Tag: crypto

13
Oct
2020
Posted in technology

Crypto startup raises $2.2 million in fundraise to simplify governance for token delegates

Count this as another sign that the scrappy market for decentralized finance is growing up. 

Boardroom, a company developing a platform for DeFi governance, has completed a $2.2 million raise. The round was led by Standard Crypto, which was joined by a slew of digital asset investors including Slow Ventures, CoinFund, and Framework. The firm says it will use the fresh cash to build a suite of tools for DeFi power-users and protocols delegates to more seamlessly participate in governance decisions across projects.

Despite the breakneck growth of the DeFi market in recent months, governance has been fragmented and clunky. Stakeholders are forced to navigate disparate channels to access information about governance decisions and then vote, says Boardroom founder Kevin Nielson.

For instance, users who want to delegate their voting power to a third-party have to jump through a number of hoops to do so. In some cases token holders even have to self-delegate to vote on a given proposal (such as a change to interest rates offered on a DeFi lending platform).

In DeFi, users can offload their voting power to third-party delegates, but the process isn’t always straight forward and varies from protocol to protocol. In addition to simplifying delegation, Boardroom looks standardize the way in which protocol decisions are communicated to stakeholders. “We provide a standardization on top of the protocol,” said Nielson.

Part of that means moving projects from Discord channels and Twitter to the platform where they can more efficiently target stakeholders. In a sense, the platform resembles a DeFi-twist on Wall Street’s corporate governance platforms such as Nasdaq Boardvantage, which connects public company leadership with its board members. 

 In the future, the firm will offer a white-label service for DeFi projects as well, Nielson said.

“Think of it as governance as a service,” Nielson

12
Oct
2020
Posted in technology

U.S. Department Of Justice Reveals Growing Bitcoin And Crypto National Security Threat Could Herald ‘Oncoming Storm’

Bitcoin and cryptocurrency use by terrorists, rogue nations and other criminals has grown in recent years—with high-profile attacks drawing international attention.

The illicit use of bitcoin and cryptocurrency ranges from money laundering and tax evasion to extortion, with cyber criminals increasingly demanding bitcoin and crypto payments in ransomware attacks on computer systems.

Now, the U.S. Department of Justice (DOJ) has warned the emergence of bitcoin and similar cryptocurrencies is a growing threat to U.S. national security, with the attorney general William Barr’s Cyber-Digital Task Force calling it the “first raindrops of an oncoming storm.”

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“Current terrorist use of cryptocurrency may represent the first raindrops of an oncoming storm of expanded use,” the Cyber-Digital Task Force said in a report that found bitcoin and cryptocurrencies pose an emerging challenge to law enforcement activities. “Cryptocurrency also provides bad actors and rogue nation states with the means to earn profits.”

The DOJ report, titled Cryptocurrency: An Enforcement Framework and published by the Attorney General’s Cyber-Digital Task Force last week, found bitcoin and cryptocurrencies have been used to support terrorism, purchase illicit items, conduct blackmail and extortion, cryptojacking and launder funds.

Investigators also said bitcoin and cryptocurrencies could be “detrimental to the safety and stability of the international financial system.”

The response of U.S. and international law enforcement has been held back by inconsistent regulation country-to-country. The DOJ has spent the last two years determining how best to address these issues, according to the document that “outlines the Department’s response strategies.”

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01
Oct
2020
Posted in technology

CoinList president has joined a crypto project backed by Uber co-founder

CoinList president and co-founder Andy Bromberg has seen a number of token projects raise funds, and now he’s going to lead a project himself. 

“I’m leaving CoinList to join Eco as CEO,” he said in an email shared with The Block.

Uber co-founder Garrett Camp backed the project, which intends to serve as a currency to be used in commonplace transactions. Eco will allow users to open interest-bearing accounts like they could with a bank. Users can put portions of their paychecks toward crypto and earn up to 2.5% to 5% on interest.

“Eco is the most compelling project I have seen across crypto and fintech,” Bromberg said in the email, “And the opportunity was too good to pass up.” Bromberg said he recognized Eco’s “real shot” to quickly onboard the world to crypto.

“I believe Eco has finally figured it out,” Bromberg said.

Bromberg co-founded CoinList in 2017, where he remained as the president. CoinList aimed to simplify the token process, having facilitated the sales of nearly $1 billion worth of transactions. The firm more recently launched an exchange business, which supported trading of Celo, Solana, and Filecoin. Still, CoinList has run into troubles. In mid-August of 2020, CoinList attempted for the second time to host a NEAR token sale but faltered under the heavy traffic load.

Bromberg said he will still act as the CoinList Special Advisor, even as CEO of Eco.

“Top line thing is: things are going great at CoinList. The company is ripping,” he said in a phone call with The Block.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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