Novogratz Raised $250M For New Crypto Bank

One of the first investor of Galaxy Digital is founder and CEO of Foxconn
08 February 2018   194

Former fund trader for Wall Street, billionaire and crypto enthuisiast Mike Novogratz raised $250M for hiis new enterprise - a cryptocurrency investment venture dubbed Galaxy Digital. This is reported by Coindesk.

New company will enable to trade and manage cryptocurrency assets and offer consultancy services to blockchain startups.

According to Economic Daily News from Taiwan, founder and CEO of Foxconn is one of investors with $18m investment.

According to report, investors are likely to buy the Galaxy Digital's shares. This will allow Novogratz's firm to be listed on a Canadian stock exchange without disclosing its financials.

Mike Novogratz left Fortress Investment Group LLC in 2015 after the macro fund he managed lost money.

Month after Novogratz formally unveiled the plan of launching Galaxy Digital on Jan. 9. Yet the venture announced at the time it will not offer any services to U.S. residents.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   95

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.