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May 2012

Overstock’s Crypto Division Invests $2 Million USD in Evernym

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Overstock

Overstock

Troubled online retailer Overstock has invested $2 million USD in blockchain-based identity firm Evernym through its crypto division, Medici Ventures.

Blockchain-Based Identity Technology

Evernym was founded in Salt Lake City in 2013 and has developed a blockchain-based technology that allows organizations and governments to issue, accept, and verify credentials that operate similarly to a digital passport. Its digital credential platform, Verity, allows organizations to interact with customers while giving clients control over their data. The technology utilizes blockchain to develop a decentralized ecosystem of digital credentials that is more trustworthy than physical credentials. Overstock’s investment will be used to help Evernym scale its operations.

Evernym’s platform allows every person, organization, and connected thing to have an independent identity. Evernym fills out Medici Ventures’ identity pillar within our keiretsu and will help advance our government-as-a-service technology stack for civilization,” said recently appointed Overstock CEO Jonathan Johnson. The company made the investment via its crypto ventures arm Medici Ventures, which participated in Evernym’s Simple Agreement for Future Equity (SAFE). SAFE will allow Overstock to convert its investment into preferred stock.

>> Binance Begins Dedicated Staking Platform to Earn Rewards

Overstock in Turmoil

Overstock has been in turmoil in recent weeks after the departure of enigmatic CEO and founder Patrick Byrne following his admittance to a three-year relationship with Maria Butina, a convicted Russian spy currently serving 18 months in federal prison. Byrne has championed the company’s ventures into the world of crypto and had previously stated that he wanted Overstock to cease all its other operations and focus entirely on crypto.

Last week, Byrne sold his remaining 13% stake in Overstock, worth $90 million USD, and reinvested the proceeds into cryptocurrency. The news came in the same week that Byrne’s proposed plans for a crypto dividend for Overstock investors unraveled, forcing the company to delay its payment. Byrne had designed a system whereby investors would receive their dividend in the form of an obscure digital security, that could only be accessed via a Dinosaur Financial Group account after a six-month holding period. The aim of this was to prevent short selling against Overstock.

Featured Image: DepositPhotos © shirotie

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Telegram Releases Eagerly Awaited Update on Future of TON

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Telegram

Telegram

Messenger app Telegram has released a long-awaited update on the future of its TON blockchain and its native Gram tokens, clarifying certain aspects of the project as it remains embroiled in a lawsuit by the US Securities and Exchange Commission as to whether two ICOs conducted in 2018 should have been registered with the commission.

Telegram messenger is an immensely popular platform in the world of crypto, central to the discourse on the topic, and has been working on developing its own blockchain since 2017. Multiple rumors have been spreading regarding the project, and while Telegram has remained very tightlipped due to that pending SEC suit, the company issued a public notice on January 6 to address these rumors.

Grams are Not Available for Sale Yet

The first such misconception addressed by Telegram is that Grams, the native token to the TON blockchain, are not for sale and technically do not even exist yet, despite several websites claiming they are official Gram resellers. Telegram has noted that it is not affiliated with any of these vendors and states that the TON blockchain remains in beta testing. In August, it was reported that a secondary market for Gram tokens had sprung up and was seeing returns in excess of 400%, despite Telegram claiming that any resold tokens would be canceled.

TON Blockchain Will Be Decentralised

Telegram has said that it will likely never develop any applications or features for the TON blockchain itself. “Rather, it is Telegram’s goal and hope that the decentralized community of third-party developers and others will contribute to the TON ecosystem through the development of applications and smart contracts,” read Monday’s statement. The messenger service went on to add that TON will always be open source and publicly viewable, meaning it will have no control over the blockchain.

TON Wallet Will Not Be Integrated into Telegram App

Lastly, the Telegram team said that its TON Wallet Application will be released on a standalone basis and will not be integrated into the messenger app. The TON Wallet is intended to compete with other crypto wallet services, but the company did not rule out integration at some point in the future to the extent that the law and regulators would allow.

The SEC Suit

The update from Telegram appears as though it is intended to provide further clarity to several misconceptions that have arisen around the project in light of the SEC lawsuit. Between January and March 2018, the company raised in excess of $1.7 billion USD from 171 investors to fund the development of the blockchain; however, the SEC claims that this fundraising constituted an ICO on Gram tokens and should have been registered with the commission.

>> Ripple (XRP) Soars 18%: Binance Futures Launches XRP/USDT Contract

No solid launch date has been set for the release of TON after the injunction prevented the release of Grams until April at the latest. The SEC suit will continue with two further hearings scheduled for February 18 and 19.

Featured image: DepositPhotos © prykhodov

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Rakuten Launches Cryptocurrency Exchange for Customers

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Rakuten

Rakuten

Rakuten has begun accepting applications for accounts for its anticipated cryptocurrency exchange called “Rakuten Wallet.” The company announced that pre-registration is available for customers with Rakuten Bank, but further details as to whether the service will be available for everyone has not yet been revealed.

The company previously stated that the crypto exchange will commence business in June 2019 and it will come with a mobile app that allows trading of crypto assets.

New Crypto Exchange for Customers

Rakuten had a revenue of $9 billion in 2018, and the decision to support cryptocurrency is seen as a way of accelerating adoption at the consumer level.

Although the company has operations worldwide, its base in Japan is a significant force in the crypto industry, with trading in Yen contributing to over half of the total Bitcoin purchases. Japan is the home of the first ever cryptocurrency exchange, Mt. Gox, and the creator of Bitcoin adopted a Japanese alias, Satoshi Nakamoto. The country is credited for its advanced cryptocurrency regulations, and the Rakuten Wallet will receive clearance from the Japanese Financial Services Authority.

Although Rakuten is a diverse company, its focus on e-commerce will be vital in supporting cryptocurrency. Since 2015, some of Rakuten’s branches have been experimenting with Bitcoin payments. According to Rakuten, the role of crypto payments in offline retail, e-commerce, and in p2p payments is expected to grow in the future.

Benefits to Customers

The use of crypto payments is expected to eliminate the risk of chargebacks that customers have to encounter when they use credit cards, the conventional payment method in e-commerce.

>> Proof of Capital: A New Blockchain Venture Fund Worth $50 Million

With crypto payments, customers will not have to worry about asking for refunds from credit card providers or banks. Equally cryptocurrency payments are cheaper because there are no fees incurred, which may impact on profit margins of the merchant.

Rakuten indicated that in order for the company to efficiently offer crypto payment, there is a need to have a cryptocurrency exchange function.

Are you excited by the news?

Featured image: DepositPhotos @ dimarik

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Victory Square Technologies Welcomes New Additions to Advisory Board

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Victory Square further expands its advisory team to increase growth and opportunities for shareholders

  • Victory Square (VST) 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 portfolio consists of 20 global companies using artificial intelligence (AI), blockchain, virtual and augmented reality (VR/AR) to disrupt sectors as diverse as fin-tech, insurance, health, and gaming.

VANCOUVER, British Columbia, Oct. 16, 2019 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (“Victory Square” or the “Company”)(CSE:VST)(FWB: 6F6)(OTC:VSQTF) is very excited to announce that Rizwan Somji, CEO of Channel Gate Technologies, cannabinoids industry pioneer Soheil Samimi and award-winning journalist, Fabian Dawson have joined Victory Square’s advisory team.

The Victory Square advisory team includes industry veterans with extensive backgrounds in the growth, operations, finance, and legal sectors. They provide support to our portfolio companies and help them with commercialization and building scalable businesses. Their additions make the Victory Square team even stronger and provide new structural support to our portfolio companies.

Rizwan Somji

Rizwan (Riz) is the CEO of Channel Gate Technologies, an industry-leading digital supply chain management software, along with its subsidiaries: Cymax, Homesquare, and Freight Club. With a strong emphasis on a personal connection, Rizwan believes in the impact strong and approachable leadership can have. Riz originally joined Channel Gate (then known as Cymax Stores) in 2015 as the VP, Technology, and rapidly moved into the role of COO by the spring of 2017. Within his role of COO, he was responsible for the organizational operations on a day to day basis, while also leading a change in corporate culture towards data-driven, accountable and results-oriented. It was under his leadership that the company reached profitability, and continues to see growth. Riz moved into the CEO role in January of 2019 and continues to lead his teams with empathy and clear direction.

Soheil Samimi

Soheil Samimi is a recognized industry veteran and pioneer in the Hemp and Cannabinoids industry in North America. His various hands-on experiences include being the founder and CEO of a private BC-based company that provided the largest distribution of bulk extracts and white label finished goods in the CBD category across Canada. He was an early investor and former Director of a leading US-based CBD products manufacturer, where he was a key member of the acquisition team which took the company public and grew it to represent a market cap in excess of $250M. He currently serves on the Board of Directors of AgTech Scientific, where he is a founder and significant investor. AgTech Scientific has extensive hemp cultivation, extraction, and manufacturing activities in Kentucky, USA.

Fabian Dawson

A multiple-award-winning journalist, Fabian Dawson is an internationally acclaimed author, filmmaker, and media expert. His work over the last three decades spans the globe and he also serves as a consultant/strategic advisor to a variety of international companies. Dawson was named the 2019 recipient of the Bruce Hutchison Lifetime Achievement Award at Jack Webster Awards, which is one of the most prestigious journalism accolades in Canada. Until August of 2016, Dawson, 58, was the deputy editor-in-chief of The Province newspaper in Vancouver, which is part of the Postmedia group, Canada’s largest media organization. As a journalist, Dawson’s work has taken him all over Asia, Europe, North, and Central America. He serves as an editorial advisor to the Vancouver-based South Asian Post, Asian Pacific Post, and Filipino Post newspapers as well as several publications in Korea, Hong Kong, Malaysia, India, Singapore, Philippines, and England. Dawson is a much sought-after media commentator on Asian affairs and has been called to speak to Members of Parliament in Canada’s House of Commons on matters pertaining to national security and at international seminars sponsored by organizations like the United Nations. Dawson has been invited by the governments of India, Malaysia, Taiwan, China, Hong Kong, and the United States to act as a media observer/advisor on a variety of Asian-Canada issues.

“We’re tremendously excited to add entrepreneurs of this caliber to our advisory board. The experience and knowledge base that these gentlemen bring to the table can be applied across business sectors and we expect they’ll be able to bring a great deal to our portfolio companies moving into 2020 and beyond,” said Shafin Diamond Tejani, CEO of Victory Square Technologies. “Reinforced by these new additions, our team continues to support our portfolio companies as they maximize their growth and accelerate their path to commercialization with well-executed scalable business models,” Tejani added.

Check out VictorySquare.com and sign up for VST’s official newsletter at VictorySquare.com/newsletter.

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 blockchain, AR/VR, and AI to disrupt sectors as diverse as fin-tech, 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. In 24- 36 months, you’ll scale, monetize and be ready for public listing or private sale.

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 their unicorns.

Our portfolio represents a unique liquid and secure 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, the strategic direction of the Company, and its goal of broadening its portfolio of interests in innovative companies. 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 fact 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 VictorySquare.com. For a free report on Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF) visit cryptocurrencynews.com.

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