The Wall Street Journal’s Earthbound Trading Company Is Now Officially Trading With NEO
Earthbound trading technology has a strong presence in the cryptocurrency space, but that has come at a steep price: the company, founded by two University of Pennsylvania graduates and backed by billionaire investor Peter Thiel, has become one of the most volatile in the space, trading at more than 20% negative interest rates and with a whopping $1 billion in losses in 2016 alone.
While its price of bitcoin fell in 2016, the company is now trading at a record-low 10% negative rate, according to CoinMarketCap.
The price has fallen to as low as $1.15 per coin in a few days.
The company was founded in 2016 and had more than $300 million in assets.
Its CEO, Noah Van Gelder, has not disclosed how much he owns, but he has made investments in companies such as PayPal and Tesla.
Van Geiler, who is currently a partner at Kleiner Perkins Caufield & Byers, has said he intends to use the company to help address the rising costs of energy and environmental concerns.
Van Gelder said in an interview with CNBC that the cryptocurrency market is still very young.
The world’s supply of bitcoin is about 10% of the entire global supply, he said.
“Bitcoin has a huge price-to-volume ratio, and the more demand for it, the more price you get.”
The company, which trades on the London Stock Exchange, said it has a large team of engineers, and has a long-term commitment to the crypto space.
Van Selden said in the interview that he believes bitcoin will be used as a way to pay for everything in the future, from food to healthcare to goods and services, to provide a more efficient way to move around the world.
The Earthbound company has more than 30 employees and has offices in California, New York, and Amsterdam.
The founder of the company told CNBC in December that his goal is to build a decentralized, peer-to‑peer cryptocurrency platform that will allow companies to create decentralized, globally shared, and secure applications and services.
VanGelder has not been forthcoming with investors and his company has been hit with numerous lawsuits from competitors and regulators in the past year.
In October, Van Gelden and his former partners at Earthbound filed a $100 million lawsuit against an investor in a digital currency trading startup, alleging that he was defrauding investors and violating his fiduciary duty to his clients.
Van gelder’s lawsuit against his former investors also alleges that Van Geilers trading practices were fraudulent and violated the Securities Exchange Act.