The Daily: Huobi Nears Backdoor Listing, Musk Still Loves Scambots

In today’s edition of Bitcoin in Brief we cover stories that show how Houbi is nearing a possible backdoor listing on the Hong Kong Stock Exchange, why Elon Musk is still impressed by the quality of cryptocurrency scambots on Twitter, and an Italian football club bought with crypto.

Also Read: Binance, Okex, Huobi and Upbit Back New Stablecoin, Terra

Huobi Nears Backdoor Listing

Huobi Global has issued a joint announcement with Pantronics Holdings (HKEX: 1611), a firm listed on the Hong Kong Stock Exchange, about the acquisition of shares in the public company by the cryptocurrency exchange operator. Huobi is now the majority shareholder in Pantronics, which it can use to perform a backdoor listing for itself. This means that the cryptocurrency exchange now has the option of becoming a public company without having to go through an IPO, giving it the credibility that such a status holds among traditional investors and an ability to raise funds by selling stocks, options or bonds. The companies have not responded to questions about the deal yet, and investors are probably interested to know if the companies have approached HKEX management to see if they won’t raise difficulties in such a process.

Musk Still Loves Scambots

The founder of Tesla and Spacex, Elon Musk, seems to still be impressed by Twitter scambots – algorithms that automatically reply to messages by high profile accounts with false promises of giveaways. Back in July he sounded like he wanted to offer the programmers behind them a job, tweeting: “I want to know who is running the Etherium (sic) scambots! Mad skillz …”. He’s apparently so impressed with their performance, he’s now joked, “At this point, I want ETH even if it is a scam.”

At this point, I want ETH even if it is a scam

— Elon Musk (@elonmusk) August 28, 2018

Italian Football Club Bought With Crypto

Cryptocurrency trading companies, ICO projects and others in the ecosystem have been using sports sponsorships deals to reach a mass audience for a while now. And the latest example of this comes from Italy, where according to local media, a football team was bought with digital tokens. UAE-based Heritage Sports Holdings reportedly paid with Quantocoin (QTC) for 25% of the shares of Rimini F.C., an Italian association football club founded in 1912 that plays in Serie C. If the name of the token sounds familiar, a Quantocoin ICO investor was also behind the recent decision by Gibraltar United F.C. to pay its players with crypto.

Mycrypto Raises $4 Million in Series A Funding

Mycrypto, the client-side tool for generating ETH wallets created by Myetherwallet founder Taylor Monahan, has announced today it raised $4 million in a Series A round of funding led by Polychain Capital. Additional investors include Shapeshift, Boost VC Fund 3 LP, Mainframe’s Mick Hagen, Chance Du (Coefficient Ventures), Ausum Blockchain Fund LP, early Dropbox employee Albert Ni and Earn Co-Founder Lily Liu (4T Global LLC). “We believe today one of the major bottlenecks to cryptocurrency adoption is the lack of an easy-to-use interface for average people. Mycrypto is led by hardcore cryptocurrency entrepreneurs and is well-positioned to onboard the next one hundred million cryptocurrency users,” said Olaf Carlson-Wee, Founder and CEO of Polychain Capital.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

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