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Monday, January 13, 2014
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Bitcoin

Whether or not you think Bitcoin (and its crypto-currency ilk) is the future of online money, or a slightly dodgy new asset class akin to a gold rush, securing those coins offline or in an online wallet service has risks of its own. Take the well-publicised story of the $6 million buried Bitcoin hard drive in the UK, or numerous hacked online wallet headlines, as proof: Bitcoin storage is a problem waiting to be solved.


Enter Netagio, which claims to have launched Europe’s first free digital currency “cold storage” vault, offering gold standard offline storage for Bitcoins. The use of the word “gold” isn’t a reference to Bitcoin’s asset class-like properties, or the currency’s recent boom, but refers to the fact that Netagio’s parent company, GoldMoney Group, currently stores $1.4 billion in precious metals for customers in independent secure vaults across five countries. Using this expertise, it seems that Bitcoin presents the next opportunity.


One problem with storing Bitcoin in a secure offline vault is it then makes it that bit harder to use the crypto currency, pushing it very much towards a slow, cumbersome asset class. However, Netagio attempts to solve this issue but keeping a portion of your Bitcoin in an online wallet, readily available to spend (or trade), while the majority is locked away in cold storage.


“The majority of our customers’ Bitcoins are kept in Netagio’s offline vault, beyond risk of theft by hackers, while a handful of Bitcoins remain in Netagio’s online storage for swift transfer to other customers or exchanges,” notes the company. “Netagio’s free-to-use accounts sit behind two-factor authentication security and can be set by customers to allow access only from preset, user-defined locations.”


Another headline-grabbing aspect of Netagio is that it’s (sort of) free to use, although the company charges a small fee each time you move Bitcoins out of storage. Its future plans also give a glimpse into how it eventually plans to further monetise its offering. It says it will soon offer customers the ability to buy and sell Bitcoin, as well as other asset classes, directly through its platform.







10:39 AM

Whether or not you think Bitcoin (and its crypto-currency ilk) is the future of online money, or a slightly dodgy new asset class akin to a ...

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Google has had its share of headaches in Germany, but this one is new. Google apologized after Google Maps briefly changed the name of a Berlin intersection, "Theodor-Heuss-Platz," to its Nazi-era moniker, "Adolf-Hitler-Platz." Google released a statement explaining that user-submitted edits for Google Maps are reviewed by Google moderators or "the community of mapping volunteers." One way or another, this unfortunate edit slipped through the cracks before being changed back within a few hours.


10:09 AM

Google has had its share of headaches in Germany, but this one is new. Google apologized after Google Maps briefly changed the name of a B...

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In December, The Information reported that payments company Square was considering funding a secondary tender offer for employee shares at a $5 billion valuation. We’re hearing from sources close to the transaction that Square has initiated this tender offer, at a $5 billion valuation (up from $3.25 billion at the company’s last round of funding).


According to our sources, existing investors SV Angel and Rizvi Traverse Management are buying shares from existing shareholders as well as new investor Groupe Artemis, a French holding company owned by luxury goods mogul François-Henri Pinault. The offer is being facilitated on Second Market, we hear. In this particular offering, existing, vested shareholders, including employees, are able to sell a portion of their vested stock.


As more tech companies wait longer to go public, it’s not uncommon for these secondary offerings to take place to give early employees some liquidity prior to a public offerings, and potentially buy back stock. In this case, existing investors bought more stock, and this round allowed a new investor to participate. Having a French luxury goods mogul close to the company, especially Pinault, who owns Gucci, Stella McCartney, Alexander McQueen and Yves Saint Laurent, is a good things for Square.


Rumors have been swirling that Square is talking to banks about a potential IPO, but we hear this is still a way off and the company could likely raise another round before going public.


As The Information reported; Evernote, SurveyMonkey and others have allowed employees to sell shares either back to the company or to other investors. Facebook and Groupon also allowed employees to sell shares in certain rounds.


Square founder and CEO Jack Dorsey also just returned 10% of his shares in the company, which could be used for additional equity for new employees or for acquisitions.







9:39 AM

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Snapchat delayed apologizing for a big user data breach last month but was quick to say sorry for users receiving “Snap Spam” over the weekend — unwanted photos and videos.


“We’ve heard some complaints over the weekend about an increase in Snap Spam on our service. We want to apologize for any unwanted Snaps and let you know our team is working on resolving the issue” Snapchat wrote in a blog post today. However, it said the issue appeared to be unrelated to the user data breach.


That last part addresses worries that because usernames and associated phone numbers leaked, spammers could be attempting to send spam Snaps to every username they can find. Many people only allow Snaps from friends, but others accept them from anyone with their user name, opting for privacy by obscurity.







9:23 AM

Snapchat delayed apologizing for a big user data breach last month but was quick to say sorry for users receiving “Snap Spam ” over the week...

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Automated investment services company Wealthfront has made its name over the past two years as an alternative to traditional financial advisory services like Fidelity for individuals, who are just starting to pull their savings together. Today the company, which is the brainchild of Andy Rachleff, who was formerly a founder of Benchmark Capital; is announcing that it manages over $538 million assets – making it the largest and one of the fastest growing software based financial advisors.


To put things into perspective, Wealthfront began 2013 with just $100 million assets under management, growing over 450% in just one year. It took Wealthfront almost a year to reach $67 million in assets under management, and in December alone Wealthfront added over $67 million in assets.


Wealthfront COO Adam Nash tells us that employees from companies like Google, Facebook, Twitter and LinkedIn have turned to Wealthfront to have software manage their investments in lieu of a traditional advisor. He adds that because managing money is based on trust, this worth of mouth has been extremely successful so far. “And products don’t go viral unless they provide value,” he explains.


For background, Wealthfront goes beyond just automating investing–the company’s fees are set up to undermine the models of incumbent investment services like Fidelity, Schwab, and any other mutual fund investor or financial advisor. It also comes with features like tax-loss harvesting for any account worth at least $100,000. If you make a profit on parts of that account’s portfolio, it’ll reinvest it and avoid taxes on the gains by doing so.


The company says its clients vary in age between 19 and 93, with over 55% of users under age 35. The average Wealthfront client invests $80,000 to $100,000, but the minimum continues to be $5,000. The firm’s largest accounts stretch to well above $5 million. Additionally, Wealthfront is free for accounts under $10,000, and 20% of Wealthfront clients have a liquid net worth of less than $50,000. Over 16% of clients’ liquid net worth is in excess of $1 million.


Unsurprisingly, the client base tends to be tech-heavy. In order, the companies where Wealthfront has the most clients are Google, Facebook, LinkedIn, Microsoft, Twitter, Palantir, VMware, Apple, Intuit and Cisco.


Nash says the company is going to continue to double down on product development in 2014, and “continue to acquire and delight customers.” It’s important to note that there are a number of competitors in the space who are looking to become the next-generation financial advisory platform of choice, including Betterment, Personal Capital, and SigFig.







9:23 AM

Automated investment services company Wealthfront has made its name over the past two years as an alternative to traditional financial advi...

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The Internet of Things, wearables, mobile devices and the next generation of automobiles were the standouts at CES 2014. "The Internet of Things will probably have the broadest impact, since it includes quickly evolving, increasingly intelligent and highly mobile technologies of every kind," said Charles King, principal analyst at Pund-IT. "That means we'll see sensors providing interfaces and collecting information in a broad range of home and office products."


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The Internet of Things, wearables, mobile devices and the next generation of automobiles were the standouts at CES 2014. "The Interne...

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The Pebble smartwatch is a great gadget in many respects, but the one thing that has always struck me as less than convenient is the fact that it uses a proprietary magnetic cable to charge. I lose said cable with fair frequency, and in fact I have no idea where it is right at this very moment. New Kickstarter project Sidekick will at least make it harder to lose, with a Pebble dock that holds your charger cable and provides power to your Pebble.


The Sidekick is a small rounded triangle, hewn either from black or white plastic or from wood, with a special channel cut out to perfectly fit the cable. It also supports your Pebble in an upright position, providing a clear view of the screen if you’re sitting at your desk working on your computer for instance.


Sidekick creator and design company Documont founder Rodney Timbol says that he has become a devoted fan of the Pebble itself, but also found that it wasn’t quite as convenient as it could be for off-wrist use.


“My wife and I purchased the Pebble and both had the experience of the Pebble and charger dropping on the floor from our nightstand so needed a really simple way of avoiding damaging our newly purchased watches,” he explained. “I started thinking I needed a stand but I got so consumed by the functions of the Pebble and that began my quest to design a different docking experience.”


0afd838fe6ecaf1213aa47d7a533357a_largeIt’s definitely true that as a watch-wearer myself, I always take mine off while typing in order to allow for free and easy typing. Usually, I keep my iPhone in a dock next below my monitor to also keep up with info coming in on that device, but the Sidekick might better serve that purpose for those looking to maintain the kind of information prioritization that smartwatch notifications can provide.


With no moving parts and an attractive design, the Sidekick is a deceptively simple Pebble accessory that actually seems like something you’d expect Pebble might eventually ship in the box itself. It’s extremely affordable, too: $15 gets you one in the natural maple finish, and currently you can get a black or white version for just a $19 pledge. It can dock a Pebble either with charging or without (which means you won’t unnecessarily be putting stress on your battery), and it supports after-market bands as well as those that ship on the Pebble.


Timbol says that he plans to build a Pebble Steel version as well once he receives his device in early February, so anyone who has pre-ordered this device can expect something similar to emerge to suit the new Pebble magnetic connector, which differs from the original design. The Sidekick has an anticipated ship date of April 2014.







8:54 AM

The Pebble smartwatch is a great gadget in many respects, but the one thing that has always struck me as less than convenient is the fact t...

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