Bitcoin

Hostile takeover effort emerges for a popular cryptocurrency

Illustration: Lazaro Gamio/Axios

Hostile takeovers of companies aren't cool. You know what's cool? Hostile takeovers of cryptocurrencies.

That's the thinking behind something called Valor, which Axios has learned is in the early stages of attempting a hostile takeover of XRP, a $14 billion cryptocurrency that is controlled by a VC-funded, Silicon Valley company called Ripple.

The big picture: If successful, it would mark a major win for proponents of decentralized blockchain and help Valor achieve its goal of deploying a digital remittance system for developing countries. It also would be a massive loss for Ripple and possibly launch copycat attacks on other cryptocurrencies.

Bitcoin futures platform Bakkt raises $182 million

Photo: Chesnot/Getty Images

Bakkt, a digital assets and Bitcoin futures platform founded by Intercontinental Exchange (ICE), raised $182.5 million in first-round funding.

Why it matters: The battered Bitcoin community has been eagerly awaiting the launch of a physically settled futures market with the institutional imprimatur of ICE, which also owns the New York Stock Exchange. But Bakkt's funding announcement was married to another delay. Original plans were to go live in November, which was then pushed back to Jan. 24 and now is TBD as Bakkt awaits permission from a CFTC that is in government shutdown mode.

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