Cryptonews Bitcoin News

Kraken Valuation, Millions Of Crypto Robinhoods, 1inch Bridge + More News

Binance

Bitcoin Bitmain Crime

Ethereum Investment

Last updated: August 25, 2023 11:18 EDT

Journalist

Sead Fadilpašić

Journalist

Sead Fadilpašić

Author Categories

About Author

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

Author Profile

Last updated:

August 25, 2023 11:18 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

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

Source: Twitter

Exchanges news

Kraken is in talks to raise new funding that would see its valuation more than double, to more than USD 10bn, reported Bloomberg, citing a person familiar with the matter. The company is in discussions with firms including Fidelity, Tribe Capital, and General Atlantic, while terms, including lead investors, aren’t final. Kraken’s valuation could surpass USD 20bn depending on demand, one of the people reportedly said.
The popular trading app which found itself in hot water as of late, Robinhood, said that so far this year they’ve seen 6m new customers on Robinhood Crypto. By comparison, this number peaked at 401,000 in a month last year, with a monthly average of about 200,000 customers trading on Robinhood Crypto for the first time during 2020, said the blog post, adding that the average transaction size is around USD 500.
Ethereum (ETH)-native DeFi project, decentralized exchange aggregator 1inch, has announced its expansion to Binance Smart Chain (BSC). Per the announcement, 1inch Foundation has deployed the 1INCH token on the major crypto exchange-launched chain, making 1inch Aggregation Protocol and 1inch Liquidity Protocol available to BSC users. 1INCH on BSC will be used for a bridge between the Binance and Ethereum networks, the platform said.

Decentralization news

Blockchain solutions provider Komodo (KMD) said that it has successfully put non-custodial wallet and atomic swap decentralized exchange (DEX) AtomicDEX through “its most stringent stress test to date to prove its ability to solve the issues of scalability in decentralized peer-to peer non-custodial transactions among cryptocurrency exchanges.” The final testing showed that AtomicDEX could handle 10,000 swaps per minute. Additionally, the DEX supports trading for dozens of blockchain networks, enables users to trade via atomic swaps, and doesn’t run on smart contracts which prevents a rug pull scenario, said the announcement. AtomicDEX Stable Beta launches today.

Banking news

The German TEN31 Bank (the brand name of WEG Bank AG) has joined the newly founded Swiss software company DexTech AG, taking over 13% of the shares in the latter. DexTech AG develops software solutions for trading cryptocurrencies at trading venues, in particular for the decentralized exchange eFIN. Per the press release, through the participation, the bank ensures direct access to decisions in the next development phases of eFIN, while DexTech AG benefits from the bank’s regulated environment. A detailed description of the planned roadmap is to follow.

Regulation news

The UK Treasury has released a report calling for a new regime for the regulation and administration of crypto assets. Per the report, the country has the potential to be the global center for the issuance, clearing, settlement, trading, and exchange of crypto and digital assets. “The UK should aim to be at least as broad in ambition as MiCA – but should also consider whether it can develop a bespoke regime that is more innovation-driven,” it said. The report added that the UK needs to “act quickly to preserve its position,” and that there is a need to be “flexible” to deal with future challenges, such as how decentralized finance (DeFi) should be regulated.
During the “Dollars against Democracy: Domestic Terrorist Financing in the Aftermath of Insurrection” hearing, held by members of the US House Financial Services Committee yesterday, it was suggested that the US government already has the authority it needs to monitor or regulate potential terrorist financing using cryptocurrencies and other crowdfunding or alternative financing tools.

Blockchain news

The insurance arm of the Russian commercial banking giant Sberbank has begun offering blockchain-powered cargo insurance, reported ASN News. Sberbank Insurance announced it had launched its products on the Zunami blockchain network, allowing shipping and haulage clients to choose from five insurers on what it stated was a hack-proof, automated platform that would speed up processes for clients.
Japan’s Daiwa Securities, the second-biggest securities firm in Japan, has begun a pilot issuance of blockchain-powered digital corporate bonds, reported Nikkei. The firm will make use of technological solutions provided by the crypto and blockchain arm of the Tokyo-based internet firm Digital Garage for the incentive. The securities firm will issue an initial USD 103,240 worth of the bonds, which it said will be issued and redeemed entirely in “digital” assets.

Investments news

Crypto hedge fund Arca is launching a Bitcoin (BTC) trust product, according to documents filed Thursday with the US Securities and Exchange Commission (SEC).

Mining news

Scientists at the US Department of Energy (DOE) are asking the private sector for help in commercializing a cryptojacking detection algorithm that government officials think can help datacenters overcome crypto-mining malware. According to a contract opportunity, Idaho National Laboratory (INL) is offering the opportunity to enter into a license and/or collaborative research agreement to commercialize the cryptocurrency mining detection technology.
UK-listed Argo Blockchain (LON:ARB) said it has installed 4,500 Bitmain Antminer S19 and S19 cryptocurrency mining machines from Celsius Network. According to the press release, the miners are now fully operational.

Crime news

The South Korean police are investigating a domestic broker’s involvement in an alleged USD 63m crypto fraud ring centered around the Blockchain Terminal (BCT) token and its Canadian hedge fund manager Boaz Manor, who was indicted by the American courts at the behest of the Securities and Exchanges Commission (SEC) last month. Manor served time in jail after the collapse of Portus Alternative Asset Management, and per Hankook Ilbo, a group of 89 victims of the alleged sting – which involved a 2017 initial coin offering and a South Korean distributor named only by his surname, Shin – have pressed charges against Manor and his South Korean associates, including eight salespeople.