Watch Civic’s CEO Talk About His New Cross-Border Payment System

Civic’s Vinny Lingham joined us at the Digital Money Forum last week to talk about his new money transfer platform – a worldwide system that holds no funds but instead connects multiple money services businesses (MSBs) in a global network. The product, called Civic Wallet, will let users carry cryptocurrencies and fiat currency on their own devices and uses Civic’s facial recognition systems to secure the system. Because Civic holds none of the keys or currencies, the clients and MSB endpoints will use the wallet as a sort of piping.…

CabbageTech CEO Sentenced to 33 Months in Prison After Pleading Guilty in Fraud Case

Patrick McDonnell was sentenced to 33 months in federal prison Thursday after pleading guilty to charges of defrauding investors in his crypto trading firm CabbageTech, otherwise known as Coin Drop Markets. McDonnell was also ordered to pay back his victims $224,352, according to the U.S. Attorney’s Office for the Eastern District of New York. Thursday’s sentencing caps McDonnell’s back-to-back legal fights with the federal government, which saw the 47-year-old New York resident in civil and then criminal court on fraud charges. He pleaded guilty in June 2019, a press release stated.…

Overstock CEO: Crypto Investments Are Ready for Prime Time

Overstock CEO and Medici Ventures President Jonathan Johnson has been betting on crypto companies for most of the last decade. Now he believes these investments are finally ready to enter the real world. In an interview at the Digital Money Forum during CES 2020, Johnson talked about Medici’s portfolio of companies and said many of them are shipping products. He still believes, however, the ecosystem is being driven by early adopters. “There will always be early adopters who take it and it will become more widespread. I think we’re in…

LedgerX Names Former Chief Tech Officer as New CEO

LedgerX announced Friday that co-founder and former chief technology officer Zach Dexter has been named the new CEO of the bitcoin derivatives company. The company suspended CEO Paul Chou and COO/CRO Juthica Chou last month, with no explanation. The two were also co-founders of the company. Depository Trust and Clearing Corporation vice chairman Larry Thompson was named interim CEO and lead director of Ledger Holdings. In a statement, Thompson said, “since my involvement with the company began, we have kept in close contact with all of the company’s stakeholders including…

Former Bakkt CEO and New US Senator Loeffler Will Help Oversee CFTC

Former Bakkt CEO and Georgia’s new Senator Kelly Loeffler will help oversee major financial regulator, the Commodity Futures Trading Commission (CFTC). Sworn into the United States Senate on Jan. 6, the crypto-friendly businesswoman has joined the Senate Agriculture Committee, which oversees the CFTC. The news was first reported by farm and policy publication Agri-Pulse on Jan. 6, while the official announcement was released on Jan. 7. Potential conflict of interest: CFTC regulates ICE’s markets Loeffler’s appointment to the agriculture committee is potentially setting up a conflict of interest as the…

Former Bakkt CEO to Help Oversee CFTC in Congress

The former chief executive of bitcoin derivatives exchanges Bakkt is to join the committee that oversees the Commodity Futures Trading Commission (CFTC), raising concerns of a possible conflict of interest. The newly appointed senator, Kelly Loeffler (R., Ga.), will serve on the Senate Agricultural Committee, which is responsible for defining the CFTC’s remit and approving nominations for commissioners and chairmen. It also includes reauthorizing the CFTC as a federal regulator. Loeffler was appointed CEO of Bakkt when it launched under its parent company Intercontinental Exchange (ICE) in August 2018. Under…

Former Bakkt CEO Sworn Into Senate, Casts 1st Vote to Support Trump

Kelly Loeffler, former CEO at the Intercontinental Exchange (ICE)-backed crypto trading platform Bakkt, has been sworn into the United States Senate. In a Jan. 6 tweet, Loeffler announced that she was sworn into the U.S. Senate by Mike Pence, the Senate’s chief officer, to become Georgia’s newest Senator. Loeffler casts first vote to support Trump’s pickto lead the Small Business Administration In the announcement, Loeffler said that she had already cast her first vote to support U.S. President Donald Trump’s pick to lead the Small Business Administration, an autonomous U.S.…

Hundreds of Institutions Are Already Investing in Crypto: Coinbase CEO

In an extensive blog post about potential major trends in the cryptocurrency space in 2020, Coinbase CEO Brian Armstrong said that hundreds of institutional investors are already investing in the crypto market. Throughout 2019, with the launch of Bakkt, much of the year’s narrative surrounded the entrance of institutions into the crypto sector. According to the CEO of one of the biggest cryptocurrency exchanges globally, institutions are already actively investing in the emerging asset class and the trend is likely to continue throughout 2020. Will institutions further bolster the crypto…

Coinbase CEO Brian Armstrong Says 20s Will See an Anoncoin Go Mainstream

Brian Armstrong, co-founder and CEO of United States-based cryptocurrency exchange Coinbase, said that he believes a “privacy coin” will go mainstream in the 20s. In a post published on Coinbase’s official blog on Jan. 3, Armstrong said that he believes in the 20s we will see the integration of privacy features into one of the major blockchains. He also foresees a cryptocurrency with such features to go mainstream in the following years: “Just like how the internet launched with HTTP, and only later introduced HTTPS as a default on many…