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Crypto Mining Rises in Thailand as Investors Maximize China’s Ban

After the ban on cryptocurrencies in China, cryptocurrency investors in Thailand quickly seized the opportunity to buy cheap mining rigs that had been sidelined by Chinese miners out of the market. And that, in turn, has led to an increase in crypto mining activities in Thailand, reports Al Jazeera.

Thailand crypto investors take advantage of China’s cryptocurrency ban

After the ban, affected Chinese miners had to recoup some of their investments in one way or another. This led them to sell their mining machines at a bargain price. To keep things going, many of the mining companies have also had to move to several other countries that allow mining activities, including Kazakhstan, Russia, the United States and Southeast Asia.

Cryptocurrency mining on the rise

Speaking in an interview with local media, one of Thailand’s cryptocurrencies who identified himself as Pongsakorn Tongtaveenan had a lot to say. He says he’s not alone, as many cryptocurrencies like him quickly took advantage of China’s ban on cryptocurrencies. He explained that they quickly started buying mining platforms and PC processors from Chinese miners and that we are reselling them to local crypto investors. And, according to him, as the demand for the machines is incessant, prices returned to their previous levels.

For Thailand, the growing popularity of crypto mining in Thailand is simply due to residents becoming more optimistic about the future of cryptocurrencies in the country.

When Beijing launched an all-out war against crypto miners and all things cryptography, some of the top bitcoin miners had to leave the country for more crypto-friendly regions.

In fact, companies like e-commerce giant Alibaba have had to ban the sale of mining encryption equipment to comply with current regulations. Furthermore, it had to completely remove the blockchain miners and accessories categories from its e-commerce market as of October 8th.

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Crypto exchange Kraken’s new NFT market to issue loans

Jesse Powell said the exchange will expand into a market for non-fungible tokens and loans guaranteed by NFT starting in 2022.

Kraken founder and CEO Jesse Powell recently shared in an interview with Bloomberg News that the crypto exchange will launch a non-fungible token (NFT) marketplace that will allow users to borrow funds against their NFTs.

Powell explained that the company plans to enter the NFT space in early 2022 and hopes to add the ability to determine the liquidation value of an NFT and whether it can be placed as collateral for a loan.

“If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account,” Powell said.

However, the value of NFTs is across the spectrum and only a small percentage of token owners own a digital collectible valued as much as a CryptoPunk, the minimum price of which is 66.9 Ether (ETH) or $ 273,673 at the time of. the publication.

According to Powell, the NFT utility will explode next year:

"Phase one was speculation, phase two is buying art and supporting artists, phase three will be the functional use of NFT."

Additionally, Kraken recently acquired Staked, an infrastructure platform that enables custodial encryption, in an effort to attract new investors. Kraken customers will now be able to earn crypto income and rewards while maintaining control over their digital assets.

Kraken was founded in 2011 and has grown into one of the largest crypto exchanges in the world, ranking among the best in terms of average liquidity, volume and reserves of digital assets, according to data from CoinMarketCap.

Kraken’s announcement demonstrates how NFT-backed loans are becoming increasingly common as more DeFi platforms like Arcade and Nexo offer this new loan model. As Cointelegraph recently reported, Arcade closed a $ 15 million funding round in December as part of a broader effort to increase its offerings and attract more investors to its guaranteed NFT platform.

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Thailand postpones its CBDC pilot program until the end of 2022

Thailand has announced plans to postpone the test of its central bank-issued digital currency (CBDC) until the end of 2022. Remember that the test was initially scheduled for the second quarter of 2022, but has now been rescheduled for the end of year. year.

Thailand postpones CBDC test

According to Reuters, which shared the rescheduling report, Thailand is looking to use CBDC as an alternative payment option to replace cash.

And while the postponement may have been confirmed, the reason for the central bank’s decision has yet to be determined. Although Bank of Thailand deputy director Kasidit Tansanguan may have suggested a goal of laser focus on efficiency, which may be slow work.

Thailand can still take a gradual step in retail CBDC to ensure efficiency and prudence, as it has problems with funds transfers or payments like some other countries,” he said.

But despite the delay, the testing phase must still be used to carefully analyze the use of CBDC in relation to transactions and how it can supplement cash payments.

For the pilot project, around 10,000 users together with some financial institutions will test the digital currency for online and offline transactions, including withdrawals, deposits and funds transfers.

CBDC grows in popularity as the world becomes even more digital

Without a doubt, the world is definitely going digital. However, it is reasonable, especially considering that the COVID cases are now unfolding. Now, globally, these genuine concerns are catching the attention of most central banks, who continue to look for ways to provide an alternative to cash transactions.

In fact, some countries have passed the testing phase and are already using their CBDC. For example, Nigeria and the Bahamas are already actively using their CBDCs, while other countries such as Ghana and China are already in the pre-deployment testing phase.

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South Africa’s Digital Bank Tyme concludes Series B round with an additional $ 70 million capital increase

Tymebank, a South African-based digital bank, recently completed its Series B funding round with $ 70 million invested in the company by Tencent and UK development lender CDC Group.

Funds to support Tyme’s expansion into new markets

Tymebank, a South African digital bank, recently raised an additional $ 70 million from its latest round of funding, led by Tencent and UK-based development finance group CDC Group.

This latest capital increase brings the value of the funds Tymebank acquired through Series B to $ 180 million. Prior to this latest investment, Tymebank had received $ 110 million from Gokongwei’s Apis Growth Fund II and JG Summit Holdings.

Meanwhile, after the capital increase, a News24 report says that the digital bank will use the new money to finance its national expansion and facilitate the bank’s entry into other markets.

“The capital and expertise of the two investors will also be used to enhance Tyme’s ability to manage risk and support Tyme’s expansion in markets where CDC is present,” explains a bank statement.

The report adds that Tymebank will also use part of the funds raised to support Gotyme in the Philippines, where it has obtained a digital banking license in association with Gokongwei Group.

Praising the bank’s ability to attract investors, Coen Jonker, co-founder of Tyme, said: “This is a very welcome investment from Tencent and CDC. It’s a clear vote of confidence in our digital banking offering, as well as our leadership teams in South Africa, Singapore and the Philippines. “

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Crypto Wealth Manager Vaneck Launches Polygon and Avalanche Investment Offerings

Wealth manager Vaneck announced that he has expanded his exchange-traded note (ETN) offerings to support the polygon and the flood of tokens. The two ETNs follow five previously launched funds in Europe that allow investors to gain exposure to key digital assets.

Vaneck adds polygon and avalanche to his list of cryptocurrency ETNs

Vaneck announced the launch of two ETNs that leverage the polygon of crypto assets (MATIC) and avalanche (AVAX). The ETNs represent AVAX or MATIC shares and the funds are fully guaranteed. “Vaneck expands its crypto investment offering with two new ETNs on crypto platforms Avalanche and Polygon,” the wealth manager tweeted on December 16.

Avalanche and polygon were in significant demand this year and racked up massive gains for the year. Token Avalanche (AVAX) has seen its market capitalization join the world’s top ten digital assets in terms of overall valuation. Today, AVAX ranks ninth after increasing 3,509% from last year.

Polygon (MATIC) also increased significantly in value in 2021, with year-to-date gains of around 11.393%. MATIC is the fourteenth largest active crypto in terms of market capitalization today, which is around $ 15 billion. Both MATIC and AVAX are compatible with Ethereum, but they are also considered competitors of Ethereum.

Vaneck to Leverage Crypto Compare, Bank Frick’s MVIS Data to Custody Crypto Assets

The ETNs offered by Vaneck are like exchange-traded funds (ETFs), but the ETNs are considered unsecured debt securities. Vaneck tried to get his bitcoin (BTC) ETF approved by the US Securities and Exchange Commission this year, but the ETF was denied in mid-November.

Polygon and Avalanche ETNs use data from Crypto Compare MVIS to replicate the value and performance of each asset. The crypto assets underlying Vaneck’s ETNs are in the custody of Bank Frick & Co. AG. The ticker for AVAX ETN will be “VAVA” and the ticker for MATIC ETN will be “VPOL”.