APR 7 DIGEST: Bitcoin Foundation’s Survival Plan Leaked, Igot Launches Payment Processing Service in 40 Countries

The Bitcoin Foundation considers splitting into two separate organizations, Igot rolls out its payment processing service to 40 countries and more top stories for April 7.

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APR 7 DIGEST: Bitcoin Foundation’s Survival Plan Leaked, Igot Launches Payment Processing Service in 40 Countries

The Bitcoin Foundation considers splitting into two separate organizations, Igot rolls out its payment processing service to 40 countries and more top stories for April 7.

Bitcoin Foundation Survival Proposal Document Leaked

According to a leaked document, the Bitcoin Foundation is considering splitting into two separate organizations. Under this proposal, an entirely new entity would be created to fund core development, while a slimmed-down Bitcoin Foundation would continue as a promotional organization supported by its current membership.

The Bitcoin Foundation posted a response on its blog refuting bankruptcy and other accusations. The response mentioned:

  • The Foundation is not bankrupt
  • The Foundation did not fire 90% of its people
  • Donors expressed concerns of governance structure
  • Patrick Murck, Executive Director, volunteered to step off payroll

Igot.com Launches New Cryptocurrency Payment Processing Services in 40 Countries

The Australian bitcoin exchange Igot.com has launched a new cryptocurrency payment processing service that will be available in 40 countries. Igot.com will allow both electronic retailers and physical stores spread across the world to accept Bitcoin for goods and services, paying a fixed fee of 0.5 percent. As such, the company aims to compete directly with giants such as BitPay and Coinbase.

Former Nike CIO joins Bitreserve

Former Nike CIO Anthony Watson will join Bitreserve as its president and COO. Speaking to Fortune, Watson said:

“I wanted to do something that is valuable for people broadly, not just in one industry. And what Bitreserve is looking to achieve really democratizes finance. It’s going to help people all over the world. The financial system is inherently unfair – it’s always the richest who have access, and the poorest don’t have access, or when they do, they have to pay astronomical rates.”

Somewhat surprisingly, however, Watson also added:

“I’ll be surprised if bitcoin is here in five years (…) It’s a means to an end. The value of bitcoin isn’t the currency, but the technology. I think once the world becomes more accustomed and attuned to the platform of bitcoin, the noise will go away, and the currency will go away too.”

German Central Bank Survey: 41% Know ‘Niche Phenomenon’ of Bitcoin

The central bank of Germany has revealed the country's engagement with cryptocurrency in 2014 in a consumer survey. The results, which were published in the Deutsche Bundesbank’s report Zahlungsverhalten in Deutschland 2014 (“Payment Habits in Germany 2014”), showed that of the 2,000 people who responded to the survey, 28% had heard of Bitcoin overall. It also suggests that these figures “illustrate Bitcoin to be a niche phenomenon.”

German Central Bank Survey: 41% Know ‘Niche Phenomenon’ of Bitcoin

Gem raises Additional US$1.3 million

Gem, a developer API platform that simplifies integrating Bitcoin into apps and services, announced that it has raised an additional US$1.3 million, bringing its total raised to US$3.3 million. Gem will use the new funding to accelerate feature development and scale its services to meet the needs of developers worldwide.

Regarding the investment round, led by KEC Ventures, Gem COO Ken Miller said:

“This was our second time raising capital and it was incredibly validating to have [these investors] eager to participate and accelerate something that will impact businesses and lives around the world […]. We’ve got a group of really fantastic investors who know the Bitcoin and financial services worlds well, and it’s really exciting to have their expertise and support.”

Factom hires Morgan Stanley manager

Factom, the startup that will help create permanent, time-stamped records of data in the blockchain, has hired Morgan Stanley investment manager Jacob Dienelt as its head treasurer. Dienelt had previously co-founded the Bitcoin paper wallet company Lazzerbee while working at Morgan Stanley.

Dienelt said:

"After two years traveling to bitcoin conferences, mining, and running a paper wallet company, I'm glad to have found a home in the space."

Silk Road is a Blessing in Disguise (Op-Ed)

In an op-ed for CoinTelegraph, Travis Patron argues that digital black markets, such as (the closed down) Silk Road, are really a “blessing in disguise”. Although he acknowledges that these darkweb marketplaces can and will be (ab)used by “characters of questionable motives,” he believes that Silk Road and the like serve an important purpose.

Patron:

“Certainly, marketplaces such as the Silk Road secure the identities of individuals with less-than-noble intentions, yet there remains a silver lining among these darkweb services: their ability to provide an alternative to and undermine the profitability of real-world, entrenched organized crime.”

Silk Road is a Blessing in Disguise

Italian Company Oraclize Becomes First to Incorporate as Legal Entity with Bitcoin

Bitcoin has been used to incorporate a legal entity in Italy for the first time. According to Italian Civil Code, the formation of a private limited company requires that the company have a minimum capital amount of €10,000, which means that business owners must make an initial contribution to the company. Based on the country's definition of capital contributions, Thomas Bertani has now incorporated a new private limited company using bitcoin as capital.


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