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February 2020

Victory Square Technologies Reports 2018 Year End Results And Files CEO Letter to Shareholders

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  • Results show significant increases in Revenue, Investments, Cash and Working Capital
  • Year highlighted by investment and acquisition of 11 new private companies in 2018
  • $10,000,000 convertible note to build, develop and create long-term value for portfolio companies and VST shareholders.

VANCOUVER, British Columbia, Aug. 21, 2019 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF) successfully filed its annual consolidated financial statements for 2018 along with its MD&A on Friday, August 16th, 2019. The Company will also be filing its interim financial report and MD&A for the quarterly period ended March 31st, 2019 on or before Friday, August 23rd, 2019.

In a letter to Victory Square shareholders, Chief Executive Officer Shafin Diamond Tejani pointed to significant year-over-year increases in revenues, investments, cash and working capital. The 2018 fiscal year was marked by the addition of 11 new private companies to the Victory Square portfolio (either through investment or acquisition).

Tejani noted a series of financial highlights in his letter to shareholders, including that:

  • Revenue increased by $3,746,522 or 505.48%
  • Portfolio Investments increased by $4,883,293
  • Cash and short term investments increased by 37.62% to $3,736,683
  • Working capital increased to $3,128,864

“The complex nature and scope of the investments in and acquisitions of 11 private companies during Fiscal 2018 created substantive delays in the filing of our audited financial statements,” said Tejani. “We apologize for any inconvenience caused by these delays and will take the requisite steps to ensure that we never again experience that kind of a bump in the road. We are already heading down the path of infrastructure and process improvements that will ensure that we are able to make the most of all of the opportunities before us in 2019 and beyond.”

LETTER TO OUR SHAREHOLDERS

Dear Fellow Shareholders,

The three years since we became Victory Square Technologies have been transformational for our company. The results of our growth since 2016 sees us emerging as a strategically focused group of businesses linked by the power of innovative technologies. Victory Square has teams operating across more than 20 countries.

As is often the case, increased growth leads to greater challenges and we certainly faced those head-ons in recent months. As many of you are aware, a failure-to-file cease trade order in Canada was issued for Victory Square as the result of delays in the filing of our annual audited financial statements for the year ending December 31st, 2018.

Simply put, the nature and scope of the investment in or acquisition of 11 private companies during 2018 meant that our auditors required far more time than expected to complete our Victory Square audit. In our race to change the game, we underestimated the complexities involved in expediting the growth of our portfolio of companies. We apologize for any inconveniences caused by these delays and we’re committed to ensuring we are better prepared for these unforeseen bumps in the road.

We recognize of course that growing is learning, especially in the fast-paced tech sector. Take comfort in knowing that the challenges associated with building such a unique roster of high tech companies and startups have already led to operational, leadership and organizational changes over the past year. Our centralized management team and support and advisory resources have always been one of the big strengths of Victory Square. We will certainly continue to ensure that we are as strong on all aspects of the stewardship required to achieve our collective goals.

We have emerged from this difficult year with a clear view of what’s most important for us to drive future value creation and tangible improvements to our cash flow. Given that we continue to make substantial investments across our business in support of future growth, process and compliance will take on even greater significance to the team at Victory Square. We are confident that with your support, we will parlay these early positive trends into strong momentum over the course of 2019, 2020, and beyond.

To that end, we believe that the actions the Victory Square team took in fiscal 2018 have created exactly that: Growing momentum toward a more successful future.

Here are some financial and investment highlights that validate that perspective shared by our centralized management team:

2018 Financial Highlights

  • Revenue increased by $3,746,522 or 505.48%
  • Portfolio Investments increased by $4,883,293
  • Cash and short term investments increased by 37.62% to $3,736,683
  • Working capital increased to $3,128,864

2018 Investment Highlights:

During the fiscal year 2018, the company added investments in or acquisitions of 11 private companies:

Name Vertical
Co-Pilot (formerly Cassia Research) Automated Lead Gen (SaaS)
Multiplied Networks SD-WAN
V2 Games Inc. e-Gaming/Esports
Payvida Solutions Inc. Payments/Lending
Howyl Ventures Inc. Software Development
Shape Immersive Inc. Augmented Reality (AR)/Cloud
Flo Digital Inc. Virtual Reality/Advertising
Limitless Technologies Inc. Cyber Security/VPN
TaloFlow (formerly LocoNoco Inc.) Cloud Optimization
Cloud Benefit Solutions Inc. Insurance/Benefits
Grow Tech Labs Inc. AgTech/Health

The success of Victory Square is anchored in the dynamic combination and synergies of people, ideas and capital. Going forward into 2019 — armed with access to a $10,000,000 convertible note — we are well equipped to leverage these resources to successfully build, develop and support companies in the global technology sector with the objective of creating long-term value for Victory Square, its network of companies and its shareholders.

Ultimately, Victory Square’s team is committed to incubating and building a new breed of companies set to become the next decade’s technology giants. Thank you for your ongoing support of our vision. We are committed to nothing short of excellence in the weeks, months and years ahead.

Shafin Diamond Tejani, Chief Executive Officer
Victory Square Technologies

Check out VictorySquare.com and sign up to 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 AI, VR/AR and blockchain 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 and be ready to monetize.

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.


Under-the-Radar Stock is Rapidly Becoming a Mini-Berkshire Hathaway for Startups – It Already Has a Portfolio of 20 Companies That Are Soon to be Big Names … Find Out How You Can Profit from All of Them! Get the Company’s Latest Press Releases Delivered Right to Your Inbox


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Crypto Derivative Platform FTX Introduces Alternative to Short Alts

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FTX

FTX

CoinDesk reports that new crypto derivatives platform FTX has launched one of the most abstract and strangely-named futures index fund in the cryptocurrency market.

The index, dubbed Shitcoin Index Perpetual Futures or SHIT-PERP, is a 58 low market cap coins index. It is flanked by other low-cap indices ALT-PERP and MID-PERP and includes projects such as Grin, Nano, and Waves.

FTX’s Connection with Alameda Research

The derivative platform was opened in spring after an incubation program under Alameda Research began. The FTX derivatives platform operates an over the counter desk, indexes, and futures, as well as spot trading. The Antigua- and Barbuda-based platform has been adding margin and spot trading progressively.

According to FTX statements, the connection of FXT to Alameda Research offers it profound liquidity. Alameda Research was founded in 2017, and so far it manages more than $100 million in crypto assets that on a daily basis trade between $600 million and $1.5 billion. It operates one of the best performing accounts on BiotMEX, having helped onboard staff from Google (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Optiver, Jane Street, and Susquehanna to FTX.

>> Tezos (XTZ) Outperforms Altcoins: Soars Over 40% This Week

FTX Index Allows Varied Coin Interactions

Despite having an odd name, the index stands by its product that was introduced sometime in June. While speaking to CoinDesk, Darren Wong, the Chief Marketing Officer of FTX, stated that the index enables investors and traders to have interactions with coins in various innovative ways.

Wong said that if a trader or investor is looking for exposure to a specific initial coin offering that is not in the general industry, they can short SHIT-PERP. This means by the trader shorting the alt market, they potentially hedge their bets and minimize their downside. Equally, if one is looking to short low market altcoins, then they can make use of SHIT-PERP because it is one way of shorting low-cap markets.

Featured image: DepositPhotos © lucadp

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How is the Rest of the World Regulating Digital Assets?

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While bringing US-based institutions on-board with digital asset trading is key to enlarging crypto’s overall market cap, crypto will only be successful as a truly international force—and not one only limited to the G-7. To that end, I’m going to shed light on other countries’ unique approaches towards digital asset classes in order to understand what the future of crypto regulation may look like.

Singapore

The Singaporean government has recently instituted a major regulatory framework for cryptocurrencies and crypto payment services. The framework will include a licensing regime for crypto payment providers—a descriptor that includes exchanges—and will regulate the following:

  • The issuing of accounts and electronic money.

  • The transfer of money within and out of Singapore.

  • The acquisition of merchants who will use their platform.

  • Money changing and the dealing in and exchange of digital payment tokens such as Bitcoin.

Singapore instituted this new framework with an intention to bolster its economy’s already strong financial technology presence. Association of Cryptocurrency Enterprises and Startups Singapore (“ACCESS”) chairman Anson Zeall has pointed to recent developments in Singapore’s crypto regulatory regime, noting that it is becoming more competitive at the international level with recent developments such as a new voluntary ‘code of practice’ that aims to proactively allow crypto players to adhere to anti-money laundering standards to promote public and commercial trust in their services.

New Zealand

As of September 1 of this year, companies in New Zealand can legally pay their employees in cryptocurrencies such as Bitcoin. This new guidance from the government lays out specific rules, however, that govern how companies will be able to take advantage of this opportunity, including:

  • That the payments must be in regular, fixed amounts.

  • The digital currency of choice must also be pegged to at least one regular currency.

  • The digital currency must be able to be converted directly into a standard form of payment.

While this guidance isn’t anything new, as the US, UK, and Australia have offered similar rules, it is yet another sign that crypto adoption and use is only increasing.

>> Bakkt is All Set to Launch Options on Bitcoin Futures in December

Liechtenstein

Liechtenstein regulates cryptocurrencies under the remit of its Due Diligence Act, which has a primary purpose of combatting money laundering and other illegal activities. While its Financial Market Authority recognizes that “the production and the use of virtual currencies as a means of payment are currently not subject to any [business] licensing requirements,” the Authority assesses licensing requirements and ICO filings on a case-by-case basis, leading to some uncertainty about when exactly certain regulations apply.

In addition, Liechtenstein is in the process of implementing a groundbreaking “Blockchain Act” that allows every possible asset, including real estate, bonds, and securities, to be tokenized, digitalized, and listed on a cryptocurrency exchange. This legislation creates a clear regulatory environment that counters risks, provides clarity, and facilitates the development of a token economy.

Finally, Liechtensteinische Post AG, its postal service, now offers cryptocurrency exchange services at its brick and mortar locations.

Belarus

Belarusian President Alexander Lukashenka issued a decree in 2018 that fully legalized cryptocurrencies, initial coin offerings (ICO), and smart contracts. The decree also instituted a zero percent tax on crypto holdings until 2023. The move was designed to boost crypto innovation and attract interest in Belarus’s HTP, a special economic zone that has been likened to the country’s own Silicon Valley. Belarus’s government declared earlier in 2018 that a full crypto regulatory regime was a top priority in order to transform its economy, public administration and social services.”

Regulatory Innovation

Many small jurisdictions like Belarus, Singapore, and Liechtenstein are crafting sector-specific rules for crypto, attempting to attract companies by providing regulatory security as well as tax breaks. On the other hand, larger countries with more established financial sectors are taking a more conservative ‘wait and see’ approach. In my view, much of the innovation in crypto regulation is coming from smaller countries due to a prevailing attitude of crypto as an opportunity, not as an active threat to established financial orders.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © garagestock

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Facebook Coin Rumors Continue to Circulate

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Facebook Coin

Facebook Coin

There have been Facebook coin rumors for months in the crypto community and today, the New York Times stirred them up again. According to the New York Times report, Facebook is currently working on its own digital currency to integrate into its messaging services.

Facebook Coin Rumors

A few months ago, Bloomberg released an article about Facebook developing its own stablecoin to be used on its WhatsApp messaging app. This was the start of the rumor mill, although many have discussed in the past the potential of the advertising giant adopting a digital currency.

Just like the story released today by the NYT, all of the sources remain anonymous. Facebook has yet to release any formal information regarding the matter. The times cited multiple anonymous sources who spoke to them directly, stating that the company plans on merging its three wholly-owned apps, Messenger, Instagram, and WhatsApp, into one big canopy. All three of these apps combined have over 2.7 billion active users.

According to the anonymous sources, Facebook plans on using the Facebook coin to power this canopy messaging system. Reportedly, the online advertising company has already hired 50 engineers to develop this digital token. Supposedly, the operation is so under wraps that the team has been given separate key-card access than the other employees in the company.

>> Russia Crypto Adoption: President Putin Orders Crypto Regulations

The most important to note from the New York Times report is that Facebook has already begun shopping the new Facebook Coin around to cryptocurrency exchanges. There were no exchanges named in the article. The project was launched shortly after Telegram closed its $1.7 billion ICO in March of 2018.

I can understand why Facebook would want to keep things under wraps about this potential Facebook coin considering the legal issues it’s run into in the past and also due to threat from competitors. However, I wouldn’t believe anonymous sources and instead, just wait for an official report to be released by the company.

Featured Image: Pixabay

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