Crypto Top 5: Cookin' with Crypto
Good morning. Running late this morning so I'm not gonna bother with an attempted lighthearted intro.
What this is:
A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis
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Top 5:
- Argo Blockchain files for $57.5 million offering of secured notes to fund Texas mining facility
The UK based crypto-mining firm, Argo Blockchain, has filed with the SEC to offer $57.5 million of secured as part of their funding efforts for a 200 megawatt mining facility in Texas. The firm pledged Bitcoin as collateral when securing multi-million dollar loans from Galaxy Digital earlier this year and aims to have the facility up and running by mid-2022. The firm reported that they had mined 167 Bitcoin in October and that they are currently holding 2,128 Bitcoin on their balance sheet (~$142 million at today's prices). - Tim Cook says he owns cryptocurrency and he’s been ‘interested in it for a while’
Apple front man, Tim Cook, said on Tuesday that he personally owns cryptocurrency and that he has been interested in the space "for a while." While he did express personal interest, his general viewpoint was that investors don't buy Apple stock for crypto exposure. The company does not currently own or operate any crypto services and crypto is “not something [Apple] have immediate plans to do.” - Ripple to launch crypto service for financial companies amid legal battle with the SEC
Ripple, the tech startup behind the cryptocurrency XRP, is launching a new product called Liquidity Hub to provide financial service firms the ability to offer customers cryptocurrency buying and selling capabilities. Liquidity Hub will be offered to enterprise customers and provide customers access to market makers, exchanges, and over-the-counter trading desks in the crypto space. The new product launch comes at an interesting time for the company who is currently being sued by the SEC for allegedly raising more than $1.3 billion through an unregistered securities offering. - OpenSea: The Reasonable Revolutionary
You'll probably need to set aside some time to get through this one. It's a comprehensive overview of the OpenSea, the NFT marketplace, and the NFT market in general. If you've only got a few minutes I've pulled the key points straight from the article below:
- NFTs are for real. Whether cynic or supporter, the numbers show that non-fungible tokens are far from frivolous. So far this year, NFT sales have totaled more than $13 billion, with much of that sum arriving in the last two months.
- Running lean is vital for markets with high volatility. OpenSea maintained a small team for its first few years, with just 7 employees as of late 2020. That allowed the company to weather the crypto bear market, hanging in until NFTs took off.
- OpenSea is extremely dominant. The exchange boasts a market share of 97%. That’s thanks, in part, to OpenSea’s superior asset breadth, easy listing process, and robust filtering system.
- Decentralization doesn’t have to be doctrinal. Much of the crypto community seems to view decentralization as both a source of legitimacy and a cure-all. While there’s clearly room for decentralized players — Uniswap being one example in the token exchange space — centralized companies can also thrive. OpenSea is the latter.
- Investors may want to watch out for new types of NFTs. If you’re feeling irked you missed out on CryptoPunks, Bored Apes, and Art Blocks, there may be some consolation. New formats are constantly being created; two experts suggest music and “intelligent” NFTs are worth watching. - Mastercard Teams Up With Three Asian Crypto Companies To Launch Bitcoin Payment Cards
Mastercard has partnered with cryptocurrency platforms in Thailand, Hong Kong, and Australia to offer crypto-linked debit, credit, and prepaid gift cards for both individuals and businesses. In a survey done by Mastercard, 45% of consumers across these three regions said they were considering using crypto in the next year, higher than the global average of 40%. The service will allow users to convert crypto into fiat at all vendors that are part of the Mastercard payment network. This move follows Mastercard's partnerships in the U.S. with Gemini and Bakkt to allow its customers to offer crypto related services like earning Bitcoin rewards on purchases. Now that's priceless.
Top Sharers of the Crypto Top 5:
1. Cameron S. - New York, NY
2. Jake Y. - Greenville, SC
3. Ross M. - Memphis, TN
Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.