MARKET NEWS

BY  James Cook

The price of Bitcoin has continued to rise, placing it within touching distance of its all-time high of $58,300 (£41,795).

The digit asset has been trading close to $55,000 on Thursday following continued interest from major companies such as Tesla, which bought $1.5bn worth of Bitcoin.

There are also hopes that the upcoming $1,200 stimulus cheques set to be sent to Americans next week could also kickstart a fresh wave of consumer interest in Bitcoin.

Elsewhere, Apple blocked free speech social network Parler’s re-entry into its App Store, telling the company that its new moderation practices aren’t enough to keep out hate speech.

10:53 AM

Wise co-founder sets up new investment firm

Taavet Hinrikus, the co-founder of currency transfer business Wise (formerly known as TransferWise) has set up a new investment firm with Sten Tamkivi, the co-founder of Teleport.

The pair, both of whom are from Estonia, plan to back technology start-ups across Europe through the currently unnamed fund which will launch in April.

Investments will range in size from initial seed rounds between €250,000 (£214,000) and €1m, Hinrikus said, up to following their money through to an eventual float.

“We can take positions in crypto tokens, real assets or any alternative financial instruments, if that helps the mission of our world-changing companies,” Taavet Hinrikus said.

The current portfolio of the fund includes stakes in Wise, Bolt, Veriff, LHV, Xolo, Oyster HR, Pactum, Starship, Curve, Sunrise and Acapela.

09:43 AM

Monzo co-founder joins investing app Tickr

Gary Dolman, a co-founder of Monzo, has joined sustainable investing app Tickr as its chairman.

Tickr’s founders approached Dolman, who spent years Monzo’s chief financial officer since it was started in 2015, via LinkedIn two years ago and he initially became an advisor to the business.

The Tickr app has seen strong pandemic growth, growing to more than 400,000 customers. It announced last month that it had raised £2.5m in funding from Ada Ventures.

Here’s what Mr Dolman had to say about joining Tickr:

“Tickr is incredible. You can see the team really cares about generating a positive impact for its customers, whilst doing all it can to build a healthier world. The co-founders have a clear vision of what they want to do, coupled with enormous energy and enthusiasm to deliver on it. As an early adopter of tickr myself, I was very impressed by its ease of use and transparency.”

08:54 AM

Bitcoin price nears all-time high

The price of Bitcoin is close to its all-time high after interest from major companies has led to renewed interest in the digital asset.

The price of a single Bitcoin is close to $55,000 after dropping from more than $56,000 overnight. That has put it close to surpassing its all-time high price of $58,300 which it hit on Feb 21.

Some investors have hoped that the $1,200 stimulus cheques set to be issued to US citizens as early as next week could spur further interest in cryptocurrencies.

Other popular cryptocurrencies including Ethereum and Dogecoin have also seen price rises in recent days.

Support from businesses including Tesla, Mastercard and JP Morgan has helped push Bitcoin’s price higher. Tesla announced in February that it has spent $1.5bn on Bitcoin, an announcement that triggered an immediate 15pc spike in its price.

08:09 AM

Revenues hit £1.5bn at Bulb as losses are slashed

Revenues at British energy provider start-up Bulb rose to £1.5bn in 2020, up from £823m in the previous year according to the company’s latest accounts released overnight.

The business also cut its losses, narrowing them to £63m from £129m in 2019.

The start-up, which is backed by billionaire Yuri Milner’s DST Global fund as well as venture capital firm JamJar Investments, is taking on incumbent energy suppliers using its own software designed to stop customers waiting on hold.

Bulb bosses previously said that losses are “part of the plan” for the business as it continues to spend heavily on expansion. It has grown to supply more than 1.7m households.

07:36 AM

Parler’s App Store re-entry is blocked by Apple

Apple has rejected an attempt by free speech social media app Parler to re-enter its App Store weeks after it was removed over hate speech concerns.

The iPhone maker rejected Parler’s application to list its app again in its digital storefront last month after claiming to have found swastikas on the service despite a new moderation policy, Bloomberg reports.

Parler’s app was removed from Apple and Google’s app stores in January following the violence that took place in Washington DC.

“After having reviewed the new information, we do not believe these changes are sufficient to comply with App Store Review guidelines,” Apple reportedly wrote to Parler’s chief policy officer on Feb 25. “There is no place for hateful, racist, discriminatory content on the App Store.”

Parler has since cut its three iOS app developers, a possible sign that it has entirely abandoned its attempt to return to iPhones.