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Argo Blockchain, a crypto mining company, is likely to become the first blockchain firm to be listed on the LSE (London Stock Exchange). LSE, one of the world's oldest stock exchanges, has supported this claim by approving Argo's listing. Argo Blockchain released a statement this Monday putting forward their intention to raise around $26.8 million (£20 million) via IPO (Initial Product Offering). The IPO is scheduled to come after the company has been listed on LSE, and it is expected that Argo's value will go to $53.3 million, or £40 million. Argo Blockchain received a significant investment from private investors earlier this year, valued at around £1.9 million, or $2.5 million.
Banks including Barclays and Bank of America have taken a hardline when it comes to companies in the cryptocurrency sector. Bank elsewhere is their message. Last year hundreds of businesses operating crypto marketplaces, exchanges and trading platforms found their accounts suspended or shut down as banks were unable to vet their cash through standard anti-money laundering procedures. Even India's Central Bank has announced it will no longer deal with customers dealing in cryptocurrencies, because of the risks involved. But elsewhere, banks that back crypto are booming.
The negative press just keeps coming for Tether. On Friday, Bloomberg issued a report detailing numerous "red flags" surrounding the trading of Tether on the crypto exchange Kraken. Two days later, Kraken fired back, issuing a scathing rebuttal to the allegations of impropriety. Also see: Ian Balina Charges'Lizard Squad' Over His Token Clean-Out Bloomberg's report largely credits the research of Andrew Rennhack, a former professional poker player who now spends much of his time on crypto. Rennhack notes he was at one time "long" on bitcoin (betting on a price rise), but is now "short" (betting on a price decline).
The market for cryptocurrency is booming, with bitcoin and ether tokens turning early buyers into millionaires. Now hedge funds are getting in on the blockchain game. Forbes reported there are now well over 15 hedge funds managing digital assets and cryptocurrency investments, including Polychain Capital, which manages assets worth $200 million and was founded by former Coinbase employee Olaf Carlson-Wee. That's great for uber-rich people who were already making tons of money. But will it have any impact for the rest of us?