Bitcoin

Bitcoin Daily: SWIFT India Teams With Blockchain Startup; Giga Watt Files For Chapter 11 Bankruptcy

Bitcoin Daily

SWIFT India, a joint venture between SWIFT SCRL and several banks, plans to test distributed ledger technology (DLT) in partnership with blockchain startup MonetaGo, Cointelegraph reported. The FinTech firm’s technology will reportedly work with SWIFT’s standardized financial messages, which serve the market in India. To bolster security and efficiency, SWIFT India’s banks plan to tap into a shared distributed ledger network with the pilot. MonetaGo CEO Jesse Chenard said, according to the outlet, “Given India’s focus on a digital infrastructure, which is supported by both policy and technological innovation, it makes sense that large institutional players are interested in these products and initiatives.”

In other news, a venture capitalist believes bitcoin may be a survivor like Amazon was in the dot-com crash, CNBC reported. Amazon’s stock price reached the atmospheric level of $300 per share in December 1998 after going public for $18 a share in May 1997. After the dot-com bubble, Amazon was only worth $6 a share in September 2001, but it reached a record $2,050 a share high in September of this year. The outlet did note, though, that the company dropped by 27 percent during October and November to the close of markets on Tuesday (Nov. 21). Of the volatility, CryptoOracle Partner Lou Kerner told CNBC that “there was a day in 2013 when we were down 70 percent overnight. Nobody likes being down like this. But this is what investing in crypto is all about,” adding that, one day, ” bitcoin itself we think is going to replace gold eventually.”

Giga Watt, a bitcoin mining firm, has reportedly filed for Chapter 11 bankruptcy, CoinDesk reported. Per court documents, the company has assets valued at under $50,000, while it has liabilities of between $10 million and $50 million. According to the purported meeting minutes of Giga Watt on Sunday (Nov. 18), “The corporation is insolvent and unable to pay its debts when due. The corporation and its creditors would best be served by reorganization of the corporation under Chapter 11 of the Bankruptcy Code.” The company was reportedly started with the goal of making mining “pods” to make the industry more accessible to miners who were working on a smaller scale.

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