Category: Investors

Cryptocurrency Exchange Coinbase Sets Direct Listing for April 14

Crypto Exchange Coinbase Sets Direct Listing for April 14

Coinbase Global Inc., the largest U.S. cryptocurrency exchange, said it’s planning to make its trading debut on April 14.

The company’s registration statement for the listing has been declared effective by the U.S. Securities and Exchange Commission, Coinbase said Thursday in a statement confirming a Bloomberg News report.

The direct listing on the Nasdaq Stock Market had earlier been pushed back from March, Bloomberg previously reported. As with other direct listings, a reference price to help guide investors and to allow the shares to begin trading will be disclosed the night before the company goes public, said people familiar with the matter, who asked not to be identified because the information was private.

Coinbase’s plans were undergoing a review by the SEC, which has been inundated with filings for initial public offerings, including the frenzy of special purpose acquisition companies.

A different federal regulator, the Commodity Futures Trading Commission, announced on March 19 that it had reached a $6.5 million settlement with Coinbase, resolving claims the company had reported inaccurate data about transactions and that a former employee had engaged in improper trades.

For More: Coinbase’s Direct Listing Is Said to Be Pushed Back to April

Coinbase is planning to go public through a direct listing in which it will not raise any new capital, it said in previous filings. It was valued at about $90 billion in its final week of trading on Nasdaq’s private market, Bloomberg News reported.

The debut will be the first major direct listing to take place on the Nasdaq. All such previous listings were on the New York Stock Exchange, including those by Spotify Technology SA, Slack Technologies Inc., Asana Inc., Palantir Technologies Inc. and Roblox Corp.

In addition to the exchange, Coinbase operates a digital-coin custody business, keeping holdings safe for institutions.

Source – Bloomberg News 

One of the largest aluminum companies will pilot VeChain

One of the largest aluminum companies worldwide will pilot VeChain

Hydro and DNV GL have announced a partnership to leverage the VeChain based solution “Tag. Trace. Trust”. This service, developed by DNV GL, will be implemented by Hydro to enable its customers to verify the validity, reliability, and authenticity of product data with an “environmental profile”.

Hydro is one of the largest aluminum companies worldwide. Headquartered in Oslo, the Norwegian company is operating in more than 50 countries. The Norwegian state controls 34.3% of the company, together with the Norwegian pension fund with a 6.5% stake. Hydro’s yearly revenues are estimated to be around $12.6 billion.

VeChain contributes to a sustainable business model
Initially, the VeChainThor blockchain-based product will be integrated into a pilot on the Hydro CIRCAL and Hydro REDUXA platforms. That way, furniture manufacturer Vestre will be able to test the solution and provide its customers with reliable information about the environmental impact of its entire product supply chain. Bjørn Kjetil Mauritzen, Head of Sustainability for Hydro had this to say about the cooperation:
The aim of the pilot is to test a platform that supports manufacturers and brands to back their sustainability claims with verified data. This will allow them to trace the metal from the factory gates until it reaches the customer.

The integration with “Tag. Trace. Trust” arises from an increase in demand for eco-friendly products, operations, and standards oriented towards sustainability. As such, the partners believe it has become crucial to allow consumers to have access to “quality” data that allows them to verify on their own where and how a product has been produced.

In that way, consumers can make informed purchasing decisions and determine which products follow a sustainable model. Business Development and Sustainability Manager for DNV GL, Lin Jacobsen Hammer, added:

In this way, the aluminium product passport, with its unique digital ID, attached to the product displays key sustainability facts, such as low-carbon aluminium and post-consumer scrap content.

After the pilot with Vestre, the partners will review the results and experience they have had to find a method to standardize the model. Hydro thus expects to roll out the platform to all its customers at some point in 2021. Jørgen Hansson, Project Manager at Hydro said:

Ultimately, this pilot is made possible through the work we have invested in our greener brands in recent years. As a result, we can now explore how new technology can provide the market and the conscious consumer with key data – presented in a way they understand and trust – as a part of our agenda of driving sustainability.

Source – News Flash

PayPal Is in Talks to Acquire Cryptocurrency Storage Firm Curv

PayPal Is in Talks to Acquire Cryptocurrency Storage Firm Curv

PayPal Holdings Inc. is in talks to acquire the startup Curv, which helps companies transfer and store digital currencies.

The talks are early and could still fall apart, according to a person familiar with the matter, who asked not to be identified discussing internal deliberations.

PayPal has been seeking to expand cryptocurrency offerings after the payments giant began providing customers the ability to buy, sell and hold certain digital currencies in its wallet. The firm plans to add those capabilities to its Venmo wallet in the coming months.

New York-based Curv was founded in 2018. The firm says its products are used by dozens of customers including the investment firm Franklin Templeton.

PayPal shares slipped 0.5% to $272.22 at 12:31 p.m. in New York after CoinDesk reported earlier on the talks. Representatives for Curv and PayPal declined to comment.

Source: Bloomberg.com

MicroStrategy’s Bitcoin Buying Spree Reaches $4.45 Billion

MicroStrategy’s Bitcoin Buying Spree Reaches $4.45 Billion

MicroStrategy CEO Michael Saylor announced earlier this morning his firm has purchased approximately 328 more bitcoins for $15 million in cash, bringing the total to $4.45 billion. This latest purchase was made at an average purchase price of $45,710 per bitcoin.

Since the splashy announcement of the company’s first bitcoin purchase last August, MicroStrategy has been aggressively expanding its crypto trove. As of March 1st, the business intelligence company holds 90,859 BTC acquired for $2.19 billion, roughly half the value of the current holdings.

In less than a year, a relatively obscure intelligence software firm has turned itself into what many call a de-facto bitcoin ETF and its CEO Michael Saylor into one of bitcoin’s most prominent evangelists. Other famous bitcoin bulls include Galaxy Digital CEO Mike Novogratz and Twitter and Square SQ +6.7% founder and CEO Jack Dorsey, whose companies also bought hundreds of millions of dollars worth of bitcoin.

Meanwhile, the expert also notes that the cybercriminal(s) had “allegedly used a different operating system from that of the owner of the account.” This according to the expert “should have raised a red security flag for Bittrex.”

Source: Forbes.com 01.03.2021

NY Attorney General threatens to shut down cryptocurrency

New York attorney general threatens to shut down cryptocurrency Industry

New York Attorney General Letitia James sent a blistering warning to investors and industry members about the dangers of cryptocurrencies on Monday.

“We’re sending a clear message to the entire industry that you either play by the rules or we will shut you down,” she said in a press release.

The warning from James, which addressed individual investors and crypto industry members, comes amid a major start to 2021 for digital assets such as bitcoin.

The cryptocurrency surged to a new all-time high above $58,000 earlier this month, after garnering attention from Wall Street banks, companies such as Tesla and even the U.S. government.

Bitcoin, which was created in 2009, has evolved from a protest against the banking system to something of a “digital gold” that is beginning to catch on with mainstream investors.

Investment banks such as JPMorgan and Goldman Sachs have shown interest in the asset class. Plus, companies such as Mastercard have made significant moves to support cryptocurrencies. Tesla invested $1.5 billion into bitcoin in February.

The price of bitcoin rose more than 10% over the last 24 hours to hit $48,528, as of approximately 1:51 p.m. ET, according to CoinDesk. Other popular digital currencies include ethereum and litecoin.

James told members of the crypto industry in New York they must be registered with the Office of the Attorney General’s Investor Protection Bureau.

Parties who are obligated to register but fail to do so are subject to civil and criminal enforcement, the office said in a statement.

Monday’s alert comes two weeks after the attorney general filed a lawsuit against Coinseed, a trading platform for digital currency.

James alleged that Coinseed was operating a virtual currency trading business in New York, functioning as an unregistered broker-dealer for more than three years while collecting over $1 million in investors’ assets.

Last week, the attorney general’s office reached a settlement with crypto firms Tether and Bitfinex over allegations that they covered up $850 million of losses. Both firms agreed to pay an $18.5 million penalty but denied any wrongdoing.

“We will not hesitate to take action against anyone who violates the law,” she said.

“Too often, greedy industry players take unnecessary risks with investors’ money, but, today, we’re leveling the playing field and issuing alerts to both investors and industry members across the nation,” James added.

She also told investors to be cautious about investing in cryptocurrencies.

Source – CNBC News

Bitcoin Price Crashes 20% But Analysts Predict New Record Highs

Why Bitcoin Price Could Extend Its Decline To $41,000

Bitcoin price started a fresh decline after it failed to clear $52,000 against the US Dollar. BTC is sliding and it remains at a risk of a drop towards $41,000.

  • Bitcoin recovered above $50,000, but it struggled to clear the $52,000 resistance.
  • The price is trading well below $50,000 and the 100 simple moving average (4-hours).
  • There is a key declining channel forming with resistance near $49,220 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower towards the $41,000 and $40,000 support levels in the near term.

Bitcoin Price is Showing Bearish Signs

This past week, bitcoin price extended its decline below the $47,000 support zone against the US Dollar. The BTC/USD pair even tested the $44,000 support zone and settled well below the 100 simple moving average (4-hours).

The last rejection zone was near the $52,000 level before the price declined below $45,000. It traded as low $44,360 before correcting higher. It recovered above the 23.6% Fib retracement level of the downward move from the $52,229 high to $44,360 low.

However, the price struggled to clear the $48,000 resistance zone. It also failed to surpass the 50% Fib retracement level of the downward move from the $52,229 high to $44,360 low.

There is also a key declining channel forming with resistance near $49,220 on the 4-hours chart of the BTC/USD pair. Bitcoin is currently moving lower and it is likely to test the $44,000 support zone. If there is a downside break below the $44,000 support zone, there are chances of more downsides towards the $41,000 support zone. The next major support is near the $40,000 level.

Source : newsbtc.com

Bitcoin at ‘Tipping Point’ as Institutions Come on Board

Citi:bank: Bitcoin at ‘Tipping Point’ as Institutions Come on Board

Bitcoin is at the “tipping point of its existence” thanks to large institutional investment and growing regulatory groundwork, according to a new report by Citi obtained by CoinDesk.

While the perception of the cryptocurrency varies greatly, it is undoubtedly the inspiration for a blockchain-based economy and has created a new decentralized cryptocurrency market, according to the paper by Citi Global Perspectives and Solutions (GPS), the bank’s “thought leadership” arm.

Citi describes Bitcoin as blockchain’s “North Star,” owing to its core innovations that formed the building blocks that launched the ecosystem. Whether or not it cedes this status to stablecoins or central banks digital currencies (CBDCs) depends on how it is able to deal with inefficiencies relating to speed, scale and so on.

It will also be significant whether institutional interest cools as life returns to normal post-COVID-19 and inflationary fears abate. “Dampening (sic) institutional enthusiasm would remove a key source of support to Bitcoin and potentially the broader ecosystem, thus pushing it back to its more speculative roots,” the bank paper argues.

Citi’s conclusion references the oft-repeated quote by Arthur Schopenhauer: “All truth passes through three stages: First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident.”

Source: Yahoo Finance