Swedish Digital Currency Exchange Cryex Raises $10 Million
Sweden-based digital currency exchange Cryex has raised $10m from investors including White Star Capital and Northzone Ventures. According to its website, launched 4th May, the Stockholm-based company seeks to bridge the gap between traditional financial markets and blockchain technology with a soon-to-be launched exchange product. Though details are scarce, this general focus was further addressed by Simon Nathanson, chairman of Cryex Clearing AB, in statements regarding the round. Nathanson said: "Cryex has a unique model to clearing and settlement and has all the necessary components in....
Related News
Bitcoin is gaining a foothold in European countries as of late. Multiple Bitcoin exchanges are either expanding to Europe or are securing funding to expand existing operations. The latest Bitcoin exchange to secure a round of seed funding is Cryex, based in Sweden. Cryex Secures $10m in Funding. The main goal of Cryex is to build a bridge between financial markets and the blockchain economy. Several companies are trying to break ground in this area, yet there are many different ways to pursue the goal. Cryex aims to utilize its team’s collective experience to provide quality financial....
It has been known recently in the news that the Swedish government wants to add VAT on Bitcoin trading after receiving a request by a Swedish man trying to establish a Swedish Bitcoin exchange (you can read the story here in Norwegian). The man that contacted the Swedish government is very dissatisfied with their answer and tries to combat their views on Bitcoin trading. He believes that if Sweden enables VAT on Bitcoin trading, it will become useless as a currency. The Swedish government explains that legal currencies are excepted VAT on trading, however they do not see Bitcoin as a legal....
Sweden-based blockchain startup Cryex is pushing back against reports it is seeking capital to stay afloat, instead pinning its lack of outward momentum and low earnings on a slow regulatory environment. Rising to prominence in May 2015 with $10m in funding, Cryex was among the first startups to explore blockchain technology in post-trade, a proposition that attracted investors including White Star Capital and Northzone Ventures. In the time since, post-trade has become one of the hottest use cases for blockchain, with Goldman Sachs projecting it could save the industry billions annually....
The Swedish Bitcoin exchange BTC-X is being forced by the Tax Authorities to disclose all of their customer's financial information. Tax Authorities have demanded the full customer transaction history, which will allow them to track every financial move, from the small Swedish bitcoin exchange BTC-X customers. This latest move made by the Swedish Tax Authority is an evident case of Privacy violation as we have never seen before. It looks like the government is seeking to take away the undeniable people's right to privacy. To make matters even more uncomfortable, this demand was made....
The Swedish prosecutor had argued in court that the man should be stripped of his illicitly earned Bitcoin at the equivalent value in fiat currency at the time of his conviction. The Swedish government has found itself in the unforeseen situation of paying out around $1.5 million worth of Bitcoin (BTC) to a convicted — and then jailed — drug dealer.Two years ago, the man was convicted in a Swedish court for having illegally earned 36 Bitcoin through online drug sales. Yet, Tove Kullberg, his prosecutor at the time, had used the Bitcoin’s equivalent value in fiat to make her case. The....