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Report: Over 300 British Blockchain Companies Shut Down in 2018

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The demise of 2017’s cryptocurrency bull market, the rapid collapse of ICOs, and the fizzling out of corporate blockchain hype have made 2018 a challenging year for many startups operating in the crypto sector. A new report from the U.K. helps quantify the global slowdown.

Also Read: Spot Develops New Bitcoin and Cryptocurrency Portfolio App

Blockchain Bankruptcies Rise by 144%

Report: Over 300 British Blockchain Companies Shut Down in 2018The meteoric rise of cryptocurrency prices in 2017 led to an influx of new entrepreneurs, some of whom, unfortunately, were scammers. A number wanted to take advantage of inexperienced crypto investors through shilling ICO tokens, despite not having a real product in many cases or even a viable business plan. Others tried to con stock investors by adding the term “blockchain” to their companies’ names or claiming to use “DLT” for every unrelated business under the sun, just to ride the hype all the way to the bank. As these trends subsided, many startups went belly up.

Putting a number on it, the U.K.’s Sky News has found out that at least 340 companies claiming to be involved with crypto or blockchain were shut down this year. It obtained these findings by analyzing publicly available figures from the databases of Companies House and Open Corporates. This figure is an increase of 144 percent from just 139 blockchain-related companies that went bust in 2017. The data shows that over 200 of those companies were established during 2017 and 60 percent of them closed down between June and November 2018 alone.

Blame It All on Bitcoin?

Report: Over 300 British Blockchain Companies Shut Down in 2018On the other side, the number of newly-registered blockchain companies continued to raise throughout the year, reaching a total of 817 in November 2018, which means the market continued to grow overall. However, the report notes that the number of new companies is now growing slower than the number of blockchain businesses shutting down for the first time. And of the companies which haven’t been shut down, over 50 have removed references to blockchain or crypto from their name.

Instead of trying to explain exactly what happened in the vast and varied ecosystem of blockchain business, Sky News has simply tried to blame it all on Bitcoin. The report simply points to the price decline of BTC and links it directly to the figures which they have found. To further dramatize the issue, the authors claim that hundreds of bitcoin investors in the U.K. have been hurt, causing them to lose their homes and even marriages, but fail to present a single concrete example. Sky News’ rhetoric is incomparable to mainstream media coverage of the collapse in stock markets around the world, which has seen tech giants Facebook, Amazon, Apple, Netflix and Google (the ‘FAANG’ stocks) lose more than $1 trillion in value.

Is 2019 going to be better for the survival of blockchain and crypto companies? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Report: Over 300 British Blockchain Companies Shut Down in 2018 appeared first on Bitcoin News.

Spot Develops New Bitcoin and Cryptocurrency Portfolio App

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There’s a new app for cryptocurrency holders to track their portfolios of digital assets across multiple exchanges and addresses. Spot has developed a sleek new app focusing on ease of use built on a clean and user-friendly platform.

Also Read: The Daily: Bitfinex Launches Tether Margin Trading, Zebpay Resumes BCH Transactions

Revolut But With Crypto DNA

First released in open beta back in April 2018, Spot has now fully launched on Product Hunt. Its stated aim is to offer cryptocurrency holders a beautiful user interface with features that are powerful yet easy to use. The native iOS and Android app brings an aggregated view of all holdings on exchanges and public wallet addresses into one tool, tracking over 2,300 different coins and tokens.

The company isn’t content with the app merely displaying assets, as it plans to offer trading too further down the line. “Spot’s vision isn’t to build a portfolio tracker — we went a bit overboard with this feature,” CEO Edouard Steegmann told Tech Crunch. “Eventually, we want to become the app to manage all your cryptos, a sort of Revolut but with a crypto DNA.”

Rebuilding Coinmarketcap From the Ground Up

Spot Develops New Bitcoin and Cryptocurrency Portfolio AppOther features of the Spot app include a watch-list to follow specific crypto pairs, smart charts with live and historical prices on simple or double charts, and performance tracking for following transactions. It also offers what the developers call “smart holdings”, wherein built-in algorithms analyze all instances of a particular asset’s storage and help maximize revenues across all cryptocurrency exchanges, replacing the need for spreadsheets.

Spot is also said to have built its own built market data API by connecting directly to more than 150 exchanges so it doesn’t become dependent on anyone else’s price feeds. “We’ve rebuilt Coinmarketcap from the ground up, and we’re one of the few companies that have done it,” Steegmann stated.

The startup recently raised about $1.2 million in seed funding. The round was backed by Kima Ventures and several angel investors such as Eric Larchevêque and Thomas France of Ledger among others.

What’s your favorite cryptocurrency portfolio app? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Spot Develops New Bitcoin and Cryptocurrency Portfolio App appeared first on Bitcoin News.