Sidechains Are Bringing ICOs to Bitcoin – And That Might Change Crypto Funding
By the end of the year, an initial coin offering, or ICO, will be launched on Bitcoin. While Ethereum, the second largest blockchain by market cap, and other smart contract protocols, have been the choice for the majority of entrepreneurs interested in creating new crypto tokens, with a sidechain created by RSK, Bitcoin will now have the ability to host the new fundraising mechanism as well. And sometime in late November, Temco, a South Korea-based blockchain startup targeting supply chain management, will take advantage of both the seminal idea and RSK’s technology, launching a public token sale with the goal of raising $19 million.
Venezuela Mandates Passport Fees Must Be Paid in Controversial Cryptocurrency Petro
The country’s vice president Delcy Rodriguez said in a press conference Friday, Oct. 5. that Venezuelans can use only the Petro, the state-backed cryptocurrency to pay for passport fees starting next week. Rodriguez confirmed that as of Monday, Oct. 8, fees for all passport applications will only be payable in Petro, and will cost an increased amount: 2 petros for a new passport and 1 petro for an extension. The average monthly minimum wage in Venezuela is four times less than the cost of the raised passport fee. Rodriguez also stated that in the case of Venezuelans who are abroad, until the first day of November the cost will be $200 for issuance and $100 for extensions. Rodriguez also announced along with the passport fees shake-up, the formation of a dedicated migration police force designed “to preserve citizen security and migratory control.”
Yale University Invested in New $400 Million Crypto – Focused Fund
Ivy League U.S. university Yale has helped to raise $400 Million for a major new cryptocurrency-focused fund. The fund, dubbed ‘Paradigm,’ was reportedly created by Coinbase co-founder Fred Ehrsam, former Sequoia Capital partner Matt Huang, and Charles Noyes, formerly of stalwart crypto fund Pantera Capital. Allegedly, Yale, whose $30 billion endowment is reported to be the second-largest among U.S. higher education institutions has made an investment of an undisclosed size in Paradigm and 60 percent of Yale’s assets for the fiscal year 2019 are earmarked for “alternative investments” including “venture capital (vc), hedge funds and leveraged buyouts.” The fund reportedly plans to invest in “early-stage” crypto-focused projects, new blockchains and digital asset exchanges.