Bain Capital and Andreessen Horowitz Confirm Investment in New Cryptocurrency Basecoin

Basecoin will be created by three Princeton University computer science graduates.

Bain Capital Ventures and Andreessen Horowitz have participated in the pre-sale of a new cryptocurrency called basecoin, the companies have confirmed.

Basecoin will be created by three Princeton University computer science graduates, according to Intangible Labs chief executive officer and co-founder Nader Al-Naji on Friday.

Related: Bitcoin Is Now Bigger Than Goldman Sachs and Morgan Stanley

Intangible Labs is the creator of basecoin. It’s one of many blockchain start-ups creating and distributing tokens to investors to raise funds for their projects. Start-ups typically hold a token pre-sale to institutional investors before opening the token offering to the public.

Aside from Al-Naji, the other founders of Intangible Labs are Lawrence Diao and Josh Chen.

Bain Capital and Andreessen Horowitz confirmed their investment in basecoin in an email to Reuters late on Friday. Digital Currency Group also confirmed its participation in the basecoin presale.

Related: J.P. Morgan Is Launching a Payments Network Using Blockchain

The other investors who invested in basecoin were Pantera Capital, AngelList CEO Naval Ravikant, PolyChain Capital, 1confirmation, and MetaStable Capital, Al-Naji said.

Those investors were not immediately available to comment.

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Netflix fends off criticism over Canada investment

(Reuters) – Netflix Inc (NFLX.O) said on Tuesday it had received formal approval to set up a C$ 500 million production unit in Canada and sought to quell talk it had sought special tax benefits for investing in its first such unit outside the United States.

The maker of Emmy winning shows like The Crown and Black Mirror last month announced the agreement with the Canadian government of an investment spread over a minimum of five years. (bit.ly/2k4cBWh)

The company has since faced criticism in Canada that it does not pay taxes there. (bit.ly/2wLo4Ma)

On a blogpost, Netflix said its Canadian investment was approved under the Investment Canada Act, and that no tax deals were part of the approval to launch our new Canadian presence. But is also said it was not paying sales tax in line with existing Canadian legislation.

“Netflix follows tax laws everywhere we operate. Under Canadian law, foreign online services like Netflix aren’t required to collect and remit sales tax,” the company said.

Reporting by Nivedita Bhattacharjee; editing by Patrick Graham

Our Standards:The Thomson Reuters Trust Principles.

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Samsung says new U.S. offices are its ‘biggest investment in Silicon Valley’ to date

samsung-new-office-silicon-valley

Samsung officially opened the doors to its new 1.1-million-square-foot Silicon Valley offices Thursday, more than 30 years after its arrival in the San Jose tech corridor in 1983.

The building will house various research labs dedicated to semiconductors, LEDs and displays, staff in sales and marketing, and other support areas, the company said.

“[We are] laying the groundwork for a more aggressive pace of growth over the next several decades,” said Samsung’s chief executive, Dr. Oh-Hyun Kwon, at the grand opening ceremony.

Meanwhile, the company’s president of its U.S.-based device solutions operations, Jaesoo Han, said that the move “represents a major milestone as we open our most strategically important Samsung facility in the U.S., and also our biggest investment in Silicon Valley.”

samsung-office

Samsung also announced that it has established a $ 1 million STEM College Education Scholarship Fund. In its own words:

Deserving university students who are currently enrolled in STEM-focused programs at a California State or University of California school will benefit from this program, beginning with a $ 50,000 gift to San Jose State University this year. Each scholarship will cover tuition and living expenses for one year.

But the announcement of the new office has been largely overshadowed by news in virtual reality today: We reported that the Samsung Gear VR will launch as a consumer product this November for $ 99. (You can read our full roundup from today’s Oculus event here.)

Earlier this week, Samsung unveiled its new fonts-inspired Serif TVs, and shared more about how it relies on startups to stay ahead on technological innovation.

If you happen to be passing through the area, Samsung’s new building certainly looks worth checking out.

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