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September 2007

Victory Square Portfolio Company V2 Games Inc. Announces Private Placement of $3,000,000 CAD

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VANCOUVER, British Columbia, Oct. 24, 2019 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF) is pleased to announce V2 Games Inc. (“V2 Games”), a wholly-owned subsidiary of the Company, is raising $3,000,000 CAD in a private placement offering (the “Private Placement”) of unsecured convertible debentures (each, a “Debenture”) for gross proceeds of $3,000,000.

Each Debenture issued pursuant to the Private Placement has an issue price of $1,000, a term of two years from the date of issuance and will accrue interest at a rate of 8% per annum. The principal amount of the Debentures, plus accrued and unpaid interest, will be payable in cash on the maturity date unless otherwise converted into common shares of V2 Games prior to such date.

V2 Games is a video and mobile game ventures firm focusing on royalty investments in high-value gaming projects featuring globally-recognized intellectual properties. The company generates cash flow by streaming revenue share from recognizable gaming projects. Examples of these projects include: Pacific Rim: Breach Wars, Rune: Ragnarok, and Hello Kitty. V2 Games previously developed the hit mobile game PAC-MAN Bounce, which got over 20 million downloads.

V2 Games has also incubated and invested in some leading eSports start-ups, including Pepper Esports Inc. and Cash Live. Cash Live recently received an additional $150,000 USD investment from SnapChat.

V2 Games intends to use the net proceeds of the Private Placement for investments in royalty generating gaming projects, general working capital purposes and to prepare for an arrangement to potentially spin-out V2 Games.

“It has been exciting to witness and be a part of the rapid growth of this space in recent years,” said Shafin Diamond Tejani, Chief Executive Officer of Victory Square. “This financing will allow us to build on our growing portfolio of high-value gaming projects featuring globally recognized intellectual properties and our strategy to maximize shareholder value, which includes a working towards the arrangement to spin-out V2 Games.”

“With additional funding into V2 Games, we’re excited to lay the groundwork for our possible public listing, work alongside an even more extensive collection of Internationally renowned IP holders,”

said Sam Chandola, founder of V2 Games.

For further information about the Company, please contact:

ABOUT VICTORY SQUARE TECHNOLOGIES INC.

Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits.

VST’s sweet spot is the cutting-edge tech that’s shaping the 4th Industrial Revolution. Our portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.

What we do differently for startups

VST isn’t just another investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt.

What we do differently for investors

VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSTQF). For investors, we offer early-stage access to the next unicorns before they’re unicorns. Our portfolio represents a transparent, audited and liquid way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable returns while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com.

ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)

The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.

FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to V2 Games, the Private Placement, the conversion of the Debentures, the use of proceeds of the Private Placement, and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Please visit the company’s website at www.victorysquare.com. For a free report on Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF) visit cryptocurrencynews.com 

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Bitcoin Futures Platform Bakkt Begins Testing Today

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Bakkt

Bakkt

It’s been a long road for Bitcoin futures platform Bakkt. The platform—developed by NYSE parent company Intercontinental Exchange (NYSE:ICE)—has faced a myriad of launch delays due to regulatory approval. It’s still waiting now, but in the meantime, it has begun testing its Bitcoin futures contracts today.

Here’s what we know.

Bakkt is Testing Bitcoin Futures Contracts

The company announced in May that it would begin testing its contracts in July. It later settled on the date of July 22, which is today. The company has not disclosed what is involved in the testing process but, according to sources, it is testing two different types of contracts today: a daily contract and a monthly contract.

Bakkt will list them, trade them, and clear them through ICE Futures US and ICE Clear US.

Until ICE receives regulatory approval for Bakkt, it cannot take the platform live. But there’s no harm in preparing for an official launch in advance.

Launch Delays

It has been almost one year since Bakkt was unveiled. The platform aims to offer potentially the first physically-settled Bitcoin futures in the US, but as stated, has had to delay its launch multiple times.

The initial launch date was set for December 2018. That date was then pushed back to January 2019. Subsequently, ICE announced an “indefinite delay” as it continued to work with regulators to secure approval.

>> How Will the Crypto Markets Perform in Coming Years?

Cash-Settled vs. Physical-Settled

Bakkt will offer US traders “access to physically-settled bitcoin futures contracts.” These differ from the “cash-settled futures contracts” that Chicago-based exchanges CME and Cboe have offered since 2017.

The difference is in what a trader will receive when the contract expires. With cash-settled contracts, traders receive the cash equivalent to the contract’s value when it expires. However, with a physically-settled contract, traders receive the underlying commodity, which in this case is Bitcoin.

Will Bakkt have to wait much longer do you think? Will the test run tell us a lot more about an official launch? What are your thoughts?

Featured Image: DepositPhotos © poznyakov

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A Closer Look at Satoshi Nakamoto

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Satoshi Nakamoto

Satoshi Nakamoto

Satoshi Nakamoto is the alias used by a person or group who authored the Bitcoin whitepaper. Satoshi is the creator of the first release of the Bitcoin protocol and blockchain database. The alias was used in email and forum correspondence from August 2008 through April 2011.

History

Satoshi’s first appearance in the world was the publication of the Bitcoin whitepaper to several mailing lists on October 31, 2008. Beginning in 2007, Satoshi wrote the initial codebase for Bitcoin and released it on Sourceforge on January 9, 2009. On January 3, 2009, Satoshi created the ‘Genesis Block’ of Bitcoin containing the text, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This text is in reference to the headline of the front page of “The Times” newspaper from England and Satoshi’s dissatisfaction with Fractional Reserve banking.

For two years, Satoshi was very active in creating and promoting Bitcoin, including:

From mining Bitcoin in the early days, addresses belonging to Satoshi have amassed approximately one million Bitcoins.

His last verifiable communication to the world was in April 2011, simply stating:

“I’ve moved on to other things. It’s in good hands with Gavin and everyone.”

Attributed Innovations

Both Bitcoin and the Blockchain Protocol have been attributed to Satoshi Nakamoto, as well as Predicative Script.

Possible Identities of Satoshi Nakamoto

There has not been any verifiable proof as to whom the individual really is. The following individuals have all been thought potential Satoshi Nakamotos at one time or another.

Dorian Nakamoto

A high profile article in Newsweek penned by Leah McGrath Goodman suggested that Dorian was Bitcoin’s creator. He is a Japanese American man with the birth name of Satoshi Namakoto. He was trained as a physicist at Cal Poly Pomona and worked on classified defense projects. He has also done work for Citibank. He was laid off twice in the 1990s and was libertarian. In an interview, he responded to a question by stating:

“I am no longer involved in that and I cannot discuss it. It’s been turned over to other people. They are in charge of it now. I no longer have any connection.”

Later, it was revealed that he had no connection to the cryptocurrency, and he misunderstood the question as relating to his work with Citibank and not Bitcoin. Within twelve hours of the article being released, Satoshi Nakamoto’s account on the P2P Foundation website was hacked and posted the message:

“I am not Dorian Nakamoto.”

This message was posted by the hacker due to the vulnerabilities in GMX’s email system.

>> The Most Common Misconceptions About Bitcoin: Breaking the Mold

Hal Finney

Hal lived a few blocks from Dorian Nakamoto. Between this and a writing analysis, Hal is the closest possible candidate for being Satoshi Nakamoto. However, there is one event that discredits Hal as being Satoshi. In January 2009, when Hal and Satoshi were working on the early versions of Bitcoin, Hal encountered an error and posted a debug log to the mailing list:

“Hi Satoshi – I tried running bitcoin.exe from the 0.1.0 package, and it crashed. I am running on an up to date version of XP, SP3. The debug.log output is attached. There was also a file db.log but it was empty.”

Satoshi acknowledges the bug and releases 0.1.2 with a fix:

“All the problems I’ve been finding are in the code that automatically finds and connects to other nodes, since I wasn’t able to test it in the wild until now.  There are many more ways for connections to get screwed up on the real Internet.”

In the early days of Bitcoin, Bitcoin sent and received transactions directly between clients using IP addresses. The debug log reveals the IP address of three users connected to the IRC channel. On January 10, 2009, there were only two people working on the project at that time. Hal and Satoshi.

Tracing the IPs reveals Hal’s IP address and an IP address out of Van Nuys, California on a DSL connection.

Nick Szabo

Skye Grey, a blogger, linked Nick to the Bitcoin whitepaper using some writing analysis. Nick is a decentralized currency advocate and published a paper on “bit gold.” This is where things get iffy, vis-a-vis Szabo being Satoshi. Based on correspondence between Hal and Satoshi, while Bitcoin was being created, Satoshi was unaware of Bit Gold. Between January 2009 and March 2009, the reference to Bit Gold was added to the Bitcoin.org website.

Craig Wright

On December 8, 2015, Wired magazine wrote that Craig:

“Either invented bitcoin, or is a brilliant hoaxer who very badly wants us to believe he did.”

Craig had established an elaborate scheme of website postings and email correspondences to create the appearance that he and David Kleiman were Satoshi Nakamoto. A very lengthy article written by Sam Biddle and Andy Cush for Gizmodo on December 8, 2015, unpacks Craig Wright’s assertions and business dealings leading to many more questions than answers.

In May of 2016, Craig Wright went on several interviews with the BBC, The Economist, and GQ and claimed to provide technical proof that he is Satoshi. Gavin Andresen originally stated that Craig Wright was Satoshi before retracting his claim.

Despite his assertions, the clearest proof that he is Satoshi has never been provided—none of the original wallets with Bitcoins mined by Satoshi have ever been moved in any way.

Featured image: DepositPhotos © info@crashmedia.fi

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Bakkt’s Plans for Its Options, Cash-Settled Futures Products

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Bakkt

Bakkt

Over the past few years, a wide range of new Bitcoin-related investment products have been brought to the crypto market, and the company at the forefront of this has been Bakkt. In a new development that could also have far-reaching implications for the crypto space, the company has now gone launched its Bitcoin options and futures contracts that are settled in cash. The products have already gone live, and it will be interesting to see the sort of interest they generate.

Highly Innovative

This is a significant development for all concerned since around three months ago, Bakkt had launched the highly innovative physically settled Bitcoin futures contracts. However, the company announced that the fresh product launches are the testing grounds for other products that it is going to introduce soon. In a blog post that it had published in relation to the launch, the company stated that the physically settled contracts could eventually work as the benchmark for the other products that it has planned.

However, the company’s ambitions with regard to its status in the crypto space are unlimited. It revealed that the Intercontinental Exchange wants its products to be on the same level of influence as the International Brent Crude futures—in other words, financial products that have the capability of moving markets.

>> Huobi US to Cease Operations After Underwhelming Year

There must be a lot of quiet optimism among Bitcoin fans with regards to this development. In the aforementioned blog post, the company stated, “By starting with the physically delivered Bakkt Bitcoin (USD) Monthly Futures, we have a benchmark contract which provides the foundation for us to develop complementary products based on the needs of our customers.”

At the end of the day, the influence of the exchange will ultimately depend on the number of customers it can attract and the sort of liquidity that it offers to traders.

Featured image: DepositPhotos © grejak

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