Crypto Flipsider News – Market Update; Animoca Brands Funding; Ethermine Staking Service; Hodlnaut’s IJM Approved; Qatar Crypto License
Read in the Digest:
- Bitcoin (BTC) rejects at $20k to retest $22k, Ethereum (ETH) reclaims $1.6k
- Singapore investor Temasek to lead $100 million Animoca Brands funding
- Ethereum’s largest mining pool, Ethermine, launches new staking service
- Singapore court places Hodlnaut under interim judicial management
- Qatar central bank issues first digital payments license ahead of the FIFA world cup
Bitcoin (BTC) Rejects at $20k to Retest $22k, Ethereum (ETH) Reclaims $1.6k
Bitcoin (BTC) along with the broader crypto market all saw their prices fall sharply within a two-hour window as the traditional stock market plunged. The sharp decline saw Bitcoin revisit old lows at $19,600.
However, Bitcoin’s stay below $20k was short-lived, as the world’s largest cryptocurrency quickly rallied above the important psychological level.
The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap
After hitting an inter-day high at $20,425, the price of Bitcoin has settled above $20,300. However, Bitcoin is showing positive signs above the $20,000 support zone, which could see BTC break above $20,500 to retest $22k.
Following its drop down to $1,480, Ethereum spiked by 5% inter-day to reclaim its high at $1,600. The positive sentiments around ETH could see the price rise, as we enter the final two weeks before the merge.
The 24-hour price chart for Ethereum (ETH). Source: CoinMarketCap
Flipsider:
- Despite the positive sentiment of the mainnet merge, Bloomberg analysts believe that the price of ETH could fall down to the $1,000 threshold for the first time in two months.
Singapore Investor Temasek to lead $100 Million Animoca Brands Funding
Singapore state investor Temasek Holdings Pte. is joining a $100 million round of funding for Hong Kong-based blockchain and game venture investor Animoca Brands Corporation, betting on one of the most successful crypto investment firms.
Undisclosed sources familiar with the matter said Temasek will lead the investment round through convertible bonds. The company also said it prefers financial service providers in the crypto space to direct crypto investment.
The report comes shortly after Animoca closed a $75 million funding round in July, at a $5.9 billion valuation. The funds will be used to continue its development in the web 3 and NFT spaces.
Temasek with a net valuation of $790 billion has been an active investor in the crypto industry. In January, it joined crypto exchange FTX.US’s mammoth $400 million Series A round and the $200 million funding of Amber Group in February.
Flipsider:
- Despite the crypto market crash, Animoca plans to utilize the downtrend and buy up stakes in industry players and digital tokens.
Why You Should Care
The Temasek investment highlights the move from leading companies who are increasing their investments in the crypto industry.
Ethereum’s Largest Mining Pool, Ethermine, Launches New Staking Service
Weeks after announcing that it will shut down its mining pool ahead of the mainnet merge, ETH’s largest mining pool, Ethermine, has announced the launch of its new staking service.
With Ethereum preparing to switch to Proof-of-Stake (PoS) from its current Proof-of-Work (PoW) network, Etheremine has launched its own staking pool, which allows users to get an annual yield percentage of 4.43.
Ethermine announced that users with as little as 0.1ETH can join a pool of contributors that will then be collectively staked. Stakers can see the average daily return generated by ETH validators worldwide via ETH.STORE.
Before this, Ethermine had launched a solo staking platform, Ethpool, which allowed users who want to stake alone to lock up at least 32 ETH or approximately $51K. Ethpool also offered lower fees than the newly launched staking pool.
Flipsider:
- Ethermine announced that users will not be able to unstake their ETH until after the Shanghai upgrade, the next major update to follow the merge.
Why You Should Care
The Ethermine staking pool will help users transition from mining to staking on the upcoming Ethereum PoS chain.
Singapore Court Places Hodlnaut Under Interim Judicial Management
Struggling crypto lender Hodlnaut has announced that its application to be placed under interim judicial management (IJM) has been approved by a court in Singapore. IJM is a form of creditor protection.
Succumbing to the market crash of 2022, Hodlnaut announced earlier this month that they are halting all transactions immediately. The application for IJM was then filed on August 13 and was approved on August 29.
IJM is a form of debt restructuring that will see an independent entity manage the business, property, and assets of a distressed company (Hodlnaut). In addition, Hodlnaut will also be shielded from legal proceedings by third parties.
Hodlnaut will now keep the community updated about its latest set of moves and is obligated to seek the guidance of its IJM. Ee Meng Yen Angela and Aaron Loh Cheng Lee, care of EY Corporate Advisors Pte. Ltd., were appointed Hodlnaut’s interim judicial managers.
Flipsider:
- It was reported last week that Hodlnaut had an outstanding liability of about $281 million and incurred a shortfall of about $193 million.
Why You Should Care
The approval of IJM for Hodlnaut looks to give the crypto lender time to rehabilitate and recover from the losses inspired by the crypto market crash of 2022.
Qatar Central Bank Issues First Digital Payments License Ahead of the FIFA World Cup
Qatar Central Bank (QCB) released a statement on Tuesday that two companies providing electronic payment services, Ooredoo Money and Vodafone Qatar’s iPay, have been granted their first-ever license for digital payments services.
According to the statement, the move is an initial step toward adding more digital payment companies under QCB’s supervision. Also, the bank aims to contribute to the development of Qatar’s financial technology sector and boost financial inclusion.
Qatar has been enhancing its digital payments infrastructure in preparation to host the FIFA world cup this winter. Last week, QCB launched Google’s Pay digital wallet for cards such as Apple Pay, Samsung Pay, and Google Pay.
The payment infrastructures will enable users to process and complete their digital payments.
Flipsider:
- The license comes just weeks after Ripple’s partner expanded into the UAE to provide On-Demand Liquidity (ODL) service for cross-border settlement.
Why You Should Care
QCB wants local and international financial institutions to work together to provide a safe and efficient payment experience for its estimated 1.5 million FIFA World Cup visitors.
Text source: DailyCoin.com
