Demo Day Recap: 5 Boost VC Bitcoin Startups on the Rise

Boost VC, Adam Draper

Featuring 25 startups, 22 of which are focused on bitcoin or its open ledger, the blockchain, Boost VC’s Tribe 5 Demo Day showcased a flurry of early-stage companies, all bidding for coveted investor interest.

As stated by event emcee and Boost VC CEO Adam Draper, this particular demo day promised more bitcoin startups on one stage “than there have ever been in history”, meaning the task of standing out, and making progress on funding goals, was no small feat for those involved.

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Melotic Shuts Down Digital Asset Exchange

Screen Shot 2015-05-04 at 10.39.29 AMHong Kong-based cryptocurrency startup Melotic has announced that it is shutting down its digital asset exchange, citing a lack of sufficient growth.

In a 3rd May blog post, Melotic indicated that the cost of operating its platform had become prohibitive. The exchange, which hosts a number of altcoins and decentralized app (dapp) tokens, appears to have fallen victim to low trading volumes.

According to the post, users will have until 15th May to withdraw their balances, and deposits. After 15th May, the exchange will be shut off.

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Be Vigilant on Compliance, Coinbase Warns Bitcoin Startups

One of the largest players in bitcoin has warned fledging startups to remain vigilant on regulatory compliance issues.

Coinbase‘s associate counsel Sarah Hody urged entrepreneurs to follow the firm’s “proactive” stance in front of a packed audience at bitcoin developer meetup in San Francisco’s South of Market district.

Hody, who worked at several different law firms prior to joining the cryptocurrency space, noted that a number of other sectors, including food services and the automotive industry, have regulatory bodies that ensure consumer protection.

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CEX.IO Opens Bitcoin Exchange to US Market

Bitcoin exchange CEX.IO has expanded its operations to the US enabling customers in 23 states to deposit and withdraw fiat currency.

Citing Coinbase as its main competitor stateside, Helga Danova, chief editor at CEX.IO said that she was confident that they could become a “great alternative for US citizens and broaden the possibilities of buying bitcoin and trading other cryptocurrencies.”

The US launch comes amid a continued pivot away from mining services. The company halted its cloud mining operations in January citing bitcoin’s declining price as a motivating factor.

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