Fintech A.M.: 27-12-17

Fintech A.M.: 27-12-17

Initial Coin Offerings are seeking more legitimacy as a fund raising method as they become more popular. The ability for companies to crowd fund using ICOs is one demonstration of how blockchain has grown this year into new functionalities.

An ICO for SingularityNet raised 36m USD in 60 seconds. The company runs a decentralised marketplace for artificial intelligence. Crowdfunding was capped after SingularityNet received 361 million USD in investor interest on its white list from over 20,000 investors. The company seeks to combine AI and blockchain to create a decentralized marketplace for different types of AI.

To legitimize the ICO market and comply with KYC/AML requirements globally, applicants were screened using algorithms and manual review. Fundraising via blockchain is seeking global legitimisation and legislation.

In other ICO news, Bitotal announced yesterday the expansion of its index. Bitotal in the Netherlands is the maker of the first Cryptocurrencies Trading Index. They announced yesterday on their twitter the addition of siacoin, stellar lumens and digibyte to their index. Sia uses the unused servers storage space in the world and merges it into a global free market for data. Stellar is a decentralized, hybrid blockchain where people, payment networks, or banks have equal access & economic participation. Digibyte is a decentralized cryptocurrency that has been designed with the aim of improving a number of weaknesses that occur in Bitcoin & Litecoin

Blockchain definitely took off this year

Twelve months ago it was known of only by tech elites and innovative industry players. Still its technology it not fully understand by many. What was important was its application across multiple industries, proving that blockchain really is bigger than bitcoin

In her article “The Year Blockchain Got Weird,” Sarah Friend looks back at the lively tale that was bitcoin in 2017 and the diversification of blockchain. It’s a fun article to read, just as bitcoin has entertained many of us with its crazy journey in 2017. 

By Grace Appleford, Research Analyst for Holland FinTech.

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