Read in the Digest
- Coinbase (NASDAQ:COIN) Signs $1.36 Million Contract With U.S. Homeland Security + More Scrutiny for Binance
- PayPal (NASDAQ:PYPL) Completes International Expansion + Revolut Pays for Space Using Crypto
- Turkey to Wage War Against Cryptocurrency
- Ancient $27.7 Million Bitcoin Stash Awakens
Coinbase Signs $1.36 Million Contract With U.S. Homeland Security + More Scrutiny for Binance
The leading crypto exchange, Coinbase has signed a $1.36M contract with United States homeland security. Earlier this year, Coinbase signed a $29,000 contract with the same agency for forensics software.
The recent contract will see the crypto exchange provide U.S Homeland Security with blockchain analytics software. In addition, Coinbase will also offer software to the U.S. Secret Service and Inland Revenue.
Binance, the world’s largest crypto exchange has had worse luck than Coinbase as regulatory scrutiny increases. The United States subsidiary of Binance is currently under investigation for insider trading and market manipulation.
According to a report, the Commodity Futures Trading Commission (CFTC) is investigating whether Binance or its employees profited by “taking advantage of its customers, citing people with knowledge of the matter who asked not to be identified because the probe is confidential.”
Flipsider:
- Coinbase has been faced with harshness from the Securities and Exchange Commission, with five U.S. states sending lawsuits to Coinbase to stop its Lend program.
Why You Should Care
The new Coinbase contract shows that governments are warming up to cryptocurrencies and blockchain tech. However, there could be more regulation of the industry as the industry matures.
PayPal Completes International Expansion + Revolut Pays for Space Using Crypto
Just weeks after PayPal announced its first expansion outside the United States, the global payment giant has completed the first international rollout of their crypto offering.
Following the launch, all eligible PayPal account holders in the United Kingdom can choose from four cryptos — Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through their PayPal account.
Digital banking service provider, Revolut, in conjunction with WeWork, has announced that the fintech company has become the first company to pay for its office space using crypto.
Revolut currently holds more than $1 billion in crypto. The new office space will accommodate over 2,000 employees. In addition, employees will choose when and how often they want to head into the office.
Flipsider:
- The Bank of Russia has announced that it is working with commercial banks to ‘slow down’ payments to crypto exchange
Why You Should Care
While PayPal and Revolut remind us of the growing adoption of cryptocurrencies, several countries have moved to ban the use of digital currencies, including China, Nigeria, Turkey, Algeria, Egypt, and Bolivia.
Turkey to Wage War Against Cryptocurrency
In the heat of crypto regulation, the president of Turkey, Recep Tayyip Erdogan, has declared war on cryptocurrencies. The president made the statement at a meeting with students in the city of Mersin.
In April, the Turkish central bank imposed a ban on crypto payments. So in Turkey now, companies cannot perform transactions that involve digital assets.
According to President Erdogan, Turkey would carry on with its own money. He believes the Turkish currency, the Lira, is part of their national identity.
Flipsider:
- While Turkey is waging war on cryptos, the citizens remain keen on crypto. In late March, Google (NASDAQ:GOOGL) searches for the term “Bitcoin” soared more than 500%
Why You Should Care
The war on cryptocurrencies in Turkey will limit the use of cryptocurrencies by its citizens. However, the central bank of Turkey has created a new platform for researching and testing a digitalized Lira.
Ancient $27.7 Million Bitcoin Stash Awakens
The awakening of dormant crypto wallets is not new in the crypto space. According to Blockchain.com, a dormant Bitcoin wallet has moved a fortune of over $27.7 million. Earlier this year a $5 million decade-old stash was moved.
The wallet holding 616.2 BTCs that has been dormant for nearly nine years suddenly came online today. The price of BTC has gone from $13 to $45k since the wallet was last active.
Flipsider:
- Japanese crypto exchange, Liquid, was hit by a major hack in August as hackers stole an estimated $97 Million in crypto
Why You Should Care
The $27.7 million Bitcoin stash was worth $8,195 when it was first deposited – a staggering increase of over 358,655%. It reminds us of the power of a long-term investment.
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