Crypto Miner HIVE Requested for Resubmission of Form 40-F

Hive Blockchain Technologies Ltd, a Vancouver-based cryptocurrency mining company headquartered in Canada, said it received a letter from Nasdaq requesting the company to renew its annual report on Form 40-F (“Form 40-F”).

The letter reads, “due to delays in filing submit plans to meet exchange listing compliance”. Form 40-F includes audited financial statements, the chief executive officer and chief financial officer certification, management discussions, and analysis.

HIVE went public in 2017 and is currently listed on the Toronto exchange, Nasdaq, and Frankfurt stock exchange. The company expects to submit the relevant documents on July 15.

The delay in its annual report on Form 40-F, the company said, will face a shorter deadline for non-VC issuers in Canada due to its listing on U.S. exchanges.

HIVE did not attribute these factors to the recent cold winter in the cryptocurrency market and said it would hire more relevant employees to meet the reporting work that will be foreseen in the future.

The Nasdaq transaction noted that Hive Blockchain Technologies Ltd failed to comply with Nasdaq Listing Rule 5250(c)(1) of its timely filing of a 40-F.

The company is required to resubmit a planned report on pre-compliance with Rule 5250(c)(1) within 60 calendar days. If accepted, Nasdaq may grant the cryptocurrency miner up to 180 calendar days from the due date of its Form 40-F to regain compliance.

The crypto mining firm generates a daily income of $550,000 from its Bitcoin and Ethereum mining operations, which translates to approximately $200 million in annual revenue.

HIVE reported more than $68 million in revenue and more than $64 million in net profit in the third quarter of last year.

Currently, HIVE has a total Bitcoin operating hash rate of 925 PH/s. HIVE expects its hash rate to reach one exahash per second (EH/s) by August with the additional acquisition of mining machines.

Image source: Shutterstock


Tagged : / / / / /

Binance Partners with Payment Platform Latam Gateway, Resuming Deposits and Withdrawals Service

Cryptocurrency exchange Binance has announced a partnership with Brazilian payments platform Latam Gateway to restore deposits in Brazilian reals in the region.

Latam Gateway helps clients monetize their digital business in Latin America through local and instant payments, developing an exclusive technology to increase sales conversion in this region.

On June 17, Binance said, “represented that due to actions that conflicted with its values,” it would be replacing Brazil’s payment partner Capitual and choosing a new payment provider.

Deposits and withdrawals through the Brazilian government’s payment system Pix have since been suspended. With this new partner, Brazilian users currently support deposits on Binance via Pix, and withdrawals will resume shortly.

Since 2020, cryptocurrency investors in Brazil have been using Binance’s P2P system for trading. It is also possible to buy cryptocurrencies directly via Pix and bank transfers.

One of the founders of Capitual has been placed in criminal custody for allegedly helping Glaidson Acácio dos Santos launder money while participating in a cryptocurrency Ponzi scheme.

Therefore Binance will take legal action against Capital. Brazil’s Court of São Paulo (TJSP) has frozen BRL 451.6 million ($84.6 million) in assets from Binance customers from Capital’s accounts.

Last month, Binance launched a new trading platform solution for VIP and Institutional clients to efficiently execute digital assets trades and capture market opportunities more effectively.

Image source: Shutterstock


Tagged : / / / / /

Italian Government to Provide €45m in Grants for Blockchain Industry

Italy’s Ministry of Economic Development is planning to provide up to $46 million in subsidies for developing projects across artificial intelligence, blockchain and Internet of Things technologies, starting in mid-to-late September.

The new policy is expected to strengthen research and innovation capabilities for industries. Minister of Economic Development Giancarlo Giorgetti said “the challenge of competitiveness requires constant innovation.”

The current initial budget is 45 million euros ($46 million). Italian government said that both companies and public or private research centers can jointly apply for relevant subsidies as long as relevant conditions are met.

According to the decree, companies involved in industry and manufacturing, education, agriculture, health, environment and infrastructure, cultural tourism, logistics, information security, the Internet of Things, artificial intelligence or blockchain in aerospace are eligible to apply for the subsidy.

They will receive relevant grants of not less than 500,000 euros and not more than 2 million euros.

The European Central Bank issued a warning to national authorities in the euro area about individuals dealing with the crypto ecosystem. A trilogy of European Commission, Parliament, and Council has agreed on a comprehensive cryptocurrency framework, the Market for Crypto Assets (MiCA),

Italy, as a member of the EU, will also establish a unified EU-wide regime for crypto-asset issuers and service providers, providing investors with security and support sustainability, reducing fragmentation and Increasing legal transparency.

Britain’s apex bank, the Bank of England, through the Prudential Regulation Authority (PRA), is looking to raise as much as 321 million pounds ($419 million) from the commercial institutions it is regulating as it is planning to shore up its regulatory efforts in the digital currency ecosystem.

Image source: Shutterstock


Tagged : / / / /

Bitcoin Investment Requires a Long-Term Strategy, Says Former Wall Street Stockbroker

Based on the back and forth experienced in the Bitcoin (BTC) market, a long-term approach is required when investing in the leading cryptocurrency, according to Jordan Belfort, a former Wall Street stockbroker.

Speaking on Yahoo Finance’s The Crypto Mile, Belfort opined that Bitcoin investment required a strategy beyond one or two years. He pointed out:

“If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of Bitcoin are really strong.”

Belfort added:

“With reasonable luck, I think if you take a 24-month horizon you’ll almost certainly make money.”

Belfort, who has transitioned to a sales coach, author, and public speaker, noted that it was just a matter of time before BTC emerged as a store of value based on its fixed supply of 21 million coins and heightened inflation. He noted:

“It has a limited supply, and as inflation keeps rising there will come a time when bitcoin will start to trade more like a store of value and less like a growth stock.”

Bitcoin has been trading on shaky grounds because tightened macroeconomic factors have been unfavourable. For instance, the leading cryptocurrency has been struggling to hold the psychological price of $20K, which is way below the all-time high (ATH) of $69K set in November.

BTC was up by 0.56% in the last 24 hours to hit $20,204 during intraday trading, according to CoinMarketCap.

Since Bitcoin is still developing, Belfort believes this contributes to its correlation with tech stocks. He acknowledged:

“It doesn’t surprise me one bit that it is doing that and it would be more of a surprise if bitcoin was already trading as an inflation hedge because it is still very nascent.”

With macroeconomic factors and investor sentiments affecting both cryptocurrencies and stocks, a recent analysis showed that the most likely answer was that institutional investors were behind the scenes, Blockchain.News reported. 

Image source: Shutterstock


Tagged : / / / /

Voyager Digital Files Chapter 11 Bankruptcy in New York

Cryptocurrency broker Voyager Digital Ltd. said that it has filed for Chapter 11 bankruptcy in New York. - 2022-07-06T171238.810.jpg

The bankruptcy was filed days after the company suspended withdrawals and trading on its platform. The company has said that it will seek recognition of the case in its home country Canada, where it is listed.

According to The Block, per the petition for Voyager Digital Holdings, estimated assets are between $1 billion and $10 billion, with between $1 billion and $10 billion in estimated liabilities. The estimated number of creditors exceeds 100,000.

Currently, three business entities – Voyager Digital Holdings, Voyager Digital LLC and Voyager Digital, Ltd. – are seeking protection. 

The three largely identical petitions were submitted via the Southern District of New York bankruptcy court.

Last week, Voyager halted users’ access to withdrawals, deposits and trading, citing the present market conditions. “This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” CEO Stephen Ehrlich said at the time.

Prior to the suspension of withdrawals, Voyager had issued a notice of default to hedge fund Three Arrows Capital Ltd. over failed repayment of a $650 million loan. The hedge fund was also ordered to liquidate after the crash of cryptocurrencies it had heavily invested in.

Three Arrows itself also filed for Chapter 15 bankruptcy last week.

Voyager stated that it is “actively pursuing all available remedies for recovery” from Three Arrows, including through court-supervised processes in the British Virgin Islands and New York.

Image source: Shutterstock


Tagged : / / / / /

Crypto Executives Launch Investment Firm Tangent to Help Web3 Startups Growth

Jason Choi and Darryl Wang, two former crypto executives at two major investment firms in Asia, announced on Tuesday that they are launching their own fund to support Web3 projects.

Bloomberg media revealed the development while Choi also disclosed the news via Twitter social media where he linked the company’s website.

According to the company’s website, the new investment company, known as Tangent, is dedicating both time and finances to a select few Web3 firms every quarter as angel investors.

As per Bloomberg, Tangent would not accept outside funding or charge management fees. The company will work with 2 to 5 early-stage crypto projects every quarter using an unspecified small pool of proprietary funds.

In the past, Wang was a principal at DeFiance Capital, while Choi was a general partner at Spartan Capital in Singapore.

Wang said in a Bloomberg interview: “Over the last cycle, we’ve kind of confirmed that web3 and crypto are here to stay. In what form it takes or how long it will take to get there is up for debate — but you know, in an extended depressed market, it provides a lot of diamonds in the rough for us to support and, hopefully, to push the space forward for the better.”

Tangent seeks to help Web3 projects navigate an economic downturn across the industry. Wang commented via Twitter: “At a time where actors are withdrawing from crypto, we’re here to stay and build. Be it a 6-month or 6-year bear market, our belief in crypto remains stronger than ever.”

Advisors at Tangent include the likes of Gabby Dixon, cofounder of Yield Guild Games, a play-to-earn game; 0xMaki, cofounder of SushiSwap, a platform to buy and sell crypto assets; Sam Kazemian, founder of Frax Protocol; Tasha Punyaneramitdee, cofounder of Alpha Venture DAO, and others mentioned in the company’s website.

Market Downturn as Good Opportunity

Tangent has become the latest firm to launch its own venture capital fund. The launch comes at a time when crypto prices are extremely down. Bitcoin, the flagship cryptocurrency, has declined its prices by more than 50% since hitting an all-time high of almost $69,000 last November.

Tangent is expecting to capitalize on the current market crash to get founders developing what it considers the next big thing in tech. The firm plans to utilize its finances to invest in firms building web3.

Besides Tangent, many firms are increasingly launching their funds dedicated to investing in Web3 projects. Last month alone, blockchain companies, including Binance crypto exchange, London-based venture firm Felix Capital, and Blockchain developer platform Alchemy, launched their own dedicated funds to support web3 developers and startups. According to Alchemy, the crypto plunge is a good opportunity to support new players entering the space.

Image source: Shutterstock


Tagged : / / / / /

Blockchain Analytics to Help Curb Crypto Misuse, Says HashCash CEO

Since the crypto industry is growing at a frantic pace, blockchain analytics can help fill the void of curbing money laundering and cybercriminal activities, according to Raj Chowdhury, the CEO of HashCash Consultants.

“There has been a conscious effort in implementing stricter crypto regulations worldwide. Blockchain analytics will play a crucial role in decision-making processes for organizations dealing with crypto and blockchain technology,”  said Chowdhury. Blockchain analytics is believed to be constructive in establishing order and propelling sustainable growth in the crypto sector. 

Blockchain analytics render actionable insights that help enterprises comply with regulatory protocols regarding cryptocurrencies. Chowdhury said:

“The playing field required for innovation must not compromise the achievements we have made so far. Like any technology, blockchain is not immune to misuse. Hence the regulation is a necessity not only for AML compliance but also for developing blockchain research and the global crypto-community.”

As the cryptocurrency space continues grappling with the challenge of various lending and DeFi projects facing bankruptcy, Chowdhury has advocated the importance of crypto education when averting high-APY DeFi scams.

Rand Low, a quantitative risk modeller and senior fellow at the University of Queensland Business School, recently highlighted the importance of regulation and capital controls in fast-growing crypto lending platforms.

Low acknowledged that this would prevent depression and crashes in the market because the uncertainty rocking crypto lending entities like BlockFi, CoinLoan, and Celsius Network was causing panic selling. 

A recent Wall Street Journal (WSJ) report disclosed that Celsius took more risk than it could handle because it had a total asset base of $19 billion. In contrast, its equity contribution was pegged at just $1 billion. Therefore, blockchain analytics can help prevent such trends by rendering more transparency and insights. 

Image source: Shutterstock


Tagged : / / / / /

Bitstamp Charges Inactive Fee to Make Up for Costs

Inactive users of the cryptocurrency exchange Bitstamp platform will have to pay a fee to make up for costs, according to a report from The Block. - 2022-07-06T154712.915.jpg

Bitstamp is taking this action as the crypto market is weighing on trading value and the new inactivity fee will impact customers with balances below $200 for the last 12 months, according to the company’s blog post.

The inactivity fee is set at 10 euros and will go into effect on August 1. Traders must trade, deposit, or stake on Bitstamp’s platform to avoid the fee.

However, the company said that the fee is not applicable to US users, and active users would not be charged regardless of their balance.

“The majority of Bitstamp’s customers are not affected by the Inactivity Fee,” Bitstamp said. “Nobody loves fees (we don’t either!) but keeping inactive accounts on the books is a cost, and in order for us to continue providing great services to all our customers, we made the hard decision to implement the Inactivity Fee.”

According to The Block, most exchanges earn their revenue from charging fees on trading volumes. However, those fees have dropped abruptly alongside the price of cryptos since the beginning of the year. The Block shared data that showed that volumes across exchanges have declined from $2.2 trillion in May 2021 to approximately $622 billion in June.

Image source: Shutterstock


Tagged : / / / / / / /

Crypto Tax Automation Platform Koinx Secured a $1.5M Seed Round

On July 5, Koinx, a crypto tax platform focused on providing tax automation for crypto users, announced the completion of financing for $1.5 million in a seed round.

In this round of funding, the company aims to provide a simple and convenient tax calculation tool for crypto retail investors, integrating investment portfolios and all transactions on different platforms into the attached file. There is a unified dashboard in the platform for the automatic calculation of tax payments.

Punit, the founder of KoinX, said “To solve crypto taxation, there needs to be a singular, third-party platform where a user’s transactions—spanning a diverse set of platforms—are captured and used to generate a common crypto tax report. This is what we are building at KoinX.”

Other investors included Polygon founder Sandeep Nailwal, iSeed Fund, KubeVC, Ajeet Khurana (formerly with Zebpay) Navin Gupta from Ripple, and other participants also participated in this round of investment.

The startup KoinX, founded by Punit Agarwal in 2022, provides calculates and provides tax reports. At present, the platform has become a partner of many well-known cryptocurrency exchanges, including CoinDCX, Binance, Vault, and WazirX.

The financing announcement of KoinX said “the core value of KoinX lies in the simplicity and ease of use for our consumers. We wanted to build something that has ease of access and integration so that crypto investors can solve their tax-related issues in a jiffy,” adding that “Built on secure protocols, we ensure that our users’ identities and other information are protected through advanced encryption techniques.”

India’s parliament announced in March that it passed the Finance Bill 2022, which has introduced taxation on digital assets including cryptocurrencies.

The new law has imposed a 30% capital gains tax on crypto transactions, putting digital assets in the same taxation category as traditional stocks.

Through the Goods and Services Tax (GST) body, India is mulling the idea of ​​levying a 28% tax on transactions bordering on digital currencies in the Asian nation in May.

Image source: Shutterstock


Tagged : / / / / /

eToro Cancels SPAC deal with FinTech Acquisition Corp. V. Company

Social investing network eToro Group announced Tuesday that it has cancelled its planned public listing through a merger with FinTech Acquisition Corp. V. SPAC (special purpose acquisition company).

eToro said that the closing conditions agreed upon by the two firms when the merger was proposed in March last year have not been met.

The two firms announced the proposed merger in March 2021, but further agreements and amendments have failed to meet the closing conditions within the enshrined timeframe.

As a result, the two companies have not been able to complete the transaction deadline by June 30, which prompted the cancellation of their planned merger for an initial public offering (IPO).

When the two parties announced their plan in March last year, eToro stated that it was expecting a valuation of $10.4 billion. On the other hand, FinTech V Chairman Betsy Cohen cited the strengths of eToro as a social trading enterprise outside the US and its multiple income streams. In other words, the merger entity was supposed to create a combined entity worth $10.4 billion, reflecting an implied business value for eToro of an estimated $9.6 billion.

However, the latest meeting between the two firms has brought new revelations. Betsy Cohen, Chairman of Fintech V, talked about the development and said: “The transaction has been rendered impracticable due to circumstances outside of either party’s control.”

eToro CEO Yoni Assia, also commented: “While this may not be the outcome that we hoped for when we started this process, eToro’s underlying business remains healthy, our balance sheet is strong and will continue to balance future growth with profitability.”

Since the two firms mutually agreed upon the decision, there is no termination fee required by either party for payment.

Market Plunge Affecting SPAC Deals

The cancellation of the eToro SPAC deal comes at a time when crypto firms that have been making attempts to go public since the bull market last year have remained stuck in lengthy ups and downs with the US Securities and Exchange Commission (SEC).

Efforts by crypto firms to merge with blank-check companies have been facing increased scrutiny from the accountants at the SEC because crypto-assets raise unique bookkeeping issues.  

Besides that, dates for closing multibillion-dollar deals involving crypto firms (such as eToro, Bullish Global, and Circle Internet Financial Limited, among others) going public have been postponed several times and even terminated because of the bad market environment.

SPACs were the hottest way in which Wall Street pursued to hit the public market. However, the craze has declined amid the current market crash together with SEC’s demanding regulations.

Due to the current extreme market conditions, SPACs have been volatile and are on a downward trajectory. This implies that parties involved in SPAC deals are forced to reprice them to reflect the current market conditions. The SEC has also been more cautious about the SPAC process, especially crypto-related deals.

Image source: Shutterstock


Tagged : / / / /
Bitcoin (BTC) $ 27,689.42 1.06%
Ethereum (ETH) $ 1,643.78 0.13%
Litecoin (LTC) $ 64.61 0.52%
Bitcoin Cash (BCH) $ 231.18 1.31%