European bitcoin exchange and payment processor SpectroCoin launched a debit card that can be loaded with digital currency and spent anywhere major debit and credit cards are accepted, Xapo faces more legal troubles and more top stories for June 5.

SpectroCoin Launches A Bitcoin Debit Card For Eastern Europe

European bitcoin exchange and payment processor SpectroCoin launched a debit card that can be loaded with digital currency and spent at anywhere major debit and credit cards are accepted. The startup, which has offices in Latvia, Lithuania and Estonia, is focused on bolstering bitcoin adoption in Eastern Europe.

SpectroCoin co-founder and CEO Vytautas Karalevičius said:

“For SpectroCoin users, it means broader spectrum of withdrawal options, as they are no longer dependent on their bank card and do not have to wait for wire transfer to be able to withdraw cash, which means quicker and cheaper link between bitcoin and cash for SpectroCoin users [...] It is a step towards being one-stop shop for bitcoin.”

Xapo Execs Sued by Former Employer for Contract Breach

Several Xapo executives including founder and CEO Wences Casares are being sued for alleged contract violations. The suit, filed in August 2014 by online identity firm LifeLock, alleges breach of contract and breach of fiduciary duty against Casares, president and general counsel Cindy McAdam, and founder and COO Federico Murrone. Xapo employees Fabian Cuesta and Martin Apesteguia were also identified in the suit.

According to the criminal complaint, the software underpinning Xapo, as well as related intellectual property, was developed by Lemon's employees, in Lemon's facilities, on Lemon's computers, and on Lemon's dime:

“Defendants had not stated the true nature of their relationship with Xapo or the nature and extent of their roles within Xapo (including the extensive design, programming, and other development work that they and other Lemon employees performed), despite the fiduciary duties they owned to Lemon.”

Meanwhile, Steven Ragland, the attorney representing Wences Casares, stated:

 

"This is a baseless lawsuit.  LifeLock has no right to any Bitcoin related business or IP that Wences Casares or his colleagues may have worked on during their time at Lemon or after. As LifeLock's President has attested in a legally binding document, LifeLock does not have any right, claim or interest to any Bitcoin IP.  LifeLock's claims lack merit and we look forward to proving their allegations false."

 

The Bitcoin Community Reacts to the NY BitLicense

The New York State Department of Financial Services this week released the third and final revisions to its BitLicense legislation. The updates are aimed at improving functionality within the industry and making sure businesses are compliant without stifling innovation.

Two previous versions of the regulations received much criticism, however, and the third is no different. Cointelegraph gathered reactions from several prominent Bitcoin community members to the updated NY BitLicense.

Blythe Masters: Financial Blockchain Applications will be Measured in the Trillions

The Singularity University and CNBC hosted the Exponential Finance 2015 conference in New York on June 2 and 3. The conference program featured a talk by Blythe Masters, the former JP Morgan star who now leads Digital Asset Holdings, a technology company that uses distributed digital ledgers to address operational challenges and settlement latency in both digital and mainstream financial assets.

According to Masters, Bitcoin’s underlying technology has the opportunity to improve settlement latency and system security for firms, and, therefore, the market for financial blockchain applications will ultimately be measured in the trillions.

Deutsche Bank Set to Launch Three Innovation Labs to Accelerate Fin-Tech Startups

German global banking and financial services company Deutsche Bank is set to launch three startup innovation labs in Silicon Valley, London and Berlin to accelerate fintech companies, which could potentially help the bank’s clients in the financial sector. The Chief Information Officer of Deutsche Bank, Kim Hammonds, said hat out of the 500 companies, which will be evaluated, 50 startups will be implemented either by Deutsche Bank or by the bank’s clients.

Reuters reported:

“The bank, which unveiled broad plans in April to overhaul its strategy and modernize its tech infrastructure, hopes to screen some 500 fintech startups per year, with some seeking to develop security, payments, efficiency, organization or process applications.”

Stellar Enters Legal Dispute with Bitstamp, Ripple and Jed McCaleb

The legal battle over roughly US$1 million in disputed funds continues between Ripple Labs and founder and ex-employee Jed McCaleb, with a flurry of new court filings over the past month setting the stage for conflict between the two sides. In total, US$1,038,172 is currently being held by digital currency exchange Bitstamp, an amount that both Ripple Labs and the Stellar Development Foundation, McCaleb's current employer, are now seeking.

Where the Money Goes When Digital Currency Startups Raise Capital

With venture capital investments in FinTech startups booming at a record US$315 million raised in 2014 and more in 2015, Cointelegraph wondered: where is all this funding being spent, and why are those in the digital currency business not living a more “FunTech” lifestyle?

Cointelegraph spoke to Gerald Cotten, CEO of QuadrigaCX.com, the first publicly traded digital currency exchange in Canada, about the issues facing FinTechs when raising capital.

DTS Corp Launches Bitcoin, Litecoin and Ripple Algorithmic Trading Platform

New York based Digital Trading Solutions, Inc. now offers automated execution of large bitcoin, litecoin, and XRP orders on its newly launched Iceberg algorithmic trading platform. The beta version of Iceberg offers automated execution on Coinbase Exchange, OKCoin, Bitstamp, and Ripple trading platforms. Connectivity to other major cryptocurrency trading venues and smart order routing will be provided in the near future.

Nikolai Potylitsine, CEO of Digital Trading Solutions, stated:

“Our trading tools are designed to automate large order execution and provide seamless trading experience for cryptocurrency market participants. The goal is to achieve the best execution price for a client by minimizing market impact and providing smart connectivity to multiple trading venues and liquidity pools”