Autor Cointelegraph By Turner Wright

Bakkt president Adam White announces departure from digital asset platform

Bakkt president Adam White announces departure from digital asset platform

Uverejnil používateľ | dec 23, 2021 |

Adam White, the president and founding executive of digital assets company Bakkt, is leaving the firm after three years.In a Thursday post on Twitter, White said next week would mark his departure from Bakkt, where he has served as both chief operating officer and president. White joined Bakkt after leaving Coinbase in 2018, where he worked as a vice president and general manager. The Bakkt president did not reveal what his next move would be, or whether he would continue to work in the crypto space.“I’ve loved working at intersection of crypto + markets and good to see the industry finding the balance between innovation & regulation,” said White. “Lots of work still to do here but never been more optimistic about the future.”After a great 3+ years at bakkt, next week will be my lastI’ve loved working at intersection of crypto + markets and good to see the industry finding the balance between innovation & regulation. Lots of work still to do here but never been more optimistic about the future — Adam White (@WhiteAdamL) December 23, 2021Launched in 2018 by the Intercontinental Exchange, or ICE, Bakkt has seemingly had a slower rollout than many in the space expected. The platform initially aimed at the institutional adoption of crypto before shifting to retail-focused apps and institutional-facing Bitcoin (BTC) futures contracts. In addition, leadership at the firm has regularly changed hands, with CEOs ranging from PayPal veteran Mike Blandina, former U.S. Senator Kelly Loeffler, and ICE executive David Clifton.Related: Record-high Bakkt Bitcoin delivery exposes institutional frenzy for BTCIn October, Bakkt went public with a merger via a special purpose acquisition company, VPC Impact Acquisition Holdings. Shares traded on the New York Stock Exchange under the ticker BKKT for $9.45 at launch and surged to more than $30 later that month. At the time of publication, shares of BKKT are trading for $9.06.

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NFT-collateralized loan platform Arcade raises $15M in funding round

NFT-collateralized loan platform Arcade raises $15M in funding round

Uverejnil používateľ | dec 22, 2021 |

Arcade, a platform that allows users to utilize nonfungible tokens (NFTs) as loan collateral, has raised $15 million in a Series A funding round with participation from Pantera Capital.In a Wednesday announcement, Arcade said Pantera, Castle Island Ventures, Franklin Templeton Blockchain Fund, Golden Tree Asset Management, Eniac Ventures, Protofund, Probably Nothing Capital and Lemniscap in addition to angel investors BlockFi CEO Zac Prince and Quantstamp CEO Richard Ma were behind the investment in an effort to connect NFT-collateralized lending with the decentralized finance space. The platform is also coming out of a private release with $3.3 million in total loan volume secured on a total of $10 million in assets.Arcade co-founder Gabe Frank said NFTs account for a significant portion of the ever-growing DeFi market, which is currently worth over $250 billion in terms of total value locked. “However, the lack of infrastructure in DeFi prevents NFT holders from achieving liquidity on their holdings despite massive market caps,” he said. Arcade’s LinkedIn page shows at least 10 U.S.-based employees, with the company currently hiring for various roles, including a senior software engineer, lead talent specialist and team coordinator. Lauren Stephanian, principal at Pantera Capital, said the platform’s collateralization of NFTs had the potential to incentivize participation from “institutional lenders, high-net-worth individuals, DAOs, companies with NFTs on their balance sheets and NFT collectors.”Related: Nexo partners with Three Arrows Capital to launch NFT lending & art financing serviceOther platforms have already launched or are in the process of launching services to facilitate loans against NFTs, including ETNA Network and Lithuania-based lending platform Drops. In March, lending protocol Teller Finance announced that some of its users would be able to obtain credit without posting collateral, accessible through special NFTs.

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Hive Blockchain on track to mine more Bitcoin, less Ether this quarter

Hive Blockchain on track to mine more Bitcoin, less Ether this quarter

Uverejnil používateľ | dec 22, 2021 |

Publicly traded crypto mining firm Hive Blockchain is expecting to produce 6,900 Ether (ETH) and 670 Bitcoin (BTC) for the fiscal quarter ending on Dec. 31, marking a respective drop and increase over that of the previous quarter.In a Wednesday notice to shareholders, Hive said it had mined 6,280 Ether from Oct. 1 to Dec. 21, and was on track to mine more than 65 ETH daily for the remainder of 2021. This projected total — 6,900 ETH — would represent a decrease of more than 20% from the 8,688 ETH the company mined from July 1 to Sept. 30. However, Hive is expecting its Bitcoin production to increase by 2% quarterly, from roughly 656 BTC to 670 BTC.“This increase [in Bitcoin] has been driven by the previously announced investments that have been made into new generation miners and the expansion of our Bitcoin mining facilities,” reported Hive. “This drop in the production of Ether in the current quarter compared to the prior quarter will be offset partially by the average price of Ether increasing by 45%, and the higher Bitcoin mined in this quarter boosted by the increase in the price of Bitcoin in the quarter of over 35%.”The Canadian crypto mining firm attributed the slowing of ETH mining due to the average difficulty increasing by more than 16% in the current quarter, including a peak on Dec. 7 as more projects entered the ecosystem. However, Hive also said the “strong” ETH price had helped the company support mining operations as the difficulty increased. According to data from Cointelegraph Markets Pro, the price of ETH rose more than 50% since Sept. 30 to reach an all-time high of more than $4,800 in November. “HIVE has a healthy coin inventory of both Ether and Bitcoin and has a continuing strategy to build our inventory through calendar 2022,” said the mining firm. “We are no longer selling coins but banking them through the New Year.”Related: Green energy-focused Bitcoin miner Hive joins North American mining poolKnown by many for its efforts to mine with a focus on green energy, Hive has facilities in Canada, Sweden and Iceland. In June, the firm announced it had received approval to list shares on the Nasdaq stock exchange. At the time of publication, shares are trading for $2.87, having risen more than 2% in the last 24 hours.

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Crypto exchange Kraken acquires non-custodial staking platform Staked

Crypto exchange Kraken acquires non-custodial staking platform Staked

Uverejnil používateľ | dec 21, 2021 |

Major cryptocurrency exchange Kraken has announced that it purchased blockchain infrastructure company and investment manager Staked for an undisclosed amount.In a Tuesday announcement, Kraken — the crypto exchange aiming for a $10 billion valuation — said it had added Staked to its portfolio of yield products following the acquisition. The company described the Staked deal as “one of the largest crypto industry acquisitions to date” but did not disclose the amount.According to Kraken CEO Jesse Powell, Staked users will have access to Kraken’s portfolio of yield products. Staked CEO Tim Ogilvie cited the exchange’s “commitment to supporting proof-of-stake networks” as well its track record on customer experience and security in its decision to move forward with the deal. As we gear up for 2022, Kraken is celebrating its continued growth and success with the expansion of its ‘staking’ tentacle through an acquisition of Staked. Check out our blog for more details about this exciting deal! https://t.co/26WfBKqO3F pic.twitter.com/WP9pjjkueN— Kraken Exchange (@krakenfx) December 21, 2021The crypto exchange said its staking business had grown by more than 950% since the beginning of the year to reach $16 billion in November. This may have been driven, in part, by vehicles in which to invest in Ether (ETH) and earn staking rewards.Related: Kraken users have already staked half a million ETHKraken has acquired several companies over the past few years related to its staking business and otherwise. Since 2017, the firm has purchased accounting and portfolio reconciliation service provider Interchange, Australian crypto exchange Bit Trade and Cryptowatch, among others. Powell has also hinted that the exchange could go public before the end of 2022.

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Crypto​.com partners with Los Angeles' Angel City Football Club

Crypto​.com partners with Los Angeles' Angel City Football Club

Uverejnil používateľ | dec 21, 2021 |

Cryptocurrency exchange Crypto.com has inked another deal to expand its brand recognition in the United States with the professional women’s sports team Angel City Football Club.In a Tuesday announcement, Crypto.com said it had partnered with the Los Angeles soccer team in an effort to increase the awareness of and access to crypto, blockchain and Web 3.0 among Angelenos, soccer fans and the athletes themselves. The exchange said it plans to continue looking for “unique and impactful ways” to invest in L.A., with the partnership aimed at encouraging “financial education, independence and financial empowerment” for women.“Given the speed with which Web 3.0 and cryptocurrency is changing our world, we want to ensure that women are being brought along on the journey as investors and creators,” said Angel City Football Club co-founder and president Julie Uhrman. “We are excited to work with [Crypto.com] to educate our community and players on crypto and allow our players to use the power of NFTs to connect with and create a deeper relationship with their fans.” The partnership is the crypto exchange’s latest expansion into Los Angeles. Crypto.com announced in November that it had secured the naming rights to the city’s multi-purpose Staples Center for 20 years in a $700 million deal. The venue — expected to officially change names on Saturday — has been home to the NBA’s Los Angeles Clippers and Los Angeles Lakers, as well as the NHL’s Los Angeles Kings and the WNBA’s Los Angeles Sparks.I took some photos around Staples Center before the final changes to becoming Crypto. The iconic Staples Center letters are gone, and blue is the new theme. We’re in the final stages of the conversion.https://t.co/wLEgslWpDR— Farbod Esnaashari (@Farbod_E) December 21, 2021Related: Angelenos push back on new Crypto.com arena: ‘It will always be the Staples Center’As it grows, Crypto.com has been partnering with high-profile individuals and companies to promote cryptocurrencies and blockchain. In July, the company signed a $175-million sponsorship agreement with the Ultimate Fighting Championship. Actor Matt Damon also appeared in ads released around the world beginning in October.

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