Private Equity Moris Beracha Wuani

By Michael del Castillo  /Forbes Marwan Forzely has come a long way since his days at Western Union. The serial entrepreneur, who sold his previous company to Western Union to help the money-transfer giant directly connect to customer bank accounts, has raised $25 million to cut intermediary banks out of the payment process altogether. Instead of relying on a series of correspondents to move money between different jurisdictions around the world, Marwan’s latest venture, Veem, uses bitcoin to directly connect its clients’ bank accounts with suppliers and customers. While neither counterparty is required to directly hold bitcoin, and an algorithm automatically routes transactions along the most efficient payment rails, more than half the transactions processed by Veem rely on the cryptocurrency as a replacement for correspondents. Led by banking giant Goldman Sachs, with GV (formally Google Ventures), Kleiner Perkins, Silicon Valley Bank, Trend ...

Image of @InfoNebeus By Maria Yavuz Nebeus, the London-based crypto platform, has launched a 1.1 million pound ($1.45 million) crowdfunding campaign as they set out their ambitious goal of bringing financial services to people around the world. According to the World Bank, there are 1.7 billion adults globally who remain unbanked, yet two-thirds of them own a mobile phone that they could use for online banking. The Nebeus’ campaign went live on Sept. 24, 2018 and has already attracted more than 400,000 pounds ($527,490). The goals of the campaign Backed by industry expert Brett King, the Nebeus campaign will last until October 23, 2018. Currently operating in 45 countries, they now plan for expansion across Europe, Asia and South America. The company wants to make banking simple for people and encourages a wider use of cryptocurrency in everyday spending, offering user-friendly Bitcoin wallets and its recently launched Exo card. The new prepaid card allows users to s...

By Ana Berman The Swiss Bankers Association (SBA) has issued basic guidelines for banks working with blockchain startups on Friday, September 21. As Reuters reports, the measure was taken to prevent a mass crypto exodus out of Switzerland. The document states that banks see blockchain as an opportunity for Switzerland to house financial and technology startups despite "risks," especially money laundering. Due to a significant increase of crypto-related companies based in the country, the SBA has decided to provide a road map for banks to open their corporate accounts. The guidelines divides blockchain companies into two large groups: those with and those without Initial Coin Offerings (ICO). Blockchain companies without ICOs should be treated like other small- and medium-sized companies, and will be obliged to accept relevant Swiss regulations and apply them to their business models. The second group includes blockchain startups with ICOs who issu...

By Ana Alexandre   South American cryptocurrency exchange Buda.com has requested Colombian President Iván Duque to help reopen its operations in the country, local news outlet La Republica reported September 21. Digital currency exchange Buda.com — which boasts around 35,000 accounts in Colombia — ceased its operations on June 20 after the country’s banks decided to close all the exchange’s accounts "for the lack of guarantees." The move was reportedly spontaneous; banks confirmed they closed the accounts without providing further explanation. The exchange subsequently experienced technical difficulties, while a letter from a Colombian financial control officer reminded banks that they are not authorized to interact with crypto platforms. Now, Buda.com along with its users and the country’s cryptocurrency association have petitioned President Duque to help reopen the trading platform, saying: "In accordance with the latest pronouncements of...

By Kate Rooney Nearly 50 representatives from U.S. financial giants and cryptocurrency startups are set to meet with Washington lawmakers this week to talk through what some say is an incomplete and murky regulatory landscape. Rep. Warren Davidson, R-Ohio, is hosting a roundtable, "Legislating Certainty for Cryptocurrencies," on Tuesday and asking industry experts to weigh in on how to police the new asset class ahead of a House bill he plans to introduce this fall. "Your input is critical to helping us preempt a heavy-handed regulatory approach that could stall innovation and kill the U.S. ICO market," Davidson said in a letter to invitees. The congressman outlined a list of eight questions for the meeting, including: "What is the best way to protect consumers from fraud?" The meeting will also cover private funding disclosures and token issuance laws, a spokesperson for Davidson said. Representatives from Fidelity, State Street, leading venture...

By Justin Villamil Mexico’s upstart stock exchange needs private equity to go public. The Bolsa Institucional de Valores, the bourse known as Biva that began operations in July, is trying to gain market share from the dominant Bolsa Mexicana de Valores by focusing on private equity managers ready to exit their investments and sell shares. The industry has grown 15 percent annually over the past decade, according to a report by El Financiero. “The story of private equity is very recent in Mexico,” Biva Chief Executive Officer Maria Ariza said in an interview at Bloomberg’s offices in Mexico City. “Companies are starting to mature, they’re starting to leave, and they’re starting to look for an opportunity to exit their investments. Ideally, one of the ways to do that is through the capital markets.” Companies controlled by private-equity firms tend to alre...

Daniel Palmer After news broke yesterday of yet another hack of a cryptocurrency exchange in Japan, the country's police authority has released figures revealing the rise in such attacks this year. According to a report from The Asahi Shimbun Thursday, the National Police Agency (NPA) has released data for the first six months of 2018 that reveal cyberattacks on crypto wallets and platforms tripled over the same period last year. The NPA said that, through 158 cyber-breaches, hackers had stolen a massive 60.503 billion yen (around $540 million) worth of cryptocurrency. That figure puts the total for January through June 2017 in the shade – a period when $5.9 million in cryptos was stolen in 149 cases of theft. As per the data, the majority of the losses for 2018's first half were stolen from exchange platforms, around $518 million. The remainder – just over $22 million – was taken from individuals' crypto wallets. In what should be a lesson for us all in what not to do...