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Israeli PM: Cryptocurrency comes and banks doomed disappear

Israeli Prime Minister Benjamin Netanyahu says bitcoin is coming and banks are doomed to disappear. MIT Sloan School of Management graduate and former Boston Consulting Group said cryptocurrency will take place and banks will disappear as the rapid technological innovation that will replace the bank's role.

The Israeli PM claims traditional bank operations will eventually become obsolete and will be replaced by bitcoins where blockchain technology will continue to grow. In a video Netanyahu states confidently the bank will eventually be out of date, though when it needs to be seen.


"Is the fate of the banks finally going to disappear? The answer is yes," Netanyahu said.

The head of state said banks were created for the money spent and benefited from those controls from people who transacted. But cryptocurrency allows people to transact directly, decentralized and technology ensures transactions between people are legitimate and secure.



Israel has long had bitcoins and lo…
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Alibaba confirmed funding XPeng electric vehicle startup

Alibaba Group Holding Limited confirmed it has invested in Guangzhou Xiaopeng Motors Technology Co. Ltd. for an undisclosed amount of money. Hangzhou online retail giant said the company has supported funding for electric car startup Guangzhou Xiaopeng which is also called Xpeng.

Alibaba confirmed where rumors in Chinese media said it had funded Xpeng which last month rolled out all-electric Identy X SUVs as their first vehicle. The amount of funds was not disclosed, but some Chinese media said Alibaba acquired a 10 percent stake in the startup.


"As a clean energy vehicle startup, investment in Xiaopeng Motors fits Alibaba's strategic focus in the automotive sector.We will continue to work together on an open-platform approach with a variety of automotive manufacturing partners to benefit consumers," Alibaba spokesman said.

Xpeng Identy X has a lot of technology for relatively inexpensive cars, including this pop-up camera on the roof and the interior is equipped with LC…

LG focus on electric vehicle energy in next 30 years

LG Electronics Inc. said it will concentrate on energy for electric vehicles on the business-to-business market within the next 30 years. LG Chairman Koo Bon-joon said on Tuesday that the company would give top priority to the electric vehicle business in a better focus on the B-B market.

Top officials at LG Electronics said a pivot is done as an important strategy to drive business in the future. LG affiliates have been aggressively expanding investments in projects related to electric vehicle components and increasing speculation that LG will manufacture complete electric cars.


"We always put energy, including electric vehicles," Koo said.

The Seoul-based conglomerate in August announced the construction of a battery pack factory for electric vehicles in the United States. LG Chem currently produces electric vehicle batteries, while LG Display provides automotive displays for car makers.

The vehicle component division has grown to around 2.6 trillion won (US$2.38 billion) …

Teabox raised $7 million in Series B funding

Teabox.com raised US$7 million in Series B funding and extended it to US$10 million where talks with other investors are taking place. The online startup of premium tea sellers based in Siliguri is raising the latest funding led by Accel Partners and Ratan Tata to boost production and growth.

Teabox founder and CEO Kaushal Dugar said on Wednesday it had raised US$7 million and talks with other investors were at least US$10 million. The new funds will be used for capital expenditures, marketing and encouraging growth.


"We may be the only global tea brand that has a strong digital presence. We do multi-channel and do not want to lose this great potential. New investments will help us push towards this goal," Dugar said.

Startup was founded by Dugar in 2012 and has raised A Series of US$6 million in 2015. Currently the company is sending tea to more than 100 countries from warehouses in Siliguri. The latest funds to expand the operation, storage capacity and new natural packagi…

Hyundai and Artha Graha formed joint venture for SEA

Hyundai Motor Company and Artha Graha Group collaborate to establish a commercial vehicle joint venture in Indonesia. The auto maker giant headquartered in Seoul and the Indonesian conglomerate signed a joint venture agreement on Tuesday to tackle the Southeast Asian market.

Hyundai Motor and AG Group formed a joint venture in Indonesia and will expand to Southeast Asian countries. The collaboration will bring Hyundai and AG Group to establish a business entity in Jakarta in May 2018 to manage production, sales, after-sales service and so on.


"Hyundai will fully support the joint venture to bridge both partnerships. Starting in the Indonesian market, we will accelerate expansion into nearby countries," said Lee In-cheol, senior vice president of Hyundai's commercial vehicle export division.

Hyundai mentions a factory equipped with knock-down equipment and facilities designed for Hyundai commercial vehicles to minimize costs and risks. AG Group was established in 1973 and…

Indiegogo launches ICO and blockchain platforms

Indiegogo Inc. joins the cryptocurrencies service for ICO (initial coin offerings) and blockchain investments. The giant crowdfunding company headquartered in San Francisco announced it was embarking on a crypto service where users used the company's platform to invest in digital token sales.

"We launched the platform in 2008 to help create a great idea. Today, we are taking the next big step. We are excited to announce that you are now investing in the pre-selling ICO offered by Indiegogo and Microventures," Indiegogo said.


Indiegogo was founded by Eric Schell, Slava Rubin, and Danae Ringelmann in 2008 as a crowdfunding platform and one of the first online crowdfunding pioneers that allows people to raise funds for various startups and businesses.

The company estimates that ICO has spread worldwide to US$3.6 billion. The idea of raising funds through digital token sales is "revolutionary" in that ICO allows more efficient liquidity and utilities.

"There i…

FlyMya acquired their rival Go-Myanmar

FlyMya.com acquired their rival Go-Myanmar.com. Yangon's travel booking platform acquires smaller competitors for unspecified amounts of money. The acquisition at least undermines competition in Myanmar where the two startups have competed with each other.

Go-Myanmar was founded by Marcus Allender in 2012 to provide content of various travel destinations through blogs, photos, videos, and tourist options to suit the needs of all types of travelers. The platform updates information about destinations, how to get around and other travel guides.


"The content and online profile of Go-Myanmar and the resources of FlyMya's experienced technical team is a clear synergy," says Allender.

FlyMya was founded by Mike Than Tun Win in 2015 as a one-stop online booking for domestic travel. Currently the platform gives travelers the choice of flights, tours and transportation rentals to over 20 destinations.

"Go-Myanmar is one of the most popular brands in Myanmar and a trusted…