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Bitcoin Price Drops, IPO’s and an NYSE Bitcoin Market: This Week in Crypto

Last Updated March 4, 2021 4:07 PM
Jake Sylvestre
Last Updated March 4, 2021 4:07 PM

Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this week’s edition of The CCN.com Podcast on iTunes TuneIn , Stitcher , Google Play Music , Spotify  or wherever you get your podcasts .

Price Watch:

Startups:

  • Factom Files Patent for Validating Documents on the Blockchain – Factom (FCT ) has filed a new patent with the U.S. Patent & Trademark Office that allows verification of documents on a blockchain with multiple digital signatures.
  • Hedera Hashgraph Raises $100 Million At $6 Billion Valuation – Hedera Hashgraph, a U.S. based distributed public ledger that plans to offer a cryptocurrency, a file storage service, and a smart contract platform, has raised $100 million. The company is looking to raise another $20 million in a crowdsale.
  • High Times Launches First Ever IPO to Accept Bitcoin, Ethereum – High Times , a prominent New York publication advocating cannabis usage, is breaking new ground in the cryptocurrency world by accepting crypto during its IPO, the first ever stock offering to do so.
  • Coinbase Brings Crypto Payment Option to Millions of Online Businesses – Coinbase Commerce, a cryptocurrency payment provider, has announced a series of initiatives to support crypto commerce, including a WooCommerce plugin to give millions of merchants the option to accept cryptocurrencies, the ability to send bitcoin and litecoin directly, and other new capabilities.
  • Canaan Unveils First-Ever Bitcoin Mining Television – Canaan Creative has launched what it hopes will be the future of the blockchain and the first of a series of releases that will improve its position as it battles for increased market share in the bitcoin mining device market. Critics  insist that the device is little more than a self-promotion gimmick as the company prepares for it’s IPO , offering no real utility to users.
  • Cryptocurrency Bank Galaxy Digital Which Lost $134 Million in Q1 Is Going Public – According to Bloomberg  Galaxy Digital LP — will be listed for trading on the Toronto-based TSX Venture Exchange  on August 1st. The company is using a reverse takeover of an existing firm to be listed.

Exchanges:

  • Biggest Stock Exchange Operator to Launch Bitcoin Market – Intercontinental Exchange, the owner of the New York Stock Exchange, has announced that will list a physically-settled bitcoin futures contracts and form a new company whose mission is to make bitcoin a mainstream financial asset.
  • OKEx Initiates ‘Clawback’, Injects 2500 BTC  – OKEx has moved to protect its futures market with an injection of 2500 BTC into the exchange’s insurance fund from its own capital after a forced liquidation on July 31st threatened to destabilize its operations. The futures contract amounted to a staggering $420 million worth of BTC. OKEx moved swiftly to counter this liquidation with a series of measures that were announced on its website.
  • Coinbase Adds British Currency Support – Users at Coinbase will now be able to deposit and withdraw funds in British Pound, the company announced  on Wednesday.  Coinbase, being an exclusive digital currency firm, has obtained a bank account in the U.K. The company already has an e-money license issued by the U.K.’s Financial Conduct Authority  (FCA).
  • Robinhood Opens Crypto Trading to Georgia Residents – Robinhood, a commission-free stock trading platform, announced  that residents in the state of Georgia can now invest in cryptocurrency through the app. The move follows the app’s launch of Robinhood Crypto in early 2018, its subsequent rollout in four states, and comes in the wake of a $363 million funding round.
  • Coinbase Bug Prevents Canadian Users from Withdrawing Funds – An issue with Coinbase systems recently prevented users from Canada and a number of other countries from withdrawing funds, leading to frustration and concern among many customers. In a statement to CCN.com, Coinbase claimed the issue was a bug.
  • Ex-FBI Director Louis Freeh Opens up about Tether Investigation – In a recent interview  with Yahoo Finance, former FBI Director Louis Freeh (of FSS) answered questions about the Tether investigation and the public’s reactions to the firm’s work. He discussed the “transparency update” that was compiled by FSS after they were granted full access to bank accounts, statements, and spoke with some employees at banks holding Tether assets and responded to criticism that the investigation did not constitute an official “audit.”
  • UPbit Comes Out Clean in Audit after Raid – UPbit, currently the biggest crypto exchange in South Korea, came out clean in an audit report which proved the exchange had 100 percent of the amount its balance sheet demonstrated. The audit comes following a raid by local authorities under the suspicion of balance sheet manipulation and inflated volumes.
  • Thai Bond Market Association to Incorporate Blockchain Technology – The Thai Bond Market Association (TBMA) plans to implement a new registrar service platform combining financial technology with blockchain technology. There are ongoing plans to put it to practice during the current year to improve the growth of the secondary market.
  • Binance Buys Ethereum Wallet Service in First-Ever Acquisition –  Binance, one of the world’s two largest cryptocurrency exchanges, has just completed its first-ever acquisition of TrustWallet . According to TechCrunch , the Malta-based exchange operator acquired Trust Wallet, creator of the eponymous mobile Ethereum wallet that includes support for ether, as well as ERC-20 and ERC-223 tokens. Terms of the deal have not been disclosed, but Binance confirmed that it included a mixture of cash, Binance stock, and Binance tokens.

Enterprise:

Governments:

  • North Carolina Bans Crypto Campaign Donations – North Carolina has banned electoral candidates in the state from accepting campaign donations made in bitcoin and other cryptocurrencies. The decision came in response from the North Carolina State Board of Elections Campaign Finance Office to Emmanuel Wilder and cited concerns over anonymity. The ruling follows similar rulings by the Kansas Governmental Ethics Commission and an incident in which Austin Petersen was forced to return $130,000 in bitcoin. The Federal Election Commission does allow bitcoin donations.
  • Korean Financial Watchdog Calls for Stock Trading on a BlockchainThe Financial Supervisory Service  (FSS) has advocated the use of blockchain for stock trading in a report focused on the subject released on Thursday. In a significant backing of the technology, the FSS called on the country’s regulatory agencies and firms to jointly work and develop an integrated blockchain system that negates the use of a conventional centralized ledger and system to track transactions.
  • Mining Firm Reopens in U.S. after Regulators Revoke Cease & Desist Order – Genesis Mining, a provider of managed cloud mining, announced  that it is resuming operations in the United States after South Carolina regulators withdrew a cease and desist order against the firm. Contracts serving U.S. residents have been disabled for five months up until now.
  • UK Researches Use of Blockchain Smart Contracts In Law – The U.K. Law Commission is in the process of codifying the use of smart contracts into British law as part of an ongoing effort to update British law and make it relevant to of the challenges of modern technology. If the legal reform is successful, the U.K. will become one of only a handful of jurisdictions that legally recognizes smart contracts.

Hacks & Security:

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