Crypto Dilemma in Indonesia, ‘Bitcoin Yield’ In Miami, Disney’s Metaverse + More News

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Source: iStock/AbrahamAdeodatus

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Regulation news

  • Indonesia’s council of religious leaders, the National Ulema Council, or MUI, has deemed cryptocurrency as haram, or banned, as it has elements of uncertainty, wagering, and harm, Asrorun Niam Sholeh, head of religious decrees, said on Thursday after the council held an expert hearing, Bloomberg reported. If cryptocurrency as a commodity or digital asset can abide by Shariah tenets and can show a clear benefit, then it can be traded, it added. The decision from MUI doesn’t mean all cryptocurrency trading will be stopped in Indonesia.
  • The US Securities and Exchange Commission (SEC) said it has instituted proceedings against American CryptoFed DAO, a Wyoming-based organization, halting the effectiveness of the company’s registration of two digital tokens as securities. The watchdog’s Enforcement Division alleges that the company had filed a materially deficient and misleading registration form, which purported to register two digital tokens issued by American CryptoFed – called the ‘Ducat’ and ‘Locke’ tokens – as equity securities, so the company will be investigated to determine the best course of action.

Adoption news

  • The City of Miami will soon give out a “bitcoin yield” from the staking of its cryptocurrency to its citizens, Miami Mayor Francis Suarez told CoinDesk TV. According to him, the city will make the payments through a digital wallet.
  • After facing a backlash from the users, Discord CEO Jason Citron now claims that the popular messaging platform currently does not have plans to roll out integration with Ethereum (ETH) wallets.

Metaverse news

  • Walt Disney CEO Bob Chapek said the entertainment conglomerate is preparing to make the technological leap into the metaverse, Reuters reported. Also, in an interview with CNBC, Chapek said he envisions it as an extension of streaming video service Disney+ — through the “three-dimensional canvass” he envisions for new types of storytelling.

Exchanges news

  • FTX US said it carried an average daily tading volume of USD 360m in the third quarter and increased its platform user count by 52% over the three-month period.  

Mining news

  • Bitcoin mining company Marathon Digital Holdings has announced a total revenue of USD 51.7m in Q3 2021, a 76% increase from USD 29.3m in the second quarter of 2021, and a 6,091% increase year-over-year. The company has produced BTC 1,252 (USD 81.7m) in this period, a 91% increase from BTC 654 (USD 42.7m) in the second quarter of 2021. As of September 30, it produced BTC 2,098 (USD 137m) in 2021.

DeFi news

  • Decentralized finance (DeFi) platform has partnered with the HBAR Foundation to support their launch of the first DeFi app on the Hedera Hashgraph (HBAR) network. The app will enable users to automate investments, generate income, and be connected to the Wealth Card, which allows for direct payments with invested capital, they said.

Investments news

  • Crypto mining investment fund MineOne said it has raised USD 20m for its first fund throughout the month of October.
  • Fintech startup Spectral Finance has raised USD 6.75m in an early-stage funding round for investors including venture capitalist Chamath Palihapitiya’s Social Capital, according to Reuters. The company, founded in 2020, uses blockchain technology to calculate the user’s credit score which the company claims improves evaluation of credit risk.
  • Crypto investment platform Kikitrade announced it has raised USD 12m  to accelerate its growth in the APAC markets. The funds will be used in efforts to popularise digital assets adoption among everyday people, particularly the Generation Z, millennials, and non-finance professionals, they added.

Marketing news

  • Esports organization Team Liquid announced a four-year partnership with Coinbase. The new collaboration also offers fans the opportunity to win one of their new jerseys and a USD 50 crypto deposit in their account.

Crime news

  • MediaMarkt, a major European electronics retailer, has been hit by a Hive ransomware attack with demands to pay USD 240m in bitcoin (BTC), Bleeping Computer reported. A subsequent report by retail news site RetailDetail said the amount had been reduced to USD 50m. The attack encrypted MediaMarkt’s servers, causing the retailer to shut down its IT systems to prevent further problems, so many stores, mainly in the Netherlands, were unable to accept credit and debit card payments.

Career news

  • Crypto industry body CryptoUK announced it has appointed Rob McWilliam as its new non-executive director. McWilliam has held executive roles as finance director and vice president of Amazon UK and most recently as chief financial officer of Asda Walmart.