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The director of Ethereum Classic ’s investment branch ETC Labs revealed in an interview Thursday, Oct. 11, that it will work with as many as 24 startups each year. Elizabeth Kukko confirmed that six selected projects were currently involved with ETC Labs in a pilot scheme, with the full incubator to launch in Q1 2019. “The goal of this pilot program is to put the incubator model to work and get feedback from these initial teams before going live,” she explained. The move comes as Ethereum Classic (ETC) continues to lose its position as the overall cryptocurrency market slump continues. In June, ETC’s prices jumped 25 percent after U.S. cryptocurrency exchange Coinbase announced it would add the token to its orderbook. At press time, ETC/USD traded around $9.55, its lowest since May 2017, but the altcoin ’s market cap still remains at over $1 billion. “[We chose] Ethereum Classic because there is a lot of security on the main layer, and it doesn’t really matter what sidecha...

Ethereum co-founder and ConsenSys Inc. CEO Joseph Lubin said in an interview with Bloomberg Aug. 14, that he does not see the recent cryptocurrency price collapse as a constraint to further growth. In а recent discussion on the state of the cryptocurrency market with Bloomberg, Lubin said that the value surges of the past year were just another bubble like the previous “six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening.” He added that on close scrutiny those peaks look like “pimples on a chart.” Lubin said that each bubble, such as the current one, has brought a significant burst of activity. He stated: “…we build more fundamental infrastructure, we see a correction, and the potential gets even more impressive… I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably t...

A governmental committee of the Kingdom of Saudi Arabia has warned the public that trading digital currencies is illegal in the country, according to an August 12 announcement by the Saudi Arabian Monetary Authority (SAMA). The warning was issued by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Markets. The standing committee was established by supreme decree headed by Capital Market Authority (CMA), and contains such ministries as the Ministry of Media, Ministry of Commerce and Investment, SAMA, and the Ministry of Interior. According to the statement, digital currencies are not recognized by the government and no entities are licensed to deal with them. In the warning, the committee notes “high risks” and “negative consequences” associated with virtual currency trading, and urges the public not to fall for so called “get-rich schemes” as they imply “high regulatory, security, and market risks.” The statement ...