Daily Archives: November 23, 2021

NFL Football Star Odell Beckham Jr Giving Away $1 Million in Bitcoin and Will Take His New Salary in BTC

NFL Football Star Odell Beckham Jr Giving Away $1 Million in Bitcoin and Will Take His New Salary in BTC

U.S. football Star Odell Beckham Jr. is taking his new salary in bitcoin and is giving away $1 million in the cryptocurrency in partnership with Square’s Cash App. “To all my fans out there … I’m giving back a total of $1M in BTC right now,” he wrote.

Football Star Odell Beckham Jr. Will Take His New Salary in Bitcoin and Is Giving Away $1 Million in the Crypto

Odell Beckham Jr., also known as OBJ, announced via Twitter Monday that he is taking his new salary in bitcoin via Square’s Cash App. He also told his 4.1 million Twitter followers that he is giving away $1 million in bitcoin.

OBJ is an American football wide receiver for the American National Football League (NFL)’s Los Angeles Rams. He signed a one-year deal with the Rams two weeks ago after the Cleveland Browns released him. According to reports, his contract comes with a base salary of $750,000 and a $500,000 signing bonus, with another $3 million available to earn in the form of team-based incentives.

At the time of writing, some people on Twitter have posted screenshots of them receiving bitcoin from Odell Beckham Jr. Most people received about $20 in BTC.

Last month, Green Bay Packers quarterback Aaron Rodgers also said that he is taking a portion of his salary in bitcoin. In addition, he also gave away $1 million in BTC to his fans in collaboration with Cash App.

Cash App also partnered with American rapper and hip hop artist Megan Thee Stallion to give away $1 million in bitcoin on Twitter in December last year.

A growing number of professional athletes are asking to be paid in bitcoin, including Russell Okung, Tom Brady, Saquon Barkley, and Sean Culkin.

Last week, the Perth Heat, a major baseball team in the Australian Baseball League, announced that it will operate on a bitcoin standard. The team said: “Perth Heat will pay players in bitcoin, pay staff in bitcoin, accept bitcoin payments for sponsorships, merchandise, and ballpark concessions, [and] hodl bitcoin on the club’s balance sheet.”

What do you think about Odell Beckham Jr. getting paid in bitcoin via Cash App and giving away $1 million in BTC? Let us know in the comments section below.

DeFi Yield Protocol Enables Buyback, Farming and Staking V2 on Binance Smart Chain

Nowadays, there are so many different viable ways of earning money through the usage of cryptocurrencies. In the past, many traders would have preferred to simply hold on to their coins or ‘hold’ for as long as possible in order to get substantial returns on their investments. However, as time went on, new methods such as mining, staking, farming, and more emerged through which many are now earning much more comparative to their previous amounts.

What is the DeFi Yield Protocol?

The DeFi Yield Protocol (DYP) is a one-of-a-kind platform which provides solutions pertaining to staking, yield farming, and also non-fungible tokens (NFTs). It allows users to successfully leverage DYP’s sophisticated trading capabilities and tools in a seamless fashion.

Simply put, DYP enables its users to provide liquidity as well as be rewarded for their efforts. The rewards can come via ETH, for instance. Concurrently, the platform is also working towards maintaining its token price stability in addition to offering security for the end users via the integration of its ‘anti-manipulation’ aspect.

New pools

The DYP has hereby informed everyone that the availability of new pools for the purposes of farming, staking and buyback on BSC (Binance Smart Chain) have now been launched. Every user is now eligible to earn 50% APR provided that they utilize the staking pools. Furthermore, the users can earn 100% APR should they choose to utilize the buyback pools, and a maximum of 500% APY if the farming pools are used.

The information provided below is a summary of the main earning methods provided by DYP to its users.

DYP Farming

Farming has quickly become one of the most popular and common methods for earning an income through cryptocurrencies. For those interested in farming with DYP, they would thus need to have their liquidity be removed and their deposited assets be retrieved. This method is useful for those who wish to both stake and farm their assets simultaneously, as users can theoretically stake their DYP tokens and use other altcoins such as BUSD or ETH for farming purposes.

Also, using a single asset, liquidity is automatically added to PancakeSwap V2 and the Staking contract receives a deposit via the utilization of one asset. Keep in mind that at least one supported asset must be utilized in order to start earning, and these include but are not limited to BNB, CAKE, BUSD, ETH and more. After this, the users will then be eligible to earn DYP/ETH/WBNB as rewards.

In order to successfully maintain the token price stability, the smart contract will attempt to convert iDYP payouts to WBNB every 24 hours. Should the iDYP price be influenced by over 2.5%, then the highest iDYP amount that is not impacting the price would be switched to WBNB, with the leftover amount awarded in the following day’s prizes.

Furthermore, if there are still any undistributed iDYP rewards after a week, DYP governance shall then vote upon whether the leftover iDYP would be distributed to the different token holders or if it will be burnt. Keep in mind that every burned token shall be taken out of circulation.

Additionally, when the users unstake, they shall obtain the complete amount in the original deposit asset by burning LP tokens.

DYP Staking

Users are also able to stake their DYP tokens as previously mentioned. There is no Impermanent Loss either. In order to begin earning, the users need to allocate DYP tokens into the staking contract. DYP also allows the users to pick between two staking methods, with payouts ranging from 25% APR to 50% APR, depending on the lock duration, which can range from 0 days to 90 days.

Moreover, the ‘REINVEST mechanism’ is included into the staking pools, allowing users to automatically add their daily rewards to the staking pool. Additionally, the ‘DYP Referral’ programme is provided to the users too, wherein if the users refer DYP to their friends, then they will immediately receive 5% of their profits every time they stake DYP. The referrals also do not involve any gas fees.

DYP BuyBack

One of the main reasons as to why the users might choose this option is because it is possible to earn 100% APR in DYP when they deposit CAKE, BTCB, BUSD, ETH, or WBNB. To begin earning, the users are required to deposit at least one of the supported assets into the corresponding Buyback contract. Afterwards, all assets would be converted into DYP plus iDYP and then transferred into a staking contract automatically.

Moreover, the prizes are delivered electronically and can be redeemed on a daily basis. The users are also eligible to get the entire deposited sums (in DYP) when they withdraw.

Launch and overall success

When the above-mentioned information and processes are taken into account, it becomes clear to see as to why and how DYP has managed to gain so much traction. Binance Smart Chain remains one of the top choices for numerous individuals involved in the cryptocurrency and blockchain sector, and so the DeFi Yield Protocol secured a much-needed win in the eyes of its supporters thanks to the successful launch of the new pools.

As of this moment, over $15 million were deposited into these new pools in less than a day after the launch occurred. Additionally, DYP managed to pay 15,611 AVAX, 7,641 BNB and 9,009 ETH to its respective users thereby bringing the total to more than $44, 314,000, which makes it clear to see as to why so many remain bullish on this platform today.


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Founder of Africa-Focused Media Firm Urges Continent’s Governments to Embrace Crypto

The founder of Africa-focused media and investment company Footprint to Africa, Osita Oparaugo, has urged governments on the continent to embrace cryptocurrency.

Africa Must Not Be Left Behind

Osita Oparaugo, founder of Footprint to Africa, has argued that a timely embrace of cryptocurrencies by African governments would be beneficial to the continent’s growth prospects. In his remarks published by the Vanguard, Oparaugo, who was co-host of a Decentralized Finance (defi) event in Nigeria, suggested that African countries cannot afford to lag behind when it comes to crypto.

After noting the impact of cryptocurrencies and blockchain on global finance, Oparaugo explained why African governments must get on board quickly. He said:

Cryptocurrency and digital money will eventually unite the world and the earlier African governments embrace it, the better for the continent’s growth. Africa can’t afford to play catch-up on blockchain technology; it’s the future.

To back up his prediction about the future of finance, Oparaugo used Twitter’s recent announcement that it will enable users to tip each other in bitcoin as an example. The Footprint to Africa founder also made reference to comments made in the past by U.S. billionaire Mark Cuban. In those comments, Cuban expressed his belief that defi would pose a challenge to traditional banks.

Despite the advocacy and pleas by crypto-supporting individuals like Oparaugo, African governments continue to shun cryptocurrencies. The few countries that have embraced blockchain have instead chosen to create central bank digital currencies.

Do you agree with Oparaugo’s prediction about the future of finance? Tell us what you think in the comments section below.

Monthly NFT Metrics Dive Bomb, NFT Sales Measured in USD Slip 16%

Non-fungible token (NFT) sales have dropped considerably during the last month as cryptocurrency values have seen significant losses in recent times. NFT sales saw a quick spike when a number of crypto assets neared all-time price highs in mid-November, but sales quickly plummeted back down following the crypto market downturn.

A Number of NFT Sales Slide Following Crypto Market Downturn

Throughout the year, NFTs have seen massive demand and markets have processed billions of dollars in sales. In the midst of the all-time highs bitcoin, ethereum, and numerous other crypto assets saw in mid-November, NFT sales regained momentum after a downward slump in sales since October 24.

The spike in NFT sales took place on November 15 and lasted only 24 hours. Since the end of October, the number of NFT sales dropped 28.79% according to market metrics from nonfungible.com. Despite the number of NFT sales sliding, the U.S. dollar value of sales stemming from October 24 until today is not such a drastic plunge, only down 16.73%.

Monthly NFT Metrics Dive Bomb, NFT Sales Measured in USD Slip 16%

The drop over the last 30 days can be seen across popular NFT marketplaces and some of the most popular NFT collections. For instance, during the last month, Opensea sales have dropped 29.22% and the number of traders on Opensea also slid by 15.32%, according to dappradar.com statistics. Two Solana NFT marketplaces saw sales dive bomb this past month as Magic Eden saw sales drop by 11.28%, and Solana Art sales dipped by 68.36%.

NFT marketplaces like Superrare sales are down 33.56% and Rarible lost 20.09% this past month. The NFT platform Foundation saw sales drop by ​​18.47%, NFT sales on Pancakeswap have slipped 90.61%, and after the Tezos-based marketplace, Hic et nunc returned, sales are down 46.97% in 30 days. The Flow-based NBA Top Shot’s sales have slipped this past month as well and are down 11.33% on Tuesday.

However, not all NFT platforms that allow people to buy and sell digital collectibles have seen sales drop. The blockchain-based game Axie Infinity’s NFT sales are up 41.35% and the number of Axie Infinity traders has jumped 42.94% last month.

The NFT collection Cryptopunks has seen sales rise over the last month gaining 274.35% since October 24. Wax blockchain sales on the Atomicmarket NFT marketplace are up 313.7% in 30 days and the Ethereum-based metaverse world Decentraland’s NFTs sales are up 339.09% this past month.

Meanwhile, specific NFTs are still selling for millions or hundreds of thousands of dollars in crypto depending on the collection. Cryptopunk 9,998 sold this month for $529.77 million at the time of sale, or 124,450 ether. An NFT called “A Coin for the Ferryman” sold for six million dollars or 1,330 ether. Approximately 20 NFTs sold for over $1 million during the last 30 days according to dappradar.com statistics.

Being the most expensive digital asset sold in 30 days, Cryptopunk 9,998 represented a large portion of the $1.8 billion in Ethereum-based NFT sales last month. Although the Cryptopunk 9,998 sale was controversial, and some didn’t consider it a sale at all. The top NFT collections during the last 24 hours include JRNY NFT Club V2, Axie Infinity, Chain Runners NFT, The Sandbox, Wolfgame, and Cryptopunks, respectively.

What do you think about the slump in NFT sales during the last month? Do you think NFT sales are sliding because crypto markets have slipped in value? Let us know what you think about this subject in the comments section below.

IMF Warns El Salvador Against Using Bitcoin as Legal Tender After ‘Bitcoin City’ Announcement

IMF Warns El Salvador Against Using Bitcoin as Legal Tender Following 'Bitcoin City' Announcement

The International Monetary Fund (IMF) has warned El Salvador against using bitcoin as legal tender due to various risks associated with cryptocurrency. The warning came one day after Salvadoran President Nayib Bukele announced his plan to build a “bitcoin city” powered by a volcano and financed by bitcoin bonds.

IMF Says El Salvador Shouldn’t Use Bitcoin as Legal Tender

The International Monetary Fund (IMF) warned El Salvador on Monday that the country should not use bitcoin as legal tender, citing various risks associated with the cryptocurrency.

El Salvador is the first country in the world to adopt bitcoin as legal tender alongside the U.S. dollar which it has used for two decades. The country’s bitcoin law went into effect in September. Furthermore, El Salvador has purchased 1,120 BTC, according to Salvadoran President Nayib Bukele.

The IMF regularly undertakes Article IV missions to member countries to consult with government officials before they request to use its resources. The IMF explained that for El Salvador, “The adoption of bitcoin as legal tender, the regulation and supervision of bitcoin services providers, and e-wallet Chivo were also discussed.”

In its “Staff Concluding Statement of the 2021 Article IV Mission” for El Salvador, the IMF detailed:

Given bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability. Its use also gives rise to fiscal contingent liabilities. Because of those risks, bitcoin should not be used as a legal tender.

The IMF proceeded to recommend “narrowing the scope of the bitcoin law” and urged El Salvador to strengthen “the regulation and supervision of the new payment ecosystem.”

The recent statement from the IMF came one day after President Bukele announced a plan to build the world’s first bitcoin city powered by a volcano and financed by bitcoin bonds. He noted there would not be any taxes in the bitcoin city except for value-added tax (VAT).

“The plans to issue sovereign bonds and use the proceeds to buy bitcoin and fund infrastructure plans announced on November 20, occurred after the technical work of the mission concluded, and were not discussed with the authorities,” the IMF clarified.

Commenting on the IMF’s statement, Bukele said:

Although we obviously do not agree on some things, such as the adoption of bitcoin, the analysis it makes of our country is interesting.

What do you think about the IMF advising El Salvador against using bitcoin as legal tender? Let us know in the comments section below.

Eurosystem Approves New Oversight Framework Concerning Crypto Services

Eurosystem Approves New Oversight Framework Concerning Crypto Services

The monetary authority of the euro area, the Eurosystem, has introduced a new framework for overseeing electronic payments, including services related to crypto assets. The new set of rules will complement upcoming EU regulations for cryptocurrencies and stablecoins.

ECB Aims for Secure and Efficient Digital Payments Through Improved Oversight

Following public consultations on the matter, the Governing Council of the European Central Bank (ECB) has approved a new oversight framework for electronic payments. The document has been published by the Eurosystem, which consists of the ECB and the national central banks of the EU member states that have adopted the common European currency, the euro.

According to an announcement by the ECB, the single framework replaces other regulations within the Eurosystem’s existing oversight regime for payment instruments and complements its oversight mechanisms for payment systems. The bank noted that the framework has been designed to “make the current and future payments ecosystem safer and more efficient” as part of efforts to promote smooth payments on the Old Continent.

The Eurosystem’s “oversight framework for electronic payment instruments, schemes and arrangements,” referred to as “Pisa,” will be employed to oversee entities enabling the use of payment cards, credit transfers, direct debits, e-money transfers, and electronic wallets. The framework will apply to services linked to crypto assets as well.

The latter category includes businesses facilitating the acceptance of cryptocurrencies by merchants through card payments as well as digital wallet providers allowing users to send, receive, or pay with crypto assets via their products. Fabio Panetta, member of the ECB Executive Board, revealed that the Pisa framework will also cover digital payment tokens such as stablecoins. He commented:

The retail payments ecosystem is evolving fast owing to innovation and technological change. This calls for a forward-looking approach in overseeing digital payment solutions.

The European Central Bank has urged for rapid advance in terms of global oversight in the field of digital payments. “Internationally coordinated action will also have to be stepped up to cope with the challenges posed by global digital payment solutions and stablecoins,” the bank’s high-ranking representative insisted.

Businesses Have to Comply With New Oversight Rules Within a Year

Companies currently overseen by the Eurosystem are expected to comply with the recently adopted requirements by Nov. 15, 2022. Other entities that are now becoming subject to oversight will have a grace period of one year after they are notified about their updated obligations. All traditional and crypto service providers will have to file self-assessments and maintain contact with the regulatory bodies.

The Eurosystem’s new oversight framework replaces a number of other documents issued previously by the ECB. The list includes the Harmonized oversight approach and standards for payment instruments (PI standards,) Electronic money system security objectives (Emsso), Oversight framework for card payment schemes, Oversight framework for credit transfer schemes, and the Oversight framework for direct debit schemes.

The Eurosystem intends to cooperate with other authorities on the implementation of Pisa. The framework has been adopted in advance of forthcoming regulations regarding the status of cryptocurrencies and related activities within the EU such as the Markets in Crypto-Assets (Mica) proposal. The move also comes as the ECB progresses towards issuing its own digital euro currency, after launching the project’s investigation phase earlier this year.

What’s your opinion about the adoption of the new oversight framework covering crypto services in the eurozone? Tell us in the comments section below.

Dvision Network Has Officially Announced the First LAND Sale in Collaboration With Binance NFT and NFTb on 24th November

PRESS RELEASE. Dvision has recently announced that it will be conducting the LAND sale for its digital estate that will be used in the Dvision Metaverse through tripartite cooperation with Binance NFT and NFTb, allowing its users to participate in the sale on three platforms with different sale structures.

Dvision has revealed, that it will be offering 1,452 NFT Mystery Boxes through Binance NFT exclusively for Binance.com users. As the name suggests itself, the mystery box contains a random LAND NFT from the total LAND collection offered by Dvision. The users will be able to purchase the Mystery Box under a specified price with a probability to drop a common 1×1 LAND Lot or even a legendary 3×3 LAND Lot NFT.

Furthermore, 1,495 LAND Boxes shall also be offered through an Initial NFT Offering (INO) on NFTb, where users can participate in highly sought after NFT drops by Metaverse projects such as Dvision and other NFT drops from celebrities and creators and games. It should be noted, that both on Binance NFT and NFTb, BUSD is going to be the main currency to make the NFT purchases. Lastly, 1,469 LAND Lots are being offered in Dvision’s Marketplace, where users can purchase a specified piece of LAND Lot using DVI tokens. Additional information will be provided later on once the countdown on the website eventually reaches its logical conclusion on November 24th, 2021. The LAND Sale is is expected to be the largest sale of Digital Estate on the Binance Smart Chain.

What is Dvision?

Dvision Network can be defined as a multichain metaverse platform that is officially built on top of Ethereum Network and further bridged to BSC (Binance Smart Chain). It is powered by DVI, the platform’s native token that provides utility as well as governance token throughout all platform pillars. Dvision is thus divided into three primary platform pillars, namely Meta-City, Meta-Space, and finally NFT Marketplace.

Users can use LANDs (Meta-Space) in the metaverse to create their own respective content, which will subsequently be incorporated as an integral component of the Meta-City. In this case, user-created material is not restricted and may even be offered in varying forms such as that of commercial, gaming, entertainment as well as academic in-game content.

The Final Countdown

Dvision Network’s official site is now displaying the countdown to the LAND Sale, that will end at 8 PM KST on 24th November. The LAND Sale is being held for two Meta-Cities which will be launched in the Dvision Metaverse. These Meta-Cities are tentatively named as New York and Seoul.

Furthermore, the LAND symbolizes the digital ownership and custody pertaining to the Meta-Space through users registered as NFT (BEP-721 on BSC). It is also a valuable asset for creating personalized virtual estate inside the Dvision Metaverse.

Dvision has additionally produced the LAND Sale Teaser, which highlights the three-way collaboration between Binance NFT, Dvision, and NFTb. This partnership was formed with the goal of everyone involved ultimately benefiting from the collaboration and the trailer thus depicts the inauguration of the New York Meta-City.

The LAND Concept in Dvision Metaverse

As mentioned in their official disclosure, Dvision World, which is the current state of the developed product of Dvision Network, has never been planned to become an ending point for their metaverse. The release of the Dvision World serves as the main piece that was purported to bring together all different Meta-Cities through this universe, which is used to teleport to specific Meta-City. Hence, Dvision World is just the beginning that has set the commencement for the opening of 20 Meta-Cities, which will be owned by the users through the LAND (Meta-Space) ownership system.

Unlike other metaverses, Dvision has introduced sustainable and interesting LAND allocation structure, which states that LAND lots in each Meta-City are distributed according to 40/40/20 system, where 40% is allocated for their Play-To-Earn model that allows users to engage in the combat mode to contribute to the LAND Purification process and earn DVI tokens, and 40% is allocated for the LAND Sale and remaining 20% is owned by the management for their brand-specific content introduction and per partner allocation.

Apparently, this ongoing LAND Sale will commence the first phase of the metaverse revolution that is being initiated by Dvision Network.

+ Dvision Network official channels
Website | Telegram| Twitter | LinkedIn| Naver Blog| Kakao


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Nigerian Crypto and Blockchain Advocacy Group: Freezing or Closure of Bank Accounts Not Supported by Law

The Blockchain Industry Coordinating Committee of Nigeria (BICCON), has said it is not lawful for Nigerian financial institutions to arbitrarily freeze or close bank accounts belonging to individuals or entities accused of trading cryptocurrency.

Affected Crypto Entities Told to Seek Legal Advice

In a public statement issued on November 22, BICCON — a coalition of Nigeria’s foremost cryptocurrency and blockchain advocacy groups — advises affected individuals and companies to seek legal advice and redress in courts where appropriate. The body also insists that no Nigerian organization, public or private, should be above the law.

As previously reported by Bitcoin.com News, Nigerian financial institutions have been closing or freezing bank accounts of entities suspected of trading cryptocurrency since November 3. The institutions have claimed they are doing this in order to comply with the Central Bank of Nigeria (CBN) directive that was initially issued on February 5.

However, despite these claims by banks, the blockchain committee insists it is questionable for the financial institutions to block or freeze accounts simply because the account holders are cryptocurrency traders. BICCON’s statement explains:

We consider questionable the actions of deposit money banks (DMBs), nonbank financial institutions (NBFIs), and other financial institutions (OFIs) blocking, closing, and/or freezing the bank accounts of individuals and entities by the mere fact that these individuals and entities are involved in cryptocurrency trading or cryptocurrency-related transactions without more. It is not supported under the current laws of the Federal Republic of Nigeria.

The statement also reiterates BICCON’s stance on a CBN directive that was initially used by financial institutions to justify the exclusion of crypto entities from the banking system.

Only Nigerian Legislature Can Criminalize Crypto Trading

Meanwhile, in the same statement, BICCON also uses the renewed spotlight on the Nigerian cryptocurrency industry to restate its belief that the CBN is encroaching on the law-making powers of the legislature. BICCON states:

“Since 5 February 2021, a number of persons and entities accounts have been closed … Though as the regulator, the CBN has the statutory authority to delimit banking operations, but [the] ordering [of] banks and other financial institutions to freeze [or close] accounts suspected to be in use for cryptocurrency may not be supported by law. This is because there is currently no legislation by the National Assembly criminalizing or illegalizing trade in cryptocurrency in Nigeria.”

The statement insists the failure to review the CBN’s circular “will set a dangerous precedent in the country.” The statement also suggests that while BICCON is against the “undue discrimination” against Nigeria’s blockchain & crypto industry, the body is willing to collaborate with concerned regulators, law enforcement agencies, and the government.

What do you think of BICCON’s public statement? Tell us what you think in the comments section below.

Moonpay Raises $555 Million in First Funding Round

moonpay

Moonpay, a cryptocurrency payments service provider, has raised $555 million during its first funding round. Led by Tiger Global Management, this series A funding round propelled the valuation of the company to $3.4 billion, which will be used for expansion endeavors. The fiat-to-crypto ramp that Moonpay provides is key to several hundred wallets and services for onboarding users with fiat currency.

Moonpay Snags $3.4 Billion Valuation

Moonpay, a startup that specializes in processing payments to purchase cryptocurrencies, has raised $555 million in its first financing round. The series A financing round was led by Tiger Global Management and Coatue with participation from Blossom Capital, Thrive Capital, Paradigm, and NEA. With this round, the valuation of the company reached $3.4 billion.

John Curtius, a partner at Tiger Global, stated:

We spoke to many of the company’s customers during diligence who highlighted Moonpay’s compelling user experience and expressed conviction in the company’s market leadership. Moonpay has already established itself as an iconic company as it better enables the world to participate in the crypto economy.

Expansion Plans and Functionality

With these funds, Moonpay will reportedly start an expansion phase, investing in more developers for its team and planning to add more functions for its platform. The focus of the company is a suite of tools for customers. For cryptocurrency exchanges and wallets to provide fiat on-ramping services, they must comply with a series of rules that include Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Moonpay claims to help take the hassle out of this process by providing a third-party solution so companies can focus on business while it takes care of KYC, payment processing, crypto liquidity and delivery, fraud prevention, regulatory licenses, ecosystem identity verification, and custom checkout flows.

Matt Huang, Paradigm co-founder stated:

Crypto is growing rapidly, but bringing aboard the next billion people requires services that make it even easier to access. MoonPay has built a simple and secure way for people globally to participate in this new economy.

What do you think about Moonpay’s first funding round? Tell us in the comments section below.

Bitcoin Mining Company Griid Secures $525 Million Credit Facility From Blockchain.com

Bitcoin Mining Company Griid Secures $525 Million Credit Facility From Blockchain.com

On Monday, the mining firm Griid Infrastructure announced the company has secured a $525 million credit facility from the crypto firm Blockchain.com. According to the announcement, the credit facility will be a four-year term in order to increase the company’s mining capacity.

Bitcoin Mining Infrastructure Firm to Increase Capacity With Help From Blockchain.com


Cryptocurrency mining, and more specifically bitcoin (BTC) mining, has seen millions of dollars invested during the course of the year. Enterprise operations have inked massive deals with bitcoin mining rig manufacturers like Canaan, Bitmain, and Microbt for thousands of ASIC devices. A few large bitcoin mining operators have also begun constructing new facilities in order to increase capacity.

On November 22, Griid Infrastructure announced the company has secured a $525 million credit facility from the company Blockchain.com. The financing will be used to increase mining capacity as well as “capitalizing on over 1,300 megawatts of available power from existing energy generation partners.” According to the announcement, Blockchain.com’s Institutional Markets team has crafted some of the largest credit facilities in the market.

“Blockchain.com is an established leader in the digital asset space with unique knowledge into every aspect of the crypto ecosystem, including mining operations,” Trey Kelly, Griid’s CEO and founder explained in a statement. “Blockchain.com is an ideal capital partner as we strengthen our infrastructure and operations across our growing portfolio of bitcoin mining facilities,” the mining company’s CEO added.

Griid is an American crypto mining infrastructure company that calls itself a “vertically-integrated bitcoin self-mining company.” The firm operates a portfolio of bitcoin mining data centers across the United States. Blockchain.com’s CEO Peter Smith explains that the company has worked with Griid for quite some time.

“For the past two years we’ve worked closely with Griid to not just provide capital, but to be a partner invested in the growth of the business,” Smith said during the announcement. Blockchain.com’s deal with Griid follows the company raising $300 million at the end of March, increasing its valuation to $5.2 billion.

In May, the crypto firm acquired an AI company called Artificial Intelligence Exchange and last August, Blockchain.com’s CFO hinted at the company going public in 18 months. Blockchain.com CFO Macrina Kgil also explained at the time that the company held BTC and ETH on its balance sheet.

What do you think about Griid securing a $525 million credit facility from the crypto firm Blockchain.com? Let us know what you think about this subject in the comments section below.