Entera Raises 7.5M to Expand Residential Real Estate Technology Platform
Company News

Entera Raises $7.5M in Funding to Expand Real Estate Platform to Professional Investors

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Leading real estate tech platform Entera, announced that it has managed to secure $7.5 million in a funding round that was led by Craft Ventures and Bullpen Capital. Chris Heller and ValueStream Ventures are other major participants in funding. The Entera platform provides its customers with data-based intelligence so that they can make informed decisions with regards to buying residential real estate.

The company has stated that it is going to use the fresh capital to expand its service to professional investors. Eric Wiesen, General Partner at Bullpen Capital, said,

As more professional capital moves into residential real estate, companies like Entera who provide leading technology and tools and a highly experienced team will play a critical role.

He also stated that although the real estate market has moved online, there was no platform like Entera that consolidated professional investors. The company is going to use the fresh capital to make further advancements to its technology so that it can cater to the specific needs of professionals. The company claims that the platform has facilitated transactions worth $12 billion for its customers this far.

However, one can expect that figure to go up significantly when it is opened up to professionals. It will not only have to strengthen the tech but also have to build up a world-class team of professionals. At this point, there are plenty of investors who have been using the platform for their purposes.

Entera’s Founder & CEO, Martin Kay, explained the virtues of the Entera platform for investors. He said,

Similar to brokerages like E-Trade and Charles Schwab, Entera delivers 100% cloud-based enterprise level solutions that enable investors to make the best decisions and buy with ease.

Entera platform offers its services in 11 markets in the United States currently. It is a fair assumption that it is going to expand its footprint significantly in the years to come. Moreover, professional investors almost always look for a platform that offers a larger market.

Santa Fe city councilor spent part of the money to buy gift cards for her volunteers
Private Equity

Santa Fe Newly Elected Councilor Slammed for Buying Gift Cards With Public Funds

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Jamie Cassutt-Sanchez, a newly elected city councilor from Santa Fe, has faced backlash on social media after her campaign finance report showed misuse of public funds. The report mentions that Cassutt-Sanchez spent $220 out of $15,000 she was given as public finance, for buying gift cards for her volunteers

Candidates in elections to the City Council are given $15,000 of taxpayer money as public financing, to allow candidates from all economic classes to fight elections by leveling the field. The candidates get a similar amount of taxpayer money to reach out and engage with the public. The City also contributes an amount equivalent to the private contributions raised by a candidate.

Defending her actions, Cassutt-Sanchez said she wanted to show her appreciation to her volunteers as they had spread out in the community to know about everyday problems that people in her constituency were facing. They then apprised her so she could make more informed decisions about solutions to their problems and then seek their votes for implementing those solutions.

She said,

They also helped me get a better understanding of what are some of the issues that our voters are facing, what are the things that they are hoping to get out of a city councilor.

She emphasized that the principle behind public financing of elections was to stop the influence of money in elections implying that she could only be accused of an error of judgment and not a violation of that principle as she had already won the election.

City Council spokeswoman Lilia Chacon laid out the legal position over the row, saying,

Publicly financed candidates and the use of payments from the fund must be used exclusively to pay expenses incurred in furtherance of the current campaign.

Cassutt-Sanchez also stressed that the cards were bought from a local coffees shop, perhaps suggesting that it was her way of boosting the local economy and hence, should be overlooked.

Lastly, Cassutt-Sanchez pointed out that to qualify for receiving public financing, the candidates had to collect $750 in private donations, and she had collected and handed over $900 to the City. The extra amount she collected would make the amount spent on the cards too minuscule to even consider.

World Chess to Host Hybrid IPO through Securitize Algorand
Stocks

World Chess Team Up With Securitize and Algorand to Launch Hybrid IPO

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To launch chess on E-Sports platforms, World Chess has joined hands with Securitize, and Algorand will launch a hybrid IPO, which is a Security Token Offering (STO) followed by an IPO. In the STO, World Chess will sell a 5% stake as security tokens; investors can convert these tokens to equivalent shares once an IPO takes place.

As all transactions of security tokens will be embedded on a blockchain, they cannot be altered or erased. STO will follow KYC and AML norms; thus, full transparency will be maintained about the users purchasing the tokens. The STO will be vetted by financial regulatory agencies and even the exchange facilitating the sale of tokens. It will ensure that World Chess meets all the requirements for launching the STO.

World Chess’s CEO, Iyla Merenzon, has said that the funds from the STO would be used for the IPO and for promoting chess in the E-Sports arena. World Chess will also raise money from traditional financial institutions.

E-Sports and cryptocurrency both appeal to younger users in large numbers. An increasing number of E-Sports platforms are allowing cryptocurrency transactions. Thus, appealing to such users and letting them know that it shares their enthusiasm for cryptocurrency and blockchain technologies is a good move by World Chess. Selling security tokens is a way of connecting users with online Chess, thus, making them a partner in its success as an E-sport.

The popularity of E-Sports is growing in the US, and E-Sports platforms are working to integrate cryptocurrency with their games to allow micro-transactions within the game where users can both earn cryptocurrency and spend it within the game to buy skins, machines, guns, etc. As all the transactions within the game are recorded on a blockchain, they are immutable and cannot be erased. Thus, the user can access them each time he wants to play a game. Cryptocurrency is also being used to develop E-Sports on the line of pay-as-play, which means users will not have to pay for a fixed time to play a game but will pay only for the number of times they play a particular game.

It remains to be seen whether Chess will appeal to E-Sports users in its traditional form or will some changes be made in its rules to attract the E-Sports crowd.

SK Biopharm to raise at least W5tr in IPO
Company News

SK Biopharmaceuticals to Raise 5 Trillion Won in IPO After FDA Approves XCOPRI

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South Korean drug firm SK Biopharmaceuticals Co. Ltd. may release its Initial Public Offering (IPO) earlier than declared in its filing to the Korea Exchange and may seek to raise 5 trillion won through it; with the release of its shares planned for early 2020.

SK Biopharmaceuticals makes medicines for Central Nervous System disorders. The enthusiasm around its IPO is because the U.S. Food and Drug Administration approved its XCOPRI (cenobamate tablets) as a treatment for partial-onset seizures in adults. It opens the doors for the sale of XCOPRI in the U.S.

The approval was granted after two global, randomized, double-blind, placebo-controlled studies with adult patients who suffered uncontrolled partial-onset seizures. In both the studies, XCOPRI successfully reduced the frequency of seizures compared to placebo for a range of doses.

With this approval, SK Biopharmaceuticals became the first Korean company to develop a compound from the discovery stage to U.S. FDA approval. The firm plans to begin selling XCOPRI in the US in the second half of 2020 after completing a scheduling review by the Drug Enforcement Agency (DEA), which usually takes 90 days after FDA approval.

SK Biopharmaceuticals is an arm of SK Group. In a research note, SK Securities Co. has said that the corporate value of SK Biopharmaceuticals would reach 6.2 trillion won. Korea Investment and Securities Co. said in a report that market capitalization of SK Pharmaceuticals ranges from 5-10 trillion won.

SK Biopharmaceuticals IPO is expected to be the biggest IPO ever in South Korea.

Waves Enterprise Releases Major Network Upgrade
Company News

Waves Enterprise Announces Major Network Upgrade

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Waves Enterprise is in the wake of announcing a major upgrade in its network.

The new Version 1.0 is about to undergo a complete evolution with improvements to the platform. The version is particularly designed for use by enterprises and the public sector. The release will inhabit smart containerized contracts with better performance, advanced tools along with an enhanced API.

By 2021, 90% of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence, according to Gartner. Our solution will be relevant for many years to come. The release features containerized smart contracts improved performance, new tools, and an upgraded API. Besides, we have focused on security for the existing protocol. In speed, our solution now surpasses all available corporate solutions in the market,

– says Artem Kalikhov, CPO of Waves Enterprise.

The project, with its inception in 2019, was specialized in offering a global blockchain solution suitable for large firms, businesses as well as for the public sector.

The platform that was launched earlier was designed to cater to the needs of enterprise blockchain firms. It featured a high-end network that came with private as well as hybrid blockchains, several encryption modules, and smart contracts composed in any of the prominent programming languages.

New Features:

The new updates have some key features in the highlight with a significant functionality for the enterprise customers:

New Authorization Service

There is a new authorization service incorporated into the system to attain enterprise-grade security with version 2.0 specification. Earlier, the Waves Enterprise API had been publicly functional, but now the customers are required to sign in before making use of the API. This step is particularly taken to increase security.

The platform now has support for more than one account, for instance, different blockchain addresses with a single login password. The admin of the Node is now handed over the control keys included with the Keystore from the client app.

Feature to Update Containerized Contracts

The new update also enables seamless updation of the contracts, without inflicting unsolicited problems. It is ensured by maintaining the utmost security in the state.

The Versions are subjected to automatic updates, and hence eliminates any hope for the fraudulent activists.

It also has improved PoA and PoS stability consensus algorithms.

Enhanced Blockchain Speed

There is stability for 2 cores, 8 GB RAM nodes in the new update. There is a 2MB block created by the network within 12 seconds. It enables 10,000 transactions in a single block and micro blocks within 500 milliseconds.

The update also features a bandwidth of 8 Mbit/s or 1MB/s on an enterprise blockchain network. This Bandwidth is expandable to 2 MB/s.

Waves Enterprise enables you to enforce business processes like workflow, supply chain management, procurement systems, etc. over a trustworthy blockchain infrastructure. And that is what it intends to do with its brand new update. The update will supposedly draw significant attention from large as well as mid-scale companies.

Muthoot Finance to buy IDBI AMC
Stocks

Muthoot Finance to Buy IDBI AMC and IDBI MF to Enter Mutual Funds Sector

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Gold loan provider Muthoot Finance has agreed to buy 100% equity in IDBI Asset Management (AMC) and IDBI Mutual Fund (MF) Trustee Company for Rs 215 crore.

The company revealed this information in a filing to the Bombay Stock Exchange. It further clarified that it planned to complete the transaction by February 2020, provided there were no regulatory issues.

On completion of the transaction, both IDBI Asset Management Ltd and IDBI Mutual Fund (MF) Trustee Company will become wholly-owned subsidiaries of Muthoot Finance.

The mutual fund space has 44 companies who between them have AUM over Rs 26 lakh crore.

With this deal, Muthoot Finance will mark its entry in the mutual fund’s space. Beginning with gold coins, Muthoot has steadily entered other financial services areas like insurance, money transfer, foreign exchange, etc. Thus, customers can find a range of financial products with Muthoot Finance.

Started in 2010, IDBI MF offers 22 schemes across the country covering all levels of investors, with Assets Under Maintenance (AUM) of approximately Rs 5,300 crore.

George Alexander Muthoot, Director of Muthoot Finance, said that IDBI MF was a trusted brand in the mutual fund space with a loyal customer base. He further said,

At Muthoot, we pride ourselves in venturing into mutual fund space through such an established player. The business objectives and customer-centric approach that we follow within Muthoot Group is well aligned with the business objectives of the mutual fund industry.

ICICI Securities were advisors on the deal for IDBI MF, and IDBI Asset Management and J Sagar Associates were their legal advisors. AZB and Partners were legal advisors for Muthoot Finance.

The CFA Institute from UK is introducing a new qualification in environmental
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CFA’s UK Branch Launch ESG Qualification for Investment Professionals in December

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In a bid to boost knowledge in social, environmental, and governance in the investment sector, the UK branch of renowned CFA institute has decided to launch a new qualification program in environmental, social, and corporate governance popularly known as ESG Investing. With the launch of this new qualification program, it will become the first qualification of its kind in the country. It will have sector-wide availability to scores of investment professionals based in the UK.

The CFA UK’s Certificate in ESG Investing will remain available for investment professionals in the UK right from December this year.

The Certificate has got recognition from Principles of Responsible Investment or PRI. PRI is a famous UN-sponsored body. The Certificate has been launched amid the surging interest in ESG from investors.

As of now, more than 500 applicants have already enrolled to complete the Certificate course, and they can take the exam beginning from December 2, 2019.

According to reports, the new qualification program is likely to be introduced in several other markets from next year. And, it may cover Asian markets as well, where the demand has witnessed a sharp rise from private and institutional investors for expert advice on ESG and workable investing.

The launch of the Certificate program has come on the heels of a pilot program organized earlier this year in September. The pilot program was designed to make sure that the training materials created for the qualification were adequate and strong enough.

Over 160 students from nearly 60 firms had participated in the pilot program, and it accomplished a fairly good pass rate.  The students who took part in the pilot program depicted a vast range of the profession that included asset owners, consultants, asset managers, and pension providers.

Most of them were senior professionals with 32 percent already achieved CFA designation, and 34 percent have the Investment Management Certificate (IMC).

Will Goodhart, chief executive of CFA UK, said:

CFA UK’s new Certificate in ESG Investing was designed to augment practitioners’ technical and ethical competency, enabling them to serve their clients to the best of their ability.

Closure of Two Car Dealers Causes S$331,000 Loss to Customers
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Closure of Two Car Dealers Causes S$331,000 Loss to Customers

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According to an alert from the Consumers Association of Singapore (CASE) today, thousands of customers have lost money owing to the sudden closure of two car dealers. In a press release, CASE stated that it had received three complaints about the closure of Universe Motoring and five more over the closure of Karz Automobile. The consumers’ body stated that the complaints were received between September 1, 2019, to October 31, 2019.

As per the complaints filed by the customers, they had entered into contracts to purchase second-hand vehicles from the two dealers. However, even after they had made the payments and even taken delivery of the cars, the two dealerships did not transfer ownership.

Vehicle ownership records need to be updated with the Land Transport Authority (LTA), and the two companies did not do this. According to CASE, customers ended up making losses to the tune of S$331,000 due to the closures.

It is also important to note that CASE has received such complaints in the past. The body revealed that from December through to September 2019, it received as many 26 complaints related to the closure of 7 car dealers. Due to those closures, customers suffered losses amounting to as much as S$821,504. According to rules, ownership transfer needs to be done in a few weeks. Due to the prepayment from customers, finance companies eventually repossess the unregistered cars.

CASE association issued a warning to customers with regards to the entire situation and asked them to follow certain rules when doing business with car dealers. It stated,

“CASE would like to caution consumers that should the dealer not settle the outstanding financing, consumers run the risk of their cars being repossessed by the finance company despite having made full payment to the dealer and proceeding with the online application to transfer in good faith. CASE, therefore, advises consumers to refrain from making further payment to the dealer until the dealer shows that the outstanding loan has been discharged.”

Yahoo Finance Integrates Cryptocurrency in Partnership with CoinMarketCap
Company News

Yahoo Finance and CoinMarketCap Form Partnership to Share Cryptocurrency Data

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CoinMarketCap, which records the highest traffic among sites giving information about cryptocurrency prices, has formed a strategic partnership with Yahoo Finance, the financial news website of Verizon Media.

Yahoo Finance’s cryptocurrency data page will source cryptocurrency pricing, indices as well as educational content from CoinMarketCap.

CoinMarketCap indices Crypto 200 and Crypto 200 ex will be displayed on Yahoo Finance. These indices incorporate pricing from over 200 cryptocurrency exchanges worldwide and list cryptocurrencies that together have more than 90% global cryptocurrency market capitalization. Crypto 200 includes Bitcoin, while Crypto 200 ex excludes it. These indices give users an indication of global trends in the cryptocurrency market.

CoinMarketCap’s newsletter and blogs will be displayed on Yahoo Finance’s cryptocurrency screener landing page, which displays information about pricing, the transaction volume of different cryptocurrencies, as well as on individual cryptocurrency pages. CoinMarketCap will post more educational videos related to cryptocurrency and make them available on Yahoo Finance. Educational videos can be very helpful as users are more like to watch a 10-minute video on cryptocurrency than read a 700-word article on it.

The educational content on cryptocurrency can attract people from fields other than finance. Yahoo Finance will expose a greater audience to cryptocurrency.

Joanna Lambert, General Manager of Finance, Tech, Autos, and Membership, Verizon Media, said,

“By partnering with CoinMarketCap, we can provide timely and reliable crypto information to meet our audience demand.”

Carylyne Chan, Chief Strategy Officer at CoinMarketCap, expressed optimism that their partnership with a trusted financial and business news and data site like Yahoo Finance will increase the adoption of cryptocurrency among the masses.

CoinMarketCap recently introduced liquidity-based metrics for ranking market-pairs to weed out any exchange gaming the system. It is also planning to release a new pricing algorithm soon.

HitPay set to launch a Multi Cryptocurrency Wallet Very Soon
Company News

Hitpay Plans to Release a Multi Cryptocurrency Wallet

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Hitpay, the leader in providing crypto solutions is planning to take the crypto industry by storm with its full-fledged crypto wallet that has support for multiple currencies.

It aims to help people in optimal leveraging of the benefits of cryptocurrencies with this multi-currency innovation soon to be onboard.

The solution is designed keeping in mind the modern digital needs of the users and hence lets them store and gauge a number of different currencies a user owns in a secure, exclusive, and smart way.

The release will improve the user’s accessibility and its expanse in the arena of the crypto world, letting them garner the massive capabilities of cryptocurrencies.  The unique artificial intelligence mechanism will strengthen a user’s grip and control in the payment market. HitPay has a unique AI bot known as HitMan AI that does random trading, making profits for users.

Cryptocurrency ever since its inception, has taken various evolution paths contributing exponentially to every nation’s economy and finance. But let’s face it, the road was and is still full of unbridled challenges ranging from security to governance.

One of these hurdles is the ability to handle multiple currencies on a single platform efficiently without hassle.

A number of solutions and recommendations had been made in this regard, but none of them could stand up to the needs of the customers. HitPay has managed to resolve this one aspect of cryptocurrencies with its multi-currency management feature to a great extent.

The wallet can be used by every category of users, including the ones using cryptocurrencies in their transactions or are simply owning the cryptocurrencies.

HitPay wallet is incorporated with support from different cryptocurrencies like Bitcoin, Litecoin, Bitcoin Cash, Ethereum and more. This has let the transaction take place faster quicker and much safer. The wallet also enables users to exchange, send, or receive cryptocurrencies instantly in a single user account while adhering to the nature of the blockchain technology that is of utmost privacy, security, and anonymity.

This is not it. HitPay features some more unique benefits like free accounts with multi-cryptocurrency support accessible all the time from any corner of the world and on any modern devices like web and mobile apps.

The HitPay also has an extensively secured and strong service in-demand that lets customers minimize the efforts they spend on governing their crypto assets. It makes the usage transparent and hence, much more reliable and user-friendly.

The verdict clearly be stated as, the platform is simply great for people inquisitive about cryptocurrency trading and investments.