Global Markets React to UK’s Decision to Exit European Union

British voters cast their ballots yesterday regarding the United Kingdom’s Brexit referendum, and surprising to many, the country has opted to exit the European Union. Shortly after the results were announced, British Prime Minister David Cameron announced he would resign his position later this year, while leaders in Northern Ireland and Scotland have indicated they will seek independence referendums in order to reenter the EU. The immediate response has been a dramatic ripple effect in markets worldwide with expectations for future uncertainty and potential crises. The tech industry, which often benefits from the EU’s liberal trade and economic policies, will likely be impacted. Continue reading Global Markets React to UK’s Decision to Exit European Union

Blockchain: More Than $50 Million in Virtual Currency Hacked

The Decentralized Autonomous Organization raised $160 million in Ether, a virtual currency that is an alternative to Bitcoin. The experimental project was hailed as the most successful crowdfunding effort ever, until last Friday when a hacker made away with more than $50 million. Although the hack was frozen and the project’s computer scientists plan to rewrite Ether’s code to recover the money, the project most likely will end, leaving in its wake a bigger debate than ever about the viability of virtual currency. Continue reading Blockchain: More Than $50 Million in Virtual Currency Hacked

Bitcoin Rival Ethereum Offers Online Markets, Smart Contracts

Although other alternative currencies have tried to gain traction as Bitcoin struggles with internal divisions, none have succeeded in doing so — until now. A rival virtual currency, Ethereum, has gained the interest of a wide range of finance and technology behemoths, including JPMorgan, Chase, Microsoft and IBM. As a result, its value has shot up 1,000 percent over the last three months. Built on a blockchain in which every transaction is publicly recorded as is Bitcoin, Ethereum promises to do more. Continue reading Bitcoin Rival Ethereum Offers Online Markets, Smart Contracts

CES: Conference Tracks Explore Breadth, Depth of Innovation

In addition to its 2.2 million square feet of exhibit space and product showcases, CES offers nearly 300 conference sessions covering the gamut of consumer technology. Its 36 different conference tracks explore industry sectors from Automotive to Wireless. These conference sessions leverage the presence of more than 48,000 senior-level executives and government officials, many of whom participate on panels or present as subject matter experts. ETC will cover the most relevant sessions from Las Vegas, January 5-9. Continue reading CES: Conference Tracks Explore Breadth, Depth of Innovation

Skillz Has Plans to Expand Play-for-Cash into Mobile Gaming

San Francisco-based startup Skillz has raised $6 million in equity funding and venture debt to bring cash stakes to mobile games. With this type of functionality, players usually put in an ante of 60 cents with the hopes of winning a $1 prize. Skillz currently shells out $10,000 per day in cash rewards across 175 games running on its platform. The game developers are also making more revenue with cash tournaments than they are through traditional advertising. Continue reading Skillz Has Plans to Expand Play-for-Cash into Mobile Gaming

Amazon Faces FTC Lawsuit Over Children’s In-App Purchases

The Federal Trade Commission filed a lawsuit against Amazon, accusing the online retailer of allowing children to make unauthorized purchases in its app store. The lawsuit comes after the company refused a proposed settlement that would have refunded customers and made changes to the app store. The FTC believes Amazon needs to require passwords for consumers to buy products, make purchase notices more prominent, and make refunds easier and simpler. Continue reading Amazon Faces FTC Lawsuit Over Children’s In-App Purchases

Amazon Debuts Virtual Coins for Appstore and Kindle Fire

Amazon.com distributed tens of millions of dollars in new Amazon Coins virtual currency earlier this week by depositing 500 Coins, the equivalent of $5, into the accounts of every customer using a Kindle Fire. The company will also offer Coins at discounts of up to 10 percent when purchased in bulk. In an effort to increase customer loyalty, the Coins can be used for products and services available at the Amazon Appstore and within Kindle Fire tablet apps. Continue reading Amazon Debuts Virtual Coins for Appstore and Kindle Fire