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Globe’s Velocity Incubator Wants All Filipino Entrepreneurs From All Regions

“If the pandemic teaches us anything, it’s that we can actually start companies and make business deals purely online, without having to meet,” Vince Yamat, Managing Director of 917Ventures said when asked about Velocity’s fully-online program.

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January 21, 2021 — Velocity, a regional venture incubation program by Globe-backed 917Ventures is open to anyone who has a problem to solve and would like the help of an incubator to build it and make it successful, Vince Yamat, Managing Director at 917Ventures told BitPinas in an interview. The invitation extends to blockchain and crypto startups and entrepreneurs across the Philippines, not just Manila.

Table of Contents.

About 917Ventures

Velocity by 917Ventures, the largest corporate incubator in the Philippines, will be fully supported and backed by Globe and its parent firm, Ayala Corporation. 917Ventures is the parent company of Mynt, which operates GCash, one of the most popular crypto on/off ramps today. That Globe will back the incubated businesses offers an unfair advantage, the press release emphasized. “By joining the program, venture builders will have access to Globe’s resources including legal, finance, marketing and human resources.” Effectively if blockchain teams want to pitch, they could get direct access to that experience and that network.

Solving problems come first

While Velocity said the areas of interest for the program are in e-commerce, fintech, health-tech and adtech verticals, Vince said as long as the applicants to the program identifies a problem they want to solve, it won’t matter what technology the solution will use, blockchain or otherwise. “The idea of solving a huge problem comes first,” he emphasized. 

If an applicant has already identified a problem, they can then decide on how to address it by way of a  technology solution. 

“If they say they will use blockchain and they can defend it, that is fine. But not everything may be solved better using it. Sometimes, a more centralized solution, databases, are better for a particular problem. That will be up for debate, we’ll see.”

Vince Yamat, 917Ventures

On being fully online

Velocity will be a fully online program that will last for three months. The first month will be spent in helping applicants build a minimum viable product. The next two will focus on taking their solutions to the market and ultimately refining their value proposition. 

“If the pandemic teaches us anything, it’s that we can actually start companies and make business deals purely online, without having to meet,” Vince said, noting that Velocity will hold regular meetings, memberships, updates, virtually all discussions through online communication tools. The participating teams may choose to use the incubator’s office in BGC if they need to, but this certainly isn’t a requirement.

Pain points

When asked what he thinks are nagging problems in the online payments space that needs solving, he pointed at cash-ins, which refers to transferring money one physically holds  to an e-wallet app or bank account. “There are a lot of cash-in methods, but we want it to be seamless because not everyone has a bank account. While there are many options like pawnshops, ideally, we want it at the sari-sari store or peer-to-peer level,” Vince remarked, highlighting that he, too, acts as the cash-in center in his household.

All entrepreneurs are invited wherever they are

As a major incubator in the Philippines, Velocity offers the opportunity for any aspiring entrepreneur to build products that will solve problems for Filipinos spread throughout the country thanks to the networks of Globe and Ayala behind the program. Still, despite the program being purely online, there may be potential entrepreneurs who might think such initiatives are Manila-centric, intended to find solutions only to the problems of the capital and other metro cities. BitPinas has strong cryptocurrency and fintech audiences in regions such as Cebu and Davao, enthusiasts and builders alike, demonstrating that the entrepreneurial mindset is alive in every region.

Vince said entrepreneurs outside Manila could bring a lot and offer solutions to the problems around payments, last mile remittances and even lending. “Velocity is open to anyone. I believe there are different pain points when it comes to financial services and each region has a different problem,” he remarked, citing issues relating to credit or access to commodities. These could be nagging problems the entrepreneur often experiences on a daily basis. For Vince, that’s a really good problem to solve.

“If you are passionate about the problem you want to solve, you don’t usually give up, you find ways. That’s something we like in Velocity,”

Vince Yamat, 917Ventures

Successful applicants will be provided funding of up to $50,000 to help in developing a minimum viable product. An additional $2,000,000 million in seed funding could be raised upon the completion of the program.

The 1st batch of successful applicants to the program will be announced on January 22, 2021. The program launch for the 1st Batch will begin on February 22, 2021. The application deadline for the 2nd batch will be on the same day. Find more information, including the program structure and time of Velocity by 917Ventures here.

This article is published on BitPinas: Globe’s Velocity Incubator Wants All Filipino Entrepreneurs From All Regions

Please share and grow the BitPinas community.

Source: https://bitpinas.com/business/globes-velocity-incubator-wants-all-filipino-entrepreneurs-from-all-regions/

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NEXT Chain: New Generation Blockchain With Eyes on the DeFi Industry

[Featured Content] The cryptocurrency industry is booming throughout the past year, and the increase in the total market capitalization is definitive proof. The market is, at the time of this writing, valued at about $1.5 trillion. The same can be said about the DeFi industry. The total value locked in various protocols exceeds $39 billion, […]

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[Featured Content] The cryptocurrency industry is booming throughout the past year, and the increase in the total market capitalization is definitive proof. The market is, at the time of this writing, valued at about $1.5 trillion. The same can be said about the DeFi industry. The total value locked in various protocols exceeds $39 billion, […] Checkout PrimeXBT
Source: https://cryptopotato.com/next-chain-new-generation-blockchain-with-eyes-on-the-defi-industry/

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‘Bitcoin Senator’ Lummis Optimistic About Crypto Tax Reform

Sen. Cynthia Lummis, the first in the Chamber to own Bitcoin, says bipartisan support will accelerate crypto tax reform.

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Sen. Cynthia Lummis (R-Wy) expressed hope on Wednesday that Congress will be able to reform the tax rules governing cryptocurrency, which have been a longtime bugbear for Bitcoin owners and the burgeoning crypto industry.

“We’re optimistic we can find bipartisan agreement on that issue,” said Lummis during a meeting with crypto executives and policy makers on the social media app Clubhouse.

The comment from Lummis, who has owned Bitcoin since 2013, came in response to a question about whether Congress will pass a proposed law calling for a “de minimis” tax exemption for small cryptocurrency transactions.

Currently, IRS guidance stipulates that any minor crypto transaction—such as sending $5 worth of Bitcoin to a friend or using it to buy a cup of coffee—can amount to a capital gains event. Critics say this rule creates needless tax headaches, and discourages innovation by limiting the use of crypto in day-to-day transactions.

And while the IRS has become preoccupied with collecting tax on crypto—a question about virtual currency is now at the top of filers’ income tax return—the agency has done little to simplify the process for reporting it.

Lummis’s interest could help accelerate the passage of crypto tax reform, which has been proposed in bills before the House of Representatives, but never in the Senate. Lummis, whose home state of Wyoming has branded itself as a crypto hub, also pointed to a new Financial Innovation Caucus she is leading with Sen. Kyrsten Sinema (D-Az) as evidence of bipartisan interest in the issue.

Bitcoiner Cynthia Lummis Wins US Senate Seat

Policy researchers on the Clubhouse call cautioned, however, that passage of crypto legislation is unlikely to occur in the near future. The Biden Administration and Congress is currently wrangling over weighty issues related to the pandemic and economic stimulus, so crypto taxation—a relatively boutique issue—is unlikely to be a high priority.

More broadly, members of the call noted that lawmakers are becoming more knowledgable about cryptocurrency, and not only at the federal level.

Nathan McCauley, the CEO of crypto storage service Anchorage, said that his company has been speaking with several state governments about adding crypto to their corporate treasuries—a move that would mirror what big private sector companies like Tesla and Square have done in recent months.

McCauley suggested the states’ interest in crypto is related to a search for alternate finance and investing options at a time when bond markets are in a prolonged slump.

Checkout PrimeXBT
Source: https://decrypt.co/60059/bitcoin-senator-lummis-crypto-tax-reform

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Billionaire Hedge Fund Manager and a Former CFTC Chairman Reportedly Invested in Crypto Firm

The hedge fund manager who predicted BTC’s rise to $40k in 2018 and the former CFTC Chair, a.k.a ‘crypto dad’, have invested in BlockTower Capital.

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The hedge fund manager who predicted BTC’s rise to $40k in 2018 and the former CFTC Chair, a.k.a ‘crypto dad’, have invested in BlockTower Capital. Checkout PrimeXBT
Source: https://cryptopotato.com/former-cftc-chairman-and-a-billionaire-hedge-fund-manager-reportedly-invested-in-crypto-firm/

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Bitcoin is up by a solid 6% today as the primary cryptocurrency surged by over $3000 over the past 24 hours. Quick recap: bitcoin is recovering after a heavy correction over the past week, in which the cryptocurrency dropped by around 25% as it broke beneath the February ascending price channel (as shown on the […]

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Bitcoin is up by a solid 6% today as the primary cryptocurrency surged by over $3000 over the past 24 hours. Quick recap: bitcoin is recovering after a heavy correction over the past week, in which the cryptocurrency dropped by around 25% as it broke beneath the February ascending price channel (as shown on the […] Checkout PrimeXBT
Source: https://cryptopotato.com/bitcoin-price-analysis-back-above-50k-but-facing-huge-resistance-now/

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