back and raised a several million dollar legal defense fund with a promise they would use it to “defend crypto.”On 130 pages Kik claims the SEC took executives’ comments out of context in a suit alleging the startup’s 2017 token sale violated securities laws.Just for an example, in its complaint, the SEC said a consultant warned Kik that “the Kin offering was, potentially, an offering of securities that needed to be registered,” but Kik’s response says that this was taken out of context.Kik, who raised $100 million from the sale also claimed it has been looking at cryptocurrency since 2012 and did not use it as a last-minute pivot, as the SEC proposed. This Toronto-based company says Canadian regulators never made a final determination on whether the token was a security, contradicting their U.S. counterparts’ claims.Kik went on to emphasize that it did not conduct a single sale for the Kin token, but rather two sales: a private SAFT (Simple Agreement for Future Tokens) and a public token sale. The SEC conflated the two, undermining its case.But let’s start from the beginning. In June, SEC accused Kik of conducting an “illegal $100 million securities offering” with a September 2017 initial coin offering (ICO) for its Kin token.In the United States, the sale of securities is regulated under the Securities Act of 1933, which requires registration before offerings. SEC claims that Kik managed to sell their Kin tokens, which weren’t registered for taxation, therefore it could also be added to the list of charges.The Complaint starts with Kik aggressively defending themselves saying SEC took statements out of context for its own narrative purpose. Kik then in a complaint wants to show themselves in an ethical and successful manner saying they resisted acquisitions because “the philosophy of the acquiring company was to collect and sell user data, contrary to Kik’s core principles.”Also, per their letter, “it is difficult to explain the Commission’s apparent contempt for the idea that a company would sell a product to generate revenue, Kin was not simply a means to fund operations.”Be it as it may, Kik keeps claiming that its public offering of Kin was not a securities sale. Kik’s attorneys wrote that the SEC recognized its claim was weak and therefore created a “highly selective and misleading” picture of the circumstances of the sale.For example, the SEC alleged that a consultant warned the company that Kin needed to be a registered offering. But Kik said the consultant then immediately went on to say that in the case of a “community currency”, this would not be the case.“You’re just selling units of property that you created that are used for a particular purpose in your app,” the consultant allegedly said.The plaintiffs and defendants met with a judge in the U.S. Court for the Southern District of New York to work out a timeline for going to trial and Kik has asked for a May 2020 trial date, while the SEC has reportedly asked for a date later in the year.Kik’s CEO Ted Livingston said that they wanted this to be resolved as fast as possible. He confirmed that the judge did not pick a trial date, but, apparently chose Kik’s timetable on discovery, which will conclude by November 2019. Livingston added:“We’re very confident in our case.”Kik Claims ‘SEC Has Been Twisting Facts’ in Their Ongoing Legal Battle