Crypto News

Cryptocurrency News Weekly Roundup 08/05/2022

Here are this week’s top stories from the cryptocurrencies:

  • Pantera Capital intends to strengthen its presence in India with investments at scale
  • Argo’s Helios facility Blockchain is now powered and scheduled to start mining next week
  • The three co-founders of BitMEX were each ordered to pay a $10 million civil fine
  • Supported rapper Ice Cube Dogecoin and spurs DOGE’s largest commercial transaction in one NFTs-Purchase on
  • California aims to create a comprehensive regulatory framework for Web3 technology

Pantera Capital doubles funding for crypto firms in India

Cryptocurrency-focused hedge fund Pantera Capital has announced that it is increasing its investment push in India. According to Paul Veradittakit, a partner at the firm, Pantera has closed around 10 deals in India, specifically funding crypto exchange and trading platform CoinDCX.

Last month, CoinDCX raised $135 million in a Series D funding round led by Pantera Capital at a $2.2 billion valuation. Speak with the economic times, Veradittakit said the round is part of a larger push to boost investment in India. Along with the fact that the macro factors in this region bode well for crypto adoption, the Pantera partner noted the rich developer talent that exists there.

Pantera Capital revealed in a blog post published by Pantera Capital CEO Dan Morehead that CoinDCX was one of three debutants of the newly launched Pantera Select Fund. The money manager said the fund would focus on developed income-generating institutions. With the fund expected to start and close this month, the beneficiary companies would receive around $20 million per fund.

Next month, Pantera is also launching the $1.3 billion blockchain fund, well above the $600 million target.

Argo Blockchain announces that its Helios Facility will begin mining next week

Of the Bitcoin-Miner Argo has begun construction of its flagship mining facility in Dickens County, Texas. This week the company confirmed that the farm has been powered up and is ready to begin mining starting next week. Argo Blockchain bought a 320-acre piece of land last July and managed to construct a 200-megawatt facility in less than a year.

By the end of the year, Argo expects the facility to be able to achieve an overall hashrate of 5.5 exahashes/second. This means that Argo Blockchain could produce almost 2.5 times the current hashrate. With additional power to come at a later date, Argo aims to bring 600 megawatts to its Dickens County facility, a point at which they expect an overall hash rate of 20 exahashes per second.

The mining farm will use Bitmain S19J Pro-Rigs – Argo Blockchain has already purchased 20,000 of these miners and their installation is expected to run until September. The mining company also expects to ship approximately 9,000 S19J Pro rigs following a swap agreement with Core Scientific. Texas is loved by miners for its crypto-friendly environment and excess power supply.

US Court Fines BitMEX Co-Founder $30M

On Thursday, the United States District Court for the Southern District of New York (SDNY) awarded the three co-founders of the ailing BitMEX crypto exchange a $30 million civil penalty. Arthur Hayes, Peter Delo, and Samuel Reed each have been ordered to pay a $10 million fine in consent payments for flouting anti-money laundering regulations and unlawfully operating a crypto trading platform — BitMEX.

BitMEX, its founder, and the US Commodities Trading and Futures Commission (CTFC) are locked in a long-standing battle that will soon finally come to an end. The US District Court is expected to make a ruling in the coming weeks.

From February to March, the three co-founders all pleaded guilty to violating the Bank Secrecy Act and failing to comply with CTFC regulations. This marked the end of a legal battle that has been ongoing since October 1, 2020, when the CTFC filed the lawsuit against BitMEX and its co-founders. The exchange has already been indicted and ordered to pay a $100 million fine after the CTFC reached a consent order with it in August last year.

Rapper Ice Cube is a Dogecoin backer

Cryptocurrency traction is increasing, and a driver of this growth is mainstream adoption. Public figures, including celebrities, have also shown interest in cryptocurrencies and crypto-related products such as NFTs and DAOs.

The most recent supporter is American rapper O’Shea Jackson Sr., popularly known as Ice Cube. The West Coast rap legend founded the Big3 basketball league in 2017, a 12-team ball completion that uses a three-on-three team instead of the traditional five-on-five team. Big3 launched interactive NFTs with the goal of connecting the league with fans.

1000 NFTs are available to each team. There would be 25 Fire NFTs and 975 Gold NFTs for $5,000 and $2,500 respectively. The NFTs are trying to revolutionize the team ownership model

With the NFT scheduled to drop this month, Ice Cube took to Twitter to announce late last month that fellow rapper Snoop Dogg had committed to the purchase. This is where Bill Lee came in and was willing to copy the collectibles as well. After Ice Cube’s co-sign – “Come on, Bill, you know I’m done with the Doge Army” – the MyDoge chair has completed a $600,000 purchase of 25 ‘Fire’ NFTs.

The deal was announced as DOGE’s largest commercial exchange in one transaction.

California aims to tighten the crypto regulation scene

The governor of California signed the blockchain executive order on Wednesday. The directive qualifies the state as the first in the US to attempt to create a regulatory framework to define an appropriate environment for Web3, encourage innovation, and ultimately protect users.

Gov. Gavin Newsom said the decision to clear the smoke around the regulations coincides with a similar clarification from President Biden. Newsom acknowledges that governments have historically lagged behind in development, particularly in technology, and the Order should lay a solid foundation for businesses and other users to thrive. Director of the Governor’s Office of Business and Economic Development, Dee Dee Myers, said that one in four of North America’s 800 blockchain companies is located in California and the regulations mean they could operate more seamlessly.

Additionally, the Blockchain Executive Order requires the Governor’s Office of Business and Economic Development to work with several other departments to create the framework for regulating this asset class. Interested agencies would work with technical experts, stakeholders, consumers and critics to develop an approach that would work harmoniously with state and federal laws.

Source: Crypto News Deutsch

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