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Galaxy Digital Leverages Blockstream Facilities for Bitcoin Mining Operations

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Despite the partnership announcement, Galaxy Digital Mining did not provide specific details on the number of machines deployed for the first installation.

Diversified financial services and investment management company in the digital asset sector Galaxy Digital (TSX: GLXY) said it is now hosting its newly-launched Bitcoin mining operations at Blockstream facilities. The diversified financial services firm noted that its Bitcoin-mining operations would use Blockstream facilities to initially deploy machines in Canada and the US.

CoinDesk said in a report that the partnership between Galaxy Digital and Bitcoin technology company Blockstream occurred less than two months after Galaxy Digital officially launched its mining operations.

In January, Galaxy Digital announced the launch of its miner financial services. At the time, the firm also added that it would begin its own Bitcoin mining business. Notably, providing financial services to Bitcoin miners has been a work-in-progress for Galaxy Digital since October 2020.

In addition, Galaxy Digital selected the former director of Mining at Fidelity, Amanda Fabiano, to head the new mining operations. Along with Fabiano, Galaxy Digital stated that there is a team of vast professionals working to advance the new unit. According to the press release, the new unit will be called Galaxy Digital Mining. The press release examined the functions of the new mining unit:

“…a new business unit committed to providing bitcoin miners with a comprehensive suite of financial services and products. Galaxy Digital Mining will serve as a one-stop financial services platform for miners-drawing the firm’s expertise in trading and risk management, investing and lending, and corporate advisory under one umbrella, tailored to the needs of the mining sector.”

Galaxy Digital Now Hosting Mining Operations Facilities

Now, Fabiano said that the company hopes to continually expand its mining operations. Despite the partnership announcement, Galaxy Digital Mining did not provide specific details on the number of machines deployed for the first installation. According to Fabiano, the financial services firm selected to use Blockchain’s facilities for “operational excellence.”

Blockstream CEO Adam Back also commented on the new partnership with Galaxy Digital. He said that Galaxy Digital has the opportunity to further growth with the Bitcoin technology company.

Earlier this year, Blockstream announced that it had purchased $25 million worth of Bitcoin mining machines from a Chinese manufacturer of crypto mining equipment MicroBT. Blockstream hopes to expand its mining operations with its new acquisition.

Data by MarketWatch revealed that Galaxy Digital stock had grown nearly 60% since the year began. The company’s stock has also spiked 189.68% in the last three months and almost 30% over the past month. With a market capitalization of $1.69 billion, Galaxy Digital stock has jumped 4.56% in the last five days. At press time, GLXY is closed at $17.41, a 5.74% loss over its previous close of $18.47.

Galaxy Digital has also partnered with CI Global Asset Management to launch a Bitcoin Fund in Canada. 

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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UK’s Financial Conduct Authority Working with Binance to Understand Tradable Stock Token Services Recently Unveiled

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Currently, it is not clear what the UK’s Financial Conduct Authority will see fit for the new Binance tradable stock tokens services.

The UK’s Financial Conduct Authority speaking to the Financial Times noted that it is working with cryptocurrency exchange Binance to understand its latest services that entail Tradable Stock Tokens. Reportedly, the regulator wants to understand the regulations that may apply to it and also how the firm markets the new feature.

Speaking to the FT, the regulator said that it is “working with the firm to understand the product, the regulations that may apply to it and how it is marketed”. Additionally, the regulator noted that the “firms and their senior management teams are responsible for determining whether their products and services fall within the remit of the FCA”.

Notably, the news outlet also talked to the German regulators who declined to comment on any private matter. “We cannot comment on the specific case due to confidentiality obligations. Fundamentally, however, the following applies: if tokens are transferable, can be traded at a crypto exchange and are equipped with economic entitlements like dividends or cash settlements, they represent securities and are subject to the obligation to publish a prospectus,” the German regulator noted.

Bigger Picture on UK’s Financial Conduct Authority Investigations on Binance

Binance, the largest cryptocurrency exchange by traded volume and ecosystem growth, recently unveiled a zero commission tradable stock token. Initially, the firm only listed Tesla Inc (NASDAQ: TSLA) stocks, whereby it later added the recently launched Coinbase Global Inc (NASDAQ: COIN) stocks. According to Binance, each stock token that is provided through its system will represent one share of equity stock. Additionally, the firm noted that the tradable stock tokens are “fully backed by shares stored in a depository portfolio of underlying securities, in cooperation with investment firm CM-Equity AG and asset tokenization platform Digital Assets AG.”

On its defense, Binance noted that the tradable-stock tokens are a CM-Equity product that is compliant with the European Union’s Mifid II markets rules and also BaFin’s banking regulations. “Currently users only buy and sell the tokens from and to CM-Equity AG, which does not require a prospectus,” Binance said.

During the launch date, Binance Chief Executive Officer Changpeng Zhao alias ‘CZ’ said that the “Stock tokens demonstrate how we can democratize value transfer more seamlessly, reduce friction and costs to accessibility, without compromising on compliance or security.” Further, added that “Through connecting traditional and crypto markets, we are building another technological bridge for a more inclusive financial future.”

Currently, it is not clear what the UK’s Financial Conduct Authority will see fit for the new Binance tradable stock tokens services. Binance Coin is up approximately 1.1% in the past 24-hours and over 3659% in the past year. However, there is a minimal connection to the BNB than to its stablecoin BUSD as it might lack notable volume in the future if found against the law.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Thodex Cryptocurrency Exchange Allegedly Pulls $2B Exit Scam

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It is estimated that the Thodex exchange has shut down with between $2-10 billion of investors’ hard-earned money irretrievable.

Some cryptocurrency investors are in a state of shock after another exchange based in Turkey pulled an exit scam, according to reports, Thodex has vanished out of thin air without notice with the investments of over 391,000 people locked up.

It is estimated that the Thodex exchange has shut down with between $2-10 billion of investors’ hard-earned money irretrievable. For now, the exchange has not made any official announcement about the situation on the ground, but activities surrounding the key players of the platform raise alarm about their intention.

It started when Thodex posted on their Twitter handle about their intention to improve customer satisfaction by the introduction of a Peer-to-Peer cryptocurrency investment service from outside. Thodex in another statement notified customers that they would suspend their trading activities for 4 to 5 days. However, the CEO of Thodex Faruk Fatih Ozer has deleted his social media account and disappeared without a trace.

It is suspected that the whole scheme was planned as the company introduced a program from March 15 to April 15 to attract more customers by freely giving out 150 Doge to new users who signed up within the period.

Oguz Evren Kilic, the lawyer who represents the unspecified number of customers has confirmed to have filed a legal complaint against the exchange, and the prosecutor of Istanbul has launched an investigation into the alleged exit scam.

Kilic alleged that the CEO of the Thodex exchange has fled from Turkey through a commercial flight on Wednesday. Other reports speculate that Fatih has fled to Albania. It is important to know that the cryptocurrency market has long been associated with crime.

Many believe that the decentralized asset acts as a tool for money laundering with the so-called exchanges taking advantage of its boom to scam enthusiasts. For this reason, the Turkish officials have called for a fast regulation of the market especially in this time where global crime associated with the industry is rising.

According to the senior economic advisor to President Recep Tayyip Erdogan, Cemil Ertem, a cryptocurrency-related pyramid scheme has been rampant in the area, hence the need for the government to put measures in place.

Ertem stated that beyond doubt, the country will take action against the recent industry occurrence by putting regulations in place based on the level of its economy. This being said, they will do this by monitoring global development.

Not only Thodex, but also many cryptocurrency exchanges have pulled an exit scam since Bitcoin started going mainstream. The ones that had no prior motive to shutdown operations were forced to do so after losing millions of dollars to hackers who got access to their administrative panel like MT.Gox.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.





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Huobi Asset Management Lauches BTC, ETH and Crypro Mining Funds

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One of the funds launched by Huobi Asset Management is a private equity fund that will invest solely in cryptocurrency mining operations.

In a move that is geared to encourage institutional investors to adopt crypto, Huobi Asset Management, a subsidiary of Huobi Technology, has recently announced four cryptocurrency funds for institutional investors.

Huobi Asset Management is part of the publicly traded Huobi Technology which is listed on the Hong Kong stock exchange. With this initiative, it is expected that institutional investors will take advantage of this opportunity and the lenient laws of Singapore and Hong Kong to invest more in digital assets.

While Huobi Asset Management is independent of its parent company, it has its backing which many believe positions it to achieve its goal of becoming one of the reputable names when it comes to managing digital assets for institutional investors.

Of the four investment funds created, two are passive funds for Ethereum and Bitcoin. This is contained in a statement released by the company on Thursday through Technode. Another fund is for actively investing in several cryptocurrencies which forms one portfolio.

The fourth fund launched by Huobi Asset Management is a private equity fund that will invest solely in cryptocurrency mining operations.

Lily Zhang, CFO of Huobi Tech, in a recent interview says that “the bitcoin and ethereum tracker funds are fully compliant under the financial regulations in Hong Kong and give traditional investors a more liquid and compliant channel to directly invest in cryptocurrencies.” However, the top executive refused to reveal the management fees attached to the funds.

To restate the goal of the company which is to lure institutional investors, it has placed limitations on those who can invest in the funds. According to the company statement, only accredited professional investors like asset managers, high net worth individuals, and family offices can invest.

The exclusivity has not in any way limit the investment as the four funds have already raised $50 million from investors pledges, just half of the company target of $100 million by the third quarter of 2021.

Huobi Tech which is the parent company for Huobi Asset Management is owned by Huobi Global which operates the popular cryptocurrency exchange. It is the second-largest cryptocurrency exchange in the world, boasting a transaction volume of around $12 billion within the past 24 hours before this writing.

Back in March, The Hong Kong Securities and Futures Commission gave Huobi Asset management the license to manage digital assser portfolio, making. It one of the first to hold the license. Other companies are also seeking license in Hong Kong.

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



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