Tag: Capital Markets

Hong Kong Stock Exchange CEO Casts Doubt on Crypto Miner IPO Filings

Hong Kong Stock Exchange CEO Casts Doubt on Crypto Miner IPO Filings

Coin Desk
New comments from the chief executive of the Hong Kong Stock Exchange (HKEX) may have dampened the hopes of several cryptocurrency mining giants that have filed for initial public offerings (IPOs). According to a report from Tencent’s news portal Finance.QQ on Thursday, HKEX CEO Charles Li Xiaojia said that companies seeking to list on the stock exchange must have a “sustainable” business model. While Li did not talk about specific company applications, he answered in general about HKEX listing requirements in a response to a question on the crypto miner IPO filings from the news source. Three top crypto mining companies, Bitmain, Canaan and Ebang, have all filed to list on the HKEX, but none has received approval to date. Li said that, if a company has made billions of dollars through one
OKCoin Founder Buys Hong Kong-Listed Firm in $60 Million Deal

OKCoin Founder Buys Hong Kong-Listed Firm in $60 Million Deal

Coin Desk
Mingxing “Star” Xu, the founder of cryptocurrency exchange OKCoin, has become the largest individual shareholder of a public company listed in Hong Kong via a $60 million acquisition. LEAP Holdings Group, the construction engineering firm acquired, announced the competed deal on Wednesday. OKC Holdings Corp, the parent company of OKCoin, purchased about 3.2 billion shares of the company for HK$0.15 (around $0.02) per share to achieve the takeover, it said. OKC Holdings is now the largest shareholder of LEAP Holdings, owning 60.49 percent of its stock and having the same percentage of voting rights. As a result, the exchange is a step closer to a possible back-door listing on the Hong Kong Stock Exchange (HKEX). Xu holds the majority stake in OKC Holdings with 52.32 percent ownership throug

Nasdaq Leads $20 Million Funding Round for Blockchain Startup Symbiont

Coin Desk
Enterprise blockchain startup Symbiont has closed a $20 million Series-B funding round led by Nasdaq Ventures with participation from Galaxy Digital, Citi, Raptor Group and others. The firm, which has kept a fairly low profile the last two years as the cryptocurrency market’s gyrations overshadowed the enterprise sector, previously raised a combined $15.4 million from a seed round in 2014 and Series A in 2017. Symbiont CEO Mark Smith told CoinDesk that the firm doubled its staff last year, and now has more than 60 employees. “We have been very good stewards of capital for the six years we have been in business. I think we have done more with less than anybody out there,” Smith said. “So it was time for us to do a bigger round and adding the Nasdaq as an investor and partner, and Citi as a
What We Learned in 100 Crypto Talks With Institutional Investors

What We Learned in 100 Crypto Talks With Institutional Investors

Coin Desk
Jeff Dorman, partner at crypto asset management firm Arca Funds, spent 18 years on Wall Street and in fintech before turning his focus to developing crypto asset strategies and products.  This article originally appeared in ‘Institutional Crypto,’ a weekly CoinDesk newsletter focused on the nexus of Wall Street and crypto assets. The opinions expressed in this article are the author’s own.  —————— Through meetings with over 100 institutional investors over the past four months from California to New York, one thing has stood out most − an overwhelmingly positive response. These endowments, family offices, pensions and other institutions are enthusiastic about crypto assets despite an overall pullback in crypto valuations upwards of 75 percent from their all-time highs. This is remarkable.
R3’s Former Chief Sales Officer Joins Blockchain Startup AlphaPoint

R3’s Former Chief Sales Officer Joins Blockchain Startup AlphaPoint

Coin Desk
Scott Grayson, former chief sales officer at R3, has joined the blockchain services firm AlphaPoint as a senior vice president for institutional sales. Grayson will be working with large institutions like banks, brokerages, exchanges and private equity firms that want to tokenize assets such as real estate, private equity, securities and loans on a global scale, he said. Negotiations with a number of banks, real estate and private equity firms are underway, he added. “AlphaPoint presented me with an opportunity I found very exciting,” Grayson told CoinDesk. “They are really helping people make illiquid assets liquid and move the markets.” Speaking about the differences between his old and new employers, Grayson said that the services R3 and AlphaPoint provide are “really complementary,” an

Coinbase Adds Cross-Border Wire Transfers for Whales in Europe and Asia

Coin Desk
Crypto exchange Coinbase is launching cross-border wire transfers for institutional clients in Asia, the U.K. and Europe. Coinbase said in an announcement Tuesday that, for clients in countries where fiat payments rails aren’t yet available, the firm will now support inbound and outbound SWIFT transfers from non-US bank accounts. It added: “This new feature will allow Coinbase customers in many countries throughout Asia and EMEA to access Coinbase’s deep pool of crypto liquidity for the first time.” Simultaneously, the firm said it will offer new OTC trading desks for U.S. and European customers, as well as trading and custody services for large-volume clients in Asia. For the latter service, Asian traders will have access to the USDC stablecoin, which is backed by dollar reserves held by
Thai Stock Exchange Plans to Launch a Token Trading Platform

Thai Stock Exchange Plans to Launch a Token Trading Platform

Coin Desk
The Stock Exchange of Thailand (SET) is looking to capitalize on investor interest in cryptos by offering a new digital assets exchange. According to a report from Bangkok Post on Thursday, the SET is planning to apply for a license from the country’s Ministry of Finance to operate the platform. The move comes as the exchange looks to capture the growing investor demand for cryptos, Pattera Dilokrungthirapop, vice-chairwoman of the SET board of governors, said in the report. The stock exchange will work to have a sound technical system in place for the offering, as well as a digital wallet for token storage, with the aim being to launch this year. Pattera, who is also chairwoman of the Association of Securities Companies, added that securities company members of the SET already plan to app
OKCoin Founder Star Xu Seeks to Acquire Public Firm for $60 Million

OKCoin Founder Star Xu Seeks to Acquire Public Firm for $60 Million

Coin Desk
Star Xu, the founder of cryptocurrency exchange OKCoin, may be seeking a possible backdoor IPO for his firm by buying a majority stake in a Hong Kong-listed company. On Jan. 10, Xu (under his real name Xu Mingxing) filed with the Hong Kong Stock Exchange (HKEX) for approval to buy a 60 percent stake in a construction engineering firm called LEAP Holdings Group Ltd. Through his company OKC Holdings Corp., Xu is aiming to purchase approximately 3.2 billion shares of the company for HK$0.15 (around $0.02) per share. In total, the acquisition, if approved, would cost more than $60 million. To avoid the news affecting LEAP Holdings’ stock price, the firm is currently suspended on the HKEX. While the effort has yet to be approved by the stock exchange, the successful purchase of the stake could
Wyoming Blockchain Bill Proposes Issuance of Tokenized Stock Certificates

Wyoming Blockchain Bill Proposes Issuance of Tokenized Stock Certificates

Coin Desk
Lawmakers from the U.S. state of Wyoming have introduced legislation that would allow the issuance of tokenized stock certificates using blockchain tech. On Wednesday, representative Jared Olsen (Republican), along with senator Chris Rothfuss (Democratic) and six other Republican representatives jointly filed House Bill 0185, titled “Corporate stock-certificate tokens,” proposing an amendment that would permit the use of tokenized digital share certificates in lieu of paper-based versions. “The articles of incorporation or bylaws of a corporation may specify that all or a portion of the shares of the corporation may be represented by share certificates in the form of certificate tokens,” the proposed bill states. HB0185, if passed, would allow share certificates – which represent ownership
Barclays and Clearmatics Call on Coders to Help Blockchains Talk to Each Other

Barclays and Clearmatics Call on Coders to Help Blockchains Talk to Each Other

Coin Desk, ETHEREUM
U.K. bank Barclays and London-based startup Clearmatics are inviting coders to come up with ways to connect ethereum with made-for-enterprise blockchains such as Hyperledger Fabric. The interoperability challenge is being hosted by Clearmatics and will use a template involving its open-source interoperability protocol, Ion. The hackathon will take place at the Barclays Rise fintech hub in London on February 5 and 6.    The importance of addressing interoperability between major enterprise blockchain platforms is reflected by the big names involved: a panel of judges will feature representatives from megabanks Barclays, UBS, HSBC and Santander. (The prizes for the teams that come up with the most impressive solutions have not yet been announced.) The consulting giant EY will be observing