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Tech In Asia Lays Off Employees After Scrapping Planned ICO

28Sep By Gauri SinghNo Comments

News

Tech In Asia Lays Off Employees After Scrapping Planned ICO

Singapore-based media startup Tech In Asia lately announced an $18 per month paywall and the subscription went live this week. This was built to make the business self-sustaining after a tricky period of business in which the company observed an ICO and was forced to lay off its staff. The company made cutbacks of s many as one-third of its team after it went back on a plan to raise money from an ICO. It was in July that the company canceled its ICO plans and fired 18 of its 60 employees in Singapore. “Our goal is to give Tech In Asia back into the hands of the community and harness community forces to bring us closer to our mission of building and serving Asia’s tech communities,” the company stated. Most of the layoffs were in non-editorial business lines such as the company’s jobs ...

This Japanese Company Is Paying Its Employees In Bitcoins

19Dec By RishabhNo Comments

Story

This Japanese Company Is Paying Its Employees In Bitcoins

Japanese web giant GMO Internet Group recently revealed that it will soon start paying its employees, a part of their salary through Bitcoin, Bitcoin and digital cryptocurrency website Coindesk reported. As per the release, GMO will be rolling out this system from February 2018 within GMO Internet Co. Ltd. expansion across the entire group and its over 4,000 employees to follow. The employees will have an option to have a part of their monthly salaries, with lower limit being 10,000 Yen (around $88) and an upper limit of 100,000 Yen (around $882) as Bitcoin. "(the employees).. will also receive a bonus of 10 percent of the chosen amount as a 'incentive'" the release stated. Tokyo-based GMO first entered the cryptocurrency space with the opening of an exchange in May 2017. The com...

Big Money Stays Away From Booming Bitcoin

23Oct By reutersNo Comments

ANALYSIS

Big Money Stays Away From Booming Bitcoin

Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion. Yet for all the hype, mainstream institutional investors are steering clear of the nascent market, taking the view that it is too lightly regulated, too volatile and too illiquid to risk investing other people’s money in. Bitcoin, the biggest and most well-known cryptocurrency, has outperformed all the world’s traditional currencies each year since 2011, except for 2014. But many investors still view it as an opaque, esoteric instrument used by gun-runners and drug-dealers on the Dark Web that should be avoided. This year, though, a flood of new hedge funds focused on cryptocurrencies has offered inst...

South Korea joins China in banning initial coin offerings

29Sep By reutersNo Comments

BUSINESS

South Korea joins China in banning initial coin offerings

South Korea’s financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings. The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored. It added Friday’s announcement doesn’t mean the government is accepting trading of virtual currencies as part of its financial system, and will continue to monitor markets to see additional regulations are needed. Like this press release? Submit yours here.

5Sep By reutersNo Comments

CHINA

This Is Probably The End Of Bitcoins In China

China on Monday banned individuals and organizations from raising funds through initial coin offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fundraising. ICOs have become a bonanza for digital currency entrepreneurs, globally and in China, allowing them to raise large sums quickly by creating and selling digital “tokens” with little or no regulatory oversight. Individuals and organizations that have completed ICO fundraisings should make arrangements to return funds, said a joint statement from the People’s Bank of China, the securities and banking regulators and other government departments, that was posted on the central bank’s website. The prices of bitcoin and ethereum, two of the largest cryptocurrencies, slumped after the announcem...