Canaan, a Bitcoin (BTC) miner, reported a loss in its second-quarter financial report despite increasing mining revenue and computing power. The miner generated a total revenue of $73.9 million, while its “cost of revenues” were $143.9 million, resulting in a gross loss of $70.1 million. The firm had recorded a gross loss of $47.5 million […]
Binance, the world’s largest cryptocurrency exchange, has removed Banco de Venezuela (BDV) from its list of accepted P2P trading payment methods. This exclusion has caused a stir among Venezuelan digital currency enthusiasts, as BDV is the country’s largest bank, with total assets of 73,222.2 million bolivars, or $4,186.5 million, and a 56.1% market share.Currently, only […]
CoinSwitch, a crypto exchange based in India, has recently cut its workforce due to the prolonged cryptocurrency winter. The exchange has laid off 44 employees from its customer support division in August, citing redundancy in roles amid the lack of customer queries. CoinSwitch stated that this decision was made to stay competitive and prioritize innovation, […]
Ripple Labs has been actively expanding its presence in Canada, collaborating with the University of Toronto and the University of Waterloo. The University of Waterloo has been researching Central Bank Digital Currencies (CBDCs) built upon the XRPL, and is set to unveil a prototype of a banking interface at UBRI Connect 2023. Ripple Labs has […]
Canaan, a Bitcoin mining company listed on the NASDAQ, reported its unaudited financial results for Q2 2023. The company saw growth in computing power sold and BTC mining revenues, but faced a significant net loss of $110 million. Revenues for Q2 2023 totaled $73.9 million, up from $55.2 million quarter-on-quarter. This consisted of $57.9 million […]
Bitcoin (BTC) has been struggling to stay afloat at $26,000 and continues to face selling pressure amid weakening technical indicators. As of press time, Bitcoin is trading at $25,972 with a market cap of $505 billion. The tightening Bollinger bands signal an impending breakout, often observed before significant price movements. However, concerns persist that the […]
Mastercard has recently announced a new blockchain-based scheme, sparking optimism among the public. Polytrade, a company specializing in invoice financing, has showcased the possibilities of the new technology. The new blockchain-based scheme is expected to revolutionize the way businesses and individuals interact with each other. It is believed that the technology will make transactions faster, […]
The US and EU have imposed sanctions on Russia after it invaded Ukraine last year, banning the acquisition, import, or transfer of coal and other solid fossil fuels. Digital Currency Group (DCG) is now moving towards resolving the financial challenges of its crypto lending subsidiary, Genesis. An in-principle agreement has been reached which could lead […]
Hong Kong’s Hashkey Exchange has recently upgraded its license to offer services to retail investors, allowing them to trade Bitcoin (BTC) and Ethereum (ETH) directly with US dollar deposits. The exchange projects that 500,000 to 1 million users could sign up on the platform by the end of the year.The decision to embrace crypto trading […]
Binance, the world’s largest crypto exchange, has removed Banco de Venezuela from its peer-to-peer (P2P) trading service. This follows similar moves with sanctioned Russian banks last week, and is likely part of efforts to comply with international financial sanctions. Banco de Venezuela is one of the largest financial institutions in the country, and was sold […]
