Arrington XRP Capital Fund received a subpoena

A total of 80 firms have already got SEC subpoenas
03 March 2018   1269

It is reported by CNBC that Michael Arrington's $100 mln worth cryptocurrency hedge fund received a subpoena from US SEC on Friday, March 2. This fact is yet another confirmation of the ongoing scrutiny in the cryptocurrency industry. Despite the subpoena nature, this news is not disrupting at all as long with Arrington's fund, other funds receiver the same subpoenas. The regulations are clearly on the way, and TechCrunch founder stressed his willingness to comply to the coming regulations,

That's fine. They [the SEC] just have to figure out what they want. They need to set up rules so we can all follow them, and the market is begging them for that.

 

Michael Arrington

Founder, XRP Capital Fund

But for the time being the content and the spirit of the regulations are yet to be known. And the stalling is not helping at all. The lack of details on the crypto-specific regulations has led some US based projects to move out of the country elsewhere - a rather unbecoming sign.

It's a shame: the U.S. has just frozen itself.

 

Michael Arrington

Founder, XRP Capital Fund

To remind the readers, earlier in February SEC has declared all ICOs to be regarded as securities.

SendFriend to Raise $1.7 from Ripple & Mastercard

SendFriend got into the business accelerator "Barclays powered by TechStars" in September 2018
13 February 2019   160

New York-based payment startup SendFriend, focused on the use of XRP tokens for international remittances, closed a $ 1.7 million financing round from Barclays and fintech, Ripple, CoinDesk reports.

Mastercard Foundation, MIT Media Lab, Techstars Incubator, Mahindra Finance, 2020 Ventures and 8 Decimal Capital also took part in the round.

Note that SendFriend got into the business accelerator "Barclays powered by TechStars" in September 2018.

According to the representatives of the startup, the funds raised will be used to expand the staff, work with the community and marketing.

Initially, a startup will focus on labor migrants from the Philippines who regularly make remittances to their homeland from the United States. Converting US dollars to XRP tokens, and then to the Philippine peso, according to SendFriend, took few seconds.

It is noteworthy that SendFriend commissions will be 65% below the average in the traditional cross-border transfer industry.