By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) – INX Ltd, the blockchain-based global trading platform for digital securities and cryptocurrencies, said on Monday it expects to have raised $125 million in a security token and equity offering.
Proceeds from the first-ever initial public offering of security tokens amounted to $85 million, received from more than 7,200 institutional and retail investors, the company said. That adds to INX’s previously closed private token sale of $7.5 million and a pending equity offering in Canada that raised C$39.6 million (roughly US$32.2 million).
INX, a Gibraltar-based company with most of its operations in the United States, in August launched the first security token IPO for both retail and institutional investors approved by the U.S. Securities and Exchange Commission.
Security tokens are digital currencies backed by a tradable asset such as real estate or equity and are subject to federal regulations. The tokens represent a right to the underlying asset.
“There is a very wide range of retail and institutional investors that believe in the idea of blockchain … that we will see most of financial instruments and financial assets move to trade on the blockchain,” INX co-founder and President Shy Datika said in a telephone interview.
“We believe that we will see more and more companies going our way and issuing security tokens, regulated tokens, supervised by regulators. We went through the SEC route, and we will see more regular shares moving to the blockchain,” Datika added.
The IPO registration with the SEC could open the path for legal and regulated capital raising and trading for enterprises and early-stage companies through the issuance of security tokens as an alternative to traditional equity offerings.
INX’s trading platform is already up and running for the company’s investors, friends and family, but it will be made available to the public later this month, Datika said.
The company said it plans to enable both cryptocurrency and security token trading on its platform, as well as capital-raise listings for these digital assets.
(1 U.S. dollar = C$1.2279)
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Will Dunham)
Basketball trailblazer denied Canadian permanent residency, must return to U.S. – CBC.ca
Bilquis Abdul-Qaadir, the trailblazing basketball player who set up an academy for girls and coached multiple sports at an Islamic school in London, Ont., has been denied permanent residency in Canada and will have to go back to the United States.
“We’ve been here for two years, my son is Canadian, and we would love to be part of this country, but we finally got the message from immigration that we were denied permanent residency. It’s very unexpected,” said Abdul Qaadir from her London home. “I’m at a loss for words. I’ve single-handedly brought sports to an underserviced community. It’s heartbreaking.”
Abdul-Qaadir and her husband, A.W. Massey, moved to London from Tennessee three years ago.
She said she hasn’t been able to work in Canada since August, when her work permit expired and wasn’t renewed by a Canadian border official.
“We’re still trying to figure out what we’re going to do. We aren’t sure. We’re angry and we’re tired. We put our heart and soul into this application. We felt like we checked all the boxes.”
Abdul-Qaadir led a four-year battle against the International Basketball Federation, which banned religious head coverings on the court. She won, but sacrificed her basketball career to do so.
She had been the leading high school point scorer for both boys and girls in Massachusetts, and went on to play for the University of Memphis in Tennessee, where she was the first woman to play in a hijab in NCAA Division 1.
Alongside her motivational speaking gigs, she teaches at the London Islamic School and has opened a basketball academy in London, but all that is now up in the air.
After waiting an entire year, my Canadian permanent residency application was refused because the <a href=”https://twitter.com/CitImmCanada?ref_src=twsrc%5Etfw”>@CitImmCanada</a>’s officer felt that my job duties as Athletic Director at the Mosque/Private School in London ON, wasn’t adequate work.
On Thursday, Abdul-Qaadir got a letter from Immigration, Refugees and Citizenship Canada (IRCC) that said she doesn’t “meet the requirements for immigration to Canada.”
She applied for permanent residency as an athletic director at the London Muslim Mosque, but her duties — including developing, managing and supervising the school’s physical education and athletic programs, as well as being the head coach for the basketball, volleyball and cross-country teams — are “inconsistent with the actions” of an athletic director.
“I am not satisfied that your stated duties is sufficient to indicate that your role involves plan, organize, direct, control and evaluate the operations of comprehensive fitness programs at this organization. I am also not satisfied that you performed a substantial number of the main duties for this [job classification],” IRCC wrote in her letter.
Abdul-Qaadir said she doesn’t know if she and her husband will fight the refusal.
For more stories about the experiences of Black Canadians — from anti-Black racism to success stories within the Black community — check out Being Black in Canada, a CBC project Black Canadians can be proud of. You can read more stories here.
Mastercard expands cryptocurrency services with wallets, loyalty rewards
Mastercard Inc said on Monday it would allow partners on its network to enable their consumers to buy, sell and hold cryptocurrency using a digital wallet, as well as reward them with digital currencies under loyalty programs.
The credit card giant said it would offer these services in partnership with Bakkt Holdings Inc, the digital assets platform founded by NYSE-owner Intercontinental Exchange.
Founded in 2018, Bakkt went public earlier this year through a $2.1 billion merger with a blank-check company. Shares of the company were up 77% at $16.19 on Monday.
Mastercard said its partners can also allow customers earn and spend rewards in cryptocurrency instead of loyalty points.
The company had said in February https://www.reuters.com/article/us-crypto-currency-mastercard-idUSKBN2AA2WF it would begin offering support for some cryptocurrencies on its network this year.
Last year, rival Visa Inc had partnered https://www.reuters.com/article/us-blockfi-crypto-currency-visa-idUSKBN28B603 with cryptocurrency startup BlockFi to offer a credit card that lets users earn bitcoin on purchases.
Bitcoin, the world’s largest cryptocurrency, touched a record high of $67,016 last week after the debut of the first U.S. bitcoin futures-based exchange traded fund. It has more than doubled in value this year.
(Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)
Huawei CFO Meng Wanzhou returns to work in Shenzhen, after extradition drama – Global Times
Meng Wanzhou, CFO of Huawei Technologies, returned to work at the tech giant’s headquarters in Shenzhen on Monday after almost three years fighting extradition to the U.S. in Canada, state-backed Chinese newspaper Global Times reported.
Meng, the daughter of Huawei’s founder Ren Zhengfei, completed three weeks of quarantine last week after returning to the southern city of Shenzhen where a crowd of well-wishers chanting patriotic slogans awaited her at the airport.
“Over the last three years, although we have struggled, we have overcome obstacles and our team has fought with more and more courage,” she said in a speech at an internal company event that was circulated online.
The extradition drama had been a central source of discord between Beijing and Washington, with Chinese officials signalling that the case had to be dropped to help end a diplomatic stalemate.
Meng was detained in December 2018 in Vancouver after a New York court issued an arrest warrant, saying she tried to cover up attempts by Huawei-linked companies to sell equipment to Iran in breach of U.S. sanctions.
She was allowed to go home after reaching an agreement https://www.reuters.com/technology/huawei-cfo-meng-appear-court-expected-reach-agreement-with-us-source-2021-09-24 with U.S. prosecutors last month to end a bank fraud case against her.
(Reporting by David Kirton; Editing by Kirsten Donovan)
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