Coinbase Announces New Startup Funding Unit
Coinbase has announced the formation of new startup funding unit called Coinbase Ventures. According to a press release on its Medium page, Coinbase will provide financing to “promising early stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way.” Coinbase will not require startups to form a long-term partnership with Coinbase to receive funding.
Verge Coins Stolen Using a 51% Attack
Verge has suffered a 51 percent attack, resulting in a loss of 250,000 XVG. According to Mashable, the hacker(s) used took advantage of “several bugs” in Verge’s blockchain to mine new blocks, thereby rewarding Verge coins to themselves. Verge is planning a hard fork after the attack.
Research Group in Japan Proposes New Rules to Increase Quality of ICOs
An expert research group in Japan has proposed new rules and guidelines for ICOs. The proposals focus on investor protection and anti-money laundering measures. According to CoinDesk, Japan’s Financial Services Agency (FSA) will consider implementing the proposals later this month. The research group wrote in its report, “Appropriate rules must be set to enable ICO to obtain public trust and to expand as a sound and reliable financing method.”
Indian Financial Institution Prohibited from Dealing With Cryptocurrency Exchanges
India’s financial regulator has banned financial institutions from dealing with cryptocurrency exchanges. According to Financial Magnates, the regulator cited concerns over money laundering and financial stability for the new ban. The ban comes amid increasing demand for cryptocurrencies through India.