Former Overstock CEO Sells His Entire 13% Stake in the Firm for $90M

Former Overstock CEO Patrick Byrne has sold his 13% stake in the firm for $90 million to move to gold and crypto trading. Byrne sells his entire Overstock stake in 3 days Byrne, who resigned from Overstock on Aug. 22, cashed out nearly 4.8 million Overstock (OSTK) shares, which accounts for more than 13% of the company, American financial publication MarketWatch reported on Sept. 19. According to a filing with the United States Securities and Exchange Commission (SEC), the former Overstock CEO was selling his shares at lower and lower…

Publicly-Listed Mining Firm Argo Blockchain Adds 1,000 New Miners

Mining firm Argo Blockchain installs 1,000 more mining machines, financial news outlet ProactiveInvestors reports on Sept. 19. The addition of the new machines would take the company’s total number of miners to 6,000. Furthermore, the firm also plans to acquire another 6,000 of them in the next two quarters. The firm, publicly traded on the London stock exchange under the ARB ticker. Reports which circulated in August also pointed out that the company signed a deal to increase its electricity supply by 357%, which would be enough to power an…

Hybrid AI Firm Cindicator Launches Tracking App for 150 Digital Assets

Hybrid intelligence firm Cindicator launched Edge, a new web app for receiving and tracking indicators for over 150 digital assets. Estimating probability in the market According to a blog post on Sept. 11, the new product called Cindicator Edge targets holders of Cindicator (CND) tokens and is available on free demo basis. Cindicator Edge’s indicators intend to help in making trading decisions by estimating probabilities of various events across more than 100 crypto assets, stocks and futures, according to the announcement. In order to receive more indicators in real-time, users…

Mastercard Joins Blockchain Software Firm R3’s Marco Polo Network

American financial services corporation Mastercard has joined blockchain software firm R3’s Corda-powered Marco Polo blockchain network for trade finance. In a press release published on Sept. 3, Mastercard revealed its participation in the Marco Polo Network project, a collaboration of R3 and Irish tech firm TradeIX that launched in 2017. The initiative provides a multi-asset class platform that offers broker dealer services and multi-currency transactions, among other related services. The company’s Mastercard Track platform for business-to-business global trade has collaborated with Marco Polo in a bid to facilitate Marco Polo’s…

SK Group’s Securities Arm Teams Up With Blockchain Real Estate Firm

SK Securities, a branch of South Korea’s largest telecom SK Group, has partnered with a local blockchain firm for a digital real estate beneficiary platform. The securities operator has signed a business agreement with Kasa Korea, a Seoul-based startup developing a digital securities blockchain platform for thereal estate market, Korean news outlet Yonhap News reported on Sept. 4. SK Securities and Kasa Korea agreed to collaborate on a digital platform for distribution of real estate beneficiary securities. Based on real estate securitized beneficiaries issued by real estate trust companies, Kasa…

Fintech Firm Partners With R3 to Develop Shariah-Compliant Market Platform

Dubai-based fintech company Wethaq has entered into a strategic partnership with enterprise software firm R3, in order to create a platform for issuing and trading sukuk securities based on R3’s Corda offering.  A platform for Islamic securities According to a press release on Aug. 28, Wethaq’s platform is built on R3’s open source enterprise blockchain platform Corda, and the company has been taking steps to ensure that it is likewise compliant with Sharia Law. Wethaq’s platform is reportedly designed to improve the market infrastructure for issuing and trading sukuk securities.…

World’s 3rd Richest Man Denies Involvement in Belgian Crypto Firm

Bernard Arnault, the world’s third richest man, has denied his involvement in setting up a new Belgian crypto trading company Abesix Belgique. Arnault was reported to be a co-founder of Abesix by Belgian business publication De Tijd on Aug. 28. Subsequently after the publication of the article, De Tijd posted an update that Arnault has formally denied the report. According to De Tijd, Abesix would trade in six major cryptocurrencies, including Bitcoin, Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC) and Dogecoin (DOGE). According to information acquired by De Tijd,…

Cryptocurrency Mining Firm Argo Blockchain Increases its Hashrate

Cryptocurrency mining firm Argo Blockchain is reportedly increasing its hashrate as the company’s stock price soars. An aggressively expanding mining firm United Kingdom-based business news outlet ProactiveInvestors reported on Aug. 27 that crypto mining company Argo Blockchain is expanding its mining capabilities after its stock price registered a sharp increase in the past months. Per the report, the firm owns 7,025 machines that it mostly uses to mine Bitcoin (BTC), but it has already ordered more hardware. This month Argo also signed a deal to increase its electricity supply by…

Facebook Hires Lobbying Firm to Ease Regulatory Pressure on Libra

Facebook has hired a Washington-based lobbying firm to help it grapple with the negative responses sparked by the announcement of its planned Libra cryptocurrency project. According to an O’Dwyer PR report published on Aug. 26, the social media giant is working with FS Vector — a consultancy firm that specializes in regulatory compliance, public policy, and business strategy for the fintech, cryptocurrency, blockchain and financial services sectors. The FS Vector Facebook account Facebook’s lobbying registration documents filed with the United States Congress reportedly reveal that the firm is retaining FS…

Firm Accused of Touting ‘Snake Oil Crypto’ Sues Conference Organizers

A cryptocurrency firm heckled at the Black Hat hackers’ conference is suing the event organizers for failing to protect it from the audience’s barbs. Crown Sterling — which some attendees have characterized as “a piece of snake-oil cyber marketing” — filed its complaint with the United States District Court for the Southern District of New York on Aug. 22. Hackers accuse firm of “suing over booing” At Black Hat, Crown Sterling had presented its development of what it dubs “quantum AI encryption technology” — a purportedly more robust “five-dimensional encryption”…