Hasta La Gadget!

While the Bitcoin market is advancing toward legitimacy in the financial world, that also means closer legal scrutiny — and the Mt. Gox exchange is tightening its policies to match. As of today, the institution requires verification for every non-Bitcoin deposit or withdrawal. The move keeps Mt. Gox in line with “strict anti-money laundering rules,” and it reduces the chances that security breaches will spark chaos. Verification won’t be necessary for pure Bitcoin transactions, the exchange says. Some traders see the new rule spoiling dreams of a truly borderless currency, but it may help reassure those still skittish about virtual cash.

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Via: CNBC

Source: Mt. Gox

SumUp, one of the many European mobile card reader startups targeting small businesses — and taking advantage of Square’s continued absence to acquire users and build out a business — has taken another step designed to expand its reach by announcing a partnership with Revel Systems, a maker of iPad POS software.

Revel Systems provides iPad-based tills to more than 400 chain stores and restaurants throughout the U.S., Canada, Australia and Saudi Arabia but it’s aiming to expand into Europe, hence the tie-up with SumUp. After launching last August, SumUp has now rolled out to 10 European markets.

Revel Systems will be using SumUp’s API, which it made available in fall last year, to process debit and credit card and cash payments in Europe. In other markets the company uses payment gateway USAePay, and says it can also integrate directly into Mercury Payment Systems.

In Europe the SumUp mobile payments app will come pre-loaded on Revel Systems tills and users will also get SumUp’s black card reader — which plugs into the iPad to take card payments. The partnership won’t bear instant fruit for SumUp on the customer acquisition front but as and when Revel Systems builds up its customer base in the region, SumUp will also make gains.

Commenting on the tie-up in a statement, John Doe, CEO of Revel Systems, said it chose to partner with SumUp to offer flexibility to its retail customers — but did not specify what it offered over and above other European mobile payments startups such as iZettle and Rocket Internet’s Payleven.

“SumUp’s technology is aligned with ours because it’s lightweight, secure, and speedy. SumUp is a natural partner for us,” he said. “We’re always looking to forge new partnerships with those businesses that aim to enhance the overall customer experience. Our users are also certain to appreciate the easy SumUp sign-up process and pay-as-you-go billing. We’re looking forward to working with SumUp as we expand to new markets.”

As with the myriad mobile payments players targeting small businesses, SumUp does not charge a monthly fee to businesses using its system but rather takes a 2.75% per card reader transaction charge. SumUp accepts Visa, Mastercard and recently added support for Amex in the majority of its markets.

The Revel Systems tie-up is not SumUp’s first b2b partnership aimed at building out its business. The company has previously announced partnerships with German taxi hailing app Taxi.de and an odd job software platform provider.

For those startups in newer areas like robotics, artificial intelligence and augmented reality who complain that VCs are too focused on consumer internet companies, help is at hand: Genesis Angels is a new VC that has raised a fund of around $100 million, with a large chunk coming from co-founder and serial investor and Kazakh petrochemical mogul Kenges Rakishev, which it plans to use for early stage investments in emerging areas like these and others. Based in Israel, but looking for startups worldwide, Genesis launched just this week, naming ex-Israeli prime minister Ehud Olmert as its chairman.

Moshe Hogeg, the other co-founder behind Genesis Angels (and founder and CEO of mobile video/photo startup Mobli, pictured here with Rakishev, left, and Olmert, center), says that the idea for Genesis came out of his and Rakishev’s observation that while the market for consumer internet services is saturated with a lot of me-too companies, there is a flourishing world of R&D in areas like robots and artificial intelligence that is not getting enough attention. It’s mostly giant tech companies like Google and Microsoft and academic institutions that are putting money into the very cutting edge of technology.

(Indeed, it was just yesterday, during Google’s earnings call, that CEO Larry Page talked about the “big bets” that Google wants to make on new technology. Google is not afraid to make big investments, he said, because the fear is that if it doesn’t it may miss out on the next big thing.)

The problem with this is that it leaves little room for startups. And although more recent developments like Kickstarter and Indigogo are creating a new groundswell of interest and financial support for some of these projets, there are yet others that will not want that kind of public profile for what they’re working on.

Hogeg describes Genesis’ role as something between the concept stage and when a VC may typically become interested in a company working on cutting-edge technology. “You can send the most brilliant scientist to a VC, but often it might take that scientist and his startup five years to create their products,” he explained in an interview. “VCs will say, ‘No problem, come back in four years.’ Genesis will invest in those companies in the meantime.” Typical investments will be in the range of $200,000 and $2 million.

If you visit Genesis Angels’ site, you will see that it already lists a number of companies in its portfolio, including Hogeg’s. These are listed, he says, because they are some of the investments Rakishev himself has made. Genesis, he notes, is still raising money for its first fund, with the total in play currently close to $100 million. Among those contributing to the fund are merchant bank Forbes & Manhattan, as well as private individuals who are well-known in the space of angel investments specifically around areas like hardware and new technology. The first three investments that are being made out of the new fund, Hogeg says, will be coming out shortly.

Ehud Olmert’s appointment as chairman is about laying the groundwork for the kind of assistance that Genesis Angels will be able to offer its portfolio companies, Hogeg says.

“He is a big believer in technology. Irasel invested the most in this area when he was still prime minister,” he notes. The relatively small country currently has some 3,000 tech companies, according to this report from the AP on the launch of the new VC.

Olmert took office in 2006 but left in 2009 under a corruption scandal cloud that he is still fighting. But that, apparently, has not affected his wider influence. “Mr Olmert is a very powerful man and he can use his contacts to help us and our companies, for example in partnering and joint ventures. He can open any door in the world.”

There have been other VC funds focused on these emerging areas. Dmitry Grishin, for example, the CEO of Mail.ru and founder of Grishin Robotics, last year started a $25 million fund dedicated to investing in other robotics companies (examples of his investments here, here and here).

It may be that Genesis teams up with people like this to cooperate on investments. “He shares a vision with us about this space,” says Hogeg.

If you already feel a little hard done by when it comes to your pay check, brace yourself. Bloomberg reports that four of the five best-paid executives across the whole of the US are employed by Apple—and just wait until you hear how much they earn. More »

Sharp has just announced that it’s getting a $110 million shot in the arm from Samsung. In turn, that will help guarantee Sammy as many LCD panels as it can use. More »