Top Crypto News – 02/02/2018

Crypto Fund Predicts Zcash To Hit Over $62K By 2025

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According to a new investment thesis released by Grayscale Investments, the value of Zcash (ZEC)could reach over $62,000 by 2025, assuming that the coin will represent 10 percent of all offshore wealth by that point.

Global Offshore

The report, written by financial analyst Matthew Beck, contains an all-caps disclaimer in a footnote below the chart that states the prices are “PURELY HYPOTHETICAL”,  as well as that:

“NO REPRESENTATION IS BEING MADE THAT ANY RESULTS WILL OR ARE LIKELY TO ACHIEVE PRICES SIMILAR TO THOSE SHOWN.”

Zcash is an anonymity-focused digital currency that uses zero-knowledge proofs to verify the validity of a transaction without revealing its contents, giving it appeal as a “Swiss bank account in [your] pocket.”, as Grayscale phrases it.

Grayscale Investment specifically manages investments in digital assets, overseeing both Bitcoin (BTC) and Ethereum Classic (ETC) funds, the latter added to their portfolio in April 2017.

The company’s high assessment of ZEC’s potential for growth is due to its similarity to BTC and ETC in combination with its privacy and store-of-value properties.

Grayscale’s investment thesis concludes that while it is hard to pick out which digital assets are “truly revolutionary”,

“We have come to believe that ZEC marks the next generation in a class of investable digital assets, complementing BTC and ETC, and broadening a new dynamic asset class.”

In the spring of 2017, Zcash was added to a the crypto multi-currency wallet Jaxx and in the fall, Zcash was added to South Korean-based Bithumb, in spite of tightening regulations on crypto in the country.

Edward Snowden, privacy advocate and NSA whistleblower, tweeted in September 2017 that Zcash was “the most interesting Bitcoin alternative.”

Written by CoinTelegraph

 

Formerly Top Cryptocurrency Exchange Huobi To Open Office In US

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Huobi, one of the largest cryptocurrency exchanges that was originally founded in China, has revealed its plans to open an office in San Francisco. The announcement took place during the Blockchain Connect conference Friday, Jan. 26.

Blockchain Connect, an event that focused on the cooperation between the US’ and China’s cryptocurrency markets, took place on Friday, Jan. 26 in San Francisco.

The Huobi exchange was one of the presenters at the conference, during which they have announced their intention to start doing business in the United States. The company’s new office is already under construction in the Silicon Valley.

“The U.S. will be our focus right now,” said Huobi’s Chief Strategy Officer Cai Kailong.

Founded in 2013, Huobi Group provides exchange services in Singapore, Hong Kong, South Korea, Japan and other countries. The company was forced to leave China, its original jurisdiction, after local regulators demanded all cryptocurrency exchanges to close in September 2017.

In December 2017, Huobi announced a partnership with Japan’s financial conglomerate SBI Group in order to help the latter launch its own cryptocurrency exchange.

Written by CoinTelegraph

Kodak Postpones ICO To Verify ‘Accredited’ Status Of 40K Potential Investors

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The Eastman Kodak Company announced Jan. 30 that the launch of their cryptocurrency KODAKCoin would be delayed in order to evaluate the status of potential investors. The delay was announced the day before the Initial Coin Offering (ICO) was set to start, according to the project’s Jan. 9 press release.

As explained in on the company’s website, Kodak intends to run an ICO that offers security tokens as an ‘exempt offering’ — this means the company does not have to register their security with the US Securities and Exchange Commission (SEC), but only “accredited investors” can participate in the ICO.

The SEC requires that an individual accredited investor have a net worth that exceeds $1 million, or an annual income of at least $200,000, along with other conditions.

The company claims it needs “several weeks” to verify the “accredited investors” status of those who applied to invest in the ICO, which Kodak reports is more than 40,000 people.

Potential investors from outside the US will be considered in accordance with their local jurisdictions, the company added.

According to Marketwatch, Kodak’s stock (KODK) prices sharply increased after the press release of the project on Jan. 9 from $3.1 to almost $11 the next day. However, after the delay was announced on Jan. 30, the stock dropped by more than 18 percent, and continues to trend downwards Feb. 1.

Written by CoinTelegraph

 

 

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