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Blockchain security startup CoolBitX raises $16.75M Series B

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CoolBitX, a blockchain security startup based in Taiwan, announced today it has raised a $16.75 million Series B led by returning investor SBI Holdings, a Japanese financial group.

Korean cryptocurrency exchange Bitsonic, Monex Group, another Japanese financial group and Taiwan’s National Development Fund also participated.

Founded in 2014, CoolBitX makes two products. One is CoolWallet S, a Bluetooth-enabled hardware wallet for cryptocurrency. The other is called called Sygna, a solution created to help virtual asset service providers (VASPs) become compliant with a new rule passed last year by the Financial Action Task Force (FATF).

Referred to as the “travel rule,” it is meant to prevent money laundering and the financing of terrorist acts by requiring virtual asset service providers to collect personally identifiable information (PII) from customers during transactions. All virtual asset service providers in FATF member countries need to comply by June.

With its new funding, CoolBitX plans to expand Sygna’s presence beyond the Asia-Pacific region. The startup says that 12 cryptocurrency exchanges have already signed memorandums of understanding with it and are currently using or testing Sygna, including SBI VC Trade, Coincheck, Bitbank, DMM Bitcoin, BITpoint, MaiCoin, BitoPro and Ace.

CoolBitX founder and CEO Michael Ou told TechCrunch in an email that Sygna’s deployment helps differentiates it from competitors like Shyft and Ciphertrace, which also offer travel rule compliance solutions, because it has been tested and proven by users.

“In addition, Sygna ensures that VASPs can quickly comply with new regulations with minimal disruptions to their day-to-day operations,” he added. “By focusing on seamless user experience, maximum security during the transmission of data, Sygna aims to facilitate the mainstream adoption of the crypto currency.”

In a press statement, SBI Holdings president and CEO Yoshitaka Kitao said, “As one of the early investors in CoolBitX, SBI Holdings is happy to see the breakthroughs made by the CoolBitX team to drive cryptocurrency adoption forward. As such, we are delighted to participate in our second tranche of investment in CoolBitX. The borderless nature of digital assets requires a solution that isn’t bound by geographical boundaries, and we are proud to partner with CoolBitX on their journey to bring a secure and easy-to-implement system to the world.”

Read more: https://techcrunch.com/2020/02/25/blockchain-security-startup-coolbitx-raises-16-75-million-series-b-round/

Canoo, the electric vehicle startup formed from Faraday Futures ashes, seeks $200 million

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Less than a month after rebranding as Canoo, the startup electric vehicle company formerly known as Evelozcity is on the hunt for $200 million in new capital.

The startup, which is backed by a clutch of private individuals and family offices hailing from China, Germany and Taiwan, is hoping to line up the new capital from some more recognizable names as it finalizes supply deals with vendors, according to a person with knowledge of the company’s plans.

Canoo is locking in final contracts with its vendors and is going to be in production with prototypes before the end of the year. The company, which will make its vehicles available through a subscription-based model, already has 400 employees and just announced new key hires along with its rebranding.

It’s a quick ramp for a company that only two years ago was struggling to extricate itself from the morass that was Faraday Future.

Canoo began life as Evelozcity back in 2017. It was formed after Stefan Krause, a former executive at BMW and Deutsche Bank, and another former BMW executive, Ulrich Kranz, absconded from Faraday Future amid that company’s struggles.

Reportedly, Krause and Kranz left over repeated clashes with Faraday’s founding team of Jia Yueting, the main investor and shareholder, and Chaoying Deng, according to the Verge.

The situation at Evelozcity became so toxic that after the two men left, Jia accused them of “malfeasance and dereliction of duty.”

The company was launched in secret, but news of its existence came to light after Faraday Future filed a lawsuit accusing the new company of the theft of trade secrets.

Now, Canoo is rounding out its executive team and pushing forward with plans to bring prototype vehicles to market by the end of the year.

Olivier Bellin joined the company as its head of operations from STMicroelectronics, a Geneva-based semiconductor company where he served as chief financial officer of the company’s U.S. operations.

Former president of BMW manufacturing Clemens Schmitz-Justen also joined the company as its head of manufacturing — overseeing the contract manufacturing strategy, which will see the company outsource production of vehicles in the U.S. and China.

Canoo said that it intends to use a modular “skateboard” approach to its vehicle design where different form factors can rest atop its chassis. The company touts that its different cabins can be tailored to suit the needs of different customers — ranging from commuter vehicles, public or group transportation, delivery vehicles and private cars.

The company is also crafting its user interface and subscription services around its passengers and renters. To that end, Canoo has brought on James Cox, a former Uber executive in charge of product operations for the ride-hailing business’ rider application, who will be developing digital products for the company’s initial customers, according to a March statement.

Initially, Canoo will target customers in Los Angeles and the Bay Area, with additional plans to expand to San Diego and Seattle when the company brings its commercial vehicles to market in 2021.

Canoo plans to use blockchain technology to secure its subscription services and ensure an asset-light approach to development by outsourcing its manufacturing in the U.S. and China, according to one person with knowledge of the company’s plans.

With the development of that subscription model, the car company is taking a page from the playbook other automakers are beginning to toy with. Despite the fact that Cadillac cancelled its Book subscription service late last year, companies like BMW, Volvo and Porsche have all pressed on with their experiments with subscriptions.

Porsche launches on-demand subscription for its sports cars and SUVs

As it rolls out its subscription service, Canoo is targeting a lower price point than its competitors for its fully electric and “autonomous-ready” vehicles.

At the end of the day the company believes that there are more than 35 cities around the world that are suitable for its offering.

And now that the lawsuits are over and Faraday Future continues to wobble, it seems that plans for Canoo are gathering steam.

The rebranding effort, and the company’s new name itself, is indicative of its goals.

“We picked Canoo because it sounds distinctive, looks cool and creates a feeling of both relaxation and movement,” said Krause, in a statement. “For thousands of years, a canoe has been a simple, sustainable transportation device used all over the world.”

Read more: https://techcrunch.com/2019/04/23/canoo-the-electric-vehicle-startup-formed-from-faraday-futures-ashes-seeks-200-million/

22-Year-Old Behind $5 Billion Crypto Is Just Getting Started

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(Machine translation provided by Google and reviewed by Bloomberg editors.)

Dominik Schiener would have had 500,000 reasons to turn his back on cryptocurrencies. That is the amount of euros the young man from Berlin lost in 2013/2014 in an attempt to set up a trading platform for digital money. But he remained true to the topic and helped to established IOTA in 2015. Today, that is the world’s eleventh largest cryptocurrency with a
market cap of around $5 billion.

Following the involvement of some German companies such as Volkswagen AG, the next growth phase for IOTA is now starting, the 22-year-old said in an interview with Bloomberg. In addition to the Berlin base, offices are being set up in Toronto, Tokyo, Oslo and Taiwan. "Many still perceive IOTA as a German cryptocurrency, and we want to change that," he said.

The IOTA Foundation, which is behind the currency and steers the development of the underlying technology, has the money to do so. Slightly more than 300 million euros are in the treasury, in the form of IOTA tokens, according to Schiener, who heads the foundation. They were donated by users.

Approximately 50 people work for the foundation in Berlin, including eight mathematicians "They all receive their wages not in euros, but in IOTA tokens."

Schiener has been living in Berlin since the summer 2016, not without a reason. "Here, we have the right ecosystem for cryptocurrencies," he said. From the German capital, he was also able to make contact with many companies which are now involved in the development of IOTA and it’s technology – for example, when it comes to automatic micro-payment transactions between machines.

Johann Jungwirth, Chief Digital Officer of Volkswagen Group, has recently been added to the supervisory board of the IOTA Foundation. "He oversees the annual roadmap of the foundation," a spokesman for the car maker confirmed. "Jungwirth is convinced of IOTA, the technology and its relevance for various applications in the context of mobility."

RBVC, the venture capital firm of Bosch Group, also works with IOTA and has invested money. "Bosch sees several promising approaches in the IOTA architecture, especially with regard to the internet of things," according to Hongquan Jiang, Investment Partner at RBVC.

Neither Volkswagen nor Bosch wanted to comment on specific projects with IOTA.

At Deutsche Bank Wealth Management, crypto technologies are considered to be generally interesting. "Crypto currencies make transactions even easier and cheaper," Markus Mueller, global head of Chief Investment Office for high net worth individuals, said. From his point of view, there is the potential to revolutionize some industries from the ground up.

Nevertheless, cryptocurrencies appear to be a marginal topic for most companies at the moment. "With regard to cryptocurrencies, we see no need for consulting at larger companies," Jochen Schwabe, partner at Schwabe, Ley & Greiner in Vienna, said. "Some customers are testing Bitcoin transactions, but only to be prepared in case of emergency – like blackmail."

Schiener himself firmly believes in his cryptocurrency and keeps his assets in IOTA tokens, he said. "I did not want to be one of those who sell at a high and get rich quick," he added.

He blames the failure of his first crypto company, which he had founded at the age of 17 years in Switzerland, on the environment at the time. "Digital currencies and the blockchain were not relevant enough yet," Schiener said. "Many associated it with drug deals and other dark businesses, and no bank wanted to give me an account for the company."

After his entrepreneurial adventure in Switzerland, he returned to his native South Tyrol at the age of 18 and moved in with his parents. He did his high school diploma. "Although I lost all my money, I was still convinced of crypto currencies," Schiener said.

This conviction eventually led to IOTA in early 2015. Together with David Sønstebø, Sergey Ivancheglo and Serguei Popov, he launched the digital currency. But he also knew that South Tyrol was not the ideal location to advance such an ambitious project. Hence the move to Berlin.

At the German capital he does not only appreciate the eco-system for cryptocurrencies and the many contacts to companies. Schiener: "In addition, Berlin is a great city to live in. Unlike in Switzerland, buying a beer in a pub does not make you poor."

Original Story:
22-jähriger Berliner hinter 5-Mrd-$-Kryptowährung erst am Anfang

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    Read more: http://www.bloomberg.com/news/articles/2018-03-07/22-year-old-behind-5b-cryptocurrency-is-just-getting-started