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BlockGen Corp Closes First Round of Series A

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Press Release updated: Apr 22, 2019

​​​​BlockGen Corp, a newly formed holding company for LendGenuity and Block+Sovrin, is pleased to announce the completion of its first round of venture capital financing of Series A Preferred Stock. Cavatina Capital LLC led the transaction alongside Charterhouse Strategic Partners. 

LendGenuity is a technology software provider to the US mortgage industry. LendGenuity’s newly released SAAS platform provides lenders a fully integrated end-to-end solution, sharing one data base across all origination components: A consumer portal (POS) empowering borrowers with unparalleled control of the origination process, a loan origination system (LOS) based on sequential and dynamic task management to efficiently coordinate processing and closing functions and a fully customizable rules based product, pricing and decision engine (PPE) making credit risk management, interest rate risk management and best execution a frictionless process.  LendGenuity’s all-digital SAAS platform stands out in the marketplace by operating across all mortgage origination channels and lending products including NQM with all three technology components developed with the same code-DNA. 

“The release of the LendGenuity POS+LOS+Eng software comes at a very unique time in the evolution of mortgage technology. Not only does the LendGenuity platform offer lenders best in class, cloud-based technology, it is affordable and easy to configure. The opportunity to bring this technology to market with the right financial resources, leadership team and shared vision is extremely exciting,” said Nelson Haws, Founder and President of LendGenuity.

Block+Sovrin is soon to unveil the mortgage industry’s first Mortgage Blockchain creating a truly virtual mortgage using a GSE compliant data structure comprising one version of the truth, shared across all parties on the network through an all-digital technology platform with no single point of failure or lender claiming ownership of the blockchain’s contents. Block+Sovrin’s Mortgage Blockchain is a decentralized and revolutionary approach to mortgage origination, reconfiguring a decades old process by putting the borrower in control of their data and eliminating many of the cost layers that burden the industry. Block+Sovrin’s Mortgage Blockchain employs a unique combination of private key cryptography, database synchronization and encryption algorithms to form a trust system which begins with and ends with borrower control over data transmission, retrieval and direction. The company’s patented technology platform is pending consent from the US Patent Office. Creating personal financial sovereignty through the blockchain is Block+Sovrin.       

“The blockchain is the most innovative and disruptive technology we have seen since the Internet. Our unique application of it to the mortgage process will profoundly impact the industry’s supply chain and substantially lower the cost to borrowers,” said Bill Roy Founder and President of Block+Sovrin. “Soon borrowers will be able to securely initiate loan transactions over the blockchain with pre-existing and pre-certified data, choose lenders from a marketplace and close their loans all from the palm of their hand.”      

“LendGenuity represents an exciting opportunity to invest alongside an innovative management team who has developed a unique SAAS platform to address an extremely large market. It also provides us the opportunity to work alongside Bill Roy again after having worked with Bill on an earlier fintech investment and other blockchain investment opportunities. We look forward to working with Bill and Nelson as they continue to grow the business and develop an expanded suite of services for the mortgage industry and other lending categories,” said Thomas C. Dircks, Managing Director of Charterhouse Strategic Partners. Mr. Dircks will become a member of BlockGen’s Board of Directors.

About Charterhouse Strategic Partners

Charterhouse Strategic Partners invests in North American based growth companies. The principals of Charterhouse Strategic Partners, while at Charterhouse, invested over $2 billion of institutional equity capital over the past 30 years and bring decades of board room experience to their portfolio companies having served as Chairman, former CEOs and Directors of various public and private companies. The firm invests its own capital into businesses it believes are able to create long-term value in growth markets. 

About Cavatina Capital LLC

Cavatina Capital is a strategic investment fund focused on blockchain technology. At the forefront of Cavatina’s investment opportunities is the Mortgage Blockchain, an initiative the fund got involved with in late 2017. The Mortgage Blockchain initiative is nearing its first full year of code design and is set to launch in the summer of 2019. The US mortgage industry is on the cusp of great technological change. The convergence of recent mortgage technology innovation, a newly standardized mortgage data set and blockchain technology will profoundly impact the industry for many years to come. Cavatina plans to capitalize on other lending channels that spawn from the Mortgage Blockchain using the same architecture and decentralized approach to financial data.     

Media Contact

Nelson Haws

P: 561-910-8622 

E: nhaws@lendgenuity.com

Source: BlockGen Corp

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Robinhood Zero-Fee Trading App Officially Launches in New York

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American stock brokerage Robinhood Crypto has officially launched its zero-fee crypto trading app in New York, the company announced in a blog post on May 23.

Following the acquisition of a BitLicense by the New York State Department of Financial Services (DFS) in January 2019, Robinhood now allows New York citizens to trade in seven major cryptos with no commission fee using its Robinhood Crypto platform.

From now, the Robinhood Crypto service is available in 39 states in the United States, including California, Washington and Florida, among others.

The Robinhood trading app allows for the trading of bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), bitcoin SV (BSV), ethereum classic (ETC) and dogecoin (DOGE). Robinhood users can also track price alterations and updates for those cryptos and 10 additional coins, the blog post notes.

Earlier in April, Robinhood applied for a bank charter with regulators in the U.S. in order to offer traditional banking products and services.

Previously, the DFS granted a BitLicense to a institutional-grade crypto trading platform Tagomi Trading, enabling the company to offer trade routing and order execution services for non-security cryptos including bitcoin, ethereum, litecoin and bitcoin cash.

Recently, on April 18, Bloomberg reported that the ICE was considering acquiring a New York BitLicense to launch bitcoin futures, citing anonymous sources familiar with the matter.

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Here’s Why Bitcoin, Ethereum and Litecoin is undervalued at Spot Rates

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Heres-Why-Bitcoin-Ethereum-and-Litecoin-is-undervalued-at-Spot-Rates

Bitcoin, Ethereum and Litecoin are still incredibly undervalued as present valuations stand. This is on account of the potential of these coins and planned upgrades to make them better according to a crypto trader and enthusiast.

Yes, Bitcoin may have rallied back to possible bull territory. However, it is still fair to say that the coin sits below its true and projected position as a currency and security. Bitcoin came about as an alternative currency with decentralization as a catch for investors and enthusiasts alike.

Bitcoin is resilient and has shrugged off legitimacy questions from naysayers time and time again. The price volatility is just a consequence of intense speculation and uncertainty common with new inventions. Nonetheless, Bitcoin’s transcendent ability to transform the financial world remains effectively eliminating borders and regulatory overreach.

Bitcoin as Digital Gold

Bitcoin is a finite currency. Notably, every fiat currency will return to its inherent value of zero at times of hyperinflation. This is clear from the Venezuelan Bolivar which is worth less than its printing paper at the moment. In this light Bitcoin can become an alternative to collapsed currencies especially in failed states.

It’s become a trusted alternative when fiat money’s value is corrupted by politics”

-John McGinnis and Kyle Roche of Wall Street Journal.

The limited availability means Bitcoin can efficiently store value at times of financial crises. This is eerily similar to gold which is also a great commodity to store value that rises in value in hard times for fiat. This has led to some proponents calling Bitcoin digital Gold and rightfully so. As such, the value of $8,000 is momentary as the developed world economy is still doing well.

Ethereum And Litecoin As Alternatives

Ethereum is a great alternative for Bitcoin. That said, the price of $270 is still on the low because of the incredible potential given the possibilities of Smart contracts. More significant is the upcoming Serenity or Ethereum 2.0 upgrade. This upgrade will significantly improve the coin by incorporating technical improvements that improve scalability and performance. At the premier Ethereum Supermeetup, hosted at Token2049, Vitalik Buterin explained the update as follows;

“(It is) a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”

Ethereum is in this regard still on the downside price-wise. The upgrades are necessary and timely to keep the protocol efficient.

Litecoin, on the other hand, is essentially a better version of Bitcoin. This is because the coin, while having essentially the same possibilities as Bitcoin, is more adaptable to change such as the introduction of smart contracts.

Charlie Lee, a former Google employee, who founded Litecoin, has also given financial support to the Lightning Network.  There are also possibilities of incorporating Mimble Wimble that will inherently scale the network while introducing better security and privacy for the end user. When we add the halving mix in the equation, investors and traders are convinced that we are in the early stages of a mega bull run that will propel asset prices, valuing them fairly.

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Smart contract platform Fantom chooses Binance Chain for interoperability

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Binance Chain, the blockchain from cryptocurrency exchange company Binance, and DAG-based smart contract platform, Fantom, announced today they will be working together to create a multi-asset and cross chain ecosystem.

The Fantom team said it will be supporting a multitude of tokens including the ERC-20 standard, native Fantom token (FTM) standard, along with the BEP-2 token standard on Binance Chain.

“Our reason for choosing Binance Chain as our interoperability partner over any other blockchain is simple, we’re seeing an increasing trend of great projects moving towards Binance Chain, and we want to contribute to the Binance Chain ecosystem so that all these great projects may garner added value from our contributions. Binance and Binance Chain are in a rare position of having the strongest centralized exchange and liquidity on one end, and a very cohesive decentralized ecosystem on the other end, and we believe that there is no better partner for Fantom in its push for greater interoperability within the industry.”

The Fantom Foundation

The collaboration will offer Fantom users a chance to transact and trade FTM while being in custody of their own tokens on Binance DEX.

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Robinhood Opens Trading for 7 Cryptocurrencies in New York

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Robinhood, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.

Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.

From the press release:

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.

New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others,” according to NYDFS.

Many crypto startups have avoided the requirements entirely by becoming BitLicense refugees and refusing to do business in the state.

“Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here,” ShapeShift CEO Erik Voorhees complained in 2018 when asked about the controversial license at CoinDesk’s Consensus conference in New York.

Image courtesy of Robinhood

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Generation Bitcoin: 90% of Millennials Prefer Crypto to Gold: ETF Expert

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By CCN: The US investing industry stands on the precipice of a dramatic upheaval that could see bitcoin and other cryptocurrency assets replace gold in investor portfolios.

That’s according to Nate Geraci, president of the ETF Store, an independent investment advisor. He revealed in a Bloomberg TV interview that his millennial clients are clamoring to hold bitcoin in their portfolios – if only the SEC would let them.

Crypto in a Landslide: ETF Expert Says Millennials Plan to Kick Gold to the Curb

Responding to a question from Bloomberg analyst Eric Balchunas about whether he would ever invest client funds in a bitcoin ETF, Geraci stunned his fellow panel members when he said that millennial investors overwhelmingly desire to hold bitcoin instead of traditional hedge assets like gold.

How overwhelming? Ninety percent.

“When we talk to our younger clients – we have a core gold allocation in our portfolios, and they’ll ask about that and say, ‘What about crypto?’ And if you talk to, primarily millennials, and ask them which they prefer, bitcoin or gold, it’s a landslide. It’s not even close, it’s like 90% prefer bitcoin.”

Geraci’s bold claim was more anecdotal than scientific, but there’s plenty of hard data that demonstrates that younger investors are vastly more comfortable with holding cryptocurrency in their portfolios than investors who grew up in the pre-digital era.

In April, a Harris Poll survey found that 18 to 34-year-olds are “very” or “somewhat” likely to purchase bitcoin within the next five years. That might not seem overwhelming, but consider that only 37% of Americans in that demographic currently own stocks.

Similarly, a February eToro survey found that 43% of millennials trust crypto exchanges more than stock exchanges, even though crypto trading platform hacks dominate the mainstream news cycle.

ETF Would Reduce Crypto Investing Risks

bitcoin etf vaneck bitcoin price

ETF Store President Nate Geraci said that there is rabid demand for a bitcoin ETF, especially among millennials. | Source: Shutterstock

Nate Geraci further pointed to the success of the $1.5 billion Bitcoin Investment Trust (OTC: GBTC) as proof that there is sufficient market demand for a crypto ETF.

He noted that the over-the-counter product regularly trades at a staggering premium to the underlying value of its BTC assets. That’s because GBTC shares fluctuate based on supply and demand, not just the price of bitcoin. An ETF, he said, would flatten that premium and thus reduce investor risk.

“It seems a bit incongruent to me that we have that product out there trading, where investors really could get hurt if they don’t understand that premium, but we don’t have a bitcoin ETF.”

“The demand is there,” he concluded.

SEC Kicks the Bitcoin ETF Can Down the Road

Unfortunately for crypto bulls, millennials aren’t the ones manipulating the levers of the Securities and Exchange Commission (SEC), which holds unilateral authority to approve or deny bitcoin ETF applications.

The SEC, as CCN reported, continues to punt on the issue. Last week, the regulatory agency extended its long trend of delaying ruling on cryptocurrency products when it postponed its decision on the VanEck/SolidX Bitcoin ETF to August 19. Most industry insiders expect the SEC to delay the VanEck/SolidX product again, pushing its final ruling until October 18.

Dave Nadig, the managing director of ETF.com, said that he believes the SEC is still in “information gathering mode” but that there is a “reasonable chance” regulators approve the first bitcoin ETF before the end of 2019.

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