Warning: Cannot modify header information - headers already sent by (output started at /homepages/13/d758579402/htdocs/clickandbuilds/SunCryptocurrency/wp-content/plugins/penci-framework/gutenberg/block/text-padding/index.php:1) in /homepages/13/d758579402/htdocs/clickandbuilds/SunCryptocurrency/wp-includes/feed-rss2.php on line 8
Sun Cryptocurrency https://suncryptocurrency.com Crypto News Thu, 14 Nov 2019 06:36:55 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.3 Julian Gordon’s WeChat “Hasn’t Stopped Buzzing” Since Xi Jinpin Went Pro-Blockchain https://suncryptocurrency.com/julian-gordons-wechat-hasnt-stopped-buzzing-since-xi-jinpin-went-pro-blockchain Thu, 14 Nov 2019 06:36:55 +0000 https://suncryptocurrency.com/julian-gordons-wechat-hasnt-stopped-buzzing-since-xi-jinpin-went-pro-blockchain Speaking at BlockShow Asia 2019, Hyperledger Vice President APAC Julian Gordon described the personal impact that the Chinese president’s pro-blockchain remarks have had on him:  “Xi Jinpin made that announcement 10 days ago. The reason I know that is because my phone is sitting on my desk — my WeChat...

The post Julian Gordon’s WeChat “Hasn’t Stopped Buzzing” Since Xi Jinpin Went Pro-Blockchain appeared first on Sun Cryptocurrency.

]]>


Speaking at BlockShow Asia 2019, Hyperledger Vice President APAC Julian Gordon described the personal impact that the Chinese president’s pro-blockchain remarks have had on him: 

“Xi Jinpin made that announcement 10 days ago. The reason I know that is because my phone is sitting on my desk — my WeChat started buzzing and hasn’t stopped since.” 

Hosted by the Linux Foundation, Hyperledger is an open-source blockchain project aiming to be a hub for open blockchain development across industries. It has gathered companies from different backgrounds such as IBM, Airbu, and J.P.Morgan to further advance cross-industry blockchain technologies. 

Hyperledger is also collaborating with Chinese companies in areas like trade finance, letters of credit (L/C), and e-visibility. For example, they are working with top Chinese banks like China Minsheng Bank and China CITIC Bank to remove the need for SWIFT in China’s domestic L/C settlement. 

Expectations for the Chinese blockchain market are quite high. Referring to big Chinese tech companies like Alibaba and Tencent, Gordon said that they were always amazed by Chinese entrepreneurship. 

Hyperledger is a permissioned blockchain project, which is different from a permissionless technology with anonymous participants. Yet Gordon claims that the two different ecosystems can coexist. Last June, the Ethereum Foundation joined Hyperledger.

 





Source link

The post Julian Gordon’s WeChat “Hasn’t Stopped Buzzing” Since Xi Jinpin Went Pro-Blockchain appeared first on Sun Cryptocurrency.

]]>
Patrick Ngan Teases Asia’s First Unified Crypto-Fiat Payment System https://suncryptocurrency.com/patrick-ngan-teases-asias-first-unified-crypto-fiat-payment-system Thu, 14 Nov 2019 06:06:51 +0000 https://suncryptocurrency.com/patrick-ngan-teases-asias-first-unified-crypto-fiat-payment-system Speaking on stage at BlockShow 2019 in Singapore today, Alchemy Global Payment Solutions (Alchemy GPS) co-founder Patrick Ngan discussed some details of how his company is making it easier to pay for everyday goods and services with cryptocurrency. Ngan emphasized the power of choice to make consumers and merchants happier....

The post Patrick Ngan Teases Asia’s First Unified Crypto-Fiat Payment System appeared first on Sun Cryptocurrency.

]]>


Speaking on stage at BlockShow 2019 in Singapore today, Alchemy Global Payment Solutions (Alchemy GPS) co-founder Patrick Ngan discussed some details of how his company is making it easier to pay for everyday goods and services with cryptocurrency.

Ngan emphasized the power of choice to make consumers and merchants happier. Calling his company’s “the first unified crypto-fiat payment solution in Asia,” he described a merchant product that lets the customer decide whether they want to pay in local fiat currency or a popular cryptocurrency of their choice.

“People in this audience probably have a lot of Bitcoin,” Ngan said. “Instead of trading that currency, we can give you the chance to freely spend it on that expensive bottle of Dom Perignon, or a fancy handbag.”

The Alchemy GPS merchant app is already available for download from Google Play and the App Store. It supports a number of payment systems popular throughout Asia, including Alipay, WeChat Pay, Paynow, and Rakuten Pay, as well as major cryptocurrencies.

Businesses have the choice of how want to settle their accounts — if they can tolerate the volatility, then it’s no problem for them to be paid in crypto. But Alchemy GPS can also support fiat settlement for keeping more conventional books.

Ngan explained that the ultimate goal here is to drive cryptocurrency adoption. “We want to enable all the popular crypto tokens out there to be accepted by our merchant system. Anyone who buys tokens should be able to easily spend them.”

Alchemy GPS is already up and running in Singapore and Hong Kong today — if you’re attending BlockShow, then you can already pay for local cab rides with crypto.

Ngan ended his presentation by announcing plans for expansion to other crypto-friendly countries. He named Japan, Korea, and Thailand specifically, with later plans to enter the United Arab Emirates and the United States.





Source link

The post Patrick Ngan Teases Asia’s First Unified Crypto-Fiat Payment System appeared first on Sun Cryptocurrency.

]]>
Binance’s CZ Speaks Publicly About China’s Digital Currency https://suncryptocurrency.com/binances-cz-speaks-publicly-about-chinas-digital-currency Thu, 14 Nov 2019 05:31:26 +0000 https://suncryptocurrency.com/binances-cz-speaks-publicly-about-chinas-digital-currency Binance CEO Changpeng Zhao, better known as CZ, predicted that the digital Renminbi token (RMB) would be based on blockchain.  Speaking today at BlockShow Asia 2019, CZ shared his thoughts on the digital currency in development by the People’s Bank of China.  The details of this currency are not officially...

The post Binance’s CZ Speaks Publicly About China’s Digital Currency appeared first on Sun Cryptocurrency.

]]>


Binance CEO Changpeng Zhao, better known as CZ, predicted that the digital Renminbi token (RMB) would be based on blockchain. 

Speaking today at BlockShow Asia 2019, CZ shared his thoughts on the digital currency in development by the People’s Bank of China. 

The details of this currency are not officially known. It will certainly not be as decentralized as Bitcoin (as it will be issued by the central bank), but CZ thinks it is going to be a blockchain-based version of RMB. He explained his reasoning: 

“The Chinese government wants to push RMB’s influence globally. They want RMB to be competitive with the US dollar. In order to do that they really need to push this currency to have more freedom.” 

He went on to discuss the merit of having more choices among blockchain currencies in general: “Having is better than not having. Having stablecoins is better than not having them. Having Libra is better than not having it.” 

Addressing President Xi’s recent remarks about blockchain

Last month, China’s President Xi Jinping called for the country to accelerate its adoption of blockchain technologies. He didn’t specifically call out Bitcoin or other cryptocurrencies, but CZ thinks the message brings positive effects to the industry as a whole. 

“Everyone that I’m in touch with who was laughing at blockchain before is looking at blockchain now. I think that’s a huge sign for our industry. When you learn about blockchain, you almost have to learn about Bitcoin. If you learn about smart contracts, you will have to learn Ethereum.” 

Bitcoin price spiked after Xi’s remarks last month. Some investors predict the Chinese digital currency will be issued within 2-3 months.





Source link

The post Binance’s CZ Speaks Publicly About China’s Digital Currency appeared first on Sun Cryptocurrency.

]]>
Travel Company Allows Customers to Book Flights With Bitcoin https://suncryptocurrency.com/travel-company-allows-customers-to-book-flights-with-bitcoin Thu, 14 Nov 2019 03:42:13 +0000 https://suncryptocurrency.com/travel-company-allows-customers-to-book-flights-with-bitcoin Alternative Airlines, a travel company based in the United Kingdom, has partnered with cryptocurrency service Utrust to facilitate payments with crypto. On Nov. 13, the Swiss-based digital payments processor Utrust announced a new partnership with its first merchant in the travel industry, Alternative Airlines. The two companies plan to provide...

The post Travel Company Allows Customers to Book Flights With Bitcoin appeared first on Sun Cryptocurrency.

]]>


Alternative Airlines, a travel company based in the United Kingdom, has partnered with cryptocurrency service Utrust to facilitate payments with crypto.

On Nov. 13, the Swiss-based digital payments processor Utrust announced a new partnership with its first merchant in the travel industry, Alternative Airlines. The two companies plan to provide customers with the ability to book flights while paying with cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Dash, DigiByte (DGB) and Utrust’s native token UTK. 

Search over 650 airlines and pay with crypto

The collaboration between the two companies will introduce instant cross border transactions, buyer protection, and crypto-to-cash settlements to the clients of Alternative Airlines. The travel firm’s website allows customers to search from over 650 airlines such as Delta, United, British Airways, Virgin and Emirates, among others. Utrust CEO, Nuno Correia, said:

“For business or leisure, flight travel can be expensive with consumers saving for months to afford a trip. Considered a high ticket item, it is imperative that consumers are protected when booking flights. Utrust is providing Alternative Airlines’ customers with the increased security and convenience of cryptocurrency payments, and reducing processing fees, to bring greater transparency and trust to the world of online payments.”

In August, it was reported that Portuguese sports club SL Benfica had partnered with Utrust to facilitate payments via cryptocurrency for tickets and merchandise. The new payment option will allow fans and customers to buy tickets and any products on the club’s website with Utrust’s native token (UTK), and with top cryptocurrencies Bitcoin and ether.

Bitcoin ATM installed at Miami International airport 

For those who wish to fly from the Miami International Airport and pay for their tickets with BTC, Bitcoin ATM firm Bitstop just installed one of its machines at the airport in mid-October. The airport’s first Bitcoin ATM was last reported to be in concourse G, next to gate 16. 

Bitstop co-founder and chief strategy officer Doug Carrillo pointed out that more and more people prefer to travel with Bitcoin instead of cash for convenience and security. He said:

“Miami International Airport is a perfect place for our customers to conveniently exchange their dollars for Bitcoin and vice versa when traveling domestically or abroad.”





Source link

The post Travel Company Allows Customers to Book Flights With Bitcoin appeared first on Sun Cryptocurrency.

]]>
NEO Founder Explains Why the Internet Is Imperfect https://suncryptocurrency.com/neo-founder-explains-why-the-internet-is-imperfect Thu, 14 Nov 2019 03:23:23 +0000 https://suncryptocurrency.com/neo-founder-explains-why-the-internet-is-imperfect Kicking off the first panel of BlockShow Asia 2019, NEO founder Da Hongfei shared his views on the current state of decentralized web: “The internet is a great invention. It looks almost perfect. But is it really?” Citing examples like the Cambridge Analytica scandal and the Equifax hack, he highlighted...

The post NEO Founder Explains Why the Internet Is Imperfect appeared first on Sun Cryptocurrency.

]]>


Kicking off the first panel of BlockShow Asia 2019, NEO founder Da Hongfei shared his views on the current state of decentralized web:

“The internet is a great invention. It looks almost perfect. But is it really?”

Citing examples like the Cambridge Analytica scandal and the Equifax hack, he highlighted a critical isolation problem plaguing the Web, leading to monopoly, centralization, abuse, and single points of failure. 

He brought up other challenges, including vertical friction, the lack of internationally accepted Web standards, and the general immaturity of technology — these issues could postpone the coming fusion of the physical and biological world, which he called the “industrial revolution 4.0.” Increased competition can help. He also offered the following:

“These standards should be transparent and decentralized. Data ownership should be given back to the users.”

Da Hongfei cited Gartner, saying the blockchain industry will generate $3.1 trillion of value by 2030 that is equivalent to the combined market cap of FAANG. So what should the future of the internet be?

“In the future, I believe today’s applications will become legacy applications. New blockchain applications will go from marginal, to alternative, and eventually to mainstream.”





Source link

The post NEO Founder Explains Why the Internet Is Imperfect appeared first on Sun Cryptocurrency.

]]>
Canaan Creative Sets Terms, Plans to Rake in $100 Million in Upcoming US IPO https://suncryptocurrency.com/canaan-creative-sets-terms-plans-to-rake-in-100-million-in-upcoming-us-ipo Thu, 14 Nov 2019 02:18:43 +0000 https://suncryptocurrency.com/canaan-creative-sets-terms-plans-to-rake-in-100-million-in-upcoming-us-ipo Chinese cryptocurrency mining giant Canaan Creative has announced terms for its United States initial public offering (IPO) planned for later this month. On Nov. 13, Renaissance Capital reported that Bitcoin (BTC) mining giant Canaan Creative announced its plans to raise $100 million by offering 10 million American depositary shares (ADS)...

The post Canaan Creative Sets Terms, Plans to Rake in $100 Million in Upcoming US IPO appeared first on Sun Cryptocurrency.

]]>


Chinese cryptocurrency mining giant Canaan Creative has announced terms for its United States initial public offering (IPO) planned for later this month.

On Nov. 13, Renaissance Capital reported that Bitcoin (BTC) mining giant Canaan Creative announced its plans to raise $100 million by offering 10 million American depositary shares (ADS) at a price range from $9 to $11. This would potentially put the company’s overall market value at some $1.6 billion, with an enterprise value of $1.4 billion.

An ADS is a U.S. dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange. 

First SEC filing for China-based mining firm

In October, Canaan Creative filed with the U.S. Securities and Exchange Commission (SEC) for an IPO intended to raise $400 million, with plans to be listed on the Nasdaq under the ticker CAN. If Canaan is successful, the mining company could become the first China-based mining firm to see public trading in the U.S. 

As part of its registration to conduct an IPO in the United States, Canaan revealed its Q3 net profit to be 94 million yuan ($13 million). Although the company generated revenue of just over $134 million in the first nine months of 2019, weaker performance early on has still resulted in a total comprehensive income loss of around $31 million.

One of three Chinese mining giants

Canaan, which is one of the three major Chinese crypto mining companies alongside Bitmain and Yibang International, previously attempted to launch an IPO in Hong Kong and China, but both attempts failed after regulators pored over their business model and financial outlook. Bitmain, which enjoys a 75% market share of the crypto hardware market worldwide, has likewise tried to complete an IPO, thus far meeting with failure. 

In October, Bitmain opened what it claimed to be the world’s largest facility for Bitcoin mining in Rockdale, Texas, which was completed thanks to a collaboration with the Rockdale Municipal Development District and Canadian technology firm DMG Blockchain Solutions.





Source link

The post Canaan Creative Sets Terms, Plans to Rake in $100 Million in Upcoming US IPO appeared first on Sun Cryptocurrency.

]]>
Cointelegraph Moderates First Crypto Media Gathering at BlockShow Asia 2019 https://suncryptocurrency.com/cointelegraph-moderates-first-crypto-media-gathering-at-blockshow-asia-2019 Thu, 14 Nov 2019 02:12:08 +0000 https://suncryptocurrency.com/cointelegraph-moderates-first-crypto-media-gathering-at-blockshow-asia-2019 The pace of the crypto market’s expansion would have been much slower without the contribution of dedicated media outlets. Google searches for terms like “Bitcoin” and “blockchain” skyrocketed in the last few years — alongside the spike in crypto prices. This suggests that people have a thirst for understanding more...

The post Cointelegraph Moderates First Crypto Media Gathering at BlockShow Asia 2019 appeared first on Sun Cryptocurrency.

]]>

The pace of the crypto market’s expansion would have been much slower without the contribution of dedicated media outlets. Google searches for terms like “Bitcoin” and “blockchain” skyrocketed in the last few years — alongside the spike in crypto prices. This suggests that people have a thirst for understanding more about how cryptocurrencies and blockchain work, and it is the job of the media to provide accurate information and market updates.

Nevertheless, gathering high-profile crypto journalists and media representatives under the same roof for a collaborative effort turns out to be quite a challenge in today’s competitive environment. Despite everything, Blockshow Asia 2019 managed to organize a panel called Medialogue, which gathered top journalists from major media agencies covering crypto as well as public relations representatives. The event, which took place on Wednesday, Nov. 13, in Singapore’s Oasis Hotel Downtown was moderated by Cointelegraph.

The meeting featured several Cointelegraph journalists, including:

The topics of the panel revolved around incidences of scam projects promoted throughout the media, as well as questions concerning revenue, which included topics such as advertising and sponsored content. Other topics related to the evolution of the crypto space from Bitcoin to an entire ecosystem of digital assets and also about the specific types of content covered in various regions. 

Attendees concluded that media is forced to rely on ads and sponsored content in order to thrive in such a fast-growing industry. However, this might be a double-edged sword when it comes to maintaining neutrality and providing real value to the community — which means due diligence is mandatory.

Public relations managers also bare a high degree of responsibility, as they act as an important intermediary channel between crypto projects and media. The invitees debated the best ways that PR manager could share crypto stories with journalists, concluding that there were several justified approaches.

Kristina Cornèr, Cointelegraph’s senior editor and head of features, expressed her thoughts about the value of such an event as the Medialogue:

“Discussions are an essential part of our community. We are still at a very early stage in the blockchain industry, and that means cooperation between journalists is an indispensable feature for the further adoption of the technology. We should talk more about the challenges and issues, and about bringing quality journalism into the decentralized sector.”

Interestingly, the audience suggested that the space needs a wire service, much like the Bloomberg Terminal, for the crypto industry.





Source link

The post Cointelegraph Moderates First Crypto Media Gathering at BlockShow Asia 2019 appeared first on Sun Cryptocurrency.

]]>
BaFin Orders Gold-Backed Token Issuer to Cease-and-Desist Order https://suncryptocurrency.com/bafin-orders-gold-backed-token-issuer-to-cease-and-desist-order Thu, 14 Nov 2019 01:35:29 +0000 https://suncryptocurrency.com/bafin-orders-gold-backed-token-issuer-to-cease-and-desist-order The German Federal Financial Supervisory Authority (BaFin) has issued a cease and desist order to Karatbit Foundation to immediately stop unauthorized business in Germany.  BaFin alleges that Karatbit Foundation is issuing the KaratGoldCoin (KBC) without the necessary license, according to a Nov. 11 announcement. Karatbit describes itself as a provider...

The post BaFin Orders Gold-Backed Token Issuer to Cease-and-Desist Order appeared first on Sun Cryptocurrency.

]]>


The German Federal Financial Supervisory Authority (BaFin) has issued a cease and desist order to Karatbit Foundation to immediately stop unauthorized business in Germany. 

BaFin alleges that Karatbit Foundation is issuing the KaratGoldCoin (KBC) without the necessary license, according to a Nov. 11 announcement.

Karatbit describes itself as a provider of a blockchain-based payment system that enables users to conduct transactions with gold, as well as trade gold with cryptocurrencies. The company claims that over 500,000 acceptance points around the world and ten crypto exchanges support trading of gold and gold products for KBC.

Absence of the necessary licence and launched investigations

In the announcement, BaFin said that Karatbit conducted business in Germany without the necessary license. However, the regulator pointed out that although the order was effective immediately, it may still be subject to judicial review.

As The Guardian reported on Nov. 13, the public prosecutor in Stuttgart had also initiated investigations into the company’s activities. In response to the allegations, Karatbars told the Guardian that no investigations into KBC had begun and ensured that “no customer or partner has ever incurred losses due to Karatbars and its products.”

Karatbars further argued that those German customers holding KBC received it as “only a free bonus gift that came with other Karatbars products,” and that BaFin’s ruling was based on a fake Karatbars website.

Contradicting share in a gold mine

To guarantee the stability of its tokens, Karatbars claims that it owns a share in a gold mine located in Madagascar that purportedly contains 900 million euros ($990 million) worth of the precious metal. Moreover, the company’s founder, Harald Seiz, said that the company had secured $100 million through sales of KBC.

In contradictory figures, the company specifically asserted in its white paper that “the gold mine in Madagascar having 900 billion euros was bought.” Seiz also reportedly failed to prove his ownership of a stake in the gold mine.

Moreover, Karatbars used former football stars Lothar Mattäus, Roberto Carlos and Patrick Kluivert’s images without their permission to promote its products. Kluivert and Matthäus denied their relation with the project.





Source link

The post BaFin Orders Gold-Backed Token Issuer to Cease-and-Desist Order appeared first on Sun Cryptocurrency.

]]>
Fintech Arm of Chinese Insurance Giant Files for US IPO After Blockchain Push https://suncryptocurrency.com/fintech-arm-of-chinese-insurance-giant-files-for-us-ipo-after-blockchain-push Thu, 14 Nov 2019 01:20:21 +0000 https://suncryptocurrency.com/fintech-arm-of-chinese-insurance-giant-files-for-us-ipo-after-blockchain-push OneConnect Financial Technology, the fintech arm of China’s largest insurance company, filed a prospectus on Wednesday for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The firm plans to list its shares on NASDAQ. OneConnect’s filing with the SEC today called for a target raise...

The post Fintech Arm of Chinese Insurance Giant Files for US IPO After Blockchain Push appeared first on Sun Cryptocurrency.

]]>

OneConnect Financial Technology, the fintech arm of China’s largest insurance company, filed a prospectus on Wednesday for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The firm plans to list its shares on NASDAQ.

OneConnect’s filing with the SEC today called for a target raise of $100 million, though that figure could go higher.

Reuters reported in September that the company was looking for a New York listing after it failed to go public in Hong Kong with a higher valuation. According to the report, the company had hoped to raise $1 billion through the IPO with a valuation of $8 billion.

The IPO’s underwriters include Morgan Stanley, Goldman Sachs, JPMorgan, HSBC and others.

The company is a unit of Ping An Insurance and directly backed by Japanese private equity giant SoftBank, which led a Series A funding round valuing OneConnect at $7.5 billion in 2018, according to Ping An’s 2018 annual report.

Ping An has filed for the second-most blockchain patents in China, with 274 at the end of the first half of 2019, according to its annual report, which said that OneConnect will dedicate 1 percent of its annual revenue to blockchain development.

OneConnect has eight dedicated research institutes and 50 technology labs working on blockchain projects across financial services industries. Its FiMax blockchain network is said to improve data-sharing and privacy processes, according to a OneConnect white paper.

Grand ambitions

The white paper detailed both its existing and future projects across trade finance, asset securitization and supply-chain financing, as well as 14 use cases that can be applied to sectors outside of banking – including healthcare, real estate and smart-city management.

OneConnect was the first member of the R3 enterprise blockchain consortium in 2016, while exploring some of its applications with the Hyperledger-based technical infrastructure.

Blockchain is one of the company’s four major business lines along with artificial intelligence, big data and cloud services that could use blockchain technologies, according to OneConnect’s website.

Two of its projects were included in the latest blockchain projects registration list filed with the China Cyberspace Administration in October. They included a data analytics platform and a blockchain-based voting and decision-making system.

According to the 2018 annual report, OneConnect has worked for more than 200 Chinese banks, 200,000 enterprises and 500 government and commercial institutions.

NASDAQ image via Shutterstock



Source link

The post Fintech Arm of Chinese Insurance Giant Files for US IPO After Blockchain Push appeared first on Sun Cryptocurrency.

]]>
Bitcoin Miner Maker Canaan Sets $100 Million Target for US IPO https://suncryptocurrency.com/bitcoin-miner-maker-canaan-sets-100-million-target-for-us-ipo Thu, 14 Nov 2019 00:26:16 +0000 https://suncryptocurrency.com/bitcoin-miner-maker-canaan-sets-100-million-target-for-us-ipo Canaan, the world’s second-largest bitcoin miner maker, intends to raise about $100 million in its initial public offering (IPO) in the U.S. The Hangzhou, China-based manufacturer of the Avalon bitcoin miner updated its IPO application with the U.S. Securities and Exchange Commission (SEC) on Wednesday. It’s aiming to offer 10 million American depositary shares...

The post Bitcoin Miner Maker Canaan Sets $100 Million Target for US IPO appeared first on Sun Cryptocurrency.

]]>

Canaan, the world’s second-largest bitcoin miner maker, intends to raise about $100 million in its initial public offering (IPO) in the U.S.

The Hangzhou, China-based manufacturer of the Avalon bitcoin miner updated its IPO application with the U.S. Securities and Exchange Commission (SEC) on Wednesday. It’s aiming to offer 10 million American depositary shares (ADS) with each at a price of between $9 and $11.

If Canaan receives enough investment interest, the offering would rake in $100 million, making it the first major bitcoin miner maker to go public in the traditional stock market.

With that offering size, it would also mean Canaan commands a diluted market value of about $1.5 billion with about 2.3 billion outstanding ordinary shares after the offering. Each ADS would represent 15 Class A ordinary shares of Canaan, according to the updated filing.

In Canaan’s initial IPO filing from late October, the company set a placeholder amount of $400 million for its IPO ambitions. The latest figure may still be revised prior to its final listing.

Previously, Canaan revealed on Nov. 5 that it brought home a profit of $13 million on revenues of $95 million for the third quarter of 2019. It reported a net loss of $45 million for the first half of 2019.

Canaan chairman Kong Jianping image via Poolin



Source link

The post Bitcoin Miner Maker Canaan Sets $100 Million Target for US IPO appeared first on Sun Cryptocurrency.

]]>