ImToken, the blockchain tech startup and crypto wallet developer, announced today it has raised $30 million in Series B funding led by Qiming Venture Partners. Participants included returning investor IDG Capital, and new backers Breyer Capital, HashKey, Signum Capital, Longling Capital, SNZ and Liang Xinjun, the co-founder of Fosun International.
Founded in 2016, the startup’s last funding announcement was for its $10 million Series A, led by IDG, in May 2018. ImToken says its wallet for Ethereum, Bitcoin and other cryptocurrencies now has 12 million users, and over $50 billion in assets are currently stored on its platform, with total transaction value exceeding $500 billion.
The company was launched in Hangzhou, China, before moving to it current headquarters to Singapore, and about 70% of its users are in mainland China, followed by markets including South Korea, the United States and Southeast Asia.
ImToken will use its latest funding to build features for “imToken 3.0.” This will include keyless accounts, account recovery and a suite of decentralized finance services. It also plans to expand its research arm for blockchain technology, called imToken Labs and open offices in more countries. It currently has a team of 78 people, based in mainland China, the United States and Singapore, and expects to increase its headcount to 100 this year.
In a press statement, Qiming Venture Partners founding managing partner Duane Kuang said, “In the next ten to twenty years, blockchain will revolutionize the financial industry on a global scale. We believe that imToken is riding this trend, and has strongly positioned itself in the market.”
MINNEAPOLIS (WCCO) — Online shoppers now have a new way to spend digital money. Tuesday, PayPal announced it will allow customers to use cryptocurrency, like Bitcoin, as a form of payment.
The unique step had us wondering: How will spending cryptocurrency online work? And what is the future of e-commerce? Good Question.
When we’re not shopping in a brick and mortar store we’re often spending our dollars online via credit cards or payment platforms like PayPal.
According to spendmenot.com, 361 million people use PayPal. That’s more than the U.S. population. And one-fifth of all online transactions in the country go through PayPal.
And now instead of just linking a bank account or credit card, PayPal users can link their cryptocurrency account.
How big of an announcement is this for PayPal?
“I think it’s pretty impactful,” said Vivian Fang, an accounting professor at the University of Minnesota. “I do think it helps legitimize Bitcoin as a currency.”
Although there are thousands of forms of cryptocurrency, only four are currently useable on PayPal with Bitcoin as the most well-known and valuable. The others are Bitcoin Cash, Litecoin and Ethereum.
If a user wanted to buy something online with cryptocurrency, PayPal would convert their funds into fiat currency, such as U.S. dollars, as payment.
Because of this announcement, should people start investing in cryptocurrency?
“That’s a million-dollar question,” said Fang. “Like every investment, it has risks. There are many more institutional investors that’s investing in bitcoin, like Mass Mutual which typical invests and goes for safe assets.”
READ MORE: Will COVID Kill Cash?
Brandon Quittem, head of user acquisition at swanbitcoin.com, thinks should solely focus on Bitcoin as a crypto investment opportunity.
“Bitcoin is the only that is truly decentralized. It has the most security. It has the strongest brand recognition,” he said. It’s problem to be highly profitable.
“It’s averaging about 200% annual growth over the last decade,” he said.
Tuesday evening, one Bitcoin unit is worth more than $58,000. When WCCO’s Heather Brown did a story about Bitcoin in May 2018, one unit was worth only $1,700.
The huge spike means it’s volatile. So how should someone invest?
Fang and Quittem say start small.
“Maybe that’s $50 a week, maybe that’s $500 a month whatever it suits you,” said Quittem. “This is not money you need for the bills this week or next month, think of this as a long-term investment, five-plus year time horizon.”
Because of the growth potential, some feel spending cryptocurrency on PayPal isn’t the right move just yet.
However, simply giving people the option to spend it is a turning a turning point in the e-commerce world, a turn that Fang and Quittem feel will happen slowly.
“I do not see Bitcoin or any other cryptocurrency being the primary medium of exchange anytime soon. The reason for that is the U.S. dollar works pretty well as long as you’re in a western country, VISA works well. We have these tools,” said Quittem.
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“But it’s definitely a selling point for PayPal,” said Fang, adding that the platform has positioned itself as a pioneer in the usage of digital currency.
Tech workers say they have experienced more harassment based on gender, age and race or ethnicity while working remotely during the pandemic, according to a survey from a nonprofit group that advocates for diversity in Silicon Valley.
The increases were highest among women, transgender and nonbinary people, and Asian, Black, Latinx and Indigenous people.
For example, more than 1 in 4 respondents said they experienced more gender-based harassment. That figure increased, when race and gender identity were accounted for, to 39% of Asian woman and nonbinary people; 38% of Latinx woman and nonbinary people; and 42% of transgender people.
The survey of nearly 3,000 people around the country was conducted between May and February by Project Include, an advocacy group founded by Ellen Pao. Pao is a tech investor who in 2012 sued her then-employer, the venture capital firm Kleiner Perkins, over gender discrimination. Pao lost that lawsuit and has since become a leading advocate for diversity in tech.
Pao said she wanted to do the survey when she heard early in the pandemic about people complaining of more harassment at work — even though they were no longer in the office.
“There’s the assumption that once everybody went separately and you were protected in your own home, that you wouldn’t see the same level of harassment,” she said. “It turned out that actually wasn’t the case.”
Harassment, in the survey’s definition, includes behavior such as yelling, uncomfortable or repeated questions about identity and appearance, and requests for dates or sex.
Workers surveyed also reported increases in workplace hostility, defined as behavior that is less abusive than harassment and may not break company rules, but still creates a harmful environment.
Women of color were the most likely to report increased race-based hostility, including 45% of women who identified as African, African American or Black and 30% of women who described themselves as Asian or Asian American. Also, 14% of the respondents reported increased age-based harassment.
Pao said the survey responses suggested that some of the increase in harassment and hostility may be the result of people working longer hours, the blurring of boundaries between work and home life, and more conversations where other office mates aren’t present as witnesses.
“There’s more one-on-one interaction when you’re not in the office,” Pao said. “People are seeing more harassment on chat and on email and on video conferencing.”
Many of the software tools remote workers rely on, such as video chat and messaging apps, “were not designed to mitigate harassment,” said Caroline Sinders, a researcher who studies online harassment and worked on the Project Include survey. For example, they may not have easy ways built in to flag inappropriate behavior or content and report it to management or human resources.
The survey also showed an increase in anxiety overall as people have shifted to working from home — a whopping 85% of people said they were more anxious. Nearly two-thirds reported working longer hours.
At a time when many tech companies have said they will allow people to keep working remotely at least some of the time, Pao said workers need more specific guidelines. She also recommends giving workers more flexibility in how, and when, they work. And, she said, companies need to confront problems that existed before the pandemic but have been exacerbated in the last year.
“It’s time for companies to address all of the harms that are caused by bias, by racism, by sexism, by transphobia,” Pao said.
“How do we actually get to the root of these problems? It’s not by giving people a wellness app.”
MMC acquisition expands Exxe’s tech asset base with new AI capabilities
MMC fintech media set to grow clients brand recognition & customer base
MMC digital marketing to support 1Myle BTC, VC, RE, Auto, Agribusiness
NEW YORK, NY / ACCESSWIRE / March 30, 2021 / Exxe Group, Inc. (OTC PINK:AXXA), a diversified fintech company, has acquired a controlling interest in MarketMediaConnect (MMC), a digital media platform.
MMC specializes in digital marketing, advertising, design, and Search Engine Optimization (SEO). The Company brings an independent client base, and a slate of high-quality digital technology assets into AXXA. MMC’s digital advertising expertise has already successfully provided services to a range of private, public, and crypto companies.
While MMC will continue to expand its independent client base. One of the strategies underpinning the acquisition decision was to utilize MMC to accelerate brand recognition technologies across AXXA’s various asset classes. This includes enhancing 1Myle’s client acquisition target plan by increasing 1Myle brand profile as a trusted operator in Bitcoin and crypto exchange services.
The MMC Approach
MMC offers an innovative approach to building and growing companies’ followers, building brand recognition, and consumer awareness. This is accomplished using a variety of technology assets including Company developed proprietary software. The proprietary technologies include an Artificial Intelligence (AI) architecture that optimizes advertising based on client defined inputs, and a Customer Relationship Management (CRM) tool to manage past, present, and potential clients.
MMC’s software platforms are designed to solve visibility issues plaguing thousands of underfollowed and startup companies that seek to generate interest in their products and services. In today’s environment these outreach objectives have become even more challenging for nano-, micro-, and small-cap sized companies who typically do not have access to the specialized toolkits MMC offers.
MMC’s Digital Media Boost leverages its AI architecture to combine company and industry/peer content, research reports, third party content, and social media. A back-end cross-integration of partner content and distribution sites form a network that seeks to raise awareness and ultimately convert interested parties into brand followers and consumers. MMC charges its clients a monthly subscription fee which is based on a tier of company-provided and third-party partner services. Since the digital platform resides in the cloud and utilizes a custom-built, highly scalable software backbone, the Digital Media Boost serves as a great tool for MMC clients around the world.
Eduard Nazmiev, Ph.D., Exxe Group’s CEO commented on MMC’s potential and how it fits into Exxe’s strategy. “We recognize the challenge tens of thousands of small sized firms face. The ability to provide them solutions helped inform our decision to acquire a controlling interest in MMC and its technologies. We will use AXXA’s contacts to expand MMC’s independent client base in the European B2B and B2C markets to boost their revenues. In addition, adding MMC to the Exxe Group family adds a critical component to AXXA’s Fintech strategy and is a great complement to the marketing of our 1Myle, E-commerce car parts, venture fund companies, and other businesses, to those respective customer bases.”
About Exxe Group, Inc.
Exxe Group is a diversified corporation focusing on acquisitions in the following sectors: real estate, sustainable technology, media, agribusiness, and financial services. Exxe Group is an acquisition-driven company. The Company strategy is to acquire controlling equity interests in undervalued companies and undertake an active role in improving their performance – accelerating their growth by providing both access to capital and management expertise. For additional information go to www.exxegroup.com
CONTACT: Exxe Group IR: firstname.lastname@example.org
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.
focused on synergistic acquisitions in fintech, real estate, sustainable technology, financial services and agribusiness
SOURCE: Exxe Group
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You can’t get very far these days without hearing the word cryptocurrency or Bitcoin. And, with good reason. Bitcoin and cryptocurrency outperformed any other asset in the market in 2020. In a year of financial volatility, cryptocurrency stayed strong when long-adopted assets like gold, silver, and crude oil declined.
Despite these strong numbers, bitcoin only has a 2% adoption rate. You could read that as market skepticism, or you could read it as an opportunity to get in on the ground level before it takes off. Deltacore Capital, a Barclays award-winning hedge fund that focuses on digital assets, is leading the way in cryptocurrency investment.
I asked them for their five tips for those considering investing in cryptocurrency. Here’s how to get started the smart way.
Tip1# Do your due diligence.
Don’t go into investing blindly. Make sure you do your research and vet your sources. Cryptocurrency is generating a lot of buzzes online, especially on social media or from self-proclaimed crypto gurus. But talking about it doesn’t make you an expert. You need data-driven information to make an informed decision.
Consult experts who have a history in both investment and an understanding of digital assets. Make sure your information is coming from the right people, and don’t fall prey to the blind enthusiasm of get-rich-quick investment schemes. If you want to make a sound investment, you need to be in it for the long haul.
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Tip2# Make trades based on data.
The market never lies. This may seem like simple advice, but many investors get caught up in what they “think” will work or the types of investments they’re biased towards.
Data is the only way to correct bias. Keep track of how the data develops over time. Make sure that your trades and investments are motivated by quantifiable data, and not by personal opinion. If you can’t back it up with numbers, it’s not a worthwhile investment.
Tip3# Keep emotions out of investing.
Investing is a long-term commitment. If you can confidently say you’ve done your research and have made strong calculations, don’t be thrown by short-term fluctuations. You should never make a financial investment based on excitement and opportunity alone. Keep your emotions about investing separate from the action of investing. Don’t let them govern your decisions.
Tip4# Understand market caps.
One thing is for sure: the potential for growth with any investment can be found in its market cap. A market cap is the total dollar amount a company is valued at based upon the stock market. It’s calculated by multiplying the number of outstanding shares a company has by its current market price (CPM). It’s not about how cheap or expensive an asset is, but about how much potential it has for growth.
Are you sensing a theme? Smart cryptocurrency investments are data-driven. Make sure that you can see the end goal, or the life of your investment, from the start. Market cap informs the level of risk associated with an investment, growth potential, and even how sensitive they are to economic changes.
Tip5# Invest with a strategy.
Cryptocurrency investments aren’t for those looking to get rich and get out. You have to have a strategy for moving forward. Gathering data and information is essential to creating a strategy, but it’s also about knowing what you are willing to invest (both monetarily and in terms of time). Figure out exactly what you want from your investments, and how much you’re willing to spend. Building these parameters will help you make smarter decisions as you learn.
Successful investors are proactive and not reactive. Investing in cryptocurrency requires a strategy, and a willingness to stick with long-term goals. Experts like Deltacore Capital, who are well-versed in balancing the risk and reward of investing, are making it possible to get in on the ground level of cryptocurrency by making calculated, data-informed steps. If you want to be an early adopter, they’re certainly leading the way.