Bitcoin Daily: Overstock To Launch Bitcoin Trading App; Mt. Gox Warns Legal Against Mass Crypto Sale


Overstock’s tZERO is set to launch a mobile trading app in June.

CEO Saum Noursalehi told CoinDesk that the app for IOS and Android devices, which is being developed by Bitsy, will allow users to buy and sell bitcoin, and possibly ether.

“That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app,” Noursalehi said, adding,  “They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like a biometric login.”

In other news, Mt. Gox Legal, a group of around 1,000 creditors of defunct crypto exchange Mt. Gox, has shared its idea on how the exchange’s remaining assets should be distributed.

Last week, the exchange’s rehabilitation trustee, Nobuaki Kobayashi, announced that he “approved or disapproved rehabilitation claims regarding MTGOX Bitcoin exchange users’ rights to make claims against MTGOX for return of cryptocurrency and/or cash.”

The document revealed that the trustee has approved claims for 802,521 BTC (worth $3,233,256,500), 792,296 BCH ($124,953,000), $38,165,664 in U.S. dollars, and other amounts in various fiat currencies.

But in a document obtained by CoinDesk, Mt. Gox Legal warns that the exchange would not be able to handle the additional crypto, while managing the private keys would be too complex. As a result, it recommended that the keys be auctioned off after the BTC and BCH has been distributed or transferred to a secure location.

“We note that the volume of each of these coins held by the Trustee, in almost all cases, is significantly higher than the global daily traded volumes of these currencies, therefore we are concerned that any attempt by the Trustee to sell them en masse on the open market would result in a downward movement of the value and also not be in the creditors interests,” according to the draft.

And BMW Group Asia, Intel and Nielsen are now corporate partners in blockchain accelerator Tribe, where each will share their knowledge and expertise in their respective fields with the accelerator’s startups.

Launched last year, Tribe Accelerator is part of venture capital firm TRIVE Ventures, in partnership with South Korea’s ICON Foundation and PwC Singapore’s Venture Hub. Government agency Enterprise Singapore supports Tribe Accelerator.

“We hope we can help each of these startups develop their proof-of-concepts and reach the next stage of their development,” said Carsten Sapia, vice president of group IT and head of the Asia Pacific region of BMW Group Asia, according to CoinDesk.



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