Author: Anna Galvez

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Crypto News

Bitmain Crypto Mining Equipment Manufacturer To Expand Its Operations In Brazil And The USA

The company that manufactures equipment for the cryptocurrency mining, Bitmain, announced the opening of a new office in Brazil and, according to other information, is also setting up a new office in the Silicon Valley, California, in the United States.

The information on the expansion plans to South America was confirmed by the company, which indicated that the new office in Brazil would be destined only for the sale of equipment. Bitmain’s general manager of communications, William Davidson, said the company’s operations would not initially be large or linked to the installation of crypto mining farms, but rather to technical service activities.

The Bitmain executive said a single office would be opened in the city of Sao Paulo, but did not provide details on the local staff that might be required to begin operations in the South American country.

Bitmain crypto mining equipment manufacturer to expand its services to the USA

At the same time, the Silicon Valley Business Journal reported on July 16th the recent establishment of Bitmain in the Silicon Valley, California, where offices of approximately 1,858 square meters were installed. The crypto mining company is said to have filled the last vacancy in the city’s Riverpark Towers office building, known as the hub of many new technology companies.

This information is circulating shortly after the announcement of the strengthening of Bitmain’s workforce in Israel, where 40 new professionals will be hired for developing a center in the city of Ra’anana in the Central District. There Bitmain will recruit blockchain researchers, senior software and security engineers, as well as marketing staff, Python and JavaScript programmers and quality control staff.

Also, last February, Bitmain opened a technical support office in Irkust, Russia, one of the largest cities in Siberia and one of the most attractive areas in the world for crypto mining thanks to the cold climate. According to media reports, the idea is to attend more directly to the needs of the growing market in that country and to provide support to all Russian residents who need to have their ASIC devices manufactured by Bitmain repaired.

With this new move, Bitmain crypto mining equipment manufacturer aims to expand its services in South America and the USA.

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Crypto Markets News

Bitcoin (BTC) And Cryptocurrencies, In General, Criticized During The US Congress Session

On July 18th, the US Congress was the scene of several discussions on cryptocurrencies, in general, and Bitcoin (BTC), in special. Federal Reserve (FED) Chairman Jerome Powell and Democratic Senator Brad Sherman used their speeches in the Chamber to express their negative views on the issue.

Powell said that, despite their growth and the interest they have generated in the population, the cryptocurrencies are not yet large enough to compromise the country’s economic and financial well-being. The head of the FED expressed his displeasure with the issue, assuring that these tools are not among the priorities of the institution he heads. For him, they are assets for money laundering and pose significant risks to investors.

Also, he assured that the FED is not working on adopting its own cryptocurrency. For him, most crypto holders sell and pay in dollars, and he added that cryptocurrency is not a right way to preserve value because of its volatility.

Despite the negative US Congress views on cryptocurrencies, the US SEC might approve Bitcoin (BTC) ETFs trading

But despite pointing out the criminal uses of cryptocurrencies, Powell’s position was not as openly negative as that of Brad Sherman, a congressman and member of the California House of Financial Services. For him, the federal government must ban U.S. citizens from investing in cryptocurrency.

In the United States, authorities are watching out for illegal activities with cryptos as well as their legal status. A House subcommittee recently held a hearing to address the anonymity of cryptos transactions, raising concerns about the possible use of these assets for illicit purposes.

For its part, the Department of Justice, in conjunction with the U.S. Futures Trading Commission, could be on the trail of possible illegal practices that could influence the bitcoin market, especially regarding trading activities.

The Securities and Exchange Commission (SEC) received more than 60 comments, mostly in favor of Cboe Global Markets’ request for approval of Bitcoin (BTC) ETFs, an issue that has been on the company’s agenda and has been taken up again by the company. Most commentators highlight the benefits that investors in that country would obtain from the acceptance of Bitcoin (BTC) ETFs trades.

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Crypto News

Stellar (XLM), Cardano (ADA), And OmiseGO (OMG) Skyrocketed Thanks To Good News

The cryptocurrencies market showed yesterday a general increase that has led to different altcoins such as Stellar (XLM), Cardano (ADA), and OmiseGO (OMG), to score significant gains. The total crypto market reached a value of more than $296 billion on Wednesday, according to CoinMarketCap.

In order to know the causes that are generating this behavior, two types of factors come into play. The first is the global aspects of the ecosystem itself, which include the good times the market is experiencing and the momentum it has taken over the past few days. The second relates to each particular crypto and the announcements that have been made over the past week that have had a positive impact.

Stellar (XLM) is Sharia-approved

Stellar (XLM), the sixth most valuable currency by market capitalization received a certification on Tuesday to use DLT technology in Islamic financial institutions. The trading volumes in the hours following the announcement were over $200 million, which led to a rise of 27% in XLM price. However, at the time of this writing, Stellar (XLM) trades at $0.30, scoring a 1.56% increase in the last 24 hours.

Cardano (ADA) might get on Coinbase

The market’s momentum also boosted Cardano (ADA), which experienced a 13% jump on Wednesday, although it already shows a slight correction, and is now trading at $0.18 increasing by about 2.1% in the last 24 hours.

The increase, which is still going on, could be due to Coinbase’s announcement that it is considering adding Cardano (ADA) to its platform, along with Zcash (ZEC), Stellar (XLM), Basic Attention Token (BAT), and 0x (ZRX).

OmiseGO (OMG) teamed up with McDonald’s in Thailand

In the case of OmiseGO, which rose 5% yesterday, the cause of its rise could be the announcement made by the CEO of McDonald’s in Thailand, Hester Chew, who talked about the successful conclusion of the partnership with the OmiseGO platform. The performance of this currency has been very uneven over the last day and is currently showing a slight correction.

As you may recall, McDonald’s subsidiary in Thailand reached an agreement last September establishing the use of the cryptocurrency payment service provided by OmiseGO.

OMG is now trading at $8.04, dropping by about 1% in the last 24 hours.

In short, yesterday, only good news surrounded a few of the most appreciated altcoins in the cryptocurrency market, including Stellar (XLM) and Cardano (ADA).

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Crypto News

Bitcoin (BTC) Debated At The “Delivering Alpha Conference” In New York

Barry Silbert, founder and CEO of Digital Currency Group, said he is optimistic about Bitcoin (BTC) as an investment asset, CNBC reported.

Barry Silbert, CEO of Digital Currency Group, and Jeremy Allaire of Circle are bullish about Bitcoin (BTC)

In his speech at the Delivering Alpha Conference in New York on Wednesday, Silbert said he thinks that “we have probably hit rock bottom over the year. In fact, I put some money in Bitcoin last week.” He added that “as an asset class it is here to stay. I’m 100 percent sure that a form of decentralized, non-trust money is here to stay.”

Jeremy Allaire of cryptocurrency startup Circle, supported by Goldman Sachs and Baidu, also addressed the conference. Allaire said that the blockchain technology would form the basis of all the new technological innovations.

This is a new layer of Internet infrastructure. It’s going to replace what the operating systems do. It’s the future of the Internet. This is not about digital gold.

Jeremy Allaire, Circle

Younger generations should focus on other fields than investing in Bitcoin (BTC), thinks Ken Griffin from Citadel

Ken Griffin, the CEO and founder of Citadel’s hedge fund, is more skeptical about the leading cryptocurrency of the market, Bitcoin (BTC). At the same conference, he admitted that he “still scratches his head” on BTC, saying that the younger generation should “do something more productive than investing in digital coins.”

Today, Avenue Capital Group co-founder Marc Lasry shared Silbert’s positive stance, stating that BTC will soon reach $40,000. He said, “as you get more into the mainstream, and as more markets end up allowing you to trade where you can trade freely, that’s more of a gamble for me.”

At the moment of this writing, Bitcoin (BTC), the leading cryptocurrency by market cap, trades at $7,453, surging by about 0.23% in the last 24 hours,

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Crypto News Tech

Canadian Messaging App, Kik, Launches Kinit To Increase Adoption Rate For Kin (KIN) Crypto Token

The Canadian messaging application Kik has just rolled out its first beta application named Kinit, which is linked to the company’s Kin (KIN) crypto token, as reported by TechCrunch yesterday, July 18th. The release follows Kik’s very successful Initial Coin Offer (ICO), which collected $100 million.

The ICO for the Kin (KIN) token came to an end in September 2017, after garnering almost $100 million from over 10,000 entries in 117 different countries. At first, the company was hoping to obtain $125 million.

Kinit is a wallet application developed for an interactive user experience, where people can earn Kin (KIN) by participating in quizzes and viewing interactive clips. Users can trade Kin (KIN) for gift cards from top brands and significant merchants, and also transfer tokens between each other within Kinit.

Kinit is the first public application dedicated to Kin. Our goal with Kinit is to put Kin (KIN) in the hands of more consumers. It is an important step in making crypto truly consumer-friendly through fun and engaging experiences, and we plan to learn and iterate based on user behavior in the real world.

Rod McLeod, Kik’s vice president of communications

The Canadian messaging application, Kik, to increase the adoption rates for its proprietary Kin (KIN) crypto token with Kinit

Kin is an Ethereum blockchain-based ERC20 token to provide liquidity and is rolled out on the Stellar network to boost the transaction speed. Based on TechCrunch’s press release, the Canadian messaging application’s representatives spend approximately $3 million on token developments via its KinEcosystem website.

The Kinit application is reported to be the first attempt to get mainstream users to adopt the Kin (KIN) crypto token.

At the beginning of this year’s spring, Kik announced its intention to team up with Unity Technologies, a video game firm, in a movement aimed at promoting the Kin (KIN) crypto token adoption throughout the gaming industry. As the spokesmen of Kik, the Canadian messaging application, reported back then, the move would “bring this cryptocurrency [Kin (KIN)] to millions of game developers.”

As we speak, Kin (KIN) trades at $0.000170.

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