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Investorideas.com - #CryptoCorner: #Bitstamp Acquired by NXMH, British Business Pushes Against Proposed #Crypto Regulation, #Hitachi Payment Services and State Bank of India JV for Digital Payments
#CryptoCorner: #Bitstamp Acquired by NXMH, British Business Pushes Against Proposed #Crypto Regulation, #Hitachi Payment Services and State Bank of India JV for Digital Payments
October 29th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 29, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
#CryptoCorner: #Bitstamp Acquired by NXMH, British Business Pushes Against Proposed #Crypto Regulation, #Hitachi Payment Services and State Bank of India JV for Digital Payments
Bitstamp Acquired by Investment Firm NXMH, British Business Pushes Against Proposed Crypto Regulation, Hitachi Payment Services and State Bank of India in Joint Venture for Digital Payments and Coinbase Cuts 15 Employees
Stocks discussed: (TYO:6501)
Reuters reports that investment firm NXMH has acquired crypto exchange Bitstamp in an all cash deal. Bitstamp CEO Nejc Kodrič did not disclose particular details of the transaction, but Reuters notes that even in 2016, Bitstamp was valued at $60 million USD. Bitstamp is registered in Luxembourg, and is the largest crypto exchange in the European Union by volume. NXMH is a European subsidiary of South Korean-based investment firm, NXC. Kodrič explained to Reuters that the sale was not premeditated, but that there had been increased interest from buyers since last year.
"The sale wasn't planned. There was no active effort to go around and solicit buyers. The vibrant industry last year sparked potential interest from buyers to make a footprint in the industry. We started to get approached by buyers in the middle of last year."
British newspaper The Telegraph reports that experts from the U.K.'s business community have pushed back against MPs as a response to proposed regulation in the crypto and fintech spaces. A report compiled by the British Business Federation Authority (BBFA), law firm Baker Botts, venture capital fund Novum Insights and cryptocurrency exchange TodaQ, claimed that "bad regulation is worse than no regulation at all". The chief executive of the BBFA, Patrick Curry, warned that unforeseen damage could be sustained by proposed regulation.
"It is a very blunt instrument approach and I haven't seen this in other countries. The use of this technology is still a voyage of discovery and these technologies are being refined for different types of use. My concern is the law of unintended consequences."
Hitachi Payment Services, an India-based subsidiary of Japanese electronics giant Hitachi (TYO:6501), has entered a joint venture with the State Bank of India (SBI) to establish a digital payments system. Hitachi Payments will invest a 26 percent stake in the venture and will contribute digital solutions to the Indian payments sector using its IoT platform Lumada. Commenting on the partnership, Hitachi president and CEO Toshiaki Higashihara said:
"Along with the accelerating movement of digitization around the world, Hitachi aims to improve people's lives by providing digital solutions in India and other countries. By establishing the joint venture with SBI, Hitachi will further contribute to the development of digital payments in India by building a state-of-the-art digital payments platform and leveraging SBI's robust customer network."
Yahoo Finance reports that crypto exchange giant Coinbase, has cut 15 staff members recently. Though the company employs some 550 people, the loss of 15 may come as a surprise as the exchange is believed to be gearing up for a public listing.
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