Announced Tuesday, the investment by Ripple executives in Omni feels ill-timed as the price of the coin has fallen more than 40 percent.

By Michael del Castillo

Putting a big bet on the future of Ripple’s native cryptocurrency, sharing economy startup Omni accepted a “majority” of a $25 million investment in XRP.

Hoping the coin’s price will increase over the long haul and allow the company to bypass traditional Series C and Series D investment rounds, Omni CEO Tom McLeod told CoinDesk:

“I’m looking at the long term benefits of having a potentially appreciating value on the balance sheet.”


By Stan Higgins

The company behind the controversial cryptocurrency BitConnect has announced that it will close down its lending and exchange platform.

BitConnect’s lending service will be shuttered, effectively immediately, while its exchange platform will close in 5 days, according to a post on its website published Tuesday.

“In short, we are closing lending service and exchange service while website will operate for wallet service, news and educational purposes,” the post explained.

The announcement blames a myriad of factors, perhaps most notably the cease-and-desist letters issued in recent days from regulators in Texas and North Carolina.

Both letters stated…


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