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Copyright reform: the Commission welcomes European Parliament’s vote in favour of modernised rules fit for digital age

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Today, the European Parliament voted in favour of the new Copyright Directive designed to bring tangible benefits to citizens, all creative sectors, the press, researchers, educators, and cultural heritage institutions.

Vice-President for the Digital Single Market Andrus Ansip and Commissioner for Digital Economy and Society Mariya Gabriel welcome the outcome in a joint statement:

“We welcome the approval of the Directive on copyright in the Digital Single Market by the European Parliament. This Directive protects creativity in the digital age and ensures that the EU citizens benefit from wider access to content and new guarantees to fully protect their freedom of expression online. The new rules will strengthen our creative industries, which represent 11.65 million jobs, 6.8% of GDP and are worth €915,000 million per year.

Today’s vote ensures the right balance between the interests of all players – users, creators, authors, press – while putting in place proportionate obligations on online platforms.

The Copyright Directive protects freedom of expression, a core value of the European Union. It sets strong safeguards for users, making clear that everywhere in Europe the use of existing works for purposes of quotation, criticism, review, caricature as well as parody are explicitly allowed. This means that memes and similar parody creations can be used freely. The interests of the users are also preserved through effective mechanisms to swiftly contest any unjustified removal of their content by the platforms.

At the same time, the Directive will improve the position of creators in their negotiations with big platforms which largely benefit from their content. Writers, journalists, singers, musicians and actors will find it easier to negotiate better deals with their publishers or producers. The new rules will also allow research organisations, universities, schools, libraries and museums to use more content online. The Directive takes account of new technologies to ensure that researchers can use text and data mining to its full potential.

We thank all parties involved, and particularly the Members of the European Parliament and the Member States for all their efforts to make this crucial reform for the future of Europe possible.”

Blockchain

Riot Blockchain Announces September 30, 2019 Quarterly Results

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Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or the “Company”) announced the filing of its September 30, 2019 Quarterly Report on Form 10-Q, which can be viewed on the Company’s website or at SEC.gov.

Riot today announced financial results for its period ended September 30, 2019. The Company posted quarterly revenue of $1.7 million and raised a total of $23.6 million through its at-the-market offering (“ATM”) during the nine months ending September 30, 2019.

Q3 Highlights:

  • Generated approximately $1.7 million in revenue on the production of 157.2 bitcoin, and 400.2 litecoin for the quarter. This compares to Q3/18 revenues of $2.3 million on the production of 319.3 bitcoin, and 1,182.2 litecoin. The industry faced continuing increases in the bitcoin difficulty index, increasing 61% during the latest quarter, which negatively affected BTC production and reported revenues.
  • The average price of bitcoin for the latest quarter was $10,382, compared to $8,297 in Q2/19 and $6,856 in Q3/18.
  • Cash and digital currencies as of September 30, 2019 totaled approximately $18.3 million.
  • The Company received gross proceeds from the sale of shares of its common stock under its ATM of approximately $23.6 million at a weighted average sales price of $3.10 per share during the nine months ended September 30, 2019.
  • The Company’s financial position improved across the three and nine months ended September 30, 2019, with the Company reporting working capital of $16.5 million at September 30, 2019 as compared to a working capital deficit of $(4.3) million at December 31, 2018. Total stockholders’ equity also improved to $28.2 million at period end, an increase of $23.7 million over the December 31, 2018 balance.
  • Gross margin percent, computed as mining revenues in excess of cost of revenues (exclusive of depreciation and amortization), improved to 14% from 13% in the three-month periods ended September 30, 2019 and 2018, respectively. Gross margin percent was 18% and 35% in the nine-month periods ended September 30, 2019 and 2018, respectively.
  • Reduction in the Company’s selling, general, and administrative expenses (“SG&A Expenses”) to $1,762,000 in Q3/19, from $5,970,000 in Q3/18, a 70.5% decrease arising from ongoing expense reductions. SG&A Expenses reduced to $7,140,000 from $16,314,000 in the nine-month periods ended September 30, 2019 and 2018, respectively.
  • Net loss in the three-month periods ended September 30, 2019 and 2018, respectively, totaled approximately $(1.8) million and $(6.2) million, or $(0.08) and $(0.46) /share. Net loss in the nine-month periods ended September 30, 2019 and 2018, respectively, totaled approximately $(16.6) million and $(46.6) million, or $(0.93) and $(3.56) /share.

Recent business update and highlights:

Riot has conducted two in-person meetings with its newly established Advisory Board over the past ninety days to begin and advance a dialog covering the Company’s bitcoin mining operations, efficiencies and possible strategic next steps.  Riot previously announced establishment of an Advisory Board comprised of well-recognized creative leaders with a wealth of operational and strategic experience from across the blockchain space including: bitcoin software development, node projects, bitcoin education, start-up advisory, and venture capital/angel investing. The Advisory Board has been established to assist the Company in its strategic mission and enhance shareholder value through the advisors’ industry-leading insights and vast network of innovators and pacesetters.

The previously disclosed Securities and Exchange Commission investigation associated with the subpoena received by the Company in April 2018 is still ongoing, and the Company has been cooperating with the SEC in that investigation.

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Blockchain

Galaxy Digital Serves as Co-Manager of Silvergate’s Initial Public Offering

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Galaxy Digital Holdings Ltd. (TSXV: GLXY; Frankfurt: 7LX) (“Galaxy Digital” or the “Company”) today announced that Galaxy Digital Advisors LLC served as co-manager of Silvergate Capital Corporation’s initial public offering of 3,333,333 shares of its Class A common stock at a public offering price of $12.00 per share.  Silvergate’s common stock trades under the trading symbol “SI” on the New York Stock Exchange.

“Galaxy Digital Advisors is pleased to have served as co-manager of Silvergate’s initial public offering,” said Ian Taylor, Head of Advisory Services at Galaxy Digital.  “We are committed to building long-term relationships with leading companies in the digital asset and blockchain industry and leveraging  our expertise to complete additional offerings for an array of firms going forward.”

 

SOURCE Galaxy Digital Holdings Ltd

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eToroX Adds Dash, USDC, USDT and 5 New Stablecoins

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eToroX, the blockchain subsidiary of global investment platform eToro, has added five new fiat stablecoins, a new cryptoasset, two further established stablecoins and a crypto-commodity pair, signalling its rapid growth, having only launched only six months ago. There are now 26 tradable assets available on the exchange.

The new assets announced today are:

  • Turkish Lira (TRYX), Polish Zloty (PLNX), South African Rand (ZARX), Hong Kong Dollar (HKDX), and Singapore Dollar (SGDX)
  • Peer-to-peer cryptoasset, Dash
  • Circle’s USDC and Tether’s USDT stablecoins
  • GOLDX/BTC pairing

eToroX is committed to supporting the needs of algo traders seeking to diversify into cryptoassets on a secure and regulated platform. These new additions also demonstrate eToroX’s focus on Asian markets.

Doron Rosenblum, Managing Director of eToroX commented, “We see the addition of USDC and USDT as a way for eToroX to further meet the needs of professional and institutional algo traders, particularly in the Asian markets. Adding five new stablecoins, plus the addition of the Dash cryptoasset, demonstrates our ongoing commitment to bridge the gap between the world of blockchain and traditional financial markets.”

GoldX – the tokenized gold stablecoin – is now available as a base currency for a trading as a pair with Bitcoin (GOLDX/BTC). Increasingly, bitcoin is being compared with gold as a store of value. Gold is viewed as a safe haven asset, and bitcoin is increasingly being referred to as ‘digital gold’.

Rosenblum continued: “Our Gold/Bitcoin pair provides a means to trade between the old and the new stores of value, making Gold/BTC an extremely special and interesting combination.

With today’s new additions, eToroX has added a total of 96 trading pairs since its inception in April this year, and currently offers seventeen eToroX stablecoins in addition to USDC and USDT.

The pairs include: USDEX/ZARX, ZARX/JPYX, EURX/PLNX, USDEX/PLNXUSDEX/HKDXUSDEX/TRYXUSDEX/SGDXETH-USDTXRP-USDTLTC-USDTBCH-USDTXLM-USDTEOS-USDTTRX-USDTBTC-USDCETH-USDCXRP-USDCLTC-USDCBCH-USDCXLM-USDCEOS-USDC, and TRX-USDC.

As eToroX continues to open up the world of trading on the blockchain, more trading pairs will be announced. eToroX will also be adding additional cryptoassets and stablecoins to the exchange in the coming months.

 

SOURCE eToro

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