1. Crypto Exchange Offering CFTC – Regulated Derivatives Raises $15 Milion in Funding RoundCrypto Exchange Offering CFTC – Regulated Derivatives Raises $15 Milion in Funding Round
Boston-based alternative investment firm Bain Capital Ventures has led a $15 million funding round for an institutional cryptocurrency exchange Seed CX, licensed digital asset exchange for both spot market and U.S. Seed CX’s total funding has reached more than $25 million following the latest $15 million Series B funding round. The exchange will use the recent investment to improve its physical trading infrastructure, expand its network of institutional trading groups and create new job opportunities to increase personnel. In April, Bain Capital Ventures participated in a $133 million funding round of U.S.-based stablecoin project Basis, formerly known as Basecoin. Basis claimed that it would provide a non-volatile cryptocurrency by means of automated operations carried out by a blockchain-based “algorithmic central bank”.
2. Mt. Gox Victims Must Take Claims to Tokyo, Not US
The U.S. District Court for the Eastern District of Pensilvania determined recently it does not have jurisdiction in a case involving Gox victims and a bank closely associated, in effect condemning the victims to settle their complaints at the crime scene, Tokyo, Japan. According to the court decision, “Mizuho facilitated international cash wire transfers from Mt. Gox users into the exchange and processed user requests to withdraw fiat currency from the exchange to their outside bank accounts. Clients began agitating about not being able to withdraw from accounts. Either unknowingly or willingly, the bank continued to take deposits and collecting requisite fees up until Gox, and not the bank, blocked users. Mr. Pearce was among them. He received notice of a “delay” for international withdrawals. The court affirmed not having general jurisdiction in this matter, arguing Mr. Pearce did not establish “a prima facie case for specific jurisdiction over Mizuho.” Victims could only either file in Tokyo proper or hitch their claims to a larger class action suit filed in Japan.
3. Fintech Investor Ribbit Capital Sets $420 Million Goal for Its Latest Fund
U.S. based capital firm Ribbit Capital, the portfolio of which includes notable cryptocurrency and blockchain projects, is aiming to raise $420 million for its latest fund, as a nominal increase from the $300 million the company attracted last year. Ribbit Capital has also invested in Andreessen Horowitz, Battery Ventures, and Cross River Bank, which according to TechCrunch provides the “sole link” between many fintech companies and regulated financial institutions. U.K.-based alternative banking app Revolut raised $250 million in a Series C investment round led by Ribbit Capital, in April this year. The raised money gave the company an overall $1.7 billion valuation, making them a “unicorn” – a startup with over a $1 billion valuation.