Industry Report: Deutsche Bank Bailout Unlikely
Deutsche Bank isn’t likely to receive a bailout, UnoCoin sets a new funding record, and Velocity invites you to try “simple” smart contracts. Want to catch up on your latest tech and digital currency news? Read the stories below.
Deutsche Bank is on the edge of financial crisis. Currently facing a $14 billion USD fine from the U.S. Department of Justice, German legislators have stated they are not likely to aid of any major banks should they go under.
Germany is attempting to avoid the same financial mistakes made in 2008 when, following an economic meltdown, major players were bailed out with taxpayers’ money. This time around, resistance to taking such a step is growing daily. Deutsche Bank is presently struggling to reach a deal with U.S. lawmakers and is looking to release 1,000 separate employees. Bitcoin is being eyed as a potential lantern in darkness, but the EU is instilling new tactics to crack down on anonymous bitcoin trading, hoping it will discourage terrorist funding.
India-based digital currency startup UnoCoin has raised nearly $1.5 million in a pre-Series A funding round. It’s the highest amount ever raised for a cryptocurrency business in India’s history.
Funds came from the likes of Blume Ventures, Mumbai Ventures, Digital Currency Group and Boost VC. Co-founder and CEO Sathvik Vishwanath expressed joy regarding the company’s success, stating:
“We’re honored to have this type of support from top investors. We started from my small hometown called Tumkur near Bangalore, and our goal from the beginning was to make it easy to get bitcoin in India. A few years later, we are now headquartered in Bangalore with 30+ employees, serving more than 100,000+ customers across the country and growing exponentially.”
Derivatives platform Velocity has gone live and is offering customers a demo version of their main product, the new “simple” smart contract built on Ethereum and operating via Ethereum’s test-net.
The contracts on based on ether price feeds, and require no third-party clearing houses, making Ethereum and similar platforms particularly popular among investors and digital currency enthusiasts alike. Chief architect Vignesh Sundaresan believes there’s a greater need for products like these now more than ever:
“Derivatives are financial building blocks if you think about it. They are everywhere around us. If you look at insurance, if you look at portfolio management, derivatives are very important.”
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Image courtesy of Seeking Alpha.